The Financial Planning Coalition issued the following statement in support of the Department of Labor’s (DOL) re-proposed fiduciary rule, in advance of this morning’s hearing before the House Financial Services Committee’s Subcommittees on Capital Markets and Government Sponsored Enterprises and Oversight and Investigations:
“The Coalition urges Congress to allow the DOL to continue its fiduciary rulemaking process without further delay or obstruction. The DOL has provided – and continues to provide – ample opportunities for input from all stakeholders.
“This strengthened fiduciary rule is long overdue. Under the current 40-year-old regulatory framework, too many Americans receive conflicted advice that is not in their best interest, which eats away at retirement investors’ nest eggs over time.
“The DOL’s re-proposed rule – with some important modifications – will benefit retirement investors and advisers alike, offering a workable, flexible approach across business models. The Coalition’s nearly 80,000 financial planners have committed to providing financial planning services under a fiduciary standard. And since CFP Board adopted the fiduciary standard for Certified Financial Planner™ professionals in 2007, the number of CFP® professionals has grown by more than 30 percent.
“Every American deserves a secure retirement, and the retirement savings advice they receive should always be in their best interest. The DOL’s rule would bring about much-needed re-alignment in retirement advice to better reflect today’s reality, in which Americans are responsible for their own retirement security.”