Financial Planning Coalition to Congress: Oppose Any Attempt to Delay DOL Fiduciary Rule

The Financial Planning Coalition sent letters to all members of the House of Representatives and all members of the Senate on November 16, urging opposition to any bill or legislative mechanism to delay the final Department of Labor (DOL) fiduciary rule:

“We urge you to reject any legislative proposal related to the DOL rulemaking – whether standalone legislation or appropriations “riders” on the omnibus funding bill – including any legislation based on a “declaration of principles” that are currently circulating in Congress. Congressional action is unnecessary and would derail, not advance, a final rule to require retirement advisors to serve their clients’ best interests.”

“Legislation based on the “declaration of principles” as proposed would weaken, not strengthen the fiduciary standard under ERISA. These principles refer only to disclosure of conflicts of interest; but are completely silent on a fundamental component of the fiduciary standard – an obligation to mitigate compensation practices and incentives that give rise to conflicts of interest. A final DOL fiduciary rule is the correct solution to ensure that advisors are truly required to serve their clients’ best interests. We urge you to reject this or any other legislative proposal – whether stand alone or in the funding bill – that will serve to delay or defeat the promulgation of a final DOL fiduciary rule.”