Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – called on members of the Education and the Workforce subcommittee on Health, Employment, Labor, & Pensions (HELP) to oppose any action that will delay or prevent implementation of the Labor Department’s (DOL) fiduciary rule.
In a letter to the subcommittee, the group detailed their position on the fiduciary rule and the negative effects it would have on Americans should it be delayed or reversed.
“It is well documented that American workers saving for retirement lose out on billions of dollars each year as a result of relying on investment advice from financial professionals who put their own financial interest ahead of their customers’ best interests,” the group wrote. “Congress can address this drain on Americans’ retirement savings by supporting the DOL fiduciary rule.”
The Coalition added that “calls for Congress to delay or prevent implementation – citing ‘costly’ or ‘burdensome’ regulations – disregard the conclusions reached by many in the financial services industry who have begun implementation, as the rule benefits both American businesses and American consumers.”
The Coalition brings a unique perspective to this discussion; its stakeholders and members have committed to provide financial planning services under a fiduciary standard of conduct. The Coalition believes that requiring advisers to work in the retirement investor’s best interest is an essential and long overdue reform.