WASHINGTON, D.C.—AALU/GAMA CEO Marc Cadin released the following statement on the Proposed Fiduciary Standard of Conduct for “Improving Investment Advice for Workers and Retirees:
“In an uncertain world, the financial security profession is the anchor to which the American people rely on to protect them from devastating circumstances,” said AALU/GAMA CEO Marc Cadin. “In order to deliver on those promises, it is essential that we have regulatory systems that safeguard consumers, preserve their access to products, and offer tailored advice to meet the individual needs of each client. We support the Department’s goals, however, we believe the proposed rule should recognize the difference between securities and insurance professionals and to re-evaluate their reinterpretation of the fiduciary investment advice five-part test.”
Read the testimony here.
Read our comment letter here.