On October 31, the DOL introduced its third attempt at a new fiduciary rule jeopardizing the retirement security of the people it is intended to help. Americans need holistic financial advice that includes a combination of life insurance, investments, and annuities, as proven by Ernst and Young.
We need you to take action now to tell lawmakers their help is needed.
Fiduciary 3.0 is offensive to the work of this noble profession. Commissions are not junk fees. Americans benefit from choice in how they access/pay for financial advice, and one size does not fit all. Additionally, retirement savers are more protected now than in 2015 due to the implementation of Reg BI and 40 states adopting NAIC’s model regulation. Existing state regulation is not inadequate, as DOL suggests.
Additional Background on the DOLs Fiduciary 3.0 Rule:
Fiduciary 3.0 is substantively problematic. The rule targets annuities, insurance, and rollover advice. We expect the rule to change the definition of Fiduciary, PTE 84-24, and PTE 2020-02. These changes will make it harder for the profession to serve clients and to help more people achieve financial security. In addition, it will make it much harder to get started as a new financial security professional.
Here are a few documents we wanted to share:
- White House Fact Sheet
- CEA Blog Post entitled: The Retirement Security Rule
- The NAIC’s response
- DOLs Fiduciary Rule 3.0 Call Recording on November 10
- Signed letter asking the DOL to extend the comment period
- Fiduciary timeline
The suggestion that transparent fees paid for financial security advice are “junk” is offensive and misleading. You can read Finseca’s CEO, Marc Cadin’s statement to the press here.
In the meantime – the number one thing you can do – is get everyone in your circle of influence to join Finseca. This kind of moment is exactly why we need to unify the whole profession under one message.