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Advocacy in action blog

1 min read

NAIFA CEO Kevin Mayeux Applauds U.S. House Committee's decision to repeal DOL independent contractor rule

By NAIFA on 3/22/24 6:22 AM

“NAIFA is pleased with the U.S. House panel’s decision to repeal the DOL’s independent contractor rule removing confusion and uncertainty resulting from the final rule and preserves the ability of our members to choose to operate as independent contractors. The majority of NAIFA’s members – insurance producers, broker dealer representatives, and/or independent registered investment advisors – are independent contractors who help generate economic growth and financial security to the local communities they serve across the nation.

Topics: DOL
1 min read

DOL Advances Fiduciary-Only Proposal That Would Limit Access to Financial Services for Lower- and Middle-Income Consumers

By NAIFA on 3/11/24 3:06 PM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement in response to the U.S. Department of Labor’s decision to advance its proposed “Retirement Security Rule” for review by the White House Office of Management and Budget (OMB).

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
2 min read

NAIFA's Gandy Tells Congress DOL Proposal Is Unnecessary

By NAIFA on 3/1/24 8:41 AM

NAIFA wholeheartedly supports a best interest standard for retirement investment professionals, but believes the Department of Labor's proposal to impose a fiduciary-only regulation goes too far, NAIFA Secretary Chris Gandy wrote in letter submitted to be part of the official record of a recent House Subcommittee on Health, Employment, Labor, & Pensions hearing entitled "Protecting American Savers and Retirees from DOL’s Regulatory Overreach.”

Topics: Federal Advocacy Congress DOL Supported Legislation
1 min read

Reasons Abound for the DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/26/24 1:26 PM

When it comes to preparing for retirement, having choices matters. Congress, in recent years, has passed landmark legislation encouraging Americans to invest in their futures and save for retirement while giving them greater flexibility and more planning options. Now more than ever Americans need retirement planning assistance.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
2 min read

New Study Agrees With NAIFA Survey Showing DOL Proposal Would Increase Costs

By NAIFA on 1/23/24 11:50 AM

NAIFA members in a recent survey overwhelmingly said that the Department of Labor’s fiduciary-only proposal for retirement planning services would increase the costs of serving clients. That sentiment is borne out on a macro level by a new Financial Services Institute study conducted by Oxford Economics, which found that the rule would cost financial services firms $2.7 billion in the first year with continuing annual costs of $2.5 billion. These figures are more than six times the upfront costs and nearly 11 times the ongoing costs estimated by the DOL.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
3 min read

NAIFA Thanks Lawmakers Asking DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/10/24 4:38 PM

NAIFA appreciates the work of a bipartisan group of federal lawmakers who oppose the Department of Labor’s proposed “Retirement Security” rule that would require a fiduciary-only model for financial services.

Representatives French Hill (R-AR) and David Scott (D-GA) and forty-eight of their colleagues in the House signed a letter to acting DOL Secretary Julie Su and Assistant Secretary Lisa Gomez asking the Department to withdraw its proposal.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection DOL
1 min read

NAIFA's CEO Kevin Mayeux Responds to DOL's Final Independent Contractor Rule

By NAIFA on 1/9/24 4:49 PM

ARLINGTON, VA -- The U.S. Department of Labor released its final independent contractor rule today, aimed at defining whether an individual is an employee or an independent contractor under the Fair Labor Standards Act. The rule could threaten the classification of many financial advisors from coast to coast and cause a reduction in the number of advisors serving American consumers.

Topics: Legislation & Regulations Press Release DOL
2 min read

NAIFA Comments Point to Flaws in the DOL’s Fiduciary-Only Proposal

By NAIFA on 1/2/24 1:31 PM

NAIFA members are committed to working in the best interests of the consumers they serve. They follow a Code of Ethics requiring them to put clients’ interests first. Yet, the Department of Labor’s rehashed fiduciary-only proposal is decidedly not in the best interests of the American public who benefit from the ability to choose how and from whom they receive financial guidance.

Topics: Standard of Care & Consumer Protection DOL Regulation Best Interest
3 min read

NAIFA Survey Shows the DOL’s Fiduciary Proposal Will Increase Costs and Reduce Access to Retirement Planning Services

By NAIFA on 12/19/23 1:55 PM

NAIFA conducted a survey of more than 1,000 members between November 27 and December 1, 2023, to gauge the potential effects of the U.S. Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary” on the consumers who rely on financial professionals for retirement products, services, and advice.

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
3 min read

NAIFA President and His Client Offer the DOL a Unique Perspective

By NAIFA on 12/12/23 12:04 PM

The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL

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