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.

The U.S. Department of Labor now threatens to reverse this positive trend. The current DOL fiduciary-only proposal would bring unintended consequences that a NAIFA survey shows would increase costs and limit consumers' choices. It fails to recognize that while some consumers may choose to work with fiduciary professionals under current regulations, many others are best served working with financial professionals who offer alternative models of service. It ignores that low- or middle-income investors often cannot afford the investment minimums required by fiduciaries and many are best served when their financial professionals receive commissions.

The harm it will do to consumer choice is just one factor arguing against the DOL's fiduciary-only proposal. NAIFA's advocacy partner the American Council of Life Insurers recently published "8 Reasons to Protect Retirement," which outlines eight reasons the DOL should withdraw its proposal. These are many of the same arguments NAIFA has made in testimony and comments to the DOL.