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.
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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
Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
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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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New Rule Strengthens Protections for Utah Annuity Consumers
By NAIFA & ACLI on 12/12/23 11:23 AM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors’ (NAIFA)—Utah Government Relations Chair Dori Phillips, issued the following joint statement on the best interest annuity rule adopted recently by the Utah Insurance Department:
Topics: Legislation & Regulations State Advocacy Press Release Annuity Best Interest Utah
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NAIFA-WI Sees Financial Literacy Bill Signed Into Law
By NAIFA on 12/8/23 3:35 PM
NAIFA-WI members Kris Alfheim and Sherri Mitchell and lobbyist George Ermert attended a bill-signing ceremony with Governor Tony Evers for legislation requiring high school students to complete a personal finance course prior to graduation.
Topics: Legislation & Regulations State Advocacy Financial Literacy Wisconsin
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Tell Your Members of Congress How the DOL's Proposed Fiduciary Rule Would Impact Your Clients
By NAIFA on 11/10/23 4:14 PM
The Department of Labor has proposed a fiduciary-only rule that would limit the choices consumers have when seeking investment and retirement-planning advice and could make it difficult for low- and middle-income investors to receive services and advice.
Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
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DOL Fiduciary Rule Comment Period Sends the Wrong Message
By NAIFA on 11/8/23 2:57 PM
Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL
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No Candy for You: DOL Rolls Out Failed Fiduciary-Only Approach Again
By NAIFA on 10/31/23 10:39 AM
NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the proposed Department of Labor fiduciary rule expected to be made public later today:
Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
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SEC Proposal Would Blunt the Use of Financial Services Technology and Harm Consumers
By NAIFA on 10/9/23 8:53 AM
NAIFA has submitted a comment letter to SEC Secretary Vanessa Countryman sharing concerns about the SEC’s proposed rule on the use of predictive data analytics by financial professionals. The proposal, which would place new burdensome requirements on broker-dealers and investment advisers using a broad array of investments-related technology, would have a “devastating effect on our members and their primary clients: low- and middle-income savers and investors,” the letter states.
Topics: Legislation & Regulations Technology SEC Federal Advocacy
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Proposed SEC Rule Is Hostile to the Use of Technology
By NAIFA on 9/14/23 3:54 PM
The insurance and financial services industry uses technology to best serve clients and offer a broad range of products and services at affordable prices. However, a proposed rule by the Securities and Exchange Commission is “outright hostile to the use of technology,” according to a letter sent to SEC Secretary Vanessa Countryman by NAIFA and a group of coalition partners.
Topics: Legislation & Regulations SEC FinTech
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NAIFA Seeks Middle Ground on STDLI Health Policies
By NAIFA on 9/12/23 5:25 PM
Short-term limited duration insurance (STLDI) is very important to many American families and individuals looking to fill gaps in their health insurance coverage and unable to access the individual health insurance marketplace. A current proposal by the administration would reduce the maximum allowable STLDI coverage period from 12 months to three months with a possible one-month renewal. People would be able to purchase a new STLDI policy from a different carrier, but would not be allowed to "stack" a new policy from the same carrier on an expiring policy.