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.
NAIFA CEO Kevin Mayeux, CAE, said that "the DOL proposal is particularly unfortunate, coming at a time when many Americans are concerned about their economic security and ability to prepare for retirement. NAIFA is particularly disappointed that DOL is trying to saddle advisors and consumers with an additional layer of regulations when the stated goals of the proposed rule are already being achieved by the Securities and Exchange Commission’s Regulation Best Interest and state measures based on the National Association of Insurance Commissioners’ model best interest regulation for annuity transactions, both of which provide robust consumer protections and require financial professionals to work in clients’ best interests."
It is vital that members of Congress understand how this proposal would impact financial professionals' clients and communities. NAIFA has created a "Take Action" link in our Advocacy Action Center that lets you quickly and easily contact your lawmakers on this issue. It will also be a topic of discussion during Capitol Hill visits associated with NAIFA's National Leadership Conference in December and Congressional Conference in 2024.