The Financial Planning Coalition says the Department of Labor fiduciary rule for retirement accounts is a good first step toward assuring more Americans receive good financial help.
The coalition, made up of the Certified Financial Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors, said in a statement, “The Coalition applauds the administration’s decision to move forward with components of the fiduciary rule while the DOL continues to seek public input. This is an important first step to ensure that Americans who are saving for retirement have an enforceable standard, which will require advisers to put their customers’ financial interests ahead of their own.”
Labor Secretary Alexander Acosta said on Monday that the rule would not be delayed beyond the June 9 implementation date, but that the department will continue to review the rule and will seek public comment.
The coalition added, “Requiring advisers to work in the best interest of Americans saving for retirement is an essential and long overdue reform. Many in the financial services industry have already acknowledged the rule’s benefit to consumers and have taken action to comply with the DOL fiduciary rule, but there is still more to be done, as millions of Americans anxiously await a decision from the agency. The Coalition looks forward to working with the DOL and Secretary Acosta in the months ahead to ensure these best practices are upheld through the full implementation of the rule.”