The Pulse

CFP Board Statement On Final DOL Retirement Security Rule

DOL rule aligns with investor expectations for retirement investment advice

The following is a statement from CFP Board praising the public release of the Department of Labor’s (DOL’s) final Retirement Security Rule:

“CFP Board applauds the DOL for issuing the final Retirement Security Rule, which expands the definition of fiduciary advice under the Employee Retirement Income Security Act (ERISA). The DOL’s final rule addresses regulatory gaps and helps protect Americans from the costly effects of conflicts of interest by requiring financial professionals to provide retirement investment advice in their clients’ best interest.

Significantly, the DOL rule aligns with investor expectations for retirement investment advice. A recent CFP Board survey found that 92% of Americans expect financial professionals to provide retirement savings advice in their clients’ best interests. Further, 97% of investors agree that financial professionals giving retirement savings advice should be required to act in the best interests of their clients, even for one-time advice. Moreover, the DOL rule won’t cause moderate-income investors to lose access to retirement advice.

Workers and retirees deserve a financially secure and dignified retirement. The DOL’s Retirement Security Rule will provide investors with faith that their financial professional is delivering retirement investment advice in their best interest so that they can achieve their investment and retirement goals confidently and ethically. We look forward to offering more detailed comments after a careful review of the final rule.”

 

 

 

About CFP Board
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planningaddresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.