Statement From NAIFA President Jules Gaudreau On The DOL Fiduciary Rule
“NAIFA members and others within the insurance and financial services industry worked diligently with the Department of Labor to address many concerns we had with the DOL’s draft rule,” said Jules Gaudreau, president of the National Association of Insurance and Financial Advisors. “We appreciate that DOL has accepted many of NAIFA’s suggestions and reworked some portions of the rule to address concerns raised during the review process.”
“We remain cautious, and it remains to be seen how the practical application of the rule will affect middle-market consumers who need retirement planning advice and services. But we are pleased to see, for example, that DOL has incorporated our suggestions on the effective date of the rule, grandfathering of existing clients, and timing of when signatures are required on best interest contracts.
“NAIFA is in the process of completing an in-depth analysis of the rule and will continue to provide training and education to help our members deal with the rule’s new requirements and restrictions, We will educate our members and use our grassroots advocacy strength to push for legislation that would best serve consumers.
“This is a crucial issue for us. There is a retirement crisis brewing in our country with large swaths of the population financially unprepared for the future. We need to find a way to continue to provide advice and support for those who are trying to ensure the financial security of their families.”
More information on the rule may be found here.