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Institute Submits Comment Letter on DOL Fiduciary Rule

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On January 2nd, 2024, the Institute submitted a comment letter to the Department of Labor in strong support of the Department’s proposed “Retirement Security Rule.” A news release of the submission is available here.

The Rule is essential to fill the gaps in federal regulation in investor protection left by the SEC’s Regulation BI and NAIC’s state model insurance rule. The DOL proposal mirrors fiduciary principles that have been articulated and developed over the past 90 years. The Rule’s opponents adopt a new stance in their resistance; one which implicitly rejects the relevance of fiduciary advice itself. This new stance, which seeks to eliminate fiduciary advice altogether, is fundamentally different than prior efforts by the broker-dealer industry to weaken fiduciary advice.

Download the full comment letter here, or view it below.

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture