The Institute for the Fiduciary Standard

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Groups Urge More Time to Comment on DOL Rule

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The Institute signed onto a letter to the Department of Labor that requests an extension of the comment period from 30 days to 90 days for the submission of public comments on the notice of DOL’s proposed rulemaking entitled “Improving Investment Advice for Workers & Retirees,” (ZRIN 1210-ZA29).

The rulemaking raises many complex and highly technical issues. For example:

  • How the reinstatement of the 1975 five-part test for determining who is an investment advice fiduciary will impact retirement savers and providers of retirement investment advice;
  • How the proposed exemption would interact with the reinstated definition of investment advice fiduciary;
  • How the proposed exemption’s conditions would be satisfied by various firms;
  • How firms’ implementation would affect retirement savers, directly and indirectly; and
  • How the exemption’s conditions would be interpreted and enforced.

Read the full letter.

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