Take Action: Tell the DOL to Protect Your Retirement Security Without Delay
By Maureen Mahoney on Wednesday, March 15th, 2017
Here’s your chance to help protect your retirement security, and that of millions of Americans. Tell the Department of Labor (DOL) that you want financial advisors to be required to give advice that’s in YOUR best interest.
Nearly a year ago, the Department of Labor finalized the Fiduciary Rule establishing these common-sense protections for consumers. Now, the DOL is proposing to delay this important rule until June 9, while industry is pushing to kill the rule altogether. Anyone (including individual consumers) can comment on the rule and the proposed delay – the DOL will consider comments on the delay until March 17.
Why is this rule so important? Not all of the many financial products on the market are in your best interest. Some may come with a lot of fees that could enrich your advisor. Without the Fiduciary Rule, your advisor could steer you into products that could reap her or him thousands of dollars in fees and could cost you a lot more than you needed to pay.
Rulemaking on the Fiduciary Rule was originally wrapped up in April 2016 after years of meetings with all stakeholders, public hearings, Congressional testimony, and two comment periods, but industry opponents have worked hard to put off implementation as long as possible. Without a big push by consumers, this important protection could end up on the chopping block.
We can’t let this happen. Take a moment to push back against an industry that wants to put their profits ahead of your retirement security. Americans for Financial Reform (AFR) have put together an easy-to-use template to send a letter to the Department of Labor.
We encourage you to personalize the letter by describing specific times when a financial advisor’s advice ended up steering you wrong – these comments have the biggest impact on regulators. Doing so will help us make an effective case to the DOL.