Fiduciary Fallout: Labor Department’s Fiduciary Rule Straightjackets Investors
October 11, 2017 | Brian P. O’Shea | U.S. Chamber of Commerce
Hard working Americans deserve the opportunity to secure a sound financial future. Because no two retirement savers or investors are alike, the key to providing that future lays in ensuring a robust and diverse choice of retirement savings products. It’s choice that lets savers design a financial future that meets their unique circumstances and aspirations.
At a time when our capital markets have become increasingly democratized, individual savers should be enjoying increased access to advice and services. Instead, because of the Department of Labor’s (DOL) Fiduciary Rule, investors are being tied down with limited financial advice and services to choose from as financial experts struggle to make sense of the rule and adapt to its demands.
When the DOL announced the final rule in April 2016, it had to guess about the rule’s effects. Today, instead of guessing, we have actual facts. A recent study conducted by the U.S. Chamber found that 13.4 million investment accounts face reduced choice of retirement savings products in the wake of this new regulation. Tens of millions of Americans face the negative effects of reduced investment choice as individual accounts support the dreams and livelihoods of their families and households. This explains why 100% of financial industry participants surveyed said small retirement savers will be worse off under the Fiduciary Rule.
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