Bill is companion legislation to Rep. Ann Wagner’s bill, the Retail Investor Protection Act
FEBRUARY 4, 2016 | By Melanie Waddell | Investment Advisor Magazine
Late Thursday, Senator Roy Blunt, R-Mo., introduced the Retail Investor Protection Act, companion legislation to Representative Ann Wagner’s bill, to stop the Department of Labor from moving forward on its rule to change the definition of fiduciary on retirement advice.
The bill is co-sponsored by Republican Sens. Mike Crapo, R-Idaho; Steve Daines, R-Mont.; Johnny Isakson, R-Ga.; Mark Kirk, R-Ill. and Shelley Moore Capito, R-W.Va.
DOL’s “proposed regulation on retirement account investments will increase costs, reduce access to advice and services, limit options and lead to lower retirement savings for millions of Americans,” Blunt said in introducing the bill.Go Back
“Always, but especially in this day of lawsuits and ever increasing regulations, the responsibility for a financial advisor t do their own due diligence on products they sell falls squarely on themselves. No one is going to take greater interest in protecting their practice than they are. We use the Blue Vault Partners Nontraded REIT Review to keep us informed of the performance of every single nontraded REIT. Finally, complete transparency is available for advisors using nontraded REITs. Every advisor using REITs in their practice should make the small annual investment of subscribing to Blue Vault’s reporting services.”