They claim fiduciary rule is premature when agency is still studying how Americans save
An initiative by the Labor Department to analyze how Americans plan for retirement — including their use of financial guidance — has drawn a rebuke from two Republican senators, who say it shows the agency doesn’t know enough about the topic to propose a new investment-advice rule.
In the Feb. 29 Federal Register, the DOL published a request for comment about the outlines of a multi-year study that would track tens of thousands of U.S. households. Under the initiative, the DOL would collect data about contributions to retirement accounts, investment allocations, planning strategies and financial advice received.
“Relatively little is known about how people make planning and financial decisions before and during retirement,” the comment request states. “Multiple waves of data drawn from various surveys will be utilized to analyze how retirement planning strategies, decisions and outcomes evolve over time.”Go Back
I have been in the financial services industry for 20 years and our firm provides an education platform that gets clients to “think differently” about their financial picture. For many years we have communicated to clients the need to diversify their portfolios using alternative asset classes and more specifically, private non-traded investments. Due diligence on these types of financial vehicles is essential and when I learned about Blue Vault in 2010, our firm immediately began using their material as a tool to build confidence in the minds of our advisors on which alternatives to recommend to clients. I am impressed with the way Blue Vault continues to add value to their subscribers and I view their publication as a tremendous resource in today’s complex world.