Dear NAIFA Member,
If you provide advice or services to retirement-account clients, please take a brief, six-question NAIFA survey to help us as we prepare our comments addressing the DOL proposal. This is a follow-up to a survey NAIFA conducted in May. If you completed that survey, please complete this one as well. If you did not complete the May survey, we value your input so please complete this one.
The Department of Labor has proposed new regulations that will have serious consequences for insurance and financial advisors and their clients planning for retirement. The proposed rule would redefine a retirement investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.
As a result, many NAIFA members who have operated effectively on behalf of clients under a suitability standard would now be considered fiduciaries and subject to fiduciary-specific restrictions under ERISA and the tax code.
To learn more about the DOL proposal, please refer to these NAIFA Blog posts:
- Here’s Why the DOL Fiduciary Proposal Would Have a Huge Impact on Advisors and Investors
- NAIFA Leaders Meet With White House Officials on the DOL Proposed Rule