Financial Planning Coalition opposes spending bill riders that would kill DOL fiduciary rule

The Financial Planning Coalition — a lobbying group comprising the Certified Financial Planner Board of Standards Inc., the Financial Planning Association and the National Association of Personal Financial Advisors — has called on members of the Senate and House of Representatives to oppose any action that will delay or prevent implementation of the Department of Labor’s fiduciary rule.

One possible way the rule may be prevented or delayed is through a rider added to the spending legislation now under consideration.

“We understand opponents of the fiduciary rule are aggressively advocating for a rider on the spending bill now under discussion that would prohibit DOL from implementing the fiduciary rule; this advocacy is based on the mistaken belief that an alternative to the fiduciary rule is needed,” the group wrote in its letter. “We urge you to strongly oppose any rider that will delay or prevent implementation of the fiduciary rule, which requires financial professionals to provide retirement investment advice in the best interest of retirement investors.”

The Coalition added that “any Congressional action would effectively kill the fiduciary rule, leaving American retirement savers unprotected from investment advice that is not in their best interest. Congressional action is unnecessary given the extraordinarily lengthy and transparent notice and comment process that has already occurred.”

The group added that requiring advisers to work in the retirement investor’s best interest is an essential and long overdue reform.