September 27, 2017

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Wagner “Best Interest” Bill Good for Retirement Savers

The new Labor Department Rule's results are in and the harm far outweighs the good. This bill would right the ship to help savers.

Wagner “Best Interest” Bill Good for Retirement Savers
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Wagner “Best Interest” Bill Good for Retirement Savers

 

WASHINGTON—A bill introduced today by Representative Ann Wagner would help ensure consumers receive retirement and investment advice that is in their best interest. Congress should quickly move the bill forward, said the Financial Services Roundtable.

“Retirement savers need affordable financial advice that is in their best interest,” said Jill Hoffman, FSR Vice President of Government Affairs. “The new Labor Department Rule’s results are in and the harm far outweighs the good. This bill would right the ship to help savers.”

FSR strongly supports a best interest standard, but a recent FSR survey of financial professionals proves the DoL Fiduciary Rule is overly complex and reduces investment choices and access to advice and guidance for retirement savers. 75% of respondents report the rule is causing them to service fewer small accounts due to increased risk and compliance costs.

Rep. Wagner’s “Protecting Access for Small Savers Act” achieves the right balance to ensure regulators deliver a best interest standard that preserves savers’ access to professional financial advice and products and services to help them meet their unique needs.

 

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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