Filed Under:Markets, Affluent

IRI, SIFMA and FSR Rip Fiduciary Standard

Will the sale of retirement investment products change? (John Miller)
Will the sale of retirement investment products change? (John Miller)

Three financial services industry trade groups are signaling to the Department of Labor (DOL) that they will fight tooth-and-nail to sustain the current exemption of the sale of retirement investment products from a fiduciary standard.

The letter was signed by officials of the Insured Retirement Institute (IRI), the Financial Services Roundtable (FSR) and the Securities Industry and Financial Markets Association (SIFMA).

In the most recent response, the IRI, SIFMA and the FSR warned that if the DOL imposes the fiduciary standard on ERISA-regulated products in the next version of its proposed rule and it becomes a final rule, the result “will be limited retirement planning help, as well as the guidance necessary to educate [investors] about the tax consequences of taking a withdrawal, loan or hardship distribution.”

It is unclear when the DOL will come out with its revised proposal.

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Nichole Morford

Nichole Morford
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