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SIFMA's managing director and associate general counsel Lisa Bleier today offered closing remarks on the impact of the Department of Labor's fiduciary rule proposal at the "Focus on Fiduciary" event hosted by the Investment Management Consultants Association (IMCA) at the National Press Club in Washington, DC. Bleier's full prepared remarks can be found here: http://www.sifma.org/news/news.aspx?id=8589956785
Bleier states, "Like the Department, we believe that advisors should act in their clients' best interests. However, the DOL's proposal is far too complex and prescriptive - establishing a myriad of new requirements that will be difficult if not impossible to implement, and will result in less education, fewer choices and greater costs to investors which is not in their best interests.
"Given the volume of comment letters from both opponents and proponents, the complexity of the rule, and the mounting concerns from lawmakers on both sides of the aisle, it is imperative to get this right. In order to do so, we urge the DOL to engage the industry throughout the rule-making process and allow us to have another look, before it becomes final.
"That look can only happen by proposing the rule again once they have crafted a new version. Even the supporters of this effort found many issues that remain unresolved. With so much at stake, we want to ensure the Department protects investor choice and does not unnecessarily reduce access to education or raise costs, particularly for low and middle income savers who can least afford it."
