SIFMA Statement on DOL’s Final Fiduciary Rule

Release Date: April 6, 2016

Contact: Carol Danko, 202.962.7390, [email protected]   

SIFMA Statement on DOL’s Final Fiduciary Rule  

Washington, D.C., April 6, 2016 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, in reaction to the Department of Labor (DOL) issuing its final fiduciary rule:

“As with the prior proposal, this final rule is voluminous and every word matters. It will take time to review the rule to determine its impact on investors and their ability to save for retirement. SIFMA has long supported a best interest standard for all advisors, yet we remain concerned that the DOL’s rule could force significant changes to current relationships, which may leave clients without the help they need to prepare for retirement, at a time when we all agree that more can and should be done. While we continue to believe the Department’s methodology is greatly flawed and lacking sufficient empirical basis, a poorly drafted rule could result in unnecessarily raising costs for investors while limiting their choice, a concern shared by many commentators and other regulators.”