The DOL fiduciary rules “would disincentivize people to tax themselves through insurance premiums, and in the long run … there would be more families reliant on the government because they wouldn't have done the planning themselves,” NAIFA-Florida President Ron Whited told The Gainesville (Fla.) Sun in a June 19 profile.
Whited told the Sun of his participation in NAIFA’s Congressional Conference in May, during which 800 NAIFA members met with lawmakers to educate them about the industry. Whited met with Florida Sen. Bill Nelson, Rep. Ted Yoho and the staff of Sen. Marco Rubio to discuss a number of issues, including tax reform and the impact the new DOL fiduciary rules will have on their clients and businesses.
On both issues, Whited said changes can harm the people they aim to help by raising costs of financial advice and products designed to protect their financial futures.