NAIFA President Paul Dougherty issued the following statement on the DOL delay:
“The Department of Labor has prudently decided to delay the applicability date of the fiduciary rule for financial advisors issued under the former administration to give the current administration time to review how the rule might negatively impact consumers. This is a step in the right direction, because NAIFA remains concerned that unintended consequences of the rule could disrupt the marketplace, increase costs for retirement savers, and eliminate access for middle- and lower-income workers to individualized retirement planning services.
“NAIFA will contribute to the DOL review of the rule by providing data and advice from our members, who are on the front lines in communities across the United States serving the individuals, families and small businesses the rule is likely to impact the hardest. We look forward to working with the Department and Congress to ensure advisors are able to continue providing top-notch service to clients of all income levels.”