The Investment Adviser Association (IAA) today submitted a comment letter to the Department of Labor, urging the DOL to revise and re-propose its fiduciary rule. IAA President & CEO Karen Barr issued the following statement at the time the comment letter was submitted:
“The IAA strongly supports the fiduciary standard and has long advocated that all financial professionals providing investment advice about securities be required to act as fiduciaries.
“As SEC-registered investment advisers, the IAA’s members are fiduciaries under the Investment Advisers Act and, with respect to their retirement plan clients, are already fiduciaries under ERISA.
“The DOL fiduciary rule will nevertheless have significant consequences for federally registered investment advisers that will unnecessarily increase their compliance burdens without providing significant benefit to their clients - who are already receiving advice from a fiduciary. In a comment letter today, we are urging the DOL to revise the rule to take into account investment advisers’ concerns while still promoting widespread access to fiduciary retirement investment advice.”
The IAA’s comment letter is available here.