Tuesday, September 13, 2011

More Concern Expressed Over DOL Fiduciary Rule

Dale Brown, president and CEO of the Financial Services Institute, has an Op-Ed in the Washington Times today.

Brown, like others before him, makes a strong case that the rule's unintended consequences will result in a regulation that does more harm than good.

For those like CFS concernced with access to financial security in middle- and low-income communities, Brown notes that:

This regulation particularly impacts accounts belonging to moderate-income savers. Direct costs for savers could increase anywhere from 75 percent to 195 percent once they are priced out of working with a financial adviser. The practical result is that many families would lose access to retirement information, education and services. It's time for the administration and Department of Labor to pay attention to this important issue - to pay attention to the consequences for millions of Americans just trying to save for their retirement, especially in this time of economicic uncertainty.