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February 26, 2015

Investor Advocates Prepare for Fiduciary Fight

“Investor advocate groups are stepping up their lobbying efforts in support of the Department of Labor’s proposed fiduciary rule, gathering Friday morning with supporters at AARP’s Washington, D.C. headquarters to talk strategy.

“The Labor Department is expected to propose a rule that would require advisors overseeing retirement plans to act under a fiduciary standard, putting client interests ahead of all other considerations when making investment recommendations on accounts covered under the Employee Retirement Income Security Act.

“With the new rule expected to be sent to the Office of Budget Management for review any day now, representatives from AARP, American Federation of State, County, and Municipal Employees (AFSCME), American Federation of Labor-Congress of Industrial Organizations (AFL-CIO), Better Markets, the Pension Rights Center,Americans for Financial Reform and the Consumer Federation of America sent out a mass email inviting members from allied organizations and Congressional staffers to attend a strategy meeting Friday morning.

“We will discuss in greater detail the problem under the existing regulatory system and the expected solution, as well as what steps you can take to support the effort, including grassroots mobilization, old and new media engagement, and Hill outreach,” the email said. “Not to worry; you will not have to become a retirement law expert in order to effectively engage on the issue!”

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Read the full Wealth Management article by Megan Leonhardt here.

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