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March 29, 2018

The New Conduct Standards Issued By The CFP Board Will Help Fill The Gap Left By The Assault On The Department Of Labor’s Best Interest Rule

FOR IMMEDIATE RELEASE

Thursday, March 29, 2018

Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued this statement in support of the new standards of professional conduct issued today by the CFP Board of Standards:

“We commend the CFP Board for its actions today, which strengthen the standards of conduct for financial planners who deliver financial advice to their clients. As we previously commented, the revised standards are broader and stronger, and they make crystal clear that planners providing financial advice ‘must act as a fiduciary, and therefore, act in the best interests of the client.’ This step is all the more noteworthy because the CFP Board acted on its own initiative and in the face of significant opposition from some in the industry.

“It is also a welcome development at a time when the common-sense best interest standard remains under withering assault in the courts and at the Department of Labor. Without a strong rule in place, millions of American retirement savers and other investors will continue to lose billions of dollars in hard-earned savings every year from financial advice tainted by conflicts of interest. The CFP Board’s action today will help stem those losses, while demonstrating that the best interest standard is eminently workable for advisers who truly want to serve the best interests of their clients.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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