The regulators must act on the same principles in approaching fiduciary rulemakings; anything less leaves investors vulnerable to losing billions of dollars a year to ‘advisors’ who pitch investments that produce greater returns for themselves, but leave the clients earning less.
“The Trump Administration’s actions prove that it is far less interested in protecting investors from the harmful effects of conflicts of interest than it is in catering to Wall Street interests… By stripping out the rule’s private enforcement mechanism, and by stating that the Department won’t enforce the rule, the DOL has rendered the rule toothless.”
AFR Statement: Delay of Fiduciary A Ripoff of Retirement Savers, Gift to Wall Street’s Financial Advisers
Retirement savers need the fiduciary rule, fully enforced, to help ensure they can enjoy a dignified retirement. See the story of Steve Wingate to learn what happens without this common-sense protection.
Members of the Save Our Retirement coalition speak out forcefully against the Department of Labor’s proposed delay of the fiduciary rule, a common-sense protection that would ensure savers get the best advice possible.
Joint Statement: Fiduciary Rule, Win for Retirement Savers, Takes Effect Today After Years-Long Effort
Financial advisers now owe their clients a duty to put their interests first when giving retirement advice. This change is a huge victory for ordinary Americans investing for a secure retirement, one that will put billions of dollars back in their pockets.
“Sen. Elizabeth Warren and a group of investor protection groups such as Americans for Financial Reform and the Consumer Federation of America have unveiled the ‘Retirement Ripoff Counter, which is a digital, large-scale, live projector that will show the harm President Trump is doing to investors by delaying the fiduciary rule. On the evening of April 5th, after dusk, the projection of the Retirement Ripoff Counter will be displayed on the sides of several major Washington landmarks.'”
AFR Event: Retirement Ripoff Counter Shows Losses of $532 Each Second Without Fully Enforced Fiduciary Rule
A new “Retirement Ripoff Counter” unveiled today at an event with Senator Elizabeth Warren and AFL-CIO President Richard Trumka shows how important it is that the fiduciary rule be fully implemented. Bad advice costs Americans $46 million a day, $1.9 million per hour, and $532 a second.
The Department of Labor’s proposal to delay the fiduciary rule is clearly part of the Trump administration’s plan to undo it altogether. Blocking this common-sense, long overdue rule, which requires retirement advisers to act in their customers’ best interests.