DENVER (November 1, 2023) — The Financial Planning Association® (FPA®), the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER™ professionals, is pleased to offer the following statement on the U.S Department of Labor’s (DOL) proposed retirement security rule, which seeks to update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA).
“The Financial Planning Association believes all Americans need objective advice to make smart financial decisions and recognizes that the rules governing financial advisers of all backgrounds and business models must evolve to meet the needs of consumers that these proposed rules are designed to protect. We desire to see a rule that puts the well-being and interests of American retirement savers front and center and can be implemented effectively and practically by our members, who are dedicated to helping the hard-working Americans they serve.
We note that FPA’s core member, the CFP® professional, has already committed to providing financial advice under a fiduciary standard of care and one which requires they act in the best interests of the client. As such, consumers today can obtain fiduciary advice about their retirement savings by engaging with a financial planner who is a CFP® professional.
Since all those who support the financial planning process are valued equally as members of FPA, it is critical to analyze the proposal’s impact on our members thoroughly. FPA encourages input from all its members and looks forward to reviewing and commenting on the proposed rulemaking and engaging with various stakeholders to evaluate the proposal’s efficacy, workability, and impact on our members and the clients they serve.”
About the Financial Planning Association
The Financial Planning Association® (FPA®) is the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER™ professionals and those engaged in the financial planning process. FPA is the CFP® professional’s partner in planning by helping them realize their vision of professional fulfillment through practice support, learning, advocacy, and networking. Learn more about FPA at financialplanningassociation.org and on Twitter at twitter.com/fpassociation.