ADISA Responds to DOL's Request for Information on Fiduciary Rule

Aug 09, 2017

Dear ADISA members:

ADISA continues to send further research and commentary to the DOL in response to its recent request for information on the Fiduciary Rule. Our latest gathering of data for the DOL was done in conjunction with the Financial Services Roundtable (FSR). The Roundtable represents the CEOs of the largest financial institutions in the nation, and the FSR provided substantial resources around this new round of research. Utilizing a summary of the research, ADISA is submitting a letter highlighting some of the real and dramatic consequences associated with the Rule, many of which are not in our view consistent with the best interests of retirement savers, particularly new savers and those with smaller balances. See our letter of this week to the DOL; the full report from the FSR will be posted on their website soon.
ADISA’s Legislative & Regulatory Committee has been almost tireless in its efforts to marshal member resources and to work with other associations and coalitions to help shape responses to the DOL. The term of the ADISA L & R Committee Chair is two years, and ADISA is fortunate to have had able leadership in that seat for several terms (Deborah Froling, Kutak Rock; John Grady, DLA Piper; and currently Catherine Bowman, Bowman Law). We have had a true team of experts working for ADISA on this issue - our L&R Committee officers and members have presented before the DOL and the OMB, and will also appear before the Nevada Securities Division later this year on the industry’s behalf (in case you haven’t heard, some states are now considering a fiduciary rule similar to the DOL’s).
Although we haven’t always been able to move the needle as much as we would like, I do feel that the efforts of the groups above have helped lessen the bite of the Fiduciary Rule (remember, the DOL was at one time going to block most non-traded programs from retirement savings accounts). We thank our volunteers who have helped us in the Fiduciary Rule struggle. Ultimately, we feel all of these efforts have been to prosper the retirement investor.

Kind regards,
John P. Harrison
ADISA Executive Director/CEO