CFP Board Statement on Final DOL Retirement Security Rule

The following is a statement from CFP Board praising the public release of the Department of Labor's (DOL's) final Retirement Security Rule:

"CFP Board applauds the DOL for issuing the final Retirement Security Rule, which expands the definition of fiduciary advice under the Employee Retirement Income Security Act (ERISA). The DOL's final rule addresses regulatory gaps and helps protect Americans from the costly effects of conflicts of interest by requiring financial professionals to provide retirement investment advice in their clients' best interest.

Significantly, the DOL rule aligns with investor expectations for retirement investment advice. A recent CFP Board survey found that 92% of Americans expect financial professionals to provide retirement savings advice in their clients' best interests. Further, 97% of investors agree that financial professionals giving retirement savings advice should be required to act in the best interests of their clients, even for one-time advice. Moreover, the DOL rule won't cause moderate-income investors to lose access to retirement advice.

Workers and retirees deserve a financially secure and dignified retirement. The DOL's Retirement Security Rule will provide investors with faith that their financial professional is delivering retirement investment advice in their best interest so that they can achieve their investment and retirement goals confidently and ethically. We look forward to offering more detailed comments after a careful review of the final rule."