FPA Provides Comments on the U.S. Department of Labor’s Final Retirement Security Rule

DENVER (April 26, 2024) - The Financial Planning Association^® (FPA^®), the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER™ professionals, is pleased to provide the following statement on the U.S. Department of Labor's Final Retirement Security Rule.

"The Financial Planning Association supports the U.S. Department of Labor's goal that all retirement savers receive financial advice that is in their best interest. The Association continues to believe that the easiest way to do this is for consumers to work with CFP^® professionals, who have already committed to a fiduciary standard of care when providing financial advice.

While we take the needed time to fully review the final rulemaking, we are pleased that the Department appears to have been responsive to FPA and others' requests by extending the effective date from 60 days to 150, which will give our members who don't have the support of in-house legal counsel more time to understand and come into compliance with the Rule. Furthermore, although there are many compliance details left to review, we appreciate that the Department appears to have responded to our requests for confirmation and clarification of how the new definition of a fiduciary activity would harmonize with other pieces of the complex regulatory framework to which many FPA members are subject."

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About the Financial Planning Association

The Financial Planning Association^®(FPA^®) is the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER^TM 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.