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Regulation and Compliance > Federal Regulation > DOL

FSI Pushes Investors to Weigh in on DOL Fiduciary With New Microsite

By Melanie Waddell

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The Financial Services Institute launched a microsite Monday that allows its advisor/broker-dealer members as well as non-members’ clients to write letters to lawmakers and to Labor Secretary Thomas Perez on DOL’s fiduciary rulemaking.

The site, MySavingsMyChoice, urges investors to “Protect Your Retirement: Tell Washington it’s your savings and your choice.”

Investors are urged to tell lawmakers and Perez to protect their access to financial advice, and states that “People who work with a financial advisor save more money, get better returns on their investments, avoid costly mistakes and have greater confidence in their financial futures.”

Investor can send a total of four letters – to two senators, one member of Congress and another to Perez – in two simple steps. The FSI advocacy software automatically matches the investor with their elected officials. FSI is encouraging all advisors, whether they are FSI members or not, to tell their clients to weigh in.

Dale Brown, FSI’s president and CEO, said in a statement that in its current form, DOL’s rule “is unworkable, and we are engaged to help make it work. Our financial advisors have been sending thousands of letters to Capitol Hill and the Department asking them to work with us to craft a rule that both protects investors and guarantees access to advisors for small and mid-sized investors. Our new microsite will now give investors a voice in Washington they haven’t had throughout this process until now.”

FSI started circulating a fact sheet to lawmakers last week to help explain how the DOL’s fiduciary redraft is “unworkable.” FSI, noting that it has supported a uniform fiduciary standard, uses each letter in “unworkable” to explain the current redraft’s faults.

The DOL’s redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act is out for public comment until July 21.

— Check out ‘Dissident’ Candidate Vies for FINRA Board Seat on ThinkAdvisor.

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