A Victory for Access and Choice
Mar 20, 2026
A Victory for Access and Choice
Mar 20, 2026
This week saw big wins for retirement savers when a federal court ended the Biden Administration’s fiduciary-only rule, siding with consumers and the ACLI-led coalition committed to protecting Americans’ access to the financial guidance they need. The Department of Labor moved quickly, consistent with the court ruling, to restore the 5-part test to determine an investment advice fiduciary. The ruling – and swift subsequent DOL action affirmed what a federal appeals court made clear years ago: sweeping fiduciary-only mandates limit consumer choice, restrict access to professional guidance and financial protection products like annuities, and ultimately harm the very people regulators aim to protect.
For millions of hardworking Americans, especially low‑ and moderate-income savers, a fiduciary‑only approach would have shut the door to commission-based financial professionals who provide essential, transaction-based guidance. During the brief time the 2016 fiduciary rule was in effect, more than 10 million retirement account holders lost access to professional help, and many had no path to the guaranteed lifetime income solutions annuities provide.
The court’s decision preserves a marketplace where consumers can choose the type of professional support that best meets their needs, whether ongoing fiduciary advice or commission-based guidance aligned with strong best interest standards already adopted by all 50 states and the SEC. These state and federal protections have raised the bar for all financial professionals without limiting consumer access to retirement products or personalized help.
The ACLI-led coalition stood firm for consumer choice, fairness, and access. This week’s decision and the Department of Labor’s rulemaking validates that commitment and reinforces a simple truth: Americans deserve strong consumer protections, the freedom to choose financial services that best fit their needs, and access to annuities, the only product in the marketplace that can guarantee them income for life.
David Chavern
David Chavern is President and CEO of the American Council of Life Insurers (ACLI) whose mission is to provide financial certainty to Americans regardless of where and how they work, their life stage, or the economic status of their household. ACLI’s 275 member companies represent 94 percent of industry assets and provide financial security products and services to 90 million families.
