The “fiduciary-only” voices are at it again – this time attacking the Labor Department for attempting to follow the law, and by doing so safeguard access for lower- and middle-income savers. With its 2016 fiduciary rule vacated by the Fifth Circuit Court of Appeals, Labor recently restored its original investment advice rule. The Department’s goal … Continue reading "Fiduciary-Only Shuts Out Some Americans Saving for Retirement"
Every day, 10,000 Americans turn 65 years old. Those celebrants undoubtedly have as many different ideas about their retirement planning as they have birthday candles. Retirement planning needs vary. Fortunately, regulators and lawmakers are recognizing that. Case in point: the U.S. Department of Labor (DOL) has moved in the right direction toward a harmonized approach … Continue reading "Protection and Choices for Retirement Savers"
With all the turbulence and strife in recent months, we sure could use some soothing news. Cue up the Securities and Exchange Commission and its Regulation Best Interest (Reg BI). Reg BI takes effect tomorrow. Together with the National Association of Insurance Commissioners’ (NAIC) revised Suitability in Annuity Transactions Model Regulation, Reg BI will ensure financial professionals … Continue reading "Protecting Access for All Savers"
In a few days, consumers will enjoy enhanced protections under the Securities and Exchange Commission’s Regulation Best Interest (Reg BI). Reg BI imposes a heightened standard of conduct on financial professionals beginning June 30. Reg BI is the first step toward national, harmonized enhanced consumer protections for consumers seeking guaranteed lifetime income. Together with Form … Continue reading "Consumers Are Protected by Regulation Best Interest"
[A version of this appeared in Morning Consult] Late last year, who could have predicted the financial upheaval we now face? No one. The uncertainties created by the COVID-19 economy have exposed a growing societal need for financial protection and security. Addressing these needs will be vitally important as our nation moves forward. A series … Continue reading "Action Items for Increasing Financial Security"
Separated by about 1,000 miles of farmland, mountains and desert, Iowa and Arizona are two very different states. On first glance, the only thing they seem to have in common is their deep-rooted ties to the Chicago Cubs. The Cubs’ spring training facility has been in Arizona for more than 60 years. And the Cubs’ … Continue reading "Iowa, Arizona Lead The Way on Best Interest"
The bar on consumer protections is raised in important ways by the Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI), which goes into effect at the end of this month. Reg BI preserves access for middle- and lower-income savers to financial professionals that offer the opportunity to set up income guaranteed for life. Insurance … Continue reading "Consumers Benefit from Regulation BI"