OneFPA > About > Press Room > Financial Planning Association Responds to President Obama Announcement on DOL Fiduciary Rule
DENVER – The Financial Planning Association® (FPA®), the leading professional association for Certified Financial Planner™ (CFP®) professionals, offered the following statement about President Barack Obama's announcement about the DOL transmitting a re-proposed fiduciary rule to the Office of Management and Budget (OMB).
"The Financial Planning Association is pleased the President is taking the necessary steps to ensure investor protection by supporting an update of the fiduciary rule under the Employee Retirement Income Security Act (ERISA). We look forward to reviewing the proposed rule and hope OMB will prioritize this accordingly. FPA supports a fiduciary standard for all who provide investment advice and those who work to secure the financial future of millions of American workers," said 2015 FPA President Edward W. Gjertsen II, CFP®.
As President Obama said, "There are outstanding financial advisers out there. It levels the playing field so they can do what they know is the right thing to do – put their clients first." Just as CFP® professionals already act in a fiduciary capacity when engaging in a plan with clients, we believe a fiduciary standard will help consumers find that same level of care for their retirement savings.
"All financial advisers, including those offering advice and guidance to 401(k) plan participants, should be required by law to follow an authentic fiduciary standard at all times in client engagement. We hope the OMB will act swiftly in reviewing the proposed rule and so we can provide our own evaluation to help protect American investors who seek investment advice," added Gjertsen.