To: The United States House of Representatives and The United States Senate
Stop Wall Street from Siphoning Off Americans' Retirement Savings
We urge you to support strong fiduciary standards for all retirement planning advisers, and to oppose any efforts to bury or delay new Department of Labor rules to require such advisers to put their clients’ interests first.
Because many advisers are not currently subject to such a duty, they are free to recommend investments that generate more income for them, while exposing their clients to high fees, unnecessary risks, and poor performance. As a result, millions of American workers end up losing tens or even hundreds of thousands of dollars in potential retirement funds.
Stand up for the public interest! Stand firm against efforts to bury or delay new fiduciary duty protections.
Because many advisers are not currently subject to such a duty, they are free to recommend investments that generate more income for them, while exposing their clients to high fees, unnecessary risks, and poor performance. As a result, millions of American workers end up losing tens or even hundreds of thousands of dollars in potential retirement funds.
Stand up for the public interest! Stand firm against efforts to bury or delay new fiduciary duty protections.
Why is this important?
Wall Street has another trick up its sleeve – one that could cost millions of American workers and retirees tens or even hundreds of thousands of dollars. It involves the rules for many of the financial professionals on whom we depend for retirement planning advice.
The Department of Labor (DOL) has been working hard to update those rules, so that more advisers must meet a basic “fiduciary” standard - a simple duty to look out for the best interests of their clients. Because many advisers are not currently subject to such a duty, they can recommend investments designed to generate bigger fees for them, even if it means diminished retirement security for those they are advising.
Big brokerage firms and insurance companies, which have enormous profits at stake, have spent millions lobbying against this reform. Now they are pushing Congress to kill the DOL proposal before it even sees the light of day.
Don’t let them get away with it!
The Department of Labor (DOL) has been working hard to update those rules, so that more advisers must meet a basic “fiduciary” standard - a simple duty to look out for the best interests of their clients. Because many advisers are not currently subject to such a duty, they can recommend investments designed to generate bigger fees for them, even if it means diminished retirement security for those they are advising.
Big brokerage firms and insurance companies, which have enormous profits at stake, have spent millions lobbying against this reform. Now they are pushing Congress to kill the DOL proposal before it even sees the light of day.
Don’t let them get away with it!