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DOL Proposal - IRA Accounts Letter Campaign
07/09/2015 /
Several advisors have asked how to voice their opinions and be heard relative to the on-going fiduciary standard debate. FSI (Financial Services Institute) is an industry organization that works mainly with small to mid-size independent firms like IPI. FSI has developed a website for the public to send a pre-drafted letter (also editable) to their state representatives and the Department of Labor to speak out against the DOL fiduciary proposal that includes IRA accounts.
Campaigns to lawmakers do make a difference. If you or your clients feel strongly about this issue then feel free to follow the link to the FSI website
My Savings My Choice: http://mysavingsmychoice.org/ to send a letter the applicable state
representatives and the DOL.
The body of FSI’s pre-drafted letter states the following:
I am writing to you today as both a concerned constituent and as a hard-working investor. I believe the recent Department of Labor (DOL) rule proposal
will eliminate the choices currently available to me in my Individual Retirement Account (IRA) and that alarms me. It should alarm you too.
Today, I have a choice when it comes to the financial advisor I work with, and in the products I will invest in. I can choose to pay for retirement services
through a commission or a fee. I can receive guidance from a relationship with a personal financial advisor or through a web-based platform. I have
access to a wide range of investment options just like other investors, whether the account is an IRA or not. I fear, however, that the DOL proposal,
as currently written will restrict these choices, increase my costs and potentially jeopardize my current relationship with my financial advisor. Without
my advisor, I'll be ill-equipped to plan for retirement on my own.
Saving for retirement is already difficult enough. As your constituent, I am urging you to request that the DOL make changes to their current proposal
so that it will protect my right to choose how and from whom I receive critical retirement advice and services.
It is my savings and my choice.