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RESOURCES

Why are current regulations not sufficient?

One-time advice and advise to plan sponsors:​

 

The NAIC Model Rule is not a best interest rule and conflicts of interest have not been eliminated:

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Personal stories of conflicted advice:

How is the final rule different from the proposed Rule and the 2016 Rule?

What do surveys show advisers and investors think about the Rule?

  • CFP Board Survey: Retirement Investor Expectations From Financial Advisors Survey (CFP Board, March 2024)

    • 9 in 10 Americans assume financial professionals are required to act in their best interests when recommending rollovers of workplace retirement savings into an Individual Retirement Account (IRA) or annuity.​

    • More than 9 in 10 Americans expect, trust and are confident that financial professionals provide recommendations and advice in their clients' best interests.

    • Virtually all Americans want financial professionals providing retirement investment advice to be required to do so in their client’s best interest, even if they provide advice to the client a single time.

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  • 2024 CFP Board Access to Financial Advice Survey (CFP Board, March 2024)
    • The SEC’s Regulation Best Interest (Reg BI) did not affect most CFP® professionals’ ability and willingness to serve their clients:​
      • 82% of CFP® professionals did not raise the required minimum investable assets for clients.
      • 86% of CFP® professionals did not terminate client services.
      • 92% of of CFP® professionals agree that a fiduciary standard is appropriate for all financial services providers who deliver personalized investment advice to retail investors​

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  • Unbiased Financial Advice About Retirement Is Important to Older Adults (AARP, January 2024)​

    • ​Of those who have either already used a financial professional for retirement planning or expect to use one, roughly nine in ten (89%) say that they expect professional financial advice to be in their best interest, and a similarly large share (87%) say that they use professional financial advice to make important financial decisions.

    • Nine in ten (90%) adults ages 50-plus agree that, when giving investment advice to people with retirement savings accounts, financial professionals should be required to give advice in the best interest of the account holders.

    • Two-thirds (66%) of adults ages 50-plus say that they would be less likely to vote for their member of Congress if they were to overturn a rule requiring financial professionals to provide advice in the best interest of their clients.

ARTICLES

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