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Fi360 Urges DOL and SEC to Come Together on Fiduciary Rule

Posted by on March 16, 2018

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Fi360, the leading fiduciary education, training, and technology company in the U.S., said today that the U.S. Department of Labor should continue its support of an updated rule that holds investment fiduciaries accountable for their retirement advice.

“Fi360 has always supported a strong fiduciary standard for financial services professionals,” said Blaine Aikin, AIFA®, CFA, CFP®, Executive Chairman.  “The Fifth Circuit decision has only extended the uncertainty and ambiguity with regard to compliance and liability concerns, as well as investor protection under the DOL’s fiduciary rule.  We urge the SEC to continue to work closely with the DOL in drafting a standard that requires advisors to act in the best interest of the client without regard to their own financial interests.”

“Market forces have proven that the professionals closest to the client establish the strongest and most sustainable relationships,” Mr. Aikin added. “Advisors utilizing a prudent process firmly grounded in fiduciary principles, along with their clients, will both benefit when policymakers and the courts recognize this important relationship and align with the marketplace.”

Since its founding in 1999, Fi360’s vision has always been to have all investors’ wealth and retirement accounts managed with a fiduciary standard of care. Fi360 will continue to work toward that vision regardless of changes in regulation.

Stay tuned for a deeper dive on the Fifth Circuit Court of Appeals’ actions and the regulatory impact on the industry next week.

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