We Continue to Fight Against the Fiduciary Rule
April 15, 2017 by Charles R. “Chip” Anderson
MESSAGE FROM NAFA
For over two years, NAFA and the Financial Services industry have been working together to stop the proposed DOL rule. There have been millions of dollars spent on litigation from industry trade groups, insurance companies, IMOs and others including the U.S. Chamber of Commerce in an effort to prevent the rule from going into effect. NAFA remains diligent on all fronts to continue our fight in order to make sure consumers have access to fixed annuities for their retirement needs. At this time, some of the lawsuits are in the appeal process and there might be resolution through other methods before those appeals are heard in the courts.
Legislation is still an option to stop the DOL rule and NAFA continues to work closely with representatives on Capitol Hill to make sure our position is known. Many well-known Democrats are proponents of the rule to enforce more regulations on the financial services industry along with agents and small business that distribute annuity products. NAFA’s efforts to educate those who are in favor of the DOL rule have fallen on deaf ears. President Trump’s opposition to the rule is a positive step to correct this unworkable rule and he has asked the DOL to delay the rule and review the effects it will have on consumers and our industry. All of this takes time and while the delays might help in the short run, we need to stop the implementation of this unworkable rule.
How can you help? Join NAFA in Washington, D.C. June 21 – 23 and be part of the solution to this problem for our industry. The NAFA Annuity Leadership Forum is your opportunity to join us for our annual “Hill Walk” and talk face to face with your representative in Washington. NAFA makes it very easy for you, setting the appointments and prepping you with the information to share with your Senator or Representative. Those who have attended this event and had the chance to meet with their representative have said it was a tremendous experience. It would also allow you to share with your clients, co-workers or employees that you have been to Washington, D.C. on their behalf to fight for the fixed annuity industry and to protect their retirement or their jobs. Go to the NAFA website now and register for the opportunity to get your voice heard on this critical issue that will have a devastating
impact on our industry if the DOL rule goes into effect as proposed.
NAFA continues to work on many other issues but the DOL rule is one that will have the biggest negative impact on our business.
Thank you for your support!
Charles R. “Chip” Anderson
Executive Director, NAFA
