The Labor Department has gone to the biggest trade groups in the financial industry for guidance on whether its proposed fiduciary rules will have an impact on their business. The giants have jumped at the chance.
In a joint letter, the industry groups thank the DOL for giving them input into the new fidicuary standard for retirement plan advice.
As a group, they are not known for their fierce advocacy of the fiduciary code, shall we say.
The Financial Services Roundtable represents the 100 biggest integrated financial conglomerates: the money center banks, the wirehouses, the true giants.
The Financial Services Institute represents the independent broker-dealer channel and has taken a vocal position against a flat fiduciary standard for all plan advisors.
SIFMA and the American Council of Life Insurers are also at the table. Purely fiduciary-oriented groups like the Financial Planning Coalition are not.
The trade organizations have protested that the proposed DOL rules would force commission-based advisors out of the plan business, making it impossible or very expensive for the typical worker to get retirement advice.
At this point, the odds that they're going to get some kind of exemption look pretty high.