The Financial Services Institute is made up primarily of independent broker-dealer reps. They're not fans of the Labor Department's efforts to enforce a fiduciary standard on all retirement plan advisors.
The FSI's argument is that if everyone who provides 401(k) or IRA advice is required to sacrifice his or her personal interests, "unbiased, affordable advice" in the retirement market will disappear.
Despite some reports, a recent summit between the FSI and the Labor Department was not exactly motivated by the pro-fiduciary Financial Planning Coalition's efforts to promote a retirement fiduciary standard.
The FSI is not in the Coalition, which consists of the Certified Financial Planner Board of Standards, the Financial Planning Association, and the National Association of Personal Financial Advisors.
When FSI talks about a "coalition," they're talking about their own allies -- an entirely different group of industry organizations.
The Financial Planning Coalition appears to have written a letter to DOL last month and may be working hard behind the scenes to achieve its goals.
But until they tell us, we just don't know.