The proposed DOL rule would essentially eliminate the role of the Financial Professional by severely limiting the retirement advice they provide to consumers. Many Firms would be forced to exit the IRA segment of the market entirely or move consumers into a costly fee-based advisory model. Many consumers would lose access to trusted advisors they’ve relied upon for years.
Cons:
• Thousands of job losses as Financial Professionals are forced to exit the market.
• Increased paperwork and contract requirements for consumers; costs that will likely be passed on to the consumer.
• Increases the likelihood of Class Action lawsuits; costs which would likely be passed on to consumers.
• Wastes taxpayer’s money by duplicating Rules & Regulations already in place by FINRA and the SEC.