Retirement savers need and deserve to receive the protections that the DOL Conflict of Interest – Fiduciary Rule provides.
Burr Ridge, IL (PRWEB)
March 20, 2017
Peter Recchia, founder and president of 4Wealth Financial Group, has written to the Department of Labor, urging them to move ahead in implementing the current DOL Conflict of Interest – Fiduciary Rule.
He opposes any delay of the rule. “There is no reasonable basis for any delay,” Recchia says in his letter. “The DOL has already conducted a full review and justification including a legal and economic analysis, concluding that the Rule is necessary for Americans to save and invest for retirement. Courts have supported the Rule.”
The Trump Administration instructed DOL to propose a delay of the DOL Conflict of Interest -Fiduciary Rule that protects retirement savers from conflicts of interest in retirement advice. “With this delay, non-fiduciaries will have carte blanche to continue extracting more than $17 billion each year in excess commissions and fees from retirement savers. That’s $45 Million each day of delay; $1.5 Billion a month; $17 Billion a year – money that the rule would have redirected from Wall Street to retirement investors,” he said.
Judges in four court cases seeking to delay the DOL Fiduciary Rule have refused to do so, opining that delay of the Rule is not in the public interest, and that benefits of the Rule outweigh the cost to non-fiduciary firms to implement it.
“As a fiduciary, I see no reason to delay this important Fiduciary Rule. No firm should be allowed to pretend they act in investors’ best interests while actually serving themselves,” said Recchia.
According to Recchia, millions of Americans are counting on their 401(k)s and IRAs,…