WASHINGTON—Today AARP EVP and Chief Advocacy and Engagement Officer Nancy LeaMond released the following statement in response to the announcement of a final fiduciary duty rule by the U.S. Department of Labor (DOL). The new rule by the DOL no longer requires investment advisors to give advice solely in the best interest of clients. LeaMond said:
“AARP is deeply disappointed that at a time when Americans need sound financial advice and protection of their retirement assets more than ever, the Department of Labor has put forward a rule that will loosen restrictions on advisors, promote conflicts-of-interest, and fail to adhere to the long held fiduciary principle that advisors must act in the sole interests of plan participants. This rule is both harmful and contrary to the letter and spirit of the Employee Retirement Income Security Act (ERISA).”
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.