National Association of Insurance and Financial Advisors President Terry Headley (right) says he's concerned the Department of Labor's proposed fiduciary rule could make it harder for consumers to get investment help.
Headley submitted Tuesday a letter to DOL, expressing his concern that the definition rule would make it difficult for NAIFA members to serve the middle-market, where commissions are the dominant form of compensation.
"NAIFA is concerned that the current proposal to expand the definition of 'fiduciary' will have the effect of substantially reducing consumer access to investment education and advice, and thus create a substantial advice gap for potentially millions of individuals who need professional guidance to understand and make investment decisions about their retirement accounts."
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