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CFP Board Statement on Support for Release of Proposed DOL Fiduciary Rule

October 31, 2023

The following is a statement from CFP Board commending the public release of the Department of Labor’s (DOL’s) proposed rule to protect Americans from conflicts of interest when financial professionals provide retirement investment advice:

"CFP Board welcomes the U.S. Department of Labor's proposed retirement security rule intended to protect Americans from the harmful effects of conflicts of interest when financial professionals provide retirement investment advice.

It’s time to update the nearly 50-year-old regulatory framework under the Employee Retirement Income Security Act of 1974 (ERISA) to prevent advisors from avoiding a fiduciary responsibility even when they are functioning as, and clients are relying on them as, trusted advisors. We celebrate the work of the advisors who seek to do what is best for their customers. However, the outdated law does not prevent advisors from taking advantage of gaps in the regulations to steer their clients into high-cost, substandard investments that pay the advisor well but eat away at retirement investors’ nest eggs over time.

This proposed rule is an important step forward toward improving the retirement security of all Americans. CFP Board will carefully review the details of the proposed rule and assess its effectiveness so that all financial professionals who provide retirement investment advice are required to put the best interests of their clients first. Americans investing their hard-earned money for a financially secure retirement deserve no less."