Happy Friday PLANADVISER readers! It goes without saying that it has been a big week for the retirement plan advisory industry, with the long-awaited release of the Department of Labor’s final fiduciary rule coming Wednesday morning. The industry’s mostly positive reaction makes clear the serious compromises worked into the final rule language, compared with previous proposed versions from 2010 and 2015. Our weekend newsletter has all the information and analysis you need to get caught up on All Things Fiduciary.
Consumer groups were especially pleased with the final rule. Nancy Zirkin, executive vice president and director of policy at The Leadership Conference on Civil and Human Rights, said, “This common sense rule will ensure that when working Americans turn to financial professionals for help, they will get honest advice that’s in their best interest—not a self-serving sales pitch.”
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More than a few industry insiders and analysts have tipped their hats to DOL and Labor Secretary Perez for listening carefully to criticism and reshaping some of the most controversial elements of the new fiduciary rule.
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Looking at whether retirees will be able to replace 75% of their final-year earnings, the Center for Retirement Research at Boston College found the number of households at risk of facing a shortfall range from 42% to 60%.
Executives overseeing the survey report agreed that the U.S. is just beginning to see the real impact of decades of public policy decisions and private employer efforts to fundamentally reshape the retirement landscape.