In the last two days, ten organizations that represent companies that sell financial products to Americans filed suit to stop the Department of Labor's Conflict of Interest rule from becoming effective.
This means that these companies and their members want to stop a regulation that would require advisors to put their client's best interest ahead of their own.
Yep - these groups are publicly saying that they don't give a shit about you, their profits are more important than your retirement.
Here is a list of those organizations, they should be shunned and shamed at every opportunity:
The National Association for Fixed Annuities @nafausa
The Chamber of Commerce of the United States of America @uschamber
Financial Services Institute Inc. @fsiwashington
Financial Services Roundtable @FSRoundtable
Insured Retirement Institute @irionline
Securities Industry and Financial Markets Association @sifma
Great Irving-Las Colinas Chamber of Commerce
Humble Area Chamber of Commerce DBA Lake Houston Area Chamber of Commerce
Lubbock Chamber of Commerce Texas Association of Business
What is most unfortunate is that companies that I think are good (and great) companies are part of these organizations, they are:
TIAA (via Nuveen)
Many other good companies are part of these groups (as well as mostly evil companies) and whether they support the lawsuit is beside the point, if they don't publicly denounce the suit filed by an organization they are members of and if they don't actively attempt to get their membership to drop the suit - they are complicit.
I think theses suits will be dismissed, but it does at least expose those who don't give a shit about your retirement. Unfortunately, I'm not sure who is left who does give a shit. Good companies who are part of these organizations - PLEASE DO THE RIGHT THING.
Scott Dauenhauer CFP, MPAS, AIF