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RESOURCES

Why are current regulations not sufficient?

How is the final rule different from the proposed Rule and the 2016 Rule?

What do surveys show advisers and investors think about the Rule?

  • CFP Board Survey: Retirement Investor Expectations From Financial Advisors Survey (CFP Board, March 2024)

    • 9 in 10 Americans assume financial professionals are required to act in their best interests when recommending rollovers of workplace retirement savings into an Individual Retirement Account (IRA) or annuity.​

    • More than 9 in 10 Americans expect, trust and are confident that financial professionals provide recommendations and advice in their clients' best interests.

    • Virtually all Americans want financial professionals providing retirement investment advice to be required to do so in their client’s best interest, even if they provide advice to the client a single time.

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  • 2024 CFP Board Access to Financial Advice Survey (CFP Board, March 2024)
    • The SEC’s Regulation Best Interest (Reg BI) did not affect most CFP® professionals’ ability and willingness to serve their clients:​
      • 82% of CFP® professionals did not raise the required minimum investable assets for clients.
      • 86% of CFP® professionals did not terminate client services.
      • 92% of of CFP® professionals agree that a fiduciary standard is appropriate for all financial services providers who deliver personalized investment advice to retail investors​

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  • Unbiased Financial Advice About Retirement Is Important to Older Adults (AARP, January 2024)​

    • ​Of those who have either already used a financial professional for retirement planning or expect to use one, roughly nine in ten (89%) say that they expect professional financial advice to be in their best interest, and a similarly large share (87%) say that they use professional financial advice to make important financial decisions.

    • Nine in ten (90%) adults ages 50-plus agree that, when giving investment advice to people with retirement savings accounts, financial professionals should be required to give advice in the best interest of the account holders.

    • Two-thirds (66%) of adults ages 50-plus say that they would be less likely to vote for their member of Congress if they were to overturn a rule requiring financial professionals to provide advice in the best interest of their clients.

ARTICLES

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