Lawrence Holzberg, President of the National Association of Insurance & Financial Advisors-NYS (NAIFA-NYS), issued strong NAIFA-NYS support for President Trump’s signing today of an Executive Order that takes a step toward delaying implementation of the controversial DOL fiduciary duty rule.
Mr. Holzberg said that:
Thanks to the tireless work of NAIFA-NYS, NAIFA, and related organizations, the President has delayed a rule that places burdensome and costly requirements on financial advisors in NYS—forcing many of them out of business and limiting the ability of lower and middle-income Americans to access needed services and advice. Life insurance agents and financial advisors already adhere to high ethical standards and tough state regulation, and NAIFA-NYS has contended since the rule’s inception that the DOL overstepped its authority.
We hope the Administration ultimately sees the wisdom of rescinding the rule entirely, and are pleased that by keeping the issue alive on front pages and on lawmakers’ agendas, we’ve helped to protect consumers and the marketplace.
For more information, contact NAIFA-NYS at firstname.lastname@example.org or 518-915-1661.