Nola Kulig
Kulig Financial Advisors
Longmeadow, MA, 01116 USA
413-565-2839
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Supporting the Fiduciary Standard: You Can Help, too!

September 2nd, 2015

Earlier this year, I shared an announcement regarding Sheryl Garrett’s work on the fiduciary standard. You may remember that she testified in Washington, DC and that President Obama quoted her summary on the topic.

Since then, if you did not know, the Department of Labor has proposed a rule that ALL financial advisors providing retirement advice act as a Fiduciary.  Currently, only Registered Investment Advisory firms and their advisors act in this capacity.  Brokers and registered representatives are required to follow a suitability rule.  As long as the investment, insurance product or portfolio is suitable, it can be recommended, regardless of cost or whether it is best for the client.

The reason I became a fee-only advisor was my past pension consulting experience. I was able to see the bargaining power of corporate America with Wall Street, and how poorly individual investors fared by comparison. So I decided to do something personally about it, leading to the current phase in my career.

I have written to Washington in support of the standard, as have many of my Garrett colleagues. But you can help, too, and we need you to.

This is what we are up against:  www.securefamily.org.  These videos are slick and effective in appealing to emotions.  Wall Street has millions to spend on what is basically misinformation. By contrast, fiduciary advisors and their professional organizations have only thousands.

For the real story, I encourage you to read this article:  http://www.latimes.com/business/hiltzik/la-fi-mh-retirement-firms-protecting-their-conflicts-20150814-column.html

I would be grateful for any support you are willing to provide.

How you can help

The deadline for when you can help is roughly mid-September, depending on how quickly the Department of Labor proposal revisions progress. So now is the time for public comments. If you are willing, I ask for your support by either sending an email or a letter expressing your support and experiences of receiving fiduciary advice from me, especially if you received advice in the past from an advisor in another firm.

1. Contact your Senator to speak out in favor of the fiduciary standard rule and Fee-Only planning.

2. You can send an email to e-ORI@dol.govand include RIN 1210-AB32 in the subject line of the email.

3.  A letter can be sent to:

Office of Regulations and Interpretations
Employee Benefits Security Administration
Attn: Conflict of Interest Rule
Room N-5655
U.S. Department of Labor
200 Constitution Ave NW
Washington, DC 20210

4. OR you can tell Washington how you feel using this link: http://www.congressweb.com/saveourretirement/5.

Your comments need not be long, but it is important that if you agree with the fiduciary standard that Washington hear from real people, not just from Wall Street.

Thanks in advance for your help, and for any questions, please get in touch!

 

Investment advisor representative of an investment advisory services offered through Garrett Investment Advisors, LLC, a fee-only SEC registered investment advisor. Tel: (910) FEE-ONLY. Kulig Financial Advisors may offer investment advisory services in the state of Massachusetts and other jurisdictions where exempted.