(August 20, 2015, GREENVILLE, OHIO) Matt Arnold, President at Financial Achievement Services Inc. (FAS), met directly with members of Congress in early May as part of the National Financial Services Institute’s grassroots effort to push back the Department of Labor’s Fiduciary rule proposal.
The Department of Labor's (DOL) new Fiduciary Rule Proposal expands the definition of the term fiduciary to bring the majority of financial services professionals under the regulatory umbrella of the Employee Retirement Income Securities Act (ERISA).
“If enacted in its current form, I believe this proposal will have the unintended consequence of reducing access to the quality, individually tailored financial advice that Main Street Americans need to ensure a dignified retirement,” said Arnold. “Furthermore, the proposal will have a significant effect on access to financial advice in general.”
Arnold’s participation in the talks is part of a grassroots effort on Capitol Hill with the goal of preserving Americans’ access to affordable, objective financial advice and protecting investors. While in Washington D.C., Arnold spoke with the staffs of Congressman Steve Stivers (R-OH-15), Congresswoman Joyce Beatty, (D-OH-3), Speaker John Boehner (R-OH-8), Congressman Jim Renacci (R-OH-16), Congressman David Joyce (R-OH-14) and Senator Rob Portman (R-OH).
“Speaking directly to a member of Congress and letting them know what hard-working Americans are going through every day is invaluable,” said Arnold. “This was an incredible opportunity for us to educate them on what Americans need in terms of financial advice now and in the future and how what legislators and regulators are doing affects their lives.”
As part of the FSI grassroots team, Mr. Arnold spoke to the members of Congress about these critical issues: the Department of Labor’s proposed fiduciary standard, the importance of preserving tax incentives that encourage retirement saving and preserving the independent contractor status of independent financial advisors.
The independent financial advisor members of FSI serve more than 15 million American households. Members of Congress with whom FSI members met serve on House and Senate committees important to the investment community including the Senate Banking Committee, Senate Health, Education, Labor, and Pensions Committee, House Financial Services Committee and House Education and Workforce Committee.
“We are very pleased to have Matt as an engaged member working on behalf of their clients,” said FSI President & CEO Dale Brown. “Conscientious members like Matt help bring real-life experience to our advocacy efforts. We plan to work closely with Matt as we advocate for independent financial advisors and the hard-working clients they serve.”
Securities and Investment Advisory Services offered through Signator Investors. Signator member FINRA, SIPC and a Registered Investment Advisor. Non-Security products and services are not offered through Signator. Financial Achievement Services, Inc. is not affiliated with Signator Investors. LD055295-11/15 LD054419-08/15
About Financial Achievement Services Inc.:
Financial Achievement Services, Inc., provides the guidance you need for navigating life’s twists and turns. The FAS team offers a full range of financial services designed to provide a clear, no-nonsense financial roadmap; simple solutions designed to achieve your plans for your life. Our goal is to take the mystery out of investing, managing risk, tax strategies, preparing for retirement and ultimately, transferring the wealth you’ve worked to build to those you care about most.
Learn more about Financial Achievement Services, Inc. by visiting their web site at www.teamfas.com, or their Facebook page at www.facebook.com/teamfasinc.