New York estate planning attorney and financial advisor Donna Stefans was among members of the Financial Services Institute who recently educated members of Congress on the devastating effects of the Department of Labor's pending fiduciary rule.
Donna Stefans, New York estate planning attorney and financial advisor with the Stefans Law Group, was among more than 100 members of the Financial Services Institute (FSI) who visited Capitol Hill the end of May. While on the Hill, Ms. Stefans and other independent financial advisors and senior executives from independent financial services firms met with their elected officials to discuss:
- Preserving small investor access to financial advice and the ability of financial advisors to earn a commission on IRA advice (the pending Department of Labor fiduciary rule)
- Protecting advisors' independent contractor status, ensuring they will not be forced to become employees of their broker-dealers
- Preserving tax incentives to help hard-working Americans save for retirement
Ms. Stefans stated, "We believe it is critical that Congressmen hear directly from FSI members who are also their constituents." She added, "Meeting with lawmakers was an opportunity to share real-life experiences that show how the decisions made by elected officials and regulators impact everyday Americans and explain the dire effects the Department of Labor's pending fiduciary rule would have on financial service businesses and investors."
On May 30, David T. Bellaire, Esq, Executive Vice President & General Counsel of FSI reported that the time and effort members spent on Capitol Hill were clearly well spent. He explained, "Late yesterday, the Department of Labor's latest regulatory agenda said they now expect to issue its fiduciary rulemaking in January 2015 rather than in August of this year. "
FSI's independent financial advisor members serve more than 15 million American households and are affiliated with independent financial services firms that serve more than 160,000 independent financial advisors.