This means that these companies and their members want to stop a regulation that would require advisors to put their client's best interest ahead of their own.
Yep - these groups are publicly saying that they don't give a shit about you, their profits are more important than your retirement.
Here is a list of those organizations, they should be shunned and shamed at every opportunity:
- The National Association for Fixed Annuities @nafausa
- The Chamber of Commerce of the United States of America @uschamber
- Financial Services Institute Inc. @fsiwashington
- Financial Services Roundtable @FSRoundtable
- Insured Retirement Institute @irionline
- Securities Industry and Financial Markets Association @sifma
- Great Irving-Las Colinas Chamber of Commerce
- Humble Area Chamber of Commerce DBA Lake Houston Area Chamber of Commerce
- Lubbock Chamber of Commerce Texas Association of Business
- TIAA (via Nuveen)
- American funds
I think theses suits will be dismissed, but it does at least expose those who don't give a shit about your retirement. Unfortunately, I'm not sure who is left who does give a shit. Good companies who are part of these organizations - PLEASE DO THE RIGHT THING.
Scott Dauenhauer CFP, MPAS, AIF