Washington, D.C., (February 23, 2015) – The administration’s planned “fiduciary rule” proposal could put much needed financial guidance and education out of reach of millions of Americans.

ACLI member companies and their representatives are at the forefront of helping people save for retirements that can last for decades and secure lifetime streams of income to supplement Social Security.

While details of the proposal have yet to be unveiled, ACLI fears the administration’s plan to once again seek to expand the definition of “investment advice fiduciary” could ultimately serve to limit investor choice, promote conflicting regulation of the retirement market, prohibit access to investor guidance and raise the costs of saving for retirement.

ACLI will look closely at the proposal when it is released with a goal of collaborating with the administration on a plan that helps ensure Americans continue to receive the guidance and education they need to achieve financial security in retirement. 

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.