DON’T LET WASHINGTON LIMIT YOUR ACCESS TO RETIREMENT ADVICE AND SECURE FINANCIAL SOLUTIONS
The United States is facing a retirement crisis. Almost 40 million households have not saved anything for retirement, and 62% of Americans approaching retirement (ages 55 to 64) have less than one year’s savings. More than two thirds of households are at risk of not meeting their retirement savings targets.
We are fighting to ensure the Obama administration’s costly and cumbersome regulations, which would severely limit access to investment advice for the families who need it most, are thwarted before they become a crippling reality for those seeking the American Dream. Big government policies that cause the middle class to lose their choice of a financial advisor will make our retirement crisis worse.
At a time when savers need more guidance and retirees need more guarantees, the Department of Labor’s new regulation would limit both.
- According to the Department of Labor’s own figures, investor losses associated with an absence of professional assistance were estimated to be $114 billion in 2010.
- The majority of IRA investors have less than $25,000 in assets; 98% of them pay for these services by commission.
- The new regulation could cost investors with $25K to $50K in IRA assets more than 100 percent more per year. Americans who can’t afford the increase would be forced instead to rely on automated “one-size-fits-all” robo-advice.
- Similar regulations in other countries have had negative consequences.
- In the United Kingdom, 310,000 investors lost brokerage access to personal investment advice after rules similar to the Department of Labor’s went into effect.
Petition: A proposed regulation from Washington would limit my access to retirement advice from my local financial advisor and make it more expensive for me to receive that advice. I want continued access to a full range of retirement savings options.