ADISA to Discuss DOL Proposed Fiduciary Rule With U.S. Office of Management and Budget
WASHINGTON, March 09, 2016 (GLOBE NEWSWIRE) — ADISA, the nation’s largest trade association representing the alternative and direct investment industry, will meet with representatives of the U.S. Office of Management and Budget on Thursday, March 10, and discuss its views of the U.S. DOL Proposed Fiduciary Rule and accompanying “best interests contract” exemption.
ADISA Executive Director/CEO John Harrison will be joined by John Grady, ADISA’s president-elect and chairman of its legislative and regulatory committee. They will visit with OMB staff in what is thought to be the last few days or weeks before the OMB permits the DOL to move forward with its proposed rule.
As expressed in several comment letters as well as testimony before the DOL last summer, ADISA is extremely concerned that the proposed rule, even with the accompanying exemption, could limit access to financial advice for millions of middle class Americans and potentially block retirement savers from accessing vitally important alternative investments and investment programs such as non-traded REITs and business development companies. “We feel that the fiduciary rule, as proposed, presents the average American retirement saver with a host of unfortunate consequences,” said John Grady. “John Harrison and I will present what we believe to be compelling evidence of the potentially harmful and damaging effects of the DOL initiative to the OMB as its staff performs an analysis of the proposed rule.”
The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.