The Fed's latest news has prompted another round of what-ifs.
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today released new research confirming that the overwhelming majority of clients agree that their advisors are serving their best interests. The survey finding is among those included in a new IRI fact sheet outlining the importance of financial advice and the need to protect access to retirement planning services and information.
IRI is concerned that a forthcoming rule proposal from the Department of Labor (DOL) could have unintended consequences that would deprive lower- and middle-income Americans from accessing affordable retirement planning services and advice.
“Time and time again, our studies have shown the benefits of planning for retirement with the help of a financial professional,” IRI President and CEO Cathy Weatherford said. “Those working with a financial advisor are more likely to have retirement savings, more likely to have determined a savings goal, and overall are more confident with their financial preparations for retirement. Several other studies have concluded that working with an advisor leads to better savings behaviors and greater retirement assets. Given these findings, it’s imperative that we protect the client-advisor relationship and help ensure that all Americans have the opportunity to attain a financially secure and dignified retirement.”
The new research results contained in the IRI fact sheet are from a January survey of Americans aged 51 to 67 that overwhelmingly shows investors are satisfied with their relationship with their advisor. Among the findings:
· Eight in 10 said they are better prepared for retirement because of their financial planner
· Three in four said they are likely to recommend their advisor to a friend or relative
· 80 percent are aware of potential conflicts of interest
· The overwhelming majority of clients agreed that their advisor acts in their best interest
· Less than 5 percent of investors share the views expressed by DOL to justify its proposed rule, with less than 1 percent strongly agreeing with the DOL’s perspective
Click HERE to view IRI’s new fact sheet on protecting access to retirement planning services and information.
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 20 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.