FOR IMMEDIATE RELEASE Contact: Armstrong Robinson
June 5, 2019 (202) 724-4648
WASHINGTON, D.C. – AALU President and CEO Marc Cadin offered the following reaction to the SEC’s adoption of the Regulation Best Interest.
“AALU appreciates the SEC’s effort to ensure that the standard of care for broker-dealers and registered investment advisors is appropriate and protects consumers. Our members work in the best interest of their customers every day,” Cadin said. “We support a best interest standard that preserves commission-based business models as well as product choice and access to professional financial advice.”
AALU is currently analyzing the final rule and its impact on consumers of life insurance and annuity products and the financial security professionals who serve them.
“While we appreciate the intent of the final rule there are a number of key areas where the ultimate impact on consumers is unclear,” continued Cadin. “One example is the required Form CRS Relationship Summary. AALU supports clear and simple disclosure of roles, obligations, product offerings, and material conflicts, and we will be examining the extent of the SEC’s focus on layered disclosure in the final rule that guides consumers to additional information.”
AALU shares the SEC’s goal of ensuring consumer protection and will work with the Commission to ensure that the implementation of this rule does not negatively impact consumers in their efforts to access critical financial advice and service.
Since 1957, AALU has been the leading organization of financial professionals who provide life insurance and retirement planning solutions for individuals, families, and businesses. AALU has a rich history of success with a single focus on the issues impacting life and annuity products, and the clients its members serve. Headquartered in Washington, D.C., AALU is committed to providing its members with the essential tools and services required to help grow their businesses, serve their clients, and protect the financial and retirement security of the American people.
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