Local Financial Advisor Matt Griffin Supports Efforts to Protect Investors’ Access to IRA Advice

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Matt Griffin, Financial Consultant of Family Trust Investment Services, today confirmed his support of efforts to direct the U.S. Department of Labor (DOL) to follow a set of criteria while writing their new rule to redefine the term “fiduciary.”

Matt Griffin, Financial Consultant of Family Trust Investment Services, today confirmed his support of efforts to direct the U.S. Department of Labor (DOL) to follow a set of criteria while writing their new rule to redefine the term “fiduciary” – a rule that threatens to price millions of Main Street Americans out of financial advice on their IRAs. Matt is a member of the Financial Services Institute (FSI) and is working with FSI on this critical issue.

“Protecting my clients’ access to affordable, unbiased financial advice is my top priority,” said Griffin. “We urge DOL Secretary Hilda Solis to release a progress report on the Department’s efforts in re-proposing this rule, and to show how it is following the criteria outlined by a strong, bi-partisan Congressional request. In these tough economic times, it’s more important than ever to protect access to advice.”

Late last year, more than 50 House Republicans and 30 House Democrats sent the Department of Labor two separate letters regarding the Department’s attempt to redefine the term fiduciary. The letters directed the Department to follow a set of criteria while writing their new rule.

Below are the criteria that Congress sent to the DOL to follow:

It is carefully and effectively targeted to address well-defined and documented problems in the retirement planning advice business;

It clearly recognizes that IRA accounts are significantly different from employer-sponsored plans because the IRA investor has nearly a limitless choice among service providers and investment products;

It ensures that plan participants and plan sponsors continue to be able to receive the critical information needed to expand retirement savings and coverage; It preserves investor access to and choice among suitable financial products and services delivered by qualified financial professionals;

It avoids costly new regulatory requirements that exceed their proven benefits for investors;

It does not compound the investor confusion that the Securities and Exchange Commission’s (SEC) recent study under the Dodd-Frank Act identified as the primary problem for retail investors. Effective regulation must add to the public certainty, not diminish it;

It is narrowly drafted to address well-defined and documented concerns;

Preserves the access of IRA owners and plan participants to investment services delivered by qualified financial professionals using whatever business model best fits the investor's objectives; and

Ensures that companies can receive the investment information they need to establish plans and offer sound investment offers to their employees.

Family Trust Investment Services offers access to a wide array of financial products and services. Matt has been an advisor for 12 years and is affiliated with LPL Financial. More information on Matt’s practice can be found at http://wallstreetsteward.com.

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Family Trust Federal Credit Union deposits and are not NCUA insured. These products are not obligations of Family Trust Federal Credit Union and are not endorsed, recommended or guaranteed by Family Trust Federal Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Family Trust Federal Credit Union and Family Trust Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.

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