If we don't speak up,
no one will
Bellevue, Washington (PRWEB) October 08, 2011
Paul R. Ried, Founder and CEO of Paul R. Ried Financial Group, LLC (PRRFG) last week helped lead a grassroots effort on Capitol Hill with the goal of preserving Americans' access to affordable, unbiased financial advice. Paul met with members of Congress and their staff as part of the Financial Services Institute (FSI) team whom met with over 200 total congressional offices on Wednesday, Oct. 5.
"You cannot place a price on the ability to speak directly to a member of Congress and let them know what hard-working Americans are going through every day," said Paul. "This is a great opportunity for us to educate them on what Americans' need in terms of financial advice today and for retirement and how what Congress and the administration is doing affects their lives. For example, we are very concerned about proposed changes to existing rules of the Department of Labor, which would price out main street Americans from access to financial advice on their IRAs. If we don't speak up, no one will."
Last October, the Department of Labor (DOL) proposed changes- specifically, a redefinition of the term fiduciary - that, if passed, will take away investor choice and make financial advice too costly for most small-to-moderate investors. Due in part to FSI's work, the DOL pulled back its rule in late September, but is still threatening to bring it back in 2012.
The independent financial advisor members of FSI serve more than 15 million American households. They are affiliated with independent broker-dealer firms who serve more than 180,000 independent financial advisors registered with the Financial Industry Regulatory Authority (FINRA). Members of Congress with whom FSI members met serve on House and Senate committees important to the investment community including the Senate Banking Committee, Senate Health, Education, Labor, and Pensions Committee, House Financial Services Committee and House Education and Workforce Committee.
Founded in 1986, PRRFG has offices in Bellevue, Washington and represents a dedicated experienced financial team committed to independence and objectivity. They specialize in retirement planning for corporate managers, executives and engineers. Their aim is to build life-long relationships with clients, maintaining the highest standards of quality, professionalism and integrity.
Paul R. Ried is a Registered Principal and Regional Director of, and offers securities and investment advisory services through, Financial Network Investment Corporation, member SIPC, a full service securities broker/dealer. Financial Network and PRRFG are unrelated. More information on Paul’s practice can be found at http://www.paulried.com.