The U.S. Department of Labor (DOL) held hearings in D.C. on the proposed fiduciary rule, from Aug. 10 to 13. Nick Lane, head of AXA U.S. Life and Retirement and Chairman of the Insured Retirement Institute (IRI), testified on Monday, Aug. 10.
"The key to Retirement success is a disciplined approach which includes participation, asset allocation and then product selection," said Nick Lane. "Many Americans are unable to follow such an approach on their own and, under the proposed rule, may not be able to afford to hire a financial professional to help them create and maintain such an approach."
Watch the full testimony below.
Read AXA's and the IRI's op-ed, "Public Policy Should Support Savers," here.
Additional news coverage
Politico — "Airing Out the Fiduciary Rule"
Financial Planning — "Industry Making 'a Last Gasp Effort' for Revisions to DOL Fiduciary Rule"
Best's Wire (subscription required) — "Industry Reps Question Costs of DOL's Proposed Fiduciary Rule"