David Jolly: “Most economists and financial advisers have recognized that families across the United States are headed toward a major…”

“Most economists and financial advisers have recognized that families across the United States are headed toward a major retirement crisis. Studies have shown that a majority of households headed by someone aged 59 or younger are in danger of suffering from falling living standards in their retirement years. And so the administration and this Congress should be advancing policies that make retirement counseling, savings advice, and investment services more accessible, not less. Retirement planning, savings counseling, and investment advice can improve the quality of life and economic stability of every American. Yet recent actions by this administration, however well intended, will make these financial services less accessible and less affordable to those who are in most need of them by forever changing the rules regarding financial advising related to retirement accounts. Mr. Speaker, for years the community of financial advisers, including those throughout Pinellas County and the Tampa Bay area that I have the privilege to represent, has been governed by what is known as the suitability standard; that is, a financial adviser is required to provide financial counseling and investment recommendations that are suitable for a client based upon that client's financial position and financial goals. The suitability standard requires advisers to act fairly in dealing with clients.…”