PUBLIC SUBMISSION

As of: 7/5/15 10:40 AM

Received: June 25, 2015

Status: Pending_Post

Tracking No. 1jz-8jmj-5lqg

Comments Due: July 06, 2015

Submission Type: Web

Docket: EBSA-2010-0050

Definition of the Term ‘‘Fiduciary’’; Conflict of Interest Rule—Retirement Investment Advice; 

Notice of proposed rulemaking and withdrawal of previous proposed rule.

Comment On: EBSA-2010-0050-0204

Definition of the Term Fiduciary; Conflict of Interest Rule-Retirement Investment Advice

Document: EBSA-2010-0050-DRAFT-0338

Comment on FR Doc # 2015-08831

Submitter Information

Name: Andrew Raudenbush

General Comment

I am writing to express my informed and educated opinion that the Department of Labors April 

14, 2015 proposal to change the ERISA definition of fiduciary will cause considerable damage 

to the retirement security of millions of Americans. 

If implemented as drafted, this proposal will dramatically reduce the availability of 

comprehensive, personalized retirement and investment education and advice for millions of 

low and middle-income savers and retirees. These concerns are founded on my practice as a 

licensed and registered financial professional with years of experience helping my clients plan 

for a comfortable and secure retirement.

The Departments objective, which I share, is to ensure that retirement plan participants, 

individual retirement account investors, and their families have ongoing access to high quality 

retirement savings advice delivered by professional financial and investment advisers in 

accordance with sound, ethical business practices. 

However, the practical consequence of the proposal will be to drive up the costs of providing 

advice, due to the substantial redundant compliance requirements and heightened potential 

litigation risks. In particular, due to the overly narrow investment education exception and 

withdrawal of the traditional sellers exemption, individuals with more modest account balances, 

including many younger investors who stand to benefit the most from receiving professional 

retirement and investment advice at an early age, may likely be excluded entirely from 

receiving full-service investment advice.

A recent Insured Retirement Institute study, Boomer Expectations for Retirement 2015, 

highlights the vital role of professional investment advice in effective retirement planning for 

all segments of society, including women and minorities. Should the proposed rules go into 

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effect as currently drafted, the conclusions of a 2011 report by Oliver Wyman Inc. still apply: 

over seven million retirement plan investors with modest account balances will be at substantial 

risk of being dropped by their current investment advisers and/or forced into low-service 

accounts with no access to meaningful and individually tailored investment advice. 

Accordingly, I strongly believe the proposal should be modified to address the above concerns 

by:

Restoring the traditional sellers exemption; 

Expanding the investment education exception; and

Harmonizing the ERISA fiduciary standard with the existing, robust SEC investment advisory 

fiduciary standard.

Thank you for your consideration.

Respectfully, 

Andrew Raudenbush

Financial Advisor

AXA Advisors LLC

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