PUBLIC SUBMISSION

As of: 6/24/15 9:34 PM

Received: June 19, 2015

Status: Pending_Post

Tracking No. 1jz-8jik-hevk

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-0320

Comment on FR Doc # 2015-08831

Submitter Information

Name: Monte Ferguson

Address: 

6300 Ridglea Pl. Ste. 910-A

Fort Worth, TX, 76116

Email: mc.ferguson@hotmail.com

Phone: 817-201-8776

General Comment

Why is the DOL Fiduciary proposal such a big deal? It is a real threat to advice for Middle 

America for clients and advisors. A preliminary assessment indicates that as currently written, 

the DOLs proposal includes unintended consequences that will:

Result in reduced access to retirement advice, products, and services for small and mid-size 

investors

Put pressure on financial advisor business models by creating enormous liability exposure while 

significantly increasing costs

I support a uniform fiduciary standard for all, but the current DOL proposal will likely result in 

implementation that restricts the delivery of advice to those who need guidance from their 

trusted advisor. Non-traded products will be prohibited, and disclosures will be necessary for all 

products available as well as all investments sold in the last 365 days basically a clients ability 

to make their own choices will be diminished and the advisor may be forced to abandon their 

client in many cases.

The complexity, scope, and length of the DOL proposed fiduciary rule means much time is 

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being spent across the industry by experts as they seek to assess the real impacts. Support, by 

those uninformed, for the proposal is gathering strength as an attack on advice as a profession.

A critical precursor to the DOL proposal was the Memo leaked out of the White House that was 

co-written by Jason Furman, the Chairman of the Council of Economic Advisors in the White 

House. Unprofessionally, Mr Furman's memo attacked our industry, stating such things as:

Investors using financial advisors pay excess fees and their returns are lower than what they 

otherwise would be both before and after taxes

The cost of this conflict of interest (that is using financial advisors) is suggested to be between 

50 and 100 basis points of underperformance per year

An investor receiving this conflicted advice from a financial advisor who expects to retire in 30 

years loses at least 5-10% of his/her potential retirement savings due to these conflicts

The DOL and others are rallying support with their message that, Last year alone, hidden fees, 

unfair risk and bad investment advice robbed Americans of as much as $17 billion. It is 

unfortunate that many, if not most, policy makers do NOT understand what we do for your 

clients, how much we care about our clients, and why we are different than other financial 

services providers different in a positive way. 

Get the facts straight before you ruin the opportunity for many Americans to participate in the 

free markets!

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