From: Gerald Bischoff [mailto:gerald@thebischoffs.com] 

Sent: Monday, July 20, 2015 1:48 PM

To: EBSA, E-ORI - EBSA

Subject: RIN 1210-AB32

TO: US Department of Labor—Employee Benefits Security Administration

FROM: Gerald A. Bischoff, CLU

RE: Comments Regarding Proposed DOL Fiduciary Regulations

I am a Registered Representative who has been providing insurance and financial products to my 

customers for over forty years. In that time I have been with one company. I have never had a 

customer complaint lodged against me or my Company for that entire time period. I entered my 

practice with no clients or assets to manage. MY almost 3000 clients now have invested over $96 

million in their accounts.

The process which the DOL and the Administration have used to offer this proposal is a sad 

commentary on the way government does not offer effective governance. The DOL Fiduciary proposal is 

extremely cumbersome, unworkable and will reduce the access Americans have to effective financial 

guidance. I do not have a problem in working with government, consumers and professional 

associations to craft a new proposal to effectively help consumers receive the financial assistance they 

need to prepare for retirement. Since the Securities and Exchange Commission and FINRA also regulate 

areas impacted by the DOL proposal, I think effective governance would suggest that the current 

proposal be tabled and DOL, SEC and FINRA work with consumers and professional associations to craft 

a solution which is workable and actually aids consumers.

The European Common Market has essentially tried the DOL Fiduciary proposal for some time 

already. It has resulted in 60% to 70% of consumers essentially not saving for retirement and drastically 

increased the demand for government to take care of retirement funding for individuals. This proposal 

will not be an effective way to address any of the problems which actually exist.

I would point to the implementation of ACA and ObamaCare. It got done but has divided our 

government and citizens. If DOL and the Administration push through the DOL Fiduciary proposal as 

drafted,

It will lead to more division in America, less saving for the future, and more problems kicked down the 

road.

I fervently hope that as a nation, we can actually work together to address a problem together and 

constructively build an effective system to help Americans save for the future. The existing DOL 

Fiduciary proposal does not do that. As it has been presented and packaged by DOL and the 

Administration, it is a political plum.

Gerald A. Bischoff, CLU, ChFC Bachelor of Science in 

Political Science—1974—Iowa State University

Registered Representative

Voya Financial Advisors, Inc

100 Washington Ave S, Suite 1700

Minneapolis, MN 55401
Tel: 612.492.0204 Toll Free-888.889.8323 Fax:612.492.0227

Registered representative of and securities offered through Voya Financial Advisors, Inc, 

member SIPC.

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