Congressional caucuses say DOL fiduciary rule will hurt minorities

06/20/2013 | (U.S.) · Financial Advisor online

The ability to access qualified financial advice is identified as a concern among members of minority congressional caucuses in a letter to the Department of Labor. The lawmakers are worried that the department's review of the definition of "fiduciary" may reduce opportunities for small savers "to sit with a trusted advisor to help plan for their future," the letter says. "I think they're highlighting a concern that folks in the industry are looking at -— the issue that lower-income folks have access to advice," said Robert Lewis Jr., vice president of legislative affairs at FSI.

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