Michael Sordyl, a financial advisor with The Ashley Group, has been working in the finance industry for more than a decade. A graduate of the University of Michigan, Michael Sordyl maintains membership with professional organizations such as the National Association of Insurance and Financial Advisors (NAIFA).
In response to the recent memorandum calling for a review of the Department of Labor’s Conflict of Interest Rule, NAIFA, an organization dedicated to promoting and protecting the role of insurance in financial plans, praised the Trump administration’s action. This new memorandum calls for an economic and legal analysis of the rule to ensure it is not harmful to individuals as they prepare for retirement.
NAIFA has previously brought up concerns about how the rule has been implemented, suggesting that the Department of Labor’s fiduciary rule increases the cost of receiving retirement services and advice and increases the legal liability of advisors. Further, the rule may limit middle-market consumer access to these types of services.
Due to NAIFA’s previous work to regulate the rule and its efforts to raise awareness of the rule’s potential drawbacks, the organization is open to working with the Trump administration to provide help in its review. NAIFA also plans on keeping the fiduciary rule as a top priority to ensure that Americans receive the help they need building and maintaining financial security.
