Local Financial Advisor Patrick Gaines Supports Efforts To Protect Investors' Access To IRA Advice

BOCA RATON, Fla., Sept. 12, 2012 /PRNewswire/ -- Patrick "Rick" Gaines, Managing Principal of Gaines Financial Group, Inc., today confirmed his support of efforts to direct the U.S. Department of Labor (DOL) to follow a set of criteria while writing their new rule to redefine the term "fiduciary" – a rule that threatens to price millions of Main Street Americans out of financial advice on their IRAs. Patrick "Rick" Gaines is a member of the Financial Services Institute (FSI) and is working with FSI on this critical issue.

"Protecting my clients' access to affordable, unbiased financial advice is my top priority," said Patrick "Rick" Gaines. "We urge DOL Secretary Hilda Solis to release a progress report on the Department's efforts in reproposing this rule, and to show how it is following the criteria outlined by a strong, bi-partisan Congressional request. In these tough economic times, it's more important than ever to protect access to advice."

Late last year, more than 50 House Republicans and 30 House Democrats sent the Department of Labor two separate letters regarding the Department's attempt to redefine the term fiduciary. The letters directed the Department to follow a set of criteria while writing their new rule.

Below are the criteria that Congress sent to the DOL to follow:

• It is carefully and effectively targeted to address well-defined and documented problems in the retirement planning advice business;
• It clearly recognizes that IRA accounts are significantly different from employer-sponsored plans because the IRA investor has nearly a limitless choice among service providers and investment products;
• It ensures that plan participants and plan sponsors continue to be able to receive the critical information needed to expand retirement savings and coverage;
• It preserves investor access to and choice among suitable financial products and services delivered by qualified financial professionals;
• It avoids costly new regulatory requirements that exceed their proven benefits for investors;
• It does not compound the investor confusion that the Securities and Exchange Commission's (SEC) recent study under the Dodd-Frank Act identified as the primary problem for retail investors. Effective regulation must add to the public certainty, not diminish it;
• It is narrowly drafted to address well-defined and documented concerns;
• Preserves the access of IRA owners and plan participants to investment services delivered by qualified financial professionals using whatever business model best fits the investor's objectives; and
• Ensures that companies can receive the investment information they need to establish plans and offer sound investment offers to their employees.

Patrick "Rick" Gaines' practice offers access to a wide array of financial products and services. He has been an independent advisor for 16 years and is affiliated with LPL Financial. More information on Patrick "Rick" Gaines' practice can be found at www.gainesfinancialgroup.com.

LPL Financial Tracking number 1-098464

CONTACT:
Patrick "Rick" Gaines, 561-989-0077, [email protected] 

SOURCE Gaines Financial Group, Inc.