On today’s episode of Framework, Jamie talks with Phyllis Borzi, Former Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) during the Obama administration.

Phyllis is the champion of the US Depart of Labor (DOL) Fiduciary Rule, which states that financial advisors must put their clients’ best interests above others. Before advocating for fiduciary standards and fighting for consumers and labor workers as a public servant, Phyllis was a research professor at George Washington University. 

Phyllis talks with Jamie about the importance of (really) putting a client’s best interest first, her time as a public servant under President Obama, and the impact of the redefined DOL fiduciary rule on retirement planning.

“The very important function of government is the responsibility to give clear, timely, and useful guidelines to the regulated community. Give guidelines to engage in both compliance and systems, and enforcement. You can’t just do compliance assistance, there has to be a cost of failing to comply.  A solid compliance assistance program, coupled with a vigorous enforcement program and clear concrete guidance, is really the way to go.” ~ Phyllis Borzi

Main Takeaways

  • Set aside an emergency fund. Most working families don’t have emergency funds, and the pandemic has made this obvious. Congress needs to give incentives so people are motivated to save.
  • Challenges in implementing the statutory language (ERISA) arise because there isn’t enough residual, substantive expertise in the Congress staff.
  • Put your client’s best interest first. Adhere to fiduciary standards and uphold integrity as a financial professional.
  • Government agencies must give clear and concrete guidelines to the regulation committee. Once established, financial advisors must learn to comply and always do due diligence.

Links and Important Mentions

Transform the Way You Grow Your Firm at Excell 2021

Whether you’re just starting in the industry or you manage a billion-dollar firm, Excell 2021 is for you. As one of the largest conferences in the industry, we have a full slate of development opportunities for you and your entire team. Hear from Carson Founder and CEO Ron Carson, best-selling author John DiJulius, Nerd’s Eye View’s Michael Kitces, Framework Host Jamie Hopkins, and plenty more. 

Join us October 12-14, 2021, in Las Vegas, or register for our digital-only conference. Register today at https://excellconference.com

Subscribe and Stay in Touch

facebook twitter linkedin mail print
Share Post: facebook twitter linkedin mail print
Recent Posts

Utilizing Assessments to Build the Right Culture and Team

By: Jessica Harrington
The pandemic forced people to figure out what they wanted in their lives. Perhaps they got laid off, or perhaps they decided their job wasn’t for them. This is in…

The 6 Types of Advisors Who Should Attend Excell 2021

By: Erin Cox
Whether you’re looking for career inspiration, insight into where the industry is now and where it’s headed, or practical tips on specific topics, Excell is a must-attend conference for advisors.…

Money in Movement: Add More Value in Times of Transition

By: Jessica Harrington
I’m not sure anyone could count the number of related cause-and-effect relationships that transpired due to the pandemic. But there is one thing I’m certain of: Every day during the…

Dr. Nii Darko: The Ups and Downs of the Health System

By: Jamie Hopkins
On today’s episode of Framework, Jamie talks with Dr. Nii Darko, a trauma surgeon and the host of Docs Outside the Box Podcast.  Dr. Nii Darko has always been a…
1 2 3 86