Tagged: Labor Department

NAIFA and ACLI Challenge Labor Department’s Fiduciary Regulation


Image: NAIFA.org

The recipient of a physics degree from the University of Michigan, Michael Sordyl has since entered the financial industry. He currently serves as a financial advisor for the Ashley Group in Ohio. Michael Sordyl is a member of the National Association of Insurance and Financial Advisors (NAIFA).

Founded in 1890, NAIFA stands as the largest association of its kind in the country. It represents various professionals in the field, including financial advisors, insurance agents, and multiline agents. NAIFA performs several functions, including advocating for a positive legislative environment, enhancing members’ skills, and enforcing ethical standards.

As a part of its advocacy efforts, NAIFA teams up with other agencies to challenge regulations that undermine the welfare of members’ clients. In June of 2016, NAIFA partnered with the American Council of Life Insurers to file a lawsuit that challenged the U.S. Labor Department’s fiduciary regulation. In a statement, both organizations criticized the regulation for being unreasonable and unbalanced, as it will limit Americans’ access to information about available financial products as well as the availability of lifetime income products.

To learn more about the joint litigation effort, visit NAIFA.org.