Fiduciary Rule

SAMPLE CALL DIALOGUE

Caller: Good morning/afternoon! Can you let me know the Senator’s position on President Trump’s memo to the Department of Labor regarding the Fiduciary Rule?

  • OPTION 1: OPPOSES TRUMP’S ACTION [MEANING THEY SUPPORT THE FIDUCIARY RULE]

Staffer: Thank you for calling! Senator Bob supports the Fiduciary Rule.

Caller: That’s great! I’m calling to say that if Senator Bob truly believes, as I do, that there is a retirement savings crisis, then he should do everything he can to stop the Trump Administration from harming retirement savers and dismantling the fiduciary rule. This means making public statements standing with retirement savers who deserve a secure and dignified retirement and calling out the Wall Street special interests that are trying to pick retirement savers’ pockets.

I’m happy to hear the Senator opposes this reversal by the Trump administration. But will he commit to opposing Trump’s nominee for Secretary of Labor until you get an answer about his position on the fiduciary rule?

  • OPTION 2: SUPPORTS TRUMP’S ACTION [MEANING THEY OPPOSE THE FIDUCIARY RULE]

Staffer: Thank you for calling! Senator Bob opposes the Fiduciary Rule.

Caller: That’s terrible. What that means is Senator Bob is choosing to enrich Wall Street special interests over [his/her] hard-working constituents saving for retirement. [He/she]’s letting these advisers get kickbacks for steering me into risky and unnecessary investments. A White House report showed those conflicts of interests have cost retirement savers $17 billion a year. There is a crisis in America and we need to make every retirement dollar that we save count. We need and deserve protections that ensure that, when we receive advice, it is in our best interest, not our advisor’s or the firm’s. Did you know the presidential memo was written by Wall Street lobbyists?

Staffer: But this rule is unworkable and will make it harder for Americans to access advice.

Caller: That’s wrong. It will make it harder for advisors to give bad advice. If it’s not in savers’ best interest, it’s not advice. It’s a sales pitch dressed up as advice. Does Senator Bob think it’s acceptable that Wall Street firms and their trade associations advertise as “trusted advisors” and offer “retirement planning services” but then when they’re trying to get out of being held accountable for their advice, they claim in court that they are just salespeople merely selling products? In any other situation, that would be fraud. Does Senator Bob support fraud?

  • OPTION 3: DODGES/HAS NO POSITION

Staffer: Thank you for calling! I have no idea what the fiduciary rule is, but I’m happy to take down your concerns.

Caller: That’s disappointing to hear—this is very import issue for millions of Americans, myself included. By eliminating the fiduciary rule, the Trump administration is choosing to enrich Wall Street special interests over Senator Bob’s hard-working constituents saving for retirement. He’s letting these advisers get kickbacks for steering me into risky and unnecessary investments. A White House report showed those conflicts of interests have cost retirement savers $17 billion a year. Did you know the presidential memo was written by Wall Street lobbyists?

Staffer: I didn’t know that but I’m happy to take down your concerns.

Caller: Here’s my concern: We need and deserve protections that ensure that, when we receive professional financial advice, it is in our best interest, not our advisor’s or the firm’s. I expect Senator Bob will represent his continuent like me—and not Wall Street or Trump. I expect Senator Bob to do two things to prove that he in on my side here:

1. Publicly state his support for the fiduciary rule

2. Commit to opposing Trump’s nominee for Secretary of Labor until you get an answer about his position on the fiduciary rule

Will Senator Bob take these two steps to protect his constituents?

Staffer: I will certainly pass on your concerns to the Senator.

Caller: Please do, and please take down my contact information to let me know when the Senator has made up his mind. I’m eager to hear what he decides.

ScriptsCaroline Kavit