By Scott Puritz
I have always been a strong proponent of financial and investing literacy, and a decade ago, I had the opportunity to turn that passion into advocacy when I joined the Save Our Retirement coalition.
This year marks 10 years since an important moment in the national conversation around fiduciary advice and retirement investors. In 2016, Rebalance played a role in supporting efforts to strengthen fiduciary standards and increase transparency for Americans saving for retirement. On April 6, 2016, the U.S. Department of Labor (DOL) released its final rule redefining the definition of a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), bringing greater attention to the importance of acting in investors’ best interests.
I was honored to participate in that conversation as the only financial advisor invited to testify before the U.S. Senate as lawmakers evaluated the proposed rule. (To view testimony, click here.) During my testimony, I shared a concern that remains relevant today: “The story we see over and over again is all too familiar. A client at a brokerage firm is stunned to find out that their so-called trusted retirement investment advisor does not have a fiduciary responsibility.”
During the announcement surrounding the ruling, then-U.S. Secretary of Labor Thomas Perez referenced Rebalance and our longstanding commitment to fiduciary principles, noting that many of our clients came to us after becoming frustrated with conflicts of interest and opaque fee structures elsewhere. (To view his full remarks, click here.)
Understanding what a fiduciary is, a standard that requires advisors to place clients’ interests ahead of their own, is an important part of financial literacy. Investors who understand how advisors are compensated, how recommendations are made, and where conflicts may exist are better equipped to make informed decisions about their financial futures.
At Rebalance, we remain passionate about advancing financial and investing literacy. Over the past decade, we have continued developing educational resources designed to help individuals better understand investing, retirement planning, and long-term financial decision-making. I also regularly provide presentations and educational content focused on these topics.
Financial literacy is about more than budgeting or saving. It is about having the confidence and knowledge to make informed decisions about your future. From managing debt and building emergency savings to understanding investment strategies and retirement planning, financial education empowers individuals to take greater control of their lives. Yet despite its importance, many Americans still lack access to clear, unbiased financial guidance.
That is why continued education and advocacy remain so important. Whether it is reviewing your financial goals, attending an educational workshop, or simply asking more questions about the advice you receive, small steps can lead to meaningful long-term outcomes.
As we reflect on the past decade, it is worth recognizing both the progress that has been made and the work that still remains. Financial education and fiduciary principles are deeply interconnected. When individuals are better informed, they are better positioned to evaluate advice, ask thoughtful questions, and make decisions aligned with their long-term goals.
The conversations that took place 10 years ago helped elevate public awareness around fiduciary responsibility, transparency, and investor protection. Those themes remain just as relevant today. By continuing to promote financial literacy and advocate for client-first advice, we can help build a future where more Americans feel informed, confident, and empowered in their financial lives.
