CFP Board Ready to Help Families Navigate New "Trump Accounts"

CFP Board recently submitted a comment letter to the Department of the Treasury and the Internal Revenue Service (IRS) in response to a proposed rulemaking implementing "Trump Accounts" under Section 530A of the Internal Revenue Code. While expressing strong support for the program's goals of expanding wealth-building opportunities and fostering an “ownership economy,” CFP Board urged regulators to move quickly on several critical unanswered questions, including eligible investment options, fee structures, contribution rules, and whether financial professionals assisting clients will be held to a fiduciary standard.

"CFP® professionals are uniquely positioned to serve as trusted partners in achieving effective use of these accounts," said Erin Koeppel, CFP Board's Managing Director of Government Relations and Public Policy Counsel. "But to fulfill that role, CFP® professionals and the broader public need clear, timely, and complete regulatory guidance."

CFP Board also stressed the need for the Department and the IRS to create a toolkit with plain-language consumer education materials, sample client disclosures, FAQs, and other relevant resources. CFP Board stands ready to serve as an effective advocate and steward for the program and to offer its assistance during the rulemaking process and rollout.

To read the full letter, click here.