SANTA CLARA, Calif.--(BUSINESS WIRE)--As Congress debates its next stimulus package to provide financial relief to American families and businesses during the Covid-19 crisis, it must immediately improve many laws and demand that the Executive Branch fix many regulations, says acclaimed financial advisor Ric Edelman.

Millions of Americans continue to struggle to pay for food and medicine as the pandemic rages on, says Edelman, who founded Edelman Financial Engines, the largest independent financial planning and investment advisor. 1 There are many ways Congress and government agencies can provide relief to families and businesses.

Prior to passage of the CARES Act in March, Edelman successfully advocated for two policy changes regarding retirement accounts: waiving mandatory IRA distributions for Americans age 72 and older, and waiving the IRS early-withdrawal penalties on IRAs and permitting loans from those accounts.

Edelmans colleagues, comprising more than 300 financial planners serving about 90,000 clients across the country, have crafted an additional 36 policy recommendations.

These recommendations call for urgent changes involving:

Although some of these recommendations may impact the federal debt, such concerns must be deferred until the crisis is over, Edelman says. When your house is on fire, only one thing matters: Save the house and everyone in it. You cant fret that firehoses might produce some water damage; deal with that later.

All of us at Edelman Financial Engines strongly encourage Congress, the President and the administration to implement these recommendations immediately.

About Edelman Financial Engines

Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all American investors not just the wealthy deserve access to personalized, comprehensive financial planning and investment advice. Today, we are Americas top independent financial planning and investment advisor, recognized by both InvestmentNews2 and Barrons3 with 158 planner offices across the country and entrusted by more than 1.2 million clients to manage more than $220 billion in assets.4 Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every clients situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.

For more information, visit http://www.EdelmanFinancialEngines.com and http://www.FinancialEngines.com.

[1] Ranking and status for 2020. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/).

[2] Ranking and status for 2020. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/).

[3] The 2019 Top 50 Independent Advisory Firm Ranking issued by Barrons is qualitative and quantitative, including assets managed, the size and experience of teams, and the regulatory records of the advisers and firms. Firms elect to participate, but do not pay to be included in the ranking. Investor returns/experience are not considered.

[4] As of June 30, 2020.

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Ric Edelman Urges Congress to Make 36 Policy Changes to Support the Millions of Americans Struggling Financially - Business Wire