2015 March/April IFAPAC

We talk a lot about the attacks on our noble profession by the government. Well, it doesn’t stop. That is why we urge all NAIFA members to contribute to IFAPAC regularly. NAIFA is the organization that fights for you and your clients every day in DC and in Olympia. Our NAIFA President, Julie McNeeley, made these remarks that address an urgent issue:

“President Obama said in a recent speech that some financial professionals are “selling snake oil” and bilking their retirement clients out of billions of dollars per year. By implication, he zeroed in on advisors who receive commissions as compensation. He said the financial services industry is not well regulated and that many of you and your colleagues are “like the gunslingers of the Wild West.” We at NAIFA know this is patently untrue.

Even more concerning is that beyond the rhetoric, the President has made imposing new layers of regulations on financial professionals a high priority, and your business could be in the crosshairs. Both the Department of Labor and the Securities and Exchange Commission may soon propose regulations that would create new fiduciary obligations for many advisors.

The SEC and DOL regulations could fundamentally alter your business model and make it more expensive and burdensome for you to serve clients. Visit the NAIFA web site for detailed information on the fiduciary drive at the SEC and at the DOL.

We Need Your Help!

NAIFA has met with every member of the SEC, and is working with members of Congress to ensure that new regulations do not harm advisors or their clients. But our real strength comes from our individual members like you.

This coming May 19-20, the SEC and DOL proposals will be high on the Congressional Conference agenda, along with tax reform. This is NAIFA’s premier grassroots event, during which hundreds of advisors from all 50 states will come to Washington and meet with their senators and representatives.

I appreciate your support of NAIFA. It shows dedication to your profession, your colleagues and your clients. NAIFA’s membership gives us the clout to influence decision makers in Washington and around the country. But given the seriousness of the current regulatory threat, I have two additional favors to ask of NAIFA members.

1. If you have not already done so, please get your colleagues to join NAIFA – our strength is in our numbers and everyone counts.”
2. Every NAIFA member should belong to IFAPAC. This is where the rubber meets the road.

Unless your company prohibits you from contributing to IFAPAC, there is no reason why you cannot afford at least $10 per month to insure your future. Contribute online at:

http://www.naifa.org/advocacy/ifapac/contribute.cfm 

 

Richard Ek

(425) 338-1000  office

(425) 478-2000  mobile