Thursday, June 11, 2015

2015 May/June APIC

NAIFA national held the 3rd annual Congressional Conference on May 19-20 in Washington DC.  The Congressional Conference is a national Day on the Hill and approximately 800 Naifa members from around the country descended on the “other” Washington to educate legislators regarding our industry issues.   NAIFA-Washington State members Al Zalewski and Roger McDowell accompanied me, along with soon to be new member Brad Miller.  Between the 4 of us we kept 9 appointments from 10am to 5 pm, missing only 3 of a possible 12 federal legislators from the State. 

The primary topic of discussion was the proposed expansion of the fiduciary rule by the Department of Labor.  This is a confusing issue and consequently it is not on the radar of many agents, advisors, or consumers, as it should be.  Getting bogged down in the details does not inspire action, so here is a summary of key points.



Under the DOL proposal:

1)      Anyone acting as a fiduciary would not be able to earn commissions or sell proprietary products because those things would be considered conflicts of interest. 

2)      There are exceptions that would allow commissions, but the advisor and prospective client would have to enter in to a contract before any discussions take place, and the contract could open the advisor to liability.

3)      The majority of people we serve will be priced out of the advice market because they will be unable or unwilling to pay fees or sign a contract.
If you haven’t done so already, read NAIFA’S official position and contact your Congressman/woman and Senators to voice your concerns.  Following is contact information for our Federal delegation.  Washington DC knows who we are.  Now let them know what we think; loud and clear!!  Go NAIFA!

Richard L. Miller,  APIC Chair.
Washington Senators
Maria Cantwell....................................................................... (202)224-3441
D-WA                                                                                    www.cantwell.senate.gov
Patty Murray.......................................................................... (202)224-2621
D-WA                                                                                       www.murray.senate.gov

Washington Representatives

Susan Delbene........................................................................ (202)225-6311
D-WA 1st District Representative                                      www.delbene.house.gov

Rick Larsen............................................................................. (202)225-2605
D-WA 2nd District Representative                                         www.larsen.house.gov

Jaime Herrera Beutler............................................................ (202) 225-3536
R-WA 3rd District Representative                           www.herrerabuetler.house.gov

Dan Newhouse....................................................................... (202) 225-5816
R-WA 4th District Representative                                   www.newhouse.house.gov

Cathy McMorris Rodgers ....................................................... (202)225-2006
R-WA 5th District Representative                                   www.mcmorris.house.gov

Derek Kilmer.......................................................................... (202)225-5916
D-WA 6th District Representative                                         www.kilmer.house.gov

Jim McDermott....................................................................... (202)225-3106
D-WA 7th District Representative                                www.mcdermott.house.gov

Dave Reichert......................................................................... (202)225-7761
R-WA 8th District Representative                                       www.reichert.house.gov

Adam Smith............................................................................ (202)225-8901
D-WA 9th District Representative                                www.adamsmith.house.gov

Dennis Heck............................................................................ (202)225-9740
D-WA 10th District Representative                               www.dennyheck.house.gov

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