On May 23rd Ryan Jewell, Paul Twedt, and myself
ventured to the “other Washington” for the Annual Congressional Conference.
The Congressional Conference is a National Day on the Hill beginning with
presentations and talking points from the national association and culminating
with visits to our Senators and Representatives. The focus was of course the Department of
Labor’s revision of the fiduciary rule.
While we are not happy about the DOL’s position, via the efforts of NAIFA
and other like-minded trade associations, the final rule was upgraded from
previous drafts and much of the most damaging provisions were removed.
Our delegation of three were able to meet with 7 of our 12
federal legislators and/or their staff assistants. Because we’ve made these trips in the past we
have actual relationships with many of the staff people. This is an extremely important development
and the primary goal of APIC; to identify and develop relationships NAIFA
members have with members of Congress.
All of the meetings were positive and even the legislators who perceive
us as having an opposing view were open to discussing the good and not-so-good
of the fiduciary rule.
As we move forward with the new rule NAIFA has developed a course
that can be offered via state and local associations that explains the finer
points of acting as a fiduciary. You may
have already received an email touting the new program. Depending on your
company or broker/dealer status you may also be getting input from other
sources. Pay close attention as there is
much confusion regarding the do’s and don’ts.
In the meantime remember to report relationships you have with your
Congressman/woman or Senator to the APIC chair. Someday there may be an app for
that!
Richard L. Miller, APIC Chair
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