As federal officials take action that will directly affect how life insurance agents and advisors do business, your national association is working hard to ensure that agent and advisor concerns factor into DC discussions.  Included here is a NAIFA update on recent Department of Labor (DOL) fiduciary duty rule and other efforts.

DOL Fiduciary Duty Rule:  What Financial Advisors Have to Say According to a recent Fidelity Investments survey, 73% of financial advisors are concerned that the DOL rule will negatively impact their business, and 62% of respondents plan to drop their smaller clients or help them transition to other firms.  58% of advisors think the DOL rule will lead to lower compensation.

More survey findings are available HERE.


Sent: Friday, March 11, 2016 8:16 PM
To: GR Staff; MT
Subject: NAIFA met with OMB today

Dear Board, Congressional Council, GR Committee, State GR Chairs and Executives:

Just a few updates to keep you entertained this weekend.

DOL Fiduciary – NAIFA met with Office of Management and Budget (OMB) this afternoon. While several organizations (ACLI, SIFMA, FSI, ICI etc.) also met with OMB, NAIFA was the only advisor group to do so.  We believe today marks the last of day of scheduled stakeholder meetings. We still anticipate the final rule to be released in late March. In addition to the OMB/OIRA staff, representatives from the DOL, EBSA, Treasury and the White House participated. Kevin did an excellent job describing our members and concerns with the proposed DOL rule. Judi Carsrud and Scott Sinder expertly fielded questions primarily seeking clarification about annuities. NAIFA’s middle market perspective resulted in a 40 minute meeting. Prior meetings were reported to have been strictly kept to 30 minutes (with  the exception of SIFMA who had an economist present and received a 38 minute meeting). In this environment, we look for small victories even if  10 minutes over average and 2 extra minutes to claim the longest meeting…

Financial Security and Life Insurance Caucus – The purpose of the Caucus is to educate lawmakers about the ongoing need for public policy that encourages Americans to save more, plan ahead, and protect their financial and retirement security—and be a resource for Congress on the many issues facing life insurance companies, agents, and financial advisors. The Caucus also hosts educational events for Congressional staff. We have two upcoming briefings (March 24 and April 22) in which NAIFA President-Elect Paul Dougherty will talk about the DOL impact on real world retirement savers.

SEC Commissioners – As you know there are two SEC Commissioner vacancies. Both Democrat Lisa Fairfax and Republican Hester Peirce nominated by President Obama are expected to be confirmed later this month. NAIFA will continue our meetings with the SEC Commission to ensure the commissioners are well informed about the relationship between NAIFA members and their clients.

NARAB – While our recommended NARAB Board member Tom McLeary (former NAIFA trustee) easily passed the background check, several of the President’s other recommendations are having a little trouble clearing the background check. The hope is to get at least 2/3 of the required  Board approved so that a quorum is met and meetings can begin.

ACA/Individual Health Commissions – NAIFA strongly opposes recent decisions to reduce or eliminate commission payments to advisors on health insurance policies sold in the individual market.  It is critical that advisors be fairly compensated for their work in helping their clients enroll in health insurance coverage to protect their families.  NAIFA is exploring options to aggressively address the issue with both the state and federal regulators.

100% Back to the State IFAPACs Month – Remember all contributions received in the month of March from individual NAIFA members – who have completed IFAPAC Directives and checked the box that they can share funds – will be returned to state IFAPACs. Thus, it’s a great time to recruit some new contributors.

Congressional Council Benefits – Majority Whip Scalise and Deputy Whip McHenry will briefly address the Congressional Council and high PAC donors at 4pm on May 25 in the historic Lincoln Room off Statutory Hall in the Capitol. Please book your flights for the Congressional Conference accordingly and know this special treat is for Congressional Council and high PAC donors ONLY.

Thanks for your dedication to our industry!

Diane R. Boyle
Senior Vice President – Government Relations 

National Association of Insurance and Financial Advisors
2901 Telestar Court|Falls Church, VA 22042|Office: 703-770-8252| Fax: 703-770-8374


Register now for the 2016 Congressional Conference in Washington, DC.