Greater than 250 members of the Nationwide Affiliation of Insurance coverage and Monetary Advisors (NAIFA) took to Capitol Hill as we speak to satisfy with over 200 Congressional workplaces to advance the necessity to shield the employee classification of economic service professionals as impartial contractors and to offer shoppers a wide range of selections in monetary service professionals. The Day on the Hill was coupled with NAIFA’s Nationwide Management Convention which serves to coach the leaders of state and native chapters in grassroots advocacy.
NAIFA members spoke with lawmakers to elucidate the necessity to retain the present definition of impartial contractors. Any modifications to the present legal guidelines or laws mustn’t embody an ABC take a look at or comparable strategies and may be sure that insurance coverage and monetary professionals are exempt. Treating brokers and advisors as workers beneath such a change would hinder their potential to function their very own companies and work in the very best pursuits of their shoppers.
NAIFA grassroots additionally requested Congress to oppose an pointless Division of Labor fiduciary-only proposal that would scale back shoppers’ choices when searching for monetary recommendation and merchandise and deprive many middle- and lower-income buyers of recommendation altogether. In conferences with their Representatives and Senators, they centered on the important function brokers, advisors, and different monetary professionals play in securing the monetary futures of their shoppers and communities.
NAIFA members’ private tales, which symbolize their companies, shoppers, and communities, assist lawmakers completely perceive the necessary function NAIFA members play in:
- Offering merchandise, companies, and recommendation that enhance the monetary safety of 90 million American households.
- Selling monetary literacy and self-sufficiency in various communities.
- Strengthening the U.S. economic system and contributing to the monetary well being of communities in each congressional district.
- Representing the very best pursuits of their shoppers and selling the success of Most important Avenue People and companies.
At this time’s Day on the Hill is the third leg of NAIFA’s three-point grassroots technique that has members assembly with Congressional leaders in Could throughout the Congressional Convention, in summer season with in-district conferences, and bringing NAIFA chapter leaders to the Hill in December of every 12 months. Subsequent 12 months’s Congressional Convention shall be held Could 20-21, 2024, in Washington, D.C.