National Association of Insurance and Financial Advisors

NAIFA in the News: Media Coverage of Massachusetts Hearing Highlights NAIFA CEO Testimony

NAIFA CEO Kevin Mayeux's testimony featured prominently in media coverage of yesterday's Massachusetts Securities Division hearing on the state's fiduciary proposal. Below is a selection of the articles.


ThinkAdvisor, Jan. 7, 2020, by Melanie Waddell: “Business Groups Blast Massachusetts Fiduciary Plan as Comment Period Ends.”
 
"Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors, said during his testimony that NAIFA has 'significant concerns that the proposal, if adopted, will negatively impact the ability of small and mid-market consumers — who make up a majority of our members’ clients — to access financial products and professional advice, guidance and service.'”

Read the complete article at ThinkAdvisor.


Wealth Management, Jan. 7, 2020, by Patrick Donachie: “Opponents, Supporters Spar Over Massachusetts’ Fiduciary Rule.”
 
"Kevin Mayeux, the CEO of the National Association of Insurance and Financial Advisors, argued that Galvin was placing a higher value on fee-based financial service models over commission-based models, which would lead many broker/dealers to move toward a fee-based business, potentially leaving retail brokerage clients, who generally have fewer investable assets, with a loss of options."

Read the complete article at Wealth Management.


InvestmentNews, Jan. 7, 2020, by Mark Schoeff Jr.: “Brokerage industry opposes Massachusetts fiduciary rule proposal at hearing.”
 
"Kevin Mayeux, chief executive of the National Association of Insurance and Financial Advisers, said the Massachusetts proposal would lead brokers to switch from commission-based practices to a fee-based business model, which could price investors with modest assets out of the advice market.
 
"In his testimony, he also expressed concern about the Massachusetts rule applying to insurance products, which 'will likely result in increased costs to consumers of these products due to the costs of compliance with the additional regulations.'"


Read the complete article at InvestmentNews.
 

Best Wire, Jan. 7, 2020, by Timothy Darragh: “Industry Representatives: Mass. Fiduciary Rule Would Harm Middle Class Savers.”
 
"'We have significant concerns that the proposal, if adopted, will negatively impact the ability of small and midmarket consumers  who make up a majority of our members' clients  to access financial products and professional advice, guidance and service,' according to prepared comments from Kevin Mayeux, chief executive officer of the National Association of Insurance and Financial Advisers. "This will happen because the proposal favors a fee-based, advisory business model over a commission-based brokerage model.'"

Read the complete article at A.M. Best (subscription required).
  • Posted January 8, 2020 IN


Comments
Blog post currently doesn't have any comments.