NAIFA Members Prepare to Give Voice to Industry on Capitol Hill

With Congress and the administration deep in the process of tax reform, NAIFA CEO Kevin Mayeux assured a packed room of NAIFA members that, as an association, “we are in our element.”
“Though much is happening behind the scenes as negotiations occur, tradeoffs are made, and agreements are reached, you can rest assured that NAIFA is here to provide a voice for our industry and to look out for your interests and the consumers who need the products and services you provide,” Mayeux told members attending NAIFA’s National Advocacy meeting Nov. 29 in Washington.
History shows that NAIFA has had an impact on every national tax-reform initiative, back to and including the first permanent income tax law in 1913 and subsequent initiatives through the 1980s.
In the initial crafting of legislative language on the current tax reform bill, NAIFA advocacy worked closely with coalition groups to deliver results on “Rothification” of retirement plans, Mayeux said. NAIFA leaders, staff, and key contacts made it clear to Congress, the administration, and the media that protecting the ability of advisors and their clients to choose pre-tax retirement plan options ranks among our top priorities.
“They heard us! Neither the House nor the Senate version of the bill includes a Rothification provision,” Mayeux said.
While the situation is fluid and negotiations are ongoing, Mayeux urged NAIFA members to remain focused on educating key members of Congress to ensure that the final tax law is as strong as it possibly can be.
Following Mayeux’s remarks, Rep. Mike Kelly (R-PA) applauded NAIFA members for participating in the National Advocacy meeting.
“You’re so right on this advocacy,” Kelly said in his address. “Ninety percent of life is showing up, because if you don’t show up, what happens? They don’t think that you care.”
The son of a car dealership owner who also worked in the business, Rep. Kelly likened the business relationship between car dealers and customers to that of insurance and financial advisors and clients.
“The car dealer’s relationship is based on face-to-face discussions on what products fill their need and give them confidence that they bought the right product at the right time at the right place. That’s what you’re doing,” Rep. Kelly said. “The success of the business is also the success of the individual.”
Rep. Kelly advised NAIFA members to “never give up” on advocating for their business and their clients. In meetings with lawmakers, Kelly said, talk about the features and the benefits agents and advisors provide to their constituents.
“There’s no guy with endurance like a guy who sells insurance, other than car guys,” Kelly said. “(As a car dealer) I don’t get paid or support my family unless I sell somebody (a car). I don’t want it on my lot, I want it in their driveway. So when it comes down to this tax bill, I don’t want it in the House. I don’t want it in the Senate, I want it in America’s best intentions.”
The National Advocacy Meeting concluded Nov. 30 with NAIFA members visiting with lawmakers to advocate on behalf the industry and inform them how good policy will ensure agents and advisors' continued ability to secure the financial futures of millions of American families and businesses.

  • Posted November 30, 2017 IN

Blog post currently doesn't have any comments.