NAIFA Blog

Morningstar Outlines Costs of DOL Proposal

November 6, 2015

The Department of Labor’s proposed fiduciary rule will have effects on financial professionals and their clients that far exceed estimates made by government regulators and even the industry, according to an analysis by Morningstar.   Morningstar’s October 2015 “Financial Services Observer” says that the highest government and industry estimate of the rule’s annual cost is $1.1 billion. However, Morningstar estimates a minimum annual cost of $2.4 billion.   As a result, the report p...

NAIFA's Congressional Conference Registration Now Open

November 6, 2015

Register Now Registration for the May 24-25, 2016, NAIFA Congressional Conference is now open! NAIFA’s Congressional Conference will bring together hundreds of agents and advisors to Washington, D.C., to learn about the legislative issues that matter to people in our industry and how these issues impact our business and our clients’ financial well-being. As a Conference participant, you will be educating your Members of Congress on issues of concern and helping to shape national pu...

NAIFA Contributes to Congressional Briefing on DOL Proposal

November 4, 2015

NAIFA President-Elect Paul Dougherty made his third appearance on Capitol Hill on Oct. 29, to keep Congress informed on the crucial role advisors play helping Americans save for retirement. The highly attended and publicized staff briefing targeted the congressional offices of members elected since the Department of Labor’s 2010 fiduciary proposal. The purpose of the briefing was to ensure new members of Congress know the magnitude of the proposal's impact on low- and middle-income retirement...

NAIFA Survey Fills in Some Blanks in Sen. Warren’s Report on Non-Cash Compensation

October 29, 2015

A new report issued by the office of Sen. Elizabeth Warren (D-Mass.) implies that non-cash compensation, such as training trips and contest prizes, pose a serious problem because they incentivize financial advisors to “sell products that are not in the consumers’ best interests.” Sen. Warren seems to base this conclusion on the fact that 13 of the 15 annuities firms that responded to a survey created by her office said that they do indeed offer non-cash compensation in some form.   The ...

NAIFA Suggests Changes to Model Act on Senior Protection

October 28, 2015

Fred Joseph, president of the North American Securities Administrators Association (NASAA), has said financial fraud involving older Americans is becoming “ the crime of the 21st century. ” Seniors are often targets of scammers and other fraudsters because they are thought to have significant savings or investments and they are seen as soft targets unlikely to report financial crimes, according to the National Council on Aging . Dementia and cognitive impairment can make segments of the seni...