FPA Advocacy Day on The Hill

Last week, Dave attended the Financial Planning Association’s 3rd Annual Advocacy Day in Washington, D.C. FPA^® Advocacy Day provides members and leaders of FPA with the opportunity to introduce federal policymakers to the association and the profession and talk with them about issues that are important to CFP^® practitioners.

Advocacy Day kicks off with FPA Members.

Throughout the day, Dave met with Senator Barbara Boxer’s Legislative Assistant Jackson Droney, Representative Jackie Speier’s Legislative Director Justin Vogt, Senator Dianne Feinstein’s Legislative Aid Ellen Freedman, and Nancy Pelosi’s Policy Advisor Adela Amador.

Dave waits to meet Senator Barbara Boxer’s Legislative Assistant Jackson Droney.

Dave had a great meeting with Nancy Pelosi’s Policy Advisor Adela Amador.

Among the talking points for their Congressional visits were requests for members to reject H. J. R. (House Joint Resolution) 88, which was a bill designed to stop the DOL from implementing its new fiduciary rule that applies to those giving financial advice with respect to retirement accounts. President Obama had vetoed the bill and the House was going to vote again to overcome the veto (with almost no chance of success).

Dave visited Representative Jackie Speier’s Legislative Director Justin Vogt.

Dave before his meeting with Senator Dianne Feinstein’s Legislative Aid Ellen Freedman.

They also discussed Section 913 of the Dodd-Frank Act, which charges the SEC with carrying out a study and making recommendations as to whether the fiduciary standard should be extended to all retail advisory relationships. Most especially, this would potentially require that those working for Broker/Dealers, currently subject to the much lower “suitability” standard would be required to act under a fiduciary standard (as Registered Investment Advisors like Yeske Buie already do). FPA and the Financial Planning Coalition are very much in favor. As it is, all CFP^® professionals, when giving financial planning advice, are already required to operate under that standard.