ARLINGTON, VA -- The U.S. Department of Labor released its final independent contractor rule today, aimed at defining whether an individual is an employee or an independent contractor under the Fair Labor Standards Act. The rule could threaten the classification of many financial advisors from coast to coast and cause a reduction in the number of advisors serving American consumers.
Recent posts by NAIFA
1 min read
NAIFA's CEO Kevin Mayeux Responds to DOL's Final Independent Contractor Rule
Topics: Legislation & Regulations Press Release DOL
2 min read
NAIFA Comments Point to Flaws in the DOL’s Fiduciary-Only Proposal
NAIFA members are committed to working in the best interests of the consumers they serve. They follow a Code of Ethics requiring them to put clients’ interests first. Yet, the Department of Labor’s rehashed fiduciary-only proposal is decidedly not in the best interests of the American public who benefit from the ability to choose how and from whom they receive financial guidance.
Topics: Standard of Care & Consumer Protection DOL Regulation Best Interest
2 min read
The Q1 State of NAIFA To be Presented by Cothron, Mayeux, and Boyle
NAIFA members, set a reminder! The Q1 State of NAIFA 2024 webinar is happening on January 25th at 12 pm Eastern. Don't miss this first update of the year, as it's a key part of our commitment to keeping you well-informed about our developments and future goals.
3 min read
NAIFA Survey Shows the DOL’s Fiduciary Proposal Will Increase Costs and Reduce Access to Retirement Planning Services
NAIFA conducted a survey of more than 1,000 members between November 27 and December 1, 2023, to gauge the potential effects of the U.S. Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary” on the consumers who rely on financial professionals for retirement products, services, and advice.
Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
2 min read
Michigan Enacts NAIFA-Supported Law to Protect Consumers From Financial Fraud
Michigan Governor Gretchen Whitmer has signed a bill NAIFA-MI helped shape and strongly advocated for that will help protect vulnerable adults, specifically seniors, from financial fraud and exploitation. The new law allows broker-dealers or investment advisors to delay disbursements or transactions if they suspect a client is being exploited or defrauded.
Topics: State Advocacy Michigan Supported Legislation Senior Financial Protection
3 min read
NAIFA President and His Client Offer the DOL a Unique Perspective
The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.
Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
1 min read
NAIFA-WI Sees Financial Literacy Bill Signed Into Law
NAIFA-WI members Kris Alfheim and Sherri Mitchell and lobbyist George Ermert attended a bill-signing ceremony with Governor Tony Evers for legislation requiring high school students to complete a personal finance course prior to graduation.
Topics: Legislation & Regulations State Advocacy Financial Literacy Wisconsin
2 min read
NAIFA Asks, Members of Congress Act
Just two days after NAIFA members were on the Hill, House Committee on Small Business Chairman Roger Williams (R-TX), Rep. Dan Meuser (R-PA), Rep. Mark Alford (R-MO), and Rep. Aaron Bean (R-FL) wrote to Department of Labor Acting Secretary Julie SU inquiring about the impact of the DOL proposal on small businesses.
Topics: Standard of Care & Consumer Protection Grassroots DOL Regulation Best Interest
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NAIFA Opposes NASAA Proposal That Would Conflict With Reg BI
Proposed changes to the North American Securities Administrators Association's (NASAA's) Model Rule on Dishonest and Unethical Business Practices of Broker-Dealers and Agents would conflict with existing, effective consumer-protection regulations and cause unintended harm to investors. NAIFA urges NASAA to reconsider the proposed revisions.
Topics: Standard of Care & Consumer Protection Interstate Advocacy DOL NAIC NCOIL NASAA
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NAIFA Members Advocate for Access to Financial Service Professionals
More than 250 NAIFA members took to Capitol Hill today to meet with over 200 Congressional offices to advance the need to protect the worker classification of financial service professionals as independent contractors and to provide consumers a variety of choices in financial service professionals. The Day on the Hill was coupled with NAIFA’s National Leadership Conference which serves to train the leaders of state and local chapters in grassroots advocacy.
