NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest.
ACLI's Impact blog recently featured a profile of Joan Gustaff of North Attleboro, MA, a client of NAIFA member Adam Sachs, CFP, ChFC, CLU, CLTC, AIF, who has testified that restrictive fiduciary requirements would likely hurt Main Street investors like her. She also recorded a video sharing her story.
As the U.S. Department of Labor again considers proposing regulations that could limit the choices of people like Joan, NAIFA remains committed to advocating for rules and laws that work in favor of Main Street investors and preserve their vital relationships with financial professionals.