Advocacy in action blog

The Q2 State of NAIFA webinar on April 15 at 12 noon eastern will provide updates on where NAIFA stands as an association, including our advacy focus and a policy briefing. The quarterly State of NAIFA presentations are part of our commitment to transparency. They are open to all interested parties, but they also focus on providing information to help NAIFA members get the most value from their memberships. Register today.

On April 9, the Office of Advocacy at the U.S. Small Business Administration (SBA) convened a roundtable on the Department of Labor’s proposed Independent Contractor Rule, a proposal that would rescind and replace the 2024 rule that has created uncertainty for financial professionals and small businesses alike.

Financial literacy is often framed as a simple concept: helping Americans better understand money. But in reality, financial literacy is more than knowledge; it’s the foundation of long-term financial security.

The National Association of Insurance and Financial Advisors (NAIFA) praised the release of the final Medicare Advantage and Part D rule (CMS-4212-P), which incorporates several of NAIFA’s core recommendations aimed at improving access to professional guidance while reducing unnecessary administrative burdens on agents and brokers.

The IRS has reported that parents have enrolled more than 4 million American children in 530A accounts, also known as Trump Accounts. These accounts are a new type of tax-advantaged individual retirement account for children under the age of 18. Under a pilot program, the federal government gives children born between January 1, 2025, and December 31, 2028, whose parents set up accounts in their name $1,000 in seed money. Beginning July 4, 2026, parents, relatives, friends, employers, organizations, and individuals may make contributions to the plans up to annual limits. Trump accounts create opportunities for financial professionals to start conversations with consumers and clients with children about planning for the future, boosting financial literacy, and providing their children with solid financial foundations.

NAIFA supports public policy that that promotes financial literacy, encourages Americans to prepare for their financial futures, and offers families opportunities to achieve financial security. President Christopher Gandy has spoken and written about the opportunities afforded by 530A accounts, also known as Trump Accounts. Gandy has spoken to U.S. Treasury officials about the great promise of these financial products and Treasury has asked for feedback from industry professionals. You can help us out by answering a few brief questions.

NAIFA's grassroots advocacy works because our members show up. You and your colleagues come out for events like the Congressional Conference to speak to lawmakers with a unified voice on issues important to your businesses, clients, and communities. When you lend your voice, you let the people whose decisions impact your business know that the work you are doing is vital to the financial security of families and businesses in their districts across the country.

If you are a regular Congressional Conference attendee, I look forward to seeing you again May 18-19 in Washington. I urge you to invite colleagues who have never been a part of this premier grassroots event to join you. Share your experiences, and tell them how you make a difference, improve your practice, and serve the best interests of your clients at Congressional Conference. We have a limited number of $500 travel stipends available to to first-time attendees who are NAIFA members and meet other criteria. 

The U.S. District Court for the Northern District of Texas issued a final judgment vacating the Department of Labor's Retirement Security Rule: Definition of and Investment Advice Fiduciary and related Prohibited Transaction Exemptions. The Texas District Court’s decision to vacate the fiduciary-only regulation is an advocacy win for NAIFA and a win for all retirement savers. NAIFA has strongly opposed the misguided regulation, which significantly would have restricted consumer choice and access to retirement advice.

For years, states have sought solutions to the growing retirement savings gap. As a result, an increasing number of states have adopted state-run auto-IRA programs, which require employers that do not offer a retirement plan to enroll their workers in a government-facilitated savings program.

NAIFA has joined a coalition of national organizations urging Congress to pass the Lowering Costs for Caregivers Act (S.1565/H.R.138).