Advocacy in action blog

The U.S. Department of Labor released its newly proposed independent contractor rule to determine whether workers are employees or independent contractors under the Fair Labor Standards Act (FLSA). The proposed rule, when finalized, will replace the 2024 federal rule on independent contractor classification.

NAIFA CEO Kevin Mayeux, CAE, issued the following statement:

“NAIFA is encouraged by the Department of Labor’s release of a new rule to replace the existing 2024 federal rule on independent contractor classification. The 2024 Rule fails to provide an analysis for distinguishing between independent contractors and employees under the FLSA that is sufficiently clear and leads to predictable outcomes. The 2024 Rule’s description of several economic reality factors could be viewed as setting a higher bar to find independent contractor status than required under the law. Among other harms, an analysis which is ambiguous or perceived as too restrictive of independent contracting can deter businesses from engaging with bona fide independent contractors or induce them to unnecessarily classify such individuals as employees.

Many financial advisors operate locally as small business owners, employing others on their staff, and serving the members of their communities. Reclassifying them as employees rather than independent contractors would have threated their ability to best serve their clients and to ensure that their small businesses can operate efficiently.

NAIFA is currently reviewing the proposed rule to determine the full impact on independent contractors and will remain diligent to ensure that NAIFA members are best positioned to maintain their independent business operations and to best serve their clients. 

We have previously provided extensive comments and testimony to the DOL on the topic of preserving independent contractors’ rights and we now look forward to working with the department as it works to improve policies that support the independence of NAIFA members and the ability of consumers to receive professional financial guidance.”

NAIFA President Christopher Gandy along with NAIFA’s Government Relations team met with Department of the Treasury staff on February 24 to discuss the implementation and rollout of “Trump Accounts,” the newly established tax-deferred investment accounts for children under age 18 created by legislation passed last year.

The National Association of Insurance and Financial Advisors (NAIFA) shares President Trump’s goal of helping more Americans achieve financial security and build stronger retirement savings.

The National Association of Insurance and Financial Advisors (NAIFA) submitted formal comments to the Internal Revenue Service in response to Notice 2025-68 regarding the implementation of Section 530A Trump Accounts.  Read NAIFA coverage in Investment News, 401kSpecialist and Advisor Magazine. 

As the leading grassroots advocacy association for financial professionals on Capitol Hill and in ever state capital, NAIFA serves as the leading advocacy voice for insurance and financial professionals. Our newest publication, 2025-2026 State Of Advocacy: A Year of Achievement and What Lies Ahead, provides a deep dive into the advocacy work NAIFA has done and the policy issues we are currently facing. It is a good companion piece to another recent NAIFA publication, NAIFA Community: Members in Action, which provides profiles of several NAIFA members who have made a difference with their advocacy work. 

Medicare beneficiaries are facing an increasingly complex health insurance landscape. Each year brings new plan designs, regulatory changes, and market shifts that make informed decision-making more challenging, especially for older Americans navigating coverage options that directly affect their health, finances, and peace of mind.

NAIFA President Christopher Gandy, LACP, sent letters to Senators Todd Young (R-IN) and Cory Booker (D-NJ) and Representatives Glen Thompson (R-PA) and Eugene Vindman (D-VA) expressing the association's support for the bipartisan Emergency Savings Enhancement Act. The legislation would modernize Pension-Linked Emergency Savings Accounts (PLESAs), established by the Secure 2.0 Act and supported by NAIFA, to encourage more Americans to use these accounts and remove complex regulatory barriers. 

The Congressional Conference is NAIFA's signature grassroots event, bringing financial advisors from all 50 states to Washington, D.C., is scheduled for May 18-19. NAIFA members who sign up before March 3 receive a $50 discount off the registration fee, so don't delay.

NAIFA has joined a coalition of professional associations urging Tennessee policymakers to phase out and ultimately repeal the state’s Professional Privilege Tax (PPT). In a joint letter sent to Governor Bill Lee, the coalition called on state leaders to prioritize a phase-out of this outdated tax in the FY 2026–2027 budget, emphasizing that Tennessee should not fund government through a tax on the “privilege” of working. The PPT currently imposes a $400 annual tax on certain licensed professionals, including financial advisors, despite their significant contributions to the state’s economy .

The House Ways & Means Committee issued a press release on tax reform measures for small businesses that highlights the recent NAIFA webinar, “The One Big Beautiful Bill: Several Big Beautiful(?) Tax Law Changes,” featuring Robert Kirkland, founding member of Kirkland Hochstetler law firm. The tax and spending bill known as the One Big Beautiful Bill (OBBB)” passed earlier this year stabilizes estate tax laws making legacy planning less challenging, Kirkland explained. InsuranceNewsNet magazine’s Advisor News also reported on the NAIFA webinar.