State Advocacy Days
Over the course of 2018, more than 315 FPA members participated in FPA State Advocacy Day programs. FPA members from 23 states across the country represented FPA in their capitols to build relationships with their state elected officials and regulators.
State and Federal Levels
FPA issued an action alert email message to all members of Congress on possible federal legislation related to the Tax Cuts & Jobs Act of 2017. The message asked for Congress to consider allowing the deductibility of investment adviser fees and financial planner fees. The message also asked to remove the income thresholds for financial planning and investment advisory firms structured as pass-through businesses in order to receive the 20 percent deduction of their business income on their personal tax return, similar to architects and engineers.
FPA opposed legislation that would place a tax on financial planning services during FPA California State Advocacy Day. In addition, an action alert email was issued to Senate Committee members that held a hearing on the bill. The bill did not pass this year.
The Financial Planning Coalition supported the profession by submitting written and oral testimony for legislation in Colorado that would require a CFP® professional to serve on the Board of Trustees of the Public Employee's Retirement Association (PERA).
FPA submitted written and/or oral testimony on legislation regarding the financial exploitation of vulnerable adults in Connecticut. FPA supports legislation that allows our members to exercise discretion by changing advisers "shall" report to "may" report when reporting suspected financial exploitation to the State Securities Commissioner's Office, adult protective services, or other named authority. Connecticut legislation did not pass.
As a result of FPA Illinois Advocacy Day, the Illinois Treasurer's office met with FPA for input on potential fiduciary measures it is considering.
The Louisiana legislature introduced legislation that would prohibit "individuals possessing a certification from a voluntary program" from using the term certified in their title unless the certification is a requirement for state occupational licensure. FPA joined the Professional Certification Coalition to join foreces with 45 organizations to oppose language in the bill. The Senate Committee removed the language during their committee hearing.
The Massachusetts Division of Securities issued a Preliminary Request for Public Comment on Proposed Fee Table for State-Registered Investment Advisers. FPA submitted a comment letter to the Division and as a result of this letter, the Division invited FPA to serve on its Investment Adviser Fee Table Working Group.
FPA submitted written and/or oral testimony on legislation regarding the financial exploitation of vulnerable adults in Minnesota. FPA supports legislation that allows our members to exercise discretion by changing advisers "shall" report to "may" report when reporting suspected financial exploitation to the State Securities Commissioner's Office, adult protective services, or other named authority. Minnesota legislation was signed into law.
FPA provided testimony before the New Jersey Bureau of Securities regarding a pre-proposal regulation on fiduciary standard for broker dealers and investment advisers. FPA testified that the state should clarify which certifications and designations may be used for financial planners.
The Financial Planning Coalition supported the profession by submitting two comment letters to New York on a proposed regulation that would prohibit insurance and annuity producers to imply they are providing financial planning or related services without a specific certification or professional designation in that area. The Coalition asked the department to only consider certifications and designations that are accredited for the term 'financial planner'.
On June 7th, 85 FPA members joined together in Washington, D.C. for FPA's 5th Annual Advocacy Day. Members from 25 states met with over 100 members of Congress during the event. As a result of FPA's 5th Annual National Advocacy Day, FPA Legislative and Regulatory Issues Committee Chair, James Lee, was invited to testify in front of a House Committee on teh subject of retirement security for millennials.