FPA’s Federal Priorities for 2019
U.S. Department of Labor (DOL) – Conflict of Interest Rule on Fiduciary
- FPA, along with our Financial Planning Coalition partners, has opposed efforts in Congress to delay or prevent implementation of the Rule.
- FPA, along with our Financial Planning Coalition partners, has advocated that Congress authorize the Securities and Exchange Commission (SEC) to collect reasonable user fees from RIAs to increase the frequency of examinations to a level appropriate to ensure adequate investor protection. User fees are the most efficient and cost-effective way to address the SEC’s persistent resource shortfalls, and have no financial impact on taxpayers or the federal budget.
Securities and Exchange Commission (SEC) Fiduciary Standard of Care
- FPA, along with our Financial Planning Coalition partners, is urging the SEC to adopt a uniform fiduciary standard for both investment advisers and broker-dealers that is no less stringent than the existing fiduciary standard for investment advisers.
FPA’s State Priorities for 2019
FPA recognizes that financial literacy is a vital component of helping Americans live healthy financial lives, and that financial literacy education in the United States is a particularly important goal. FPA encourages schools to teach the basic components of personal financial management to help with vital financial functions such as understanding credit, savings, loans, home and rent responsibilities, and how to manage debt responsibly. Doing so will help with the overall goal of preparing students for independence and financial wellness. FPA understands there are many avenues to achieving financial literacy and stands ready to assist in support of that task.
Regulation of Financial Planners
- FPA supports the adoption of appropriate uniform regulation of financial planners that includes a mandatory fiduciary standard of care for all professionals providing personal financial planning advice.
- FPA supports regulations that require financial planners to meet established requirements to practice, including examination, education, experience and ethics as modeled after the CFP certification.
Taxation of Financial Planner Services
- FPA opposes efforts to tax financial planner services.
Financial Exploitation of Vulnerable Adults
- FPA supports legislation that allows our members discretion with “may” reporting language to the state securities regulator and state adult protective services agency when a qualified individual such as a securities broker or investment adviser has a reasonable belief that financial exploitation of an eligible adult has been attempted or has occurred.
Financial Planning Fees Tax-Deductibility
- FPA supports that financial planning fees be tax-deductible for clients on the state and federal levels.
Financial Planning Coalition
Established in 2009, the Financial Planning Coalition is a collaboration of FPA, CFP Board and NAPFA to provide the financial planning profession with a strong, unified voice in anticipation of proposals for financial regulation reform, advancing the financial planning profession and enhancing consumer protection. Learn more about the work of the Financial Planning Coalition at www.FinancialPlanningCoalition.com.