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FPA Advocacy

The Financial Planning Coalition

CFP® Board of Standards

Financial Planning Association®

National Association of Personal Financial Advisors

The Coalition was formed in 2009 to advocate on joint policy issues.

• Financial planning services are delivered to the public with fiduciary accountability and transparency, while always serving the client’s best interests.

• Financial planning services are appropriately regulated to identify professionals who meet stringent professional qualification standards, including examination, education, experience and ethics, as demonstrated by holding the CERTIFIED FINANCIAL PLANNER™ (CFP®) certification.

• The public can easily identify trusted financial planners whose business practices incorporate these high professional standards.

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Coalition Joint Issues Department of Labor (DOL) Fiduciary Rule Fought for changes to drafts of Fiduciary Rule in final form. Securities and Exchange Commission (SEC) Fiduciary Standard Support the SEC extending a fiduciary rule to BDs. Investment Adviser Oversight Support increasing investment advisor oversite through increased examination of IARs. Only examined once every ten years. Advancing the Profession: Recognition & Regulation of Financial Planners Supporting legislative reform that would require financial service providers who hold themselves out to consumers as “financial planners” to meet established competency and ethical standards and to provide financial planning services under a fiduciary standard of conduct. .

4th FPA D.C. Advocacy Day

• June 21, 2017 • 80 participants • 22 states represented • 100+ member visits

to Congressional offices

• FPA PAC Reception three MOCs presented

• 2014 = 6 Advocacy Days • 2015 = 15 Advocacy Days • 2016 = 17 Advocacy Days • 2017 = 22 Advocacy Days

Over 260 Volunteers

State Advocacy State Advocacy

State Issues

• Offer FPA as a resource, and trusted advisers • Pro Bono Work • Oppose Taxation of Financial Planning Services • Educating About Harm from Lack of Regulation of Financial Planners • Protecting Vulnerable Adults from Financial Exploitation

Other state issues being considered: • Tax deductible Financial Planning Fees for Clients • Your input needed here…

What We Offer You: • Onsite Support for State Advo Day me or other FPA Staff • Planning Calls with your Advocacy Team • Templates, sample emails, and phonescripts • Advance Training Webinar • All Materials • Personalized Brochure • Badges & Lanyards

Always Start at the Top Your legislators and staff probably aren’t experts on these issues like you are. Consider this to be an opportunity to educate someone about your profession. Avoid jargon and provide real life examples when you can. In explaining the effect of a regulation or law on your practice, imagine you are talking with one of your clients. If there is a constituent in the room he/she always leads off. No acronyms today! TIP: Make the talk snappy and concrete. •Intro yourself (30 seconds), •FPA of Michigan 534 members, 52,0240 households, $23B economic base (1 minute), •What is a financial planner? They may not know (2 minutes) •Fiduciary, Oppose Taxation of Financial Planning Services (be concrete, persuasive and use examples (3 minutes ) •Pro Bono work done in Michigan (someone who does it) •Wrap Up How can we help you and be a resource? (1 minute) •Thank you and Photo!

SAMPLE:

Talking Points for FPA of Pennsylvania June 6th Advocacy Day:

• Constituent introduces other FPA members o Thanks elected official for their time

• FPA of Pennsylvania has 1,120 members, 108,850 households, $47B economic base

• FPA National has 23,000 members and 90 chapters o We are the association for Certified Financial Planners ® o Business model and compensation model neutral o What brings us together is that we believe financial planning should be delivered with fiduciary responsibility o Regardless of what happens to the Dept. of Labor Fiduciary Rule, FPA’s policy is that fiduciary advice is best for the consumer

• What is a financial planner?

o Offers advice for a healthy financial life Tax planning, Estate planning, Retirement planning, Investment planning, College planning, Insurance planning

• Oppose Taxation of Financial Planning Services

o Burden to small business owners o Would not increase access to financial planning services o Michigan Consumers could go to another state to avoid the tax

• Fiduciary

o Put the best interests of the client first o CFP®s must act as fiduciaries when providing financial planning o Most consumers do not understand titles

• Pro Bono work

o Talk about your personal work with pro bono o Offer the partner with them in their district at a town hall or other event

Ten Questions for Consumer Considering a Financial Professional

• Our Profession/Serving on Committees o FPA Members are particularly well qualified to serve on Financial Services Committees o As CFP®s we understand how financial planning can help inform state financial issues o We are compensation/business model neutral, so we can serve as a resource

• Wrap up

o Thank them for their time o Follow up on any issues o Ask for photo

SAMPLE:

Talking Points for FPA of Pennsylvania June 6th Advocacy Day:

· Constituent introduces other FPA members

· Thanks elected official for their time

· FPA of Pennsylvania has 1,120 members, 108,850 households, $47B economic base

· FPA National has 23,000 members and 90 chapters

· We are the association for Certified Financial Planners ®

· Business model and compensation model neutral

· What brings us together is that we believe financial planning should be delivered with fiduciary responsibility

· Regardless of what happens to the Dept. of Labor Fiduciary Rule, FPA’s policy is that fiduciary advice is best for the consumer

· What is a financial planner?

· Offers advice for a healthy financial life

· Tax planning, Estate planning, Retirement planning,

· Investment planning, College planning, Insurance planning

· Oppose Taxation of Financial Planning Services

· Burden to small business owners

· Would not increase access to financial planning services

· Michigan Consumers could go to another state to avoid the tax

· Fiduciary

· Put the best interests of the client first

· CFP®s must act as fiduciaries when providing financial planning

· Most consumers do not understand titles

· Pro Bono work

· Talk about your personal work with pro bono

· Offer the partner with them in their district at a town hall or other event

· Ten Questions for Consumer Considering a Financial Professional

· Our Profession/Serving on Committees

· FPA Members are particularly well qualified to serve on Financial Services Committees

· As CFP®s we understand how financial planning can help inform state financial issues

· We are compensation/business model neutral, so we can serve as a resource

· Wrap up

· Thank them for their time

· Follow up on any issues

· Ask for photo

FPA PAC This year our FPA PAC gained us access with key members of Congress off the Hill: • Chair of Capitol Markets Committee, Congressman Scott Garrett • Ranking Member/Senate Banking Committee, Senator Sherrod Brown • Senate Banking Committee Member, Senator Elizabeth Warren • House Financial Services Member, Congressman Bill Foster • House Financial Services Member, Congressman Denny Heck • Committee on Financial Services Member, Krysten Sinema • House Ways & Means Member, Peter Roskam • Senate Asst. Majority Leader, Dick Durbin

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