Working To Elevate Your Voice Where It Matters Most
Advocacy is central to FPA’s mission. As the foremost voice for financial planners, we work hard to ensure that your voices, your businesses’ objectives, and your clients’ needs are considered by key policymakers at both the state and federal levels. Our goal is to foster a policy environment that enables financial planning to flourish, allowing your business to grow, serve your clients better, and strengthen our financial planning profession.
You are probably familiar with the axiom, “If you’re not at the table, you’re likely on the menu.” From taxes on financial planning services to financial literacy policies for high school students, we have had a direct impact on shaping laws and regulations that affect your work as a financial planner. By monitoring what is transpiring at the state and federal levels, and partnering with legislators, regulators, allied organizations, and our chapters and members, FPA has worked to ensure your voices are heard by those who have the power to influence the trajectory of your profession.
Between January and July 2025, FPA tracked 217 bills and proposed regulations across 42 states, Washington, D.C., Puerto Rico, and at the federal level. Out of over 2,500 bills initially identified, we pinpointed the key issues impacting financial planners and responded quickly to protect your interests, often in direct partnership with FPA chapters and members.
Advocating for Tax Incentives
It’s well understood that tax incentives are an important policy tool for influencing consumer spending behavior. To encourage more families to utilize financial planning services, FPA advocates for legislation that would allow consumers to receive a tax incentive for expenses related to financial planning services.
In the remainder of this Congress, FPA will collaborate with a coalition to advocate for a legislative path for reinstating a previous miscellaneous deduction on federal income taxes for “financial planning expenses” or establishing a new tax credit for these costs.
Countering Professional Services Taxes
The U.S. economy has undergone a swift transformation in recent decades, shifting away from a manufacturing-based economy focused on the production of “goods” to one dominated by the provision of “services.” While most state tax systems depend on the sales of “tangible” goods, several states across the U.S. have sought to increase taxes on services in their increasingly service-based economies.
FPA strongly opposes “professional services taxes” on financial planning services because the implementation of this type of tax is incredibly complex, could disincentivize families from seeking financial planning services due to increased costs, and potentially lead to consumers seeking less-trustworthy or personalized information from online sources to avoid the additional costs these service taxes would create.
To that end, so far in 2025, we have successfully resisted proposed taxes on professional services in Maryland and Minnesota. Specifically in Minnesota, Kyle Playford, a member of FPA of Minnesota, testified in opposition to H.F. 2437/ S.F. 2374 in two committee hearings, while another FPA of Minnesota member, Alex Pengelly, met in-person with multiple committee members outside of hearings. FPA staff successfully utilized Voter Voice, a digital tool that enables organizations to engage in grassroots advocacy efforts, to encourage all FPA of Minnesota members to voice their opposition to their respective lawmakers, resulting in more than 700 emails sent to both chambers of the Minnesota Legislature.
Enhancing the Profession and Protecting Your Business
A significant win was the passing of the Freedom to Invest in Tomorrow’s Workforce Act in July. This law now allows the use of 529 Savings Plan funds for private designations and certifications, supporting professionals pursuing advanced credentials like the CFP® certification.
In Tennessee, FPA, XY Planning Network (XYPN), CFP Board, and NAPFA submitted testimony for a June 11 Rulemaking Hearing before the Tennessee Department of Commerce and Insurance, Securities Division, regarding proposed changes to Tennessee Investment Adviser Regulations, specifically the definition of “custody.” FPA's Public Policy team, along with members from the FPA of Middle Tennessee and FPA of Greater Memphis chapters, and XYPN, testified at a public hearing to push back on Tennessee's proposed "custody" definition for not distinguishing between first-party and third-party transactions. This shift from standard SEC and jurisdictional interpretations could lead to costly compliance requirements, typically only affecting third-party transactions. FPA members and one of their clients testified about the severe impact of Tennessee's current stance on investment advisers and their clients who rely on first-party transactions through Standing Letters of Authorization for daily money management.
Promoting Financial Literacy
Financial education remains a priority as the Association actively supports legislation that requires students to complete financial literacy education coursework. This year, we followed 106 bills focused on expanding financial literacy requirements. Notably, Texas, Colorado, and Kentucky passed laws requiring high school students to take a dedicated financial literacy course, which FPA strongly supports.
What’s Next
Even though many state sessions have concluded, our team and volunteers remain active. We’re engaging with federal lawmakers and gearing up for 2026 legislative priorities.
As you can see, your voice matters. If you’re interested in joining these efforts or want to learn more about our advocacy work, please reach out. I’d love to hear from you at dmoore@onefpa.org.
Thank you for your membership and all you do for your clients, FPA, and this great profession. I hope to see you in Las Vegas for FPA Annual Conference 2025!
In case you missed it.
- There’s still time, if you register by September 29, to join us at FPA Annual Conference 2025 at the MGM Grand in Las Vegas! There is nothing like coming together as a community where you can learn and share with other professional in the profession. I hope you’ll consider making the conference your next stop in your professional development. Again, you need to register by September 29. You won’t want to miss it!
- We were thrilled to announce that the new and improved FPA MediaSource has been launched! The platform, which connects CFP® professional FPA members with journalists working on financial planning-related stories, has been completely refreshed with a new look and a more intuitive, user-friendly interface. Additionally, participating members can now view their full history of media query responses. If you are not yet part of FPA MediaSource, learn how you can take part!
- FPA announced that LeCount R. Davis, MCS, CFP®, is the recipient of the Association’s and profession’s highest individual award – the 2025 P. Kemp Fain, Jr., Award. This pinnacle of recognition is bestowed on an individual who has made significant contributions to the advancement of the financial planning profession. Learn more about LeCount and his many contributions to the financial planning profession.
Thank you for making FPA your professional home and allowing us to be your partner in planning.
Sincerely,
