FPA Advocacy Day was held June 13-14, 2023, in Washington, D.C.
DENVER (June 22, 2023) –The Financial Planning Association® (FPA®), the leading membership organization and trade association for Certified Financial Planner™
professionals and those engaged in the financial planning process, held its highly anticipated FPA Advocacy Day in the nation's capital, bringing together a diverse group of professionals to advocate for financial planning and important legislative initiatives. The two-day event included FPA Members and volunteer leaders, who took time out of their schedules to give the profession an essential voice in Washington, D.C.
“FPA Advocacy Day serves as a testament to the dedication and influence of financial planning professionals across the country,” said FPA President James Lee, CFP®, CRPC®, AIF®. "By coming together and engaging in meaningful conversations with federal lawmakers and their staff, FPA and our Members continue to shape the profession's future and advocate for policies that protect the public and the practice of financial planning."
The event began with an educational symposium where the recognition of financial planners through title protection, FPA’s primary advocacy objective, was explored. The learning sessions included:
- A Fireside Chat with Joe Borg, Former Director of the Alabama Securities Commission (ASC): Moderated by FPA President James Lee, CFP®, CRPC®, AIF®, attendees were treated to a conversation with Joe Borg, who served nearly 30 years as the ASC Director and was a three-term president of NASAA. The discussion focused on existing regulations impacting financial planners through Alabama’s securities and investment advisory statutes and how (and why) Alabama, as a state, is regulating financial planners as a profession.
- Exploring the Regulation of the Financial Planning Profession: Moderated by FPA President-elect Claudia Kane, CFP®, attendees participated in a conversation about issues impacting the regulation of financial planning, including a fiduciary standard, the pros and cons of regulation, and what it means to clients if financial planning became a regulated, distinct profession. The conversation included Dan Barry, Director of State Legislative Affairs at the Financial Services Institute (FSI), and Will Jackson, CFP®, Managing Partner at Cahaba Wealth Management.
On FPA’s pursuit of title protection, Will Jackson, CFP®, said, “Defining the responsibility of a financial planner and protecting the title will prove invaluable to consumers seeking financial guidance from a true fiduciary. We applaud FPA for getting the ball rolling on an initiative that will have a measurable positive impact on constituents nationwide.”
FPA Advocacy Day then moved to Capitol Hill, where FPA Members representing Alabama, Arizona, California, Colorado, Florida, Illinois, Kansas, Massachusetts, Maryland, Minnesota, Missouri, New York, Oklahoma, Pennsylvania, Tennessee, Texas, and Virginia, made their voices heard in a series of impactful encounters with lawmakers and their staff.
Forty-six meetings covered crucial topics affecting the financial planning profession and the public. FPA Members met with 27 members of the House Financial Services Committee, including both co-chairs of the Financial Literacy and Wealth Building Caucus, and engaged with 13 members of the Senate Committee on Banking, Housing, and Urban Affairs, ensuring that FPA’s message resonated across both chambers of Congress.
In addition to efforts with legislative offices, FPA leaders also held meetings with regulatory bodies and other trade associations, including the Securities and Exchange Commission (SEC) and the U.S. Department of Labor (DOL). These discussions underscored FPA's commitment to fostering constructive relationships with key decision-makers across the financial services sector.
Throughout all the meetings, FPA Members and leaders voiced strong support for essential pieces of legislation. They specifically highlighted their endorsement of the Freedom to Invest in Tomorrow's Workforce Act (H.R. 1477/S. 722), aimed at empowering individuals to invest in their professional development. Additionally, they emphasized their support for the Financial Exploitation Prevention Act (H.R. 500/S. 1481), which allows a registered investment company/transfer agent to delay the redemption of a security if they reasonably believe it was requested through the exploitation of a vulnerable adult.
To further illustrate FPA's dedication to social responsibility, the attendees shared their extensive involvement in pro bono financial planning and financial literacy/wellness with all offices they visited. By highlighting a commitment to giving back to the community, a hallmark of a true profession, FPA Members demonstrated the values that underpin the practice of financial planning and showcased the positive impact they continue to make across the nation.
###
About the Financial Planning Association
The Financial Planning Association® (FPA®) is the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNERTM professionals and those engaged in the financial planning process. FPA is the CFP® professional’s partner in planning by helping them realize their vision of professional fulfillment through practice support, learning, advocacy, and networking. Learn more about FPA at financialplanningassociation.org and on Twitter at twitter.com/fpassociation.