DENVER (May 5, 2020) – To help keep members of the media abreast of the latest federal and state policymaking that could impact the financial planning profession, the Financial Planning Association® (FPA®), the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals, is pleased to provide this first quarterly Public Policy Advisory which highlights those proposed federal and state measures where action is underway or may be required.

Due to the ongoing public health crisis and the fluidity of these and other public policy issues, FPA will be actively monitoring what is transpiring and will enlist the support and guidance of its Public Policy Council and Member Advocacy Council where needed. Over the next couple months, the following issues will be a primary focus of FPA’s advocacy efforts:

  • Virtual Events for Constituents of New York State Senator James Sanders, Jr: To help provide financial guidance to New York-based nonprofits and small businesses during the COVID-19 crisis, FPA was asked to participate in two virtual town halls for constituents of New York State Senator James Sanders, Jr. on April 27, 2020. James Lee, CFP®, a member of the FPA Board of Directors, participated in the town halls to explain to Senator Sanders’ constituents on how to organize their financial records to apply for the Payment Protection Program or the Economic Injury Disaster Loan as part of the federal stimulus packages.
  • TCJA and Deductions on Qualified Business Income: FPA joined FSI, IAA, NAPFA, LPL Financial, Cetera Financial Group, Raymond James, and Commonwealth Financial Network to urge Congress to clarify via legislation that financial service professionals would be eligible for a 20% deduction on “qualified business income” for owners/shareholders of pass-through businesses, such as S corporations, partnerships, and sole proprietorships without income threshold limits, in the Tax Cuts and Jobs Act (TCJA).
  • Financial Planning Fees Tax-Deductibility: FPA joined CFP Board, NAPFA, IAA, and FSI to ask Congress to restore and expand the pre-2017 (pre-Tax Cut and Jobs Act) tax deduction for investment advisory fees and financial planner fees without the 2% adjusted gross income (AGI) threshold. In light of the COVID-19 financial impact, the tax-deductibility of financial planning fees could increase consumer interest and access to financial planning. The 2% AGI limit permitted tax deductions only to the extent they exceeded 2% of a taxpayer's AGI, which unfairly benefited upper-income households. FPA believes this deduction should be available to American households of all income levels.

“In collaboration with our members and chapters across the country, FPA is committed to providing the financial planning community with an impactful voice on those federal and state policies that are under consideration,” says 2020 FPA President Martin Seay, Ph.D., CFP®. “We believe in the power of financial planning and are committed to working collaboratively with our chapters and members across the country to influence federal and state policies while elevating the awareness of financial planning among policymakers.”

The FPA Board of Directors confirmed the association’s 2020 Advocacy Strategic Priorities, which are available on the FPA website and are based on FPA’s advocacy vision.

Journalists interested in learning more about the policies outlined in this Public Policy Advisory can secure an interview with the FPA Advocacy Team by contacting Ben Lewis at 303.867.7190 or


About the Financial Planning Association
The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNERTM professionals, educators, financial services professionals and students who are committed to elevating the profession that transforms lives through the power of financial planning. Through a collaborative effort to provide members with professional education, business support, advocacy and community, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at and follow on Twitter at