Endings, new beginnings, and public policy

By Jeff Jones, NAPFA Chair


NAPFA began its new fiscal year on Sept. 1, and with beginnings also come endings. So I want to begin by thanking Karla McAvoy for her service as the 2021–2022 board chair. I would also like to thank Lydia Sheckels and Kristin Moosmiller for their service on the NAPFA Board of Directors. All three have a passion for the organization, and I’m so grateful for their leadership over the past several years. I would also like to thank those volunteers rolling off regional boards, committees, and the many other volunteer opportunities offered throughout the organization. Volunteers are the lifeblood of NAPFA.

On a related note, Geof Brown, NAPFA CEO, recently announced that he is stepping down after nine years. I’ve had the pleasure of getting to know Geof professionally and personally as we’ve worked together for the last six years. His tenure marked tremendous growth as he steered the association through its fourth decade, and I truly appreciate what he’s accomplished during his tenure. While I’m sad to see Geof leave, I wish him nothing but the best in the next step in his professional career.

NAPFA’s advocacy for public policy

From beginnings and endings, we turn to the future. The future is uncertain, and so it goes with public policy. Advocacy and public policy have their roots in the very founding of NAPFA. As NAPFA leaders developed the strategic framework for 2022–2025, advocacy remained one of three domains where resources will continue to be deployed. There are three primary issues on which NAPFA focuses its public policy program: fiduciary standard of care, investment advisor oversight, and recognition and regulation of financial planning.

These areas involve engaging with regulators and policymakers and addressing issues as they arise. Researching and lending our voice to the proposals and issues require a dedicated public policy team, as well as partnerships with organizations whose interests align with NAPFA, such as Friends of Fiduciary and the Professional Certification Coalition.

For the remainder of 2022 and into 2023, the public policy team will continue to monitor Regulation Best Interest and maintain contact with SEC leadership as we expect modifications through staff guidance and regulatory enforcement. Additional areas requiring our attention include a new DOL investment advice rule and possible federal legislation around retirement security and senior financial exploitation, two topics included in discussions with policymakers during 2021’s Congressional Advocacy Day. We will also continue to encourage the restoration and expansion of the federal deductibility of advisory and planning fees. For more on NAPFA’s positions, see the public policy team’s article in this issue, “5 top priorities for NAPFA’s public policy advocacy.”

Advocacy is an ongoing battle, one in which you may not know from where the next fight will come. NAPFA continues to champion what we believe in and oppose issues that do not align with our principles, and we also stand ready to address new issues as they arise.