The National Association of Independent Life Brokerage Agencies (NAILBA) will be adding lobbying muscle from the National Association of Insurance and Financial Advisors (NAIFA).
NAILBA — a Fairfax, Virginia-based group for life insurance distributors — will be working with NAIFA on professional development, networking, and political advocacy in Congress and in state legislatures, NAIFA announced Thursday.
NAIFA is a Falls Church, Virginia-based group for financial services professionals that was founded in 1890.
NAILBA and NAIFA will form a joint advocacy task force, and NAIFA will represent NAILBA on some industry task forces and coalitions, and on some legislative and regulatory issues at the state level.
NAILBA members can participate in NAIFA’s Congressional Conference and NAIFA state chapter Days at the State Capitol.
NAIFA will start its next Congressional Conference May 14, in Washington. The event has been attracting about 5,000 attendees.
NAIFA and NAILBA members will have the opportunity to educate lawmakers during the NAIFA Congressional Conference May 14-15 in Washington. In the past six years, nearly 5,000 NAIFA members from every corner of the country have come to Washington for training and updates on legislative and regulatory issues, followed by meetings with lawmakers on Capitol Hill.
Dan LaBert, NAILBA’s chief executive officer, said in a statement that NAILBA and NAIFA have worked together in the past and now will work together more closely to help American households and businesses plan for the future.
(Related: Dan LaBert to Lead NAILBA)
“Americans’ ability to save and plan for their futures is at an all-time low,” LaBert said. “Consumers need access to advisors and agents who can help them address the financial realities of retirement.”
LaBert said the financial services industry needs to work hard to build relationships with the many newly elected legislators, at both the state and federal level.
Kevin Mayeux, NAIFA’s chief executive officer, said in a statement of his own that the partnership should help strengthen the industry voice on important matters that lie ahead in Washington and in state legislatures.
“We must remain vigilant in order to operate in a positive legislative and regulatory environment that benefits the industry and consumers,” Mayeux said.
The list of issues NAILBA and NAIFA could team up on could include the U.S. Securities and Exchange Commission’s Regulation Best Interest proposal, and other financial services sales standards proposals, and some states’ efforts to set up state-sponsored retirement plans, Mayeux said.
— Read New York Best Interest Standard Violates Law: NAIFA-NY, on ThinkAdvisor.