Finseca is trying to keep budget and tax bill negotiators in Washington from squeezing more cash out of life insurers and life policyholders.
"This industry will not be a pay-for for this tax bill," Jennifer Fox, the group's vice president of federal affairs, said in a video with Finseca CEO Marc Cadin that was posted recently on Cadin's LinkedIn feed.
Fox said Finseca also wants to sell Congress on the idea that less change is better than more change.
"Our members, and more importantly, their clients, need sustainability and certainty in the tax code," Fox said. "The plans we're making are not just for today or for tomorrow, but they're for the long term."
What it means: Members of Congress and the administration of President Donald Trump are now wrestling over efforts to control the U.S. budget deficit, expand tax breaks and fund popular government programs.
Finseca could be one of the players that affect how those efforts affect highly compensated and high-net-worth clients.
Finseca: The Association for Advanced Life Underwriting and GAMA International merged to form Finseca in 2020. AALU was a group for estate and wealth planners.
Finseca has clout in tax negotiations because of its members' expertise and their top-level networking and explanatory skills.
Historically, Finseca has promoted efforts to narrow estate and gift taxes but keep the taxes in place.
The group will bring members to Washington June 17 for the Finseca Advanced Markets Meeting.
The backdrop: In recent years, Congress has used rule changes affecting Finseca members and clients to generate a stream of extra tax revenue, or pay-fors, with a total value of about $500 billion, Cadin said.
"That just makes it really, really hard for companies, for distribution organizations, to serve their clients with holistic financial plans," Cadin said.
The U.S. Capitol. Credit: Christian Hinkle/Shutterstock
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