New Administration, New Congress, New Opportunities

NAIFA is ready to educate legislators and regulators about the vital role advisors and the services they provide play in the financial services arena.

The November 2016 election is now history, with Republicans capturing the White House and keeping a majority in both the House and the Senate.

Donald J. Trump is the 45th president of the United States. Speculation about what Congress and the new president will do in 2017-2018 has already begun. President Trump has no political track record, but the history of his business dealings suggests he is a deal-maker. Many believe Vice President Mike Pence will play a key role in coordinating legislative efforts and working to find common ground.

While Republicans maintain a majority in the House and the Senate, the Democrats are the ones who had modest gains in each chamber. Democrats gained two seats in the Senate and a net of six House seats. Republicans will hold a 52 to 48 majority in the Senate, so they still fall short of the 60 votes needed to end a filibuster.

The 115th Congress is likely to consider several legislative issues of importance to NAIFA members. These include tax reform, health care reform (repeal-and-replace of the Affordable Care Act [ACA]) and changes to controversial Obama Administration regulations.

NAIFA’s tools for success

NAIFA’s success depends on our ability to educate legislators and regulators about the vital role insurance agents and financial advisors play in the financial services arena, while demonstrating the value of products that protect the financial well-being of millions of Americans.

NAIFA uses three central strategies to accomplish these objectives:

• Creating and maintaining a diverse grassroots network in each state through the Advisors Political Involvement Committee (APIC).

• Developing and maintaining personal and professional relationships with federal lawmakers through NAIFA's Government Relations team.

• Supporting candidates who stand up for financial advisors through financial contributions from IFAPAC, the insurance industry's leading political action committee.

Although mass mobilization campaigns play a role in an effective advocacy program, nothing can replace the power of personal relationships between NAIFA members and elected officials. The personal relationships that NAIFA's members share with lawmakers are an important facet of a successful political advocacy strategy.

Before the November elections, NAIFA had a “coverage” rate of 100%. That means that for every member of Congress, the association had identified at least one NAIFA member who could serve as an APIC contact.

There will be over 60 new members of Congress. That means our coverage rate has dropped to 88%. So, a top priority is to get to know and educate these new lawmakers as soon as possible. Remember to join us for the 2017 NAIFA Congressional Conference from May 23–24, 2017.

NAIFA's political action committee, IFAPAC, supports the elections of both Republican and Democrat candidates who understand the important role of insurance agents and financial advisors. During the 2016 cycle IFAPAC contributed over $2.4 million to 375 candidates. At least one federal legislator from every state received NAIFA’s support.

Over our 126-year history, we’ve seen success with a variety of party combinations. As times and tactics change, NAIFA will continue to innovate and improve its advocacy efforts, make strategic financial investments through IFAPAC, and maintain strong relationships with lawmakers from both political parties.

The result will be a well-positioned association that is effective with the new administration and the 115th Congress.