Legislative Positions
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NAIFA-Iowa supports the proposed federal Senior Safe Act and would support state legislation intended to protect seniors from financial fraud and exploitation, specifically including the following provisions:

• A voluntary reporting process where the advisor, upon  suspecting attempted fraud on a client, would report the  matter to the firm (i.e. a broker dealer or insurer). The firm  could then alert the appropriate state authorities, and, at the firm’s discretion, delay a suspicious requested transaction.  This process would allow the firm’s legal and compliance personnel to review the questionable transaction with greater scrutiny.
• A legal “safe harbor” provision where advisors and their firms would be immune from liability for following the law’s provisions. Advisors and their firms should be encouraged to report potentially fraudulent transactions to protect their senior clients’ assets.
• A provision that would permit the state insurance department to provide training resources to advisors on how to recognize signs of cognitive decline, while clearly acknowledging that advisors are not medical professionals and will not be held responsible for determining a client’s cognitive condition.

NAIFA-Iowa believes that the best market for retirement decisions is a free market, and as such, supports the broadening of choices that educational employees have in participating in tax-sheltered 403(b) programs.

Background: NAIFA-Iowa has long advocated that the choice of providers for 403(b) clients be broadened. The Iowa Department of Administrative Services narrowed these choices to only four “core” providers, and recently added five “optional” providers. NAIFA-Iowa applauds and was instrumental in expanding the choices to add the five optional providers. NAIFA-Iowa would support continuing to broaden the choices available to Iowans
in educational careers.

Despite the current status of health care being in flux,
NAIFA-Iowa supports:

• Section 1332 State Innovation Waiver options
• Ensuring health care for all Iowans
• Improving affordability and sustainability of insurance choices to all Iowans
• Access to professional services & advice provided by licensed and regulated insurance agents
• Revamping the current marketplace system so consumers can go to the agent they choose rather than being forced to use navigators

Background: In the last year, the Department of Labor’s “Fiduciary Rule” was implemented in part. This rule requires advisors who are dealing with consumers’ retirement accounts  to be a fiduciary and act in their client’s best interest.  NAIFA-Iowa supports the concept of always acting in a client’s best interest, but also supports continued review of this rule inasmuch as the rule has led to consumers having fewer choices  in their retirement planning advisors and the advisors having fewer choices in offering strategies to their clients, as well as creating an ever-changing bureaucratic maze that both  consumers and advisors have to navigate.

NAIFA-Iowa therefore supports the fiduciary concept and supports the continued tweaking of the current rules surrounding that choice so that consumers’ choices are not narrowed, again, recognizing that a free market generally lends itself to a fairer market. NAIFA-Iowa will proactively work to improve accessibility to effective financial tools that offer choice and promote self-sufficiency.

NAIFA-Iowa supports the continuing education requirement of  its advisors. Through education, consumers are better protected because education gives rise to a higher level of professionalism and promotes a fiduciary approach. Historically, lifelong learning has been an accepted characteristic of a professional. NAIFA promotes the highest standards of ethics and integrity from its members.

Framed in an ever-changing industry, NAIFA coordinates regular association events, distributes publications and creates communications that provide timely information. Offering designations that represent a challenging education and promoting numerous small group interactions that invite peer review allow members to hone the practical skills needed to balance between theory and practice. Therefore, NAIFA-Iowa supports legislation that would grant continuing education  credits to its members who maintain an active membership.

National Association of Insurance and Financial Advisors-Iowa

600 State Street
Suite A
Cedar Falls, IA 50613