The Financial Planning Association will lay out its legislative agenda to members of Congress during a series of meetings in June.
Through these exchanges, which will be held June 5 and June 6, the association hopes to educate members of Congress about issues the organization feels affect advisors, brokers and consumers, said Lauren M. Schadle, the association’s executive director and CEO.
Evelyn M. Zohlen, the association’s president, said in a statement: “As the financial planning profession evolves, it’s important that FPA is at the table with key federal policy makers to weigh in on issues that can have lasting effects on the practice of financial planning, financial planners and those they serve.
“Through our national Advocacy Day,” Zohlen said, “our members will have the opportunity to meet and engage with legislators and regulators who can influence the policies that govern our profession and impact those receiving financial planning services.”
The FPA said it has concerns about several Securities and Exchange Commission proposals, including the “Regulation Best Interest” and the “Consumer Relationship Summary,” a form designed to lay out the differences among advisors for consumers and explain different standards of conduct.
The proposals are supposed to raise the conduct standards for broker-dealers, reaffirm the fiduciary obligation of investment advisors and enhance investor understanding of the rules advisors and brokers are supposed to meet. But the proposals need to be clarified through better definitions to reduce consumer confusion, the FPA said.
The FPA members also will discuss the organization’s support for a bill in the U.S. House of Representatives, bill H.R. 1815, which requires the SEC to engage in investor testing, including one-on-one interviews with investors, before it enacts a new rule or regulation.
The FPA also wants Congress to help promote financial literacy in order to help Americans live healthy financial lives, the association said.