While it would be “a near impossible task” to quantify the positive impact NAIFA has had in its 126-year history, the challenges to the industry “are daunting” as the number of legislative and regulatory initiatives continue to threaten and change the very nature of the profession, NAIFA President Paul Dougherty said during the P+P Conference in Las Vegas.
“From state-run retirement plans to the DOL fiduciary rule, the future of our industry is being impacted by likely well-intentioned but misinformed legislators and unelected regulators,” Dougherty said in his first National Council address as 2016-2017 NAIFA President. “As a result, we cannot afford to only be vigilant, but we must be aggressive and proactive in our efforts to educate and inform our public leaders, to share with them the potential hazards faced by our customers when they attempt to navigate these financial waters without our help.”
Dougherty urged members to remain involved in NAIFA’s political advocacy initiatives and to build upon relationships with elected officials so they will hear our story. “Every day we ask our clients to sacrifice a little to protect what is at stake. It’s only right that each of us do the same” for the industry, Dougherty said.
Dougherty also encouraged members to take on the challenge of growing membership. “Our work today, tomorrow and for the next year together is to bring (non-members) to NAIFA, to help them understand that we are the guardians at the gate for our industry and that it’s time for them to pick up a shield and stick and do their part. Our most significant foe in today’s environment is apathy, and our challenge is to kick in the door of those who are sitting on the sidelines and get them back in the game.”
NAIFA is on track for a successful future with implementation of the NAIFA 20/20 Strategic Plan, Dougherty said. “We have to follow the course and be unapologetic in our pride as we get this done. …We cannot quit, we cannot fail because so many others are counting on us…our clients, our communities, our country.”
Learn more about NAIFA's President Paul Dougherty.