Vinny Dallo, ChFC, CLU, CLTC, LUTCF, serves as President-Elect for NAIFA- New York and has been a loyal NAIFA member since 2005. He practices with Kappan Financial, LLC, in Fairport, NY, where he specializes in personal financial planning.
Vinny’s introduction to the financial services industry is rather unique. He was initially brought on to the MetLife team as a call center manager. He excelled in the position after creating a subscription service that called MetLife advisors’ current clients to strengthen their existing relationships. For a minimal price, advisors both new and established, could sign up for these “warm appointments” that ultimately lead to stronger advisor-client relationships and increased production. Vinny’s initial job as a call center manager enabled him to see the ins-and-outs of a career as a financial advisor with MetLife before pursuing it himself.
Later, the top recruiter in his office questioned why he wasn’t pursuing a career as an advisor, as it was the “perfect fit for him.” That prompted Vinny to pursue a long-term professional goal to have a “helpful impact on other people.” He soon found his new path gave him a strong sense of fulfillment. He even enjoyed reading through the dense, sometimes overly complicated, financial portfolios of his clients that they felt to be daunting.
Naturally, Vinny’s entrance into NAIFA was also unorthodox, as he joined prior to becoming a producer with MetLife. “I’ve been a NAIFA member before I had any of my licenses,” he said. While managing the call center, he was approached by two current NAIFA members, one a former President of NAIFA-Rochester, the other a board member of NAIFA-Rochester. After they explained what NAIFA stood for and how he was able to witness firsthand, with these two members' engagement, how successful NAIFA was in their representation of the industry, he was convinced.
Today, Vinny specializes in what he calls “personalized financial planning” that enables him to do “good things for good people.” He explains how unlike some advisors, he “does not care about net worth, background, or age.” The only requirement is that clients are coachable and open to advice.
"Nothing is more important than NAIFA’s advocacy, " Vinnie said, "because it serves the interests of both NAIFA members and their clients at the state and federal levels." He believes it is his “responsibility” to be personally involved in advocacy and to attend NAIFA’s annual Congressional Conference to meet with elected officials every year. Even during the COVID-19 pandemic, when the Congressional Conference was virtual, Vinny was in attendance working with NAIFA to protect the industry and its constituents. At the state level, he attends NAIFA-NY’s Day on The Hill in Albany to discuss policy and the important role of advisors with officials as well.
Vinny feels that he has a responsibility to protect his clients from potentially harmful policies and legislation. He explains:
"NAIFA is not only preserving my career, it is also preserving and protecting what I bring to the table for my clients. I have several hundred clients that cannot make it to Washington and have a conversation with their elected officials of the unintended consequences of the DOL’s fiduciary rule. It is my responsibility to get down there and have that conversation on behalf of my clients so that legislatures understand the negative, unintended consequences. I am extremely energetic about advocating for this industry."
Vinny conveys his concerns specifically with the fiduciary rule and how it would have impacted him stating, “When the DOL put forth the fiduciary rule it lit a fire under a lot of people. If those changes would have gone through as initially promoted, my career would look a lot different today.” At the state level, Regulation 187, or the Best Interest Clause, was cause for concern. Vinny states, “Again, had it gone through as written, without the influence of NAIFA and its advocacy efforts” it would have been extremely damaging.
For NAIFA members who may have reservations about getting involved with NAIFA’s advocacy, Vinny explains its importance with one quote: “Don’t show up to a potluck dinner empty handed. Don’t assume someone else will do it. Don’t rest on the backs of others.” He goes on further, encouraging those who may feel intimidated by the task of representing the industry and their clients themselves, stating:
"Let’s say you don’t feel confident enough to go down and have the conversation with our legislators about the effects of the proposed fiduciary rule or Secure Act concerns. Maybe you’re still new in the business and don’t understand how it all fits together, and that’s okay. But you can go to the conference, listen and learn enough to potentially replace someone like me one day."
Thank you, Vinny, for your loyal service to our industry and association. We’re #NAIFAproud to call you one of our own.
Vincent Dallo is an Agent, New York Life Insurance Company; a Registered Representative offering securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, A Licensed Insurance Agency; & Financial Advisory offering investment advisory services through Eagle Strategies LLC, A Registered Investment Advisor. Eagle Strategies LLC & NYLIFE Securities LLC are New York Life Companies.
Kappan Financial, LLC is not owned or operated by New York Life Insurance Company or any affiliates. Neither Kappan Financial, LLC, its staff nor New York Life Ins. Co. or its agents/affiliates provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.