More than 250 NAIFA members took to Capitol Hill today to meet with over 200 Congressional offices to advance the need to protect the worker classification of financial service professionals as independent contractors and to provide consumers a variety of choices in financial service professionals. The Day on the Hill was coupled with NAIFA’s National Leadership Conference which serves to train the leaders of state and local chapters in grassroots advocacy.

NAIFA members spoke with lawmakers to explain the need to retain the current definition of independent contractors. Any modifications to the current laws or regulations should not include an ABC test or similar methods and should ensure that insurance and financial professionals are exempt. Treating agents and advisors as employees under such a change would hinder their ability to operate their own businesses and work in the best interests of their clients.

NAIFA grassroots also asked Congress to oppose an unnecessary Department of Labor fiduciary-only proposal that would reduce consumers’ options when seeking financial advice and products and deprive many middle- and lower-income investors of advice altogether. In meetings with their Representatives and Senators, they focused on the critical role agents, advisors, and other financial professionals play in securing the financial futures of their clients and communities.

NAIFA members’ personal stories, which represent their businesses, clients, and communities, help lawmakers thoroughly understand the important role NAIFA members play in:

• Providing products, services, and advice that improve the financial security of 90 million American families.
• Promoting financial literacy and self-sufficiency in diverse communities.
• Strengthening the U.S. economy and contributing to the financial health of communities in every congressional district.
• Representing the best interests of their clients and promoting the success of Main Street Americans and businesses.

Today’s Day on the Hill is the third leg of NAIFA’s three-point grassroots strategy that has members meeting with Congressional leaders in May during the Congressional Conference, in summer with in-district meetings, and bringing NAIFA chapter leaders to the Hill in December of each year. Next year’s Congressional Conference will be held May 20-21, 2024, in Washington, D.C.