Advisor Today - September/October 2012 - (Page 10)
By Robert Miller, M.S., M.A.
NAIFA OFFICERS President Robert A. Miller, M.A., M.S. Miller-Pomerantz firstname.lastname@example.org President-Elect Robert O. Smith, CLU, ChFC, J.D., LIC Northwestern Mutual Financial Network email@example.com Secretary John Nichols, CLU, MSM Disability Resource Group, Inc. firstname.lastname@example.org Treasurer Matthew S. Tassey, CLU, ChFC, LUTCF Principal Financial Group email@example.com Immediate Past President Terry K. Headley, LUTCF, LIC, FSS Headley Financial Group firstname.lastname@example.org CEO Dr. Susan B. Waters, CAE email@example.com NAIFA TRUSTEES Tom M. Cothron, LUTCF firstname.lastname@example.org Brenda Doty, LUTCF, RHU, CLU email@example.com Paul R. Dougherty, LUTCF, FSS firstname.lastname@example.org Kenneth R. Evans, CLU, ChFC, LUTCF, CFP, AEP Ken@kenevans.biz Keith M. Gillies, CLU, ChFC, CFP email@example.com John S. Holmes, III, LUTCF firstname.lastname@example.org Matthew S. Huntington, CLU, LUTCF email@example.com Lisa Laliberte, CLU, ChFC, CASL Lisa.firstname.lastname@example.org Lawrence E. Lounds, CLU, ChFC, LUTCF email@example.com Van B. Land, LUTCF, RFC firstname.lastname@example.org Juli McNeely, CFP, CLU, LUTCF email@example.com NAIFA SERVICE CORPORATION OFFICERS AND DIRECTORS President Dr. Susan B. Waters, CAE Secretary Robert A. Miller, M.A., M.S. Miller-Pomerantz Treasurer Matthew S. Tassey Principal Financial Group Directors James Buchan, CLU, ChFC Northwestern Mutual Susan Wier, CFP, ChFC, LUTCF First American Trust EDITORIAL ADVISORY COUNCIL Laurie A. Adams, CFP, CLU, LUTCF Country Insurance & Financial Services Brian Ashe, CLU Brian Ashe and Associates, Ltd. Frank Bearden, Ph.D., CLU, ChFC Frank C. Bearden, Ph.D., Consulting Kevin Faherty, LUTCF Faherty Insurance Services, Inc. Greg Gagne, ChFC, LUTCF Afﬁnity Investment Group, LLC Michael Lynch MetLife John Marshall Lee, CLU, CFP, RHU People Insurance & Investments John Nichols, CLU, MSM Disability Resource Group Inc. Roland Panneton, FLMI NAIFA Government Relations Ike Trotter, CLU, CASL, ChFC Ike Trotter Agency, LLC
Advancing NAIFA’s Goals
t has been a privilege and an honor to serve as your president. With your help and support, we secured many victories in our ongoing efforts to protect your professional welfare and create a favorable business environment for you and the clients you serve. We scored a big win last September when the Department of Labor (DOL) withdrew its proposal to redeﬁne “ﬁduciary” for retirement savings advisors, just a few days after more than 1,000 NAIFA members took to Capitol Hill to talk with their Congressmen about this and other top issues. The proposed regulation would have forced most personalized investment advice in the retirement-savings marketplace into a fee-only model of compensation. DOL is working on drafting a revised proposal, expected to be released this year. Members of Congress from both sides of the aisle, with encouragement from NAIFA, continue to press DOL to defend its actions and end the uncertainty that this process is creating in the marketplace. Together with our industry partners, we successfully defeated Congressional efforts in March to repeal the McCarran-Ferguson federal anti-trust exemption for various ﬁnancial products, including life insurance, annuities, long-term-care insurance and DI insurance. And in May, the Senate blocked a bill that would have hiked taxes on professionalservice businesses that are organized as S Corporations, including investment advice or management and brokerage services. In the health-care-reform arena, the Supreme Court’s decision in June that the Affordable Care Act is constitutional provided us with the certainty we need to advance our goals. We will continue to pursue necessary modiﬁcations to the law to improve the affordability and sustainability of private insurance choices and to ensure that consumers have access to professional services provided by fairly compensated, licensed and regulated insurance agents and advisors.
10 ADVISOR TODAY | September/October 2012
We have also been very successful in the political action committee arena. With just over a couple of months to go before the election, NAIFAPAC has contributed $1,044,000 to 2012 political campaigns. Overall, our biggest legislative achievements are often what do not get enacted. For example, our efforts to educate Congress about the value that life insurance provides to their constituents have resulted in no new taxes on life insurance and protection products, despite the desperation of Congress to ﬁnd new revenue to address the national debt crisis. Telling the NAIFA story Throughout the year, we seized every opportunity possible to tell our story to some of the nation’s most prominent media outlets. Acting as your spokesperson, I was interviewed by The Wall Street Journal, Reuters, Bloomberg News and U.S. News & World Report on such topics as standard of care, health-care reform, commission disclosure and the value of life insurance. I was also quoted regularly in industry and Hill trade publications, including The Hill, Politico, National Underwriter and Investment News. Placements in these important publications explain our position to inﬂuential lawmakers and help keep the spotlight on our past accomplishments and future endeavors. I am very proud of the strides we have made this year. My thanks go to the entire NAIFA staff, the Executive Committee, the Board of Trustees, local and state executives, and the leaders and volunteers in each state of this great federation. Thanks, all of you, for your inspiration, your dedication, and your countless hours of service that helped move us forward. ■
Robert Miller, M.A., M.S., is president of NAIFA and a partner at Miller-Pomerantz in New York City.
Table of Contents for the Digital Edition of Advisor Today - September/October 2012
From The Editor
Making the Transition
Will We Avoid the Fiscal Cliff at the End of 2012?
Boosting Retirement Plan Participation
Protecting Younger Workers’ Greatest Asset
From Term to Perm
Demystifying Life Insurance
Four Under Forty
My Best Sales Ideas
NAIFA Government Relations
Insuring People in the World of Sports
Advisor Today - September/October 2012