How financial professionals are like the minutemen

Insurance and financial advisors work in the best interests of their clients and all consumers in numerous ways. Of course, we provide planning products and guidance as well as risk protection and wealth-building tools that offer the promise of financial security. Many of us are also active in our communities, giving back through our charitable work and involvement.

I am passionate about political advocacy and my ability to give a voice to my clients, colleagues and community that is heard at the state and federal levels.

It might not occur to many advisors that their political involvement is part of serving their clients’ best interests, but to me and many of my colleagues, it rings true. Lawmakers and regulators — whether they are in Washington, Boston or your state capital — make good and bad policy decisions that have direct impacts on our ability to do business and serve our clients.

My state, Massachusetts, is known as the home of the legendary minutemen who, as we all learned in grade school, would spring to action on a moment’s notice to defend their friends and neighbors. As NAIFA’s Grassroots Chair, I have seen many of my colleagues answer the call to protect the financial security of the Main Street Americans we serve and care so deeply about.

We are not facing down enemy cannons and putting our lives on the line to forge a new nation, but many of our efforts have revolutionary outcomes.

» My NAIFA colleagues and I formed a groundswell of grassroots activity that helped pass the SECURE Act and SECURE 2.0, federal laws that overhauled and improved retirement planning by incentivizing more employers to offer plans, expanding opportunities for workers to prepare for retirement and giving American families greater flexibility in their retirement planning.

» On the same day in May that more than 500 NAIFA members met with more than 300 congressional offices, the leadership of influential House and Senate committees sent a letter to the heads of the Securities and Exchange Commission and the IRS, saying that Congress would introduce corrections and clarifications to SECURE 2.0, which NAIFA members had asked for.

» Last year, on very short notice, my NAIFA-Massachusetts colleagues and I headed off a bill to create a pilot single-payer health coverage program that sneaked onto the legislative calendar during the last few days of the session and could have had consequences for advisors and their clients throughout the state.

» Similarly, my colleagues at NAIFA-Kentucky took quick action to get a financial planning and investment management exemption in legislation imposing a 6% sales tax on services in their state.

These are just a few examples of how insurance and financial professionals can use grassroots political involvement to work in their clients’ best interests. Often, our products and services are associated with Wall Street, but the reality could not be further from the truth. We are as Main Street as it gets, working with teachers, firefighters, members of the military, and small business owners and their employees. We spring to action to defend our communities and our hardworking neighbors, whether by providing comprehensive insurance coverage or opposing legislation that could negatively impact their ability to achieve their financial goals.

Every agent and advisor can make a real difference through their political advocacy. Your expertise is invaluable to policymakers in your state and Washington, and they truly want to hear your clients’ Main Street stories. The clients you serve are the voters who are their constituents.
The best part is that political advocacy is easy. You don’t have to face down a line of musket-bearing redcoats. NAIFA provides numerous opportunities to get involved.

We held our annual Congressional Conference fly-in earlier this spring, but now we are gearing up for August in-district meetings with lawmakers. Many NAIFA chapters also hold legislative days in state capitals around the country. You don’t have to be a NAIFA member to participate.

We serve our clients and communities with great passion. To truly work in their best interests, I believe political advocacy must be part of the equation. I strongly urge every agent and advisor to explore ways they can get more involved.

Joshua O’Gara, CLU, ChFC, CFP, is the chair of NAIFA’s National Grassroots Committee. He is the owner of O’Gara Financial Group in Woburn, Mass. He may be contacted at [email protected].