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NAIFA 2015 Annual Conference

October 3-5, 2015
New Orleans

The NAIFA 2015 Career Conference and Annual Meeting will take place October 3-5, 2015 in New Orleans, Louisiana.

Conference events will take place in the Ernest N. Morial Convention Center at 900 Convention Center Blvd, New Orleans, LA 70130. The headquarters hotel is the Hilton New Orleans Riverside at 2 Poydras St, New Orleans, LA 70130. NAIFA will have an additional hotel room block available at the Hampton Inn & Suites New Orleans Convention Center at 1201 Convention Center Blvd, New Orleans, LA 70130.

Action Is Urgently Needed:  The Department of Labor (DOL) needs to hear from you TODAY about your clients’ right to continue to work with you.  

The DOL recently proposed a controversial regulations that would dramatically expand who is considered a fiduciary when advising retirement savers.  The rule is complicated, confusing and will be costly to implement.  Most importantly, the rule, if enacted as written, will dramatically reduce access to education and professional advice, and will both increase costs to retirement savers and limit the choices in how they choose to pay for much needed retirement planning services. 

The regulation needs significant revisions. The DOL needs to know why.

If you currently help employers set up 401(k) kinds of plans, you will be prohibited from receiving any third party compensation if the new rule is enacted as written.

If you currently identify the investment option that meets a common portfolio model, you will be deemed an investment advice fiduciary, not just an advisor offering investment education, and will be subject to strict fiduciary obligations.

If you sell proprietary products to IRA account owners, you may fail to satisfy the "best interest" rules under the proposed regulation.

It is vitally important that the DOL hear from you NOW.  Our ability to successfully fix the rule depends on the volume of the "noise" your letters generate.

Please personalize the letter provided.  Add a paragraph that describes how you serve a specific client now and what the consequence would be to your client if this unworkable rule stands.

EXAMPLE:  Recently, I helped Jane decide what to do with her 401(k) account when she terminated employment.  The decision was made that rolling the assets into an Individual Retirement Account (IRA) was the best choice for Jane. I  helped Jane decide how to invest the IRA account to best meet Jane’s risk tolerance, financial situation, tax status, investment objectives, liquidity needs, and risk tolerance.  I received commissions from the purchase of mutual funds and an annuity.  Under the current rule, I would be prohibited from providing any of those services.  The likely result would be that Jane would instead just cash out her 401(k) and would suffer the tax and the early withdrawal penalty, a wrong decision but one likely if she hadn’t had access to my services.

Write to the DOL TODAY!  Tell them why those results are wrong for your clients.

Urge your friends and colleagues to make their voices heard. Remember to complete the Tell-a-Friend feature after you email the DOL!


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A Brief History of NAIFA-Colorado

NAIFA-Colorado, originally founded as the Colorado Association of Life Underwriters (CALU) in 1935, was based on the precept that those engaged in life underwriting occupy the unique position of liaison between the purchasers and the suppliers of life and health insurance and closely-related financial products. Inherent in this role is the combination of professional duty to the client and to the company, as well. Ethical balance is required to avoid any conflict between these two obligations.
NAIFA-Colorado’s mission:

NAIFA-Colorado is an organization of insurance and financial advisors whose purpose is to serve as an information resource, to promote ethical conduct, and to enhance our professional skills and public image, and support our local associations.

The NAIFA-Colorado Board of Directors meets four times per year, promoting educational programming and continuing education. In addition, we promote advocacy through legislative functions, including IFAPAC, APIC, Legislative Receptions, and a Day on the Hill. We also send representatives to the Division of Insurance’s Producers Advisory Council to articulate our views on rules, regulation
s, and pending legislation, as it affects the field of insurance and financial planning.

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