NAIFA has formally elected its officers and Board of Trustees at its annual business meeting as part of the National Leadership Conference and Belong awards celebration in Washington, D.C.

Thomas M. Cothron, LUTCF, FSCP, Agency Manager at Southern Farm Bureau Insurance in Ocala, FL, a loyal member since 1981, will serve as NAIFA’s 2024 President. Douglas B. Massey, LUTCF, CLU, ChFC, FSS, Owner of Doug Massey Financial Services in San Angelo, TX, a loyal member since 1987, will be the 2024 President-Elect. Both Cothron and Massey have served the association in multiple roles including national Trustee, State President, and specialty committee roles throughout their leadership tenure.

Brock T. Jolly, CFP, CLU, LACP, ChFC, CLTC, CASL, RICP, Partner at Veritas Financial LLC/MassMutual Financial Group in McLean, VA, a loyal member since 2001, was elected to continue to serve as NAIFA’s Treasurer. Bryon A. Holz, CLU, ChFC, LUTCF, CASL, LACP, President of Bryon Holz & Associates in Brandon, FL, and a loyal member since 1987, will serve as Immediate Past President beginning January 1, 2024.

Christopher L. Gandy, LACP, Founder of the Midwest Legacy Group in Lisle, IL, will be the 2024 NAIFA Secretary. A current member of NAIFA’s Board of Trustees, Gandy has been a loyal NAIFA member since 2003. As incoming Secretary, Gandy will be in line to serve as President-Elect in 2025 and President in 2026.

Stephen Kagawa, FSS, LUTCF, was elected to serve a two-year term on the NAIFA Board of Trustees. Kagawa, a loyal NAIFA member since 1986, is Founder and CEO of the Pacific Bridge Companies in Monrovia, CA. This will be Kagawa’s first time serving as a National Trustee for NAIFA.

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The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.

Bryon and Chuck offered a unique perspective when they testified at a DOL public hearing that the Department's latest fiduciary proposal will harm consumers. Unlike any of the other witnesses, Bryon and Chuck have been working together for decades as advisor and client.

Their real-world experience – Bryon was already a seasoned professional when the DOL first imposed its fiduciary rule in 2016 and he saw its impact firsthand – brought authentic voices to the DOL proceeding and complimented the testimony of industry lobbyists.

Real-World Impact

Bryon testified that consumers are best served when they can choose how and from whom they receive financial services. The current DOL proposal would force many advisors to move to a fee-for-service model tailored to higher-income clients. It ignores that some clients are better served by existing models.

Chuck offered his own case as an example. When he began preparing for retirement, he had limited assets and very likely would not have been able to work with Bryon had the DOL proposal been in place.

"By moving forward with this Proposed Rule, the Department is ignoring the negative impact this rule will have on lower- and middle-income savers and the real-world experience that NAIFA members saw firsthand before the 2016 Fiduciary Rule was vacated," Holz testified.

NAIFA, along with the American Council of Life Insurers, initiated a lawsuit challenging the earlier DOL fiduciary rule. A federal appeals court in 2018 vacated that rule. The DOL's current proposal shares many of the flaws of its predecessor.

NAIFA members develop relationships with clients based on trust and results. Even Timothy D. Hauser, the Deputy Assistant Secretary for Program Operations of the DOL's Employee Benefits Security Administration (EBSA), acknowledged the impact of Bryon and Chuck's testimony. "It's one thing for people in the business to testify but it's another for one of your clients to step forward. Thank you."

A Fight We Have to Win

With so much at stake, NAIFA strongly urges the DOL to withdraw its recycled rule. We are working with members of Congress on both sides of the aisle and urging their opposition, as well. We will continue to oppose the DOL proposal and explore all options to preserve consumers' ability to choose from a variety of financial service models.

There are things you can do to help:

•  Take Action at NAIFA's Legislative Action Center by sending a letter opposed to the DOL proposal to your members of Congress.
• Be sure to keep your NAIFA membership up-to-date. If you have a year-end renewal date, don't let it lapse. Renew today!
• Encourage your colleagues who are not NAIFA members to join us. The greater our numbers, the louder our advocacy voice grows. Given the current DOL threat, we need all financial professionals to be a part of our efforts.
• Mark your calendar for NAIFA's Congressional Conference, May 20-21, and sign up to get an update when registration opens.

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