Government Relations

By Jason Hochstadt, CFP®, AIF®
Government Relations Director

Unfortunately, the Senior Financial Designation Abuse bills, supported by the FPANJ, were not among the many bills passed during the final days of the New Jersey legislative session. These bills would protect seniors from misleading and fraudulent marketing practices with respect to the use of senior-specific certifications and professional designations. The bills were introduced last year by Assemblyman Gary Schaer and Senator Kevin O'Toole.  Recently, committee member Bill Stratton spoke with Assemblyman Schaer, who said that the bills were victims of the legislator's end-of-session priorities. Assemblyman Schaer said this is good legislation and he will reintroduce his bill in the Assembly early in the new legislative session. Assuming this occurs, the Government Relations Committee will once again seek your support in informing your legislators of the Senior Financial Designation Abuse issues and the FPANJ's support for the bill. Reference www.njleg.state.nj.us  for information on New Jersey Legislature activities.

Separately, committee member Bill Stratton attended the New Jersey Chamber of Commerce Congressional Dinner, on January 28. Please note that the FPANJ is now a member of the NJ Chamber of Commerce.  This was an opportunity to meet New Jersey business leaders and legislators as well as discuss FPANJ activities. Prior to the dinner, Bill took the opportunity to visit the Capitol Hill offices of the three New Jersey Congressmen who are members of the House Financial Services Committee: John Adler, Scott Garrett, and Leonard Lance. Bill discussed the FPANJ's support for the Financial Planning Coalition's position on financial services regulatory reform and exchanged contact information with the Legislative Directors responsible for Financial Services Policy. The FPANJ met with Congressman Garrett and Congressman Lance last year to discuss financial services reform and has also requested a meeting with Congressman Adler. It is important for all FPANJ members to support the efforts of the Financial Planning Coalition as they work to influence reform of our industry. Reference www.FinancialPlanningCoalition.com for updates on their activities.

The financial services and planning industry is undergoing significant change.  If we want to influence the outcome we must participate and support the activities of the organizations that represent us. The Financial Planning Coalition, which consists of The Financial Planning Association, NAPFA, and the Certified Financial Planner Board of Standards, needs your support. In addition to making a contribution to FPA-PAC, one of the best ways to participate in the financial regulatory reform activities is to join your chapter's Government Relations Committee. If you would like to participate or are interested in learning more, please contact me at: jason@jedimgt.com, or Maria Eckert, Chapter Director at: maria.eckert@earthlink.com.