Unless you have been living under a rock, you know that legislative issues continue to impact those of us in the financial planning industry.  On the national front, legislators in Washington D.C. continue to debate bills aimed at the regulation of our industry.  At the state level, the service tax issue is still a possibility. 

I want you to know that the FPA continues to work on your behalf -- fighting for and supporting the best interests of you, the financial planning professional.

Nationally, the Financial Planning Coalition made up of the CFP Board, the Financial Planning Association and the National Association of Personal Financial Advisors met in Washington on May 10, 2010, to continue their effort to establish financial planning as a recognized and regulated profession.

The proposed amendment to regulate financial planning will not likely be included in either the House or Senate bill at this time.  Both bills contain a request for a General Accounting Office (GAO) study on the regulation of financial planning.  It is anticipated that the study will take approximately six months to complete once a final bill has been approved.

The coalition will insure that we have a strong participation in the study, and will remain intact and dedicated to establishing financial planning as a recognized and regulated profession.  In addition, the Coalition support financial advice delivered at the fiduciary standard.  If you have not taken action, please follow the below link to send a letter supporting a fiduciary standard for all those who provide investment advice.

http://www.fpanet.org/GovernmentRelations/GrassrootsEfforts/

Locally, our FPA of Michigan Government Relations Committee,  led by Chair Evelyn MacIntyre, has been hard at work lobbying against a tax on services, including financial planning services.  On May 4^th, 2010, Evelyn MacIntyre, Victor Hicks and Doug Gross spent the day in Lansing meeting with state legislators on Governor Granholm's proposed service tax.  During their meetings, the committee worked to develop relationships with State Legislators and offer the FPA as a resource on issues related to financial planning and the financial well being of our clients and citizens of the state in general.  Many of the legislators the committee met with were open to hearing the concerns of financial planners in our State.  The Governor may make a push to get the service tax passed in the Fall, so we encourage you to continue to communicate with your legislators on this issue.

If you are interested in getting involved with our FPA  of Michigan Government Relations efforts, please contact Committee Chair Evelyn MacIntyre (Evelyn@CapelliFS.com).

Remember:  Do One Thing...One Thing Leads to Another.

Sandra D. Adams, CFP®

President, FPA of Michigan

Sandy.Adams@RaymondJames.com

(248) 948-7900

Based upon feedback from retiring members, FPA National has added a new membership opportunity in an effort to recognize those members who have achieved years of service within the profession and long-time dedication as a member of FPA.  This new 'lifetime membership' opportunity will be by invitation only, and will only apply to those members who are 70 years of age or older, and who have achieved at least ten consecutive years of membership with FPA.  

Upon acceptance of the invitation, the member will pay a one-time fee of $675 to FPA National.  The member will then receive the complete slate of membership benefits, their Heritage Club status will also be acknowledged at select membership functions at a National level, and they will be presented with an exclusive Heritage Club membership certificate recognizing their contribution to FPA and the financial planning profession.

We are sending an invitation out to all members whose membership lapsed over the past year who would have qualified based upon their age and longevity, as well as a monthly invite to the qualifying members 120 days prior to their membership renewal.