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News & Press: CalAdvisor Newsletter

Political Involvement (PIC)

Thursday, September 3, 2015   (0 Comments)
Posted by: Richard D. Nilmeier, Sr., CLU, RHU
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Legislative Update- September 2015

We have seen a tremendous amount of activity this summer with the issue of Fiduciary Standards. This has been a huge issue not only to us but to our clients. Juli McNeeley, NAIFA President, testified before the Department of Labor in Mid-August. Hopeful you have been able to listen to her testimony. Another person who testified is Don Trone, DCEO of fi360. Don has been steeped in fiduciary endeavors for 30 years. His testimony included the following: “I think research will show that over the last 15-20 years, fiduciaries have stolen more money from investors and retirement savers than brokers. Bernie Madoff was subject to a fiduciary standard, and, if he were here today, I think he would say that the department’s proposed rules would not have slowed him down.”

We need to increase the numbers of our members who are key contacts with our legislators. We need to be able to tell our story to them. How we build those relationships will be the subject of coming articles. As salespeople, we know that we have to make a call to a prospect before that person can ever be a prospective client. Many of the same principles hold true in building a relationship with a legislator. We can invite them or their staffer to our luncheons or get-togethers. Many of the staffers will end up with a career in politics, and you don’t know who that will be. Years ago I worked with the head of Assemblyman Bruce Bronzan’s Fresno office. Years later, that person, Cruz Bustamante, would become Lt. Governor of California.

The one thing that we must remember in working with our legislators is that they are there to do what they feel is in the best interests of their constituents. We must always represent our clients first and foremost if we are to make our case with them. And we must always be truthful and honest in our dealings with our legislators. We will be sharing further ideas in the coming months on relationship building with our representatives. If you have any questions, please feel free to call John Davidson, Richard Nilmeier or any of the regional coordinators.

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