FPA raises most campaign funds ever at single reception at annual conference

Organization seeks more support from members for political efforts.
OCT 18, 2019
The Financial Planning Association reached new heights this week in raising money from its members for its political action committee, an accomplishment the organization hopes will bolster its ability to contribute to lawmakers' 2020 campaigns. On Wednesday, the FPA PAC took in $22,300 during a reception at the FPA annual conference in Minneapolis. "It's our best fundraising from a reception ever," said Karen Nystrom, FPA director of advocacy. The money in the FPA PAC is used to make political donations to members of Congress. Those contributions can help open doors for the organization on Capitol Hill when it lobbies lawmakers on financial advice issues. Like many other trade associations in the advice sector, the FPA has put an emphasis on Capitol Hill days in which its members come to Washington to lobby lawmakers and their aides. "With our advocacy day, we're getting better traction on the Hill," Ms. Nystrom said. "People understand it and are willing to give to make sure that continues." The FPA hopes to give about $42,500 to legislators this year. The campaign cycle started in January and lasts until Dec. 31, 2020. If the group makes a similar amount of donations to politicians next year, its total campaign spending would still be a fraction of what the brokerage and insurance industries spend. [Recommended video: U.S.-China is most defining relationship in the world] But the FPA PAC is the only avenue for political donations for the Financial Planning Coalition, which is made up of the FPA, the National Association of Personal Financial Advisors and the Certified Financial Planner Board of Standards Inc. Neither NAPFA nor the CFP Board has a PAC. CFP Board chairwoman Susan John stressed how the FPA PAC helps the profession raise its political voice. "It's so important to educate all of our congresspeople and people in our statehouses about the things that we do because frankly, they don't have a clue," Ms. John said at a conference session. "So it's really important to give them our perspective on how we help our clients every day and how they can protect the public by enacting appropriate legislation." Campaign finance rules restrict the total amount an FPA member can give to its PAC to $5,000 annually. One of the group's fundraising strategies is to find 50 members who are willing to commit $5,000 for five years in a row, Ms. Nystrom said.

Latest News

Goldman leads wave of prediction market bans at financial firms
Goldman leads wave of prediction market bans at financial firms

As Goldman Sachs tightens rules on event contract trading, RIAs and hedge funds are weighing their own policies

Advisor moves: Baird recruits $600M veteran pair to director roles in North Carolina
Advisor moves: Baird recruits $600M veteran pair to director roles in North Carolina

Meanwhile, Wells Fargo lures defectors from UBS and JPMorgan to expand in the East Coast, while another bank aligns itself with RayJay's financial institutions division.

AI may be nudging some older workers into early retirement, study finds
AI may be nudging some older workers into early retirement, study finds

New research suggests AI-exposed workers over 55 are leaving jobs more often than before ChatGPT’s rise.

Wall Street banks promoting AI agents from research aids into digital coworkers
Wall Street banks promoting AI agents from research aids into digital coworkers

Agentic AI is landing in trading, treasury and wealth management roles across major banks, with advisory functions as the next frontier.

People moves: FiNet hires former LPL executive Andrew Harpp, Ellevest names new CIO
People moves: FiNet hires former LPL executive Andrew Harpp, Ellevest names new CIO

Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income