Doug Massey has 40 years of experience in the financial industry, specializing in retirement planning and life insurance. A dedicated NAIFA member since 1987, he has served as president of his local association and NAIFA Texas. Doug actively participated in the IFAPAC committee and recently played a crucial role in NAIFA's stand against the Department of Labor's fiduciary rule proposal. As NAIFA's President-Elect for 2025, he is committed to advancing the organization's influence and protecting advisors' interests.

Here’s a glimpse of what you’ll learn: 

• [2:45] Doug Massey discusses how the DOL fiduciary rule may reshape the financial services landscape
• [4:47] Why NAIFA opposes the DOL's proposal 
• [9:04] The potential implications of the DOL rule on financial advisors' practices 
• [13:28] The broader context and sources pushing for regulatory changes 
• [21:28] Why NAIFA members must share their voices and engage politically 
• [22:09] Doug's personal involvement and observations during the DOL lawsuit proceedings
• [30:33] What is Doug’s vision for the future of NAIFA and its membership?
• [37:27] Exciting plans for NAIFA Texas' 100-year anniversary and what to expect from the event
• [45:33] Doug's career accomplishments and what inspires him

In this episode…

Regulations aim to protect, but there comes a point when they may encroach on professional autonomy and service delivery. When proposed changes to the fiduciary rule jeopardize an entire industry, what are the next steps? How can associations make a difference and safeguard their members’ interests against regulatory overreach? 

Seasoned financial advisor Doug Massey delves into NAIFA's proactive measures to confront the Department of Labor's proposed fiduciary rule — a move that could transform the landscape of financial advising. The rule can significantly impact advisors' practices, particularly within retirement planning and life insurance. With a steadfast commitment to the industry and a strong belief in NAIFA's advocacy, Doug recounts the internal workings of the legal challenge, highlighting the need for advisors to advocate and contribute to the industry's defense against restrictive regulations.

In this episode of Advisor Today, Chris Gandy and Suzanne Carawan sit down with Doug Massey, a financial services expert and NAIFA's President-Elect, to talk about protecting financial advisors from overreaching regulations. Doug discusses how the DOL fiduciary rule may reshape the financial service landscape, NAIFA's opposition to the DOL's proposal, and why NAIFA members need to share their voices and engage politically.

Resources mentioned in this episode:

• Chris Gandy on LinkedIn
• Suzanne Carawan on LinkedIn
• NAIFA
• Doug Massey on LinkedIn

Quotable Moments:

• "NAIFA is there to protect your business; it's a labor of love." 
• "NAIFA's involvement is like the 800-pound gorilla. When we speak, the industry pays attention." 
• "Anything that the mind can conceive and believe it can achieve."
• "Every NAIFA member knows they're a member; they've voluntarily put their hand up saying, I'll ascribe to that code of ethics."
• "The value proposition of being a NAIFA member is better than it's ever been." 

Action Steps:

1. Join your local NAIFA chapter to actively participate in advocacy for the industry: Members' collective voice is crucial in influencing policy decisions at the state and federal levels.
2. Stay informed on regulatory proposals like the DOL fiduciary rule that can affect your practice: Keeping abreast of policy changes allows you to adjust and defend your practices proactively.
3. Educate clients on the importance of political engagement in protecting their access to financial services: Informed clients can be powerful advocates for maintaining reasonable regulations that enable effective financial advising.
4. Consider becoming an influencer within NAIFA to galvanize others toward active membership: Influencers can inspire colleagues and peers to understand NAIFA's instrumental role in industry advocacy.
5. Attend NAIFA's Apex event to share ideas, learn from industry leaders, and influence the organization's direction: Participating in flagship events links you directly to the industry's pulse and provides networking opportunities.

Sponsor for this episode...

This episode is brought to you by the National Association of Insurance and Financial Advisors' Advocacy program. NAIFA provides a newsletter open to the industry that reports on government activities at the state and federal levels. Sign up now

At NAIFA, we enhance professional skills, promote ethical conduct, and advocate for legislative and regulatory environments.

By joining NAIFA, you gain access to a partnership that elevates your performance while providing greater purpose to your professional work. NAIFA members are happier, make more money, and stay in the business longer.

Get in touch with NAIFA and learn more about how to join NAIFA by visiting NAIFA.org.