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.

The NAIFA Governance Committee consists of 12 NAIFA members and is chaired by NAIFA Past President Lawrence Holzberg, LUTCF, LACP, Brokerage Director at Coastal Wealth in Boynton Beach, FL, a loyal member since 1990.

“The NAIFA Governance Committee has nominated a very strong group of candidates for NAIFA’s Secretary, Treasurer, and Trustee positions,” Holzberg said. “The large number and extraordinary quality of the applicants this year made the nominating decisions particularly difficult. It is a testament to the strength of NAIFA that so many highly talented members want to volunteer their time and talents to ensure the continued success of our association. I sincerely hope they all continue their dedicated support of NAIFA and will continue to offer their leadership and services when occasions arise. On behalf of the Governance Committee, I would like to whole-heartedly congratulate Secretary candidate John Wheeler, Treasurer candidate Paul Dougherty, and Trustee candidates R. Jan Pinney and John D. Richardson. You have the complete confidence and full support of the committee, and we look forward to your strong leadership.”

Douglas B. Massey, LUTCF, FSS, CLU, ChFC, Owner of Doug Massey Financial Services in San Angelo, TX, a loyal member since 1987, will serve as NAIFA’s 2025 President. 

Douglas Massey is a registered representative with OFG Financial Services, Inc., where he has been since 1992. His practice specialties include retirement planning and life insurance. His company’s focus is on near-retirees and retirees. It also does a significant amount of business in the non-profit and 403(b) market.

A NAIFA member since 1987, Massey has served as Chair of the IFAPAC Committee, was on the NAIFA-TX board of directors from 2008-2014 and was President of NAIFA-TX from 2012-2013.

He has attended every NAIFA Congressional Conference since the meeting’s inception and has attended every NAIFA-TX Legislative Day since 1991. He is one of the key contacts for Sens. John Cornyn and Ted Cruz and Rep. Michael Conaway.

Massey is an IFAPAC Defender (monthly contributor), as well as a contributor at several events each year. Over the years, he has recruited and sponsored many NAIFA members and has encouraged past members. He has moderated LUTCF and FSS classes and is a Leadership in Life Institute (LILI) graduate.

NAIFA’s Committee on Governance has nominated John Wheeler, CFP, CLU, ChFC, CRPC, LACP, CLTC, LUTCF, Executive Senior Partner at Totus Wealth Management LLC in Houston, Texas, to be the 2025 NAIFA Secretary. Wheeler, who currently serves on NAIFA’s National Government Relations and IFAPAC Committees, is a past NAIFA-National Trustee and Past President of NAIFA-Illinois. He has been a loyal NAIFA member since 1973. As incoming Secretary, Wheeler will be in line to serve as President-Elect in 2026 and President in 2027.

The Committee has also nominated R. Jan Pinney, CLU, ChFC, CPCU, Chairman & CEO of the Pinney Insurance Center in Roseville, CA, and John D. Richardson, RICP, LACP, a Financial Planner with Capital Planning Group in Brentwood, TN, to each serve a two-year term on the NAIFA Board of Trustees. Pinney, a loyal NAIFA member since 1971, is a Past President of NAIFA-California and a Past Board Member of Life Happens. Richardson, a loyal member since 2003, was NAIFA’s Young Advisor Team Leader of the Year for 2018 and is Past President of NAIFA-Tennessee.

Paul Dougherty, LUTCF, FSS, LACP, HIA, an Agent with State Farm in Hyattsville, MD, is nominated to serve as NAIFA’s National Treasurer. He has been a loyal member since 1999 and is a NAIFA-National Past President and past member of Life Happens Board of Trustees.

Returning to serve the second year of their two-year terms as Trustee are Dennis Cuccinelli, LACP, a Financial Representative of Certified Financial Services in Edison, NJ, a loyal member since 1986, and Stephen Kagawa, FSS, LUTCF, Founder and CEO of the Pacific Bridge Companies in Monrovia, CA, a loyal member since 1986.

Also returning as Trustees in 2025 are Jesse Dogillo, CFP, CLU, ChFC, AEP, Founder of Bay Area Financial Advisers in Sunnyvale, CA, a loyal member since 2022; Ernest Guerriero, CLU, ChFC, CEBS, CPCU, CPC, CMS, AIF, RICP, CPFA, Head of Business Sponsored Retirement Plans at Guardian Life Insurance Company in New York, NY, a loyal member since 2022; Barb Pietrangelo, CFP, CLU, ChFC, a Financial Planner with Prudential Financial in Ada, MI, a loyal member since 1992; and Andrew Rinn, JD, CFP, CLU, ChFC, Assistant Vice President-Advanced Strategies with Sammons Financial in Lincoln. NE, a loyal member since 2018.

Douglas B. Massey, LUTCF, FSS, CLU, ChFC, Owner of Doug Massey Financial Services in San Angelo, TX, a loyal member since 1987, will serve as NAIFA’s 2025 President. Christopher Gandy, LACP, Founder of Midwest Legacy Group in Lisle, IL, will be the 2025 President-Elect. Both Massey and Gandy have served the association in multiple roles including national Trustee, State President, and specialty committee roles throughout their leadership tenure.

Thomas M. Cothron, LUTCF, FSCP, Agency Manager at Southern Farm Bureau Insurance in Ocala, FL, a loyal member since 1981, will serve as Immediate Past President beginning January 1, 2025.

The NAIFA Governance Committee consists of 12 NAIFA members and is chaired by NAIFA Past President Lawrence Holzberg, LUTCF, LACP, Brokerage Director at Coastal Wealth in Boynton Beach, FL, a loyal member since 1990.

“The NAIFA Governance Committee has nominated a very strong group of candidates for NAIFA’s Secretary, Treasurer, and Trustee positions,” Holzberg said. “The large number and extraordinary quality of the applicants this year made the nominating decisions particularly difficult. It is a testament to the strength of NAIFA that so many highly talented members want to volunteer their time and talents to ensure the continued success of our association. I sincerely hope they all continue their dedicated support of NAIFA and will continue to offer their leadership and services when occasions arise. On behalf of the Governance Committee, I would like to whole-heartedly congratulate Secretary candidate John Wheeler, Treasurer candidate Paul Dougherty, and Trustee candidates R. Jan Pinney and John D. Richardson. You have the complete confidence and full support of the committee, and we look forward to your strong leadership.”

On July 25, 2024, a federal court in the Eastern District of Texas issued a stay barring the enforcement of the DOL fiduciary-only rule (and amendments to PTE 84-24) while the case in FACC v. DOL is pending. An appeal of the stay to the 5th Circuit is likely.  

Meanwhile, NAIFA’s challenge to the fiduciary-only rule, brought with ACLI and other industry groups, is under review in the Northern District of Texas, where we seek a preliminary injunction and stay against enforcement of the fiduciary-only rule and amendments to PTE 84-24 and 2020-02.

Update: A Federal Court has granted a stay in the case brought by NAIFA, ACLI, and others.

The court in the FACC case ruled that plaintiffs are likely to succeed on the merits because the fiduciary-only rule conflicts with ERISA, and with the 5th Circuit’s decision in Chamber, by impermissibly expanding the definition of fiduciary and exceeding the DOL’s authority.

The court in the FACC case found the following:

• The fiduciary-only rule improperly treats one-time rollover recommendations as fiduciary relationships, by improperly redefining fiduciary relationships to include non-trust-and-confidence relationships.
• The fiduciary-only rule improperly (i) eliminates the requirements that fiduciary advice be given on a regular basis, pursuant to mutual agreement, and as primary basis for investment decisions, (ii) ignores the requirement that fiduciary advice be given for a fee, and (iii) ignores the distinction between the DOL’s authority under ERISA Titles I and II.
• The amendments to PTE 84-24 are arbitrary and capricious by imposing fiduciary duty requirements and liabilities on all agents and brokers who interact with retirement investors.
• The FACC plaintiffs demonstrated a substantial threat of irreparable harm if the fiduciary-only rule goes into effect, including compliance burdens and potential liability.

The court gave its stay nationwide effect, not limited to the parties in the FACC case, because the fiduciary-only rule affects all similarly situated financial professionals; because investment rules should be uniform; and because the rule impacts various parts of the financial services industry.

"NAIFA is very pleased that a federal court has halted enforcement of the Department of Labor's fiduciary-only rule," said NAIFA CEO Kevin Mayeux, CAE. "While we await a decision in the case NAIFA filed with NAIFA Chapters, ACLI, and other industry groups in opposition to the DOL rule, this is an important step forward towards protecting the businesses of NAIFA members and consumers who rely on them for financial products and services. The decision means that the DOL's rule will not go into effect September 24, and the courts will have time to fully consider the merits of our lawsuit. We are encouraged by this decision and are confident that we have put forward a strong argument to have the DOL's rule vacated in its entirety."

The NAIFA chapters that are parties to our lawsuit are NAIFA-Texas, NAIFA-Dallas, NAIFA-Fort Worth, and NAIFA-Pineywoods of East Texas. NAIFA will keep you posted on important developments in these cases.

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Sponsored by Humana, this webinar is a great opportunity to deepen your knowledge of Medicare Supplement products and explore new ways to support your clients.

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Join your friends and colleagues at the Arizona Biltmore, September 19-21, for NAIFA's combined signature events, Apex and the National Leadership Conference. You can see who will be there on our Apex Who's Coming? page. Add your name to the list by registering today!

Members from Texas registered to attend include: 

Lena Allouche, NAIFA Houston President
Erni Davis, NAIFA Employee
Renae Davies, NAIFA-Texas Executive Director
Rick Demko, NAIFA-Texas President-Elect
Karen Easterling, NAIFA Austin Board Member
Susan Faykus, NAIFA Austin President
Keith Forster, San Antonio Member
Hollie Gandy Donohue, NAIFA Amarillo Area Leadership Team Member
Robin Johnston, Austin Member
Chuck Laubach, San Antonio Member
Douglas Massey, NAIFA National President-Elect
Shane Minks, NAIFA Houston Board Member
Michael Steadman, San Antonio Member
Jason Talley, NAIFA-Texas Industry Relations Task Force Chair & LILI Chair
James Thompson, NAIFA-Texas Board Member
Joey Ussery, Houston Member
John W Wheeler Jr., NAIFA-Texas Board Member

NAIFA's Apex and National Leadership Conference has what you need to take your business to the next level and boost your bottom line. 

• Breakout workshops on the hottest topics in insurance and financial services.
  • Mastering AI to bolster your insurance or financial business. 
  • Discovering knockout networking techniques.
  • Exploring the digitalization of life insurance.
  • Using CRMs, SOPs, social media, and other tools to build a high-performing agency.
  • Providing business owner clients with advanced-planning solutions.
• Keynote speakers to entertain, education, and inspire.
  • Morris Morrison
  • Marques Ogden
  • Amy Florian
  • David McKnight
  • Nathan Gonzales
• Ample networking with the best professionals in the industry at a world-class resort facility.

NAIFA-Texas is proud to announce that John M. Ruckel, LUTCF, a Financial Professional with MassMutual and owner of Ruckel Insurance and Financial Group in Nacogdoches, Texas, is the 2024 recipient of NAIFA’s Terry Headley Lifetime Defender Award. John will receive the award at the celebration on September 21. Learn more about this prestigious honor here: NAIFA-Texas Member John Ruckel to Receive NAIFA Terry Headley Award.

NAIFA's room block and conference rate at the Arizona Biltmore is reserved through August 12, so act now to avoid missing out.

NAIFA and NAIFA-Texas are proud to announce that John M. Ruckel, LUTCF, a Financial Professional with MassMutual and owner of Ruckel Insurance and Financial Group in Nacogdoches, Texas, is the 2024 recipient of NAIFA’s Terry Headley Lifetime Defender Award.

Ruckel, a loyal member since 1969, was NAIFA’s National President in 1999-2000. He had previously served on NAIFA’s National Board of Trustees and as NAIFA-Texas’s President in 1987-1988. He was also President of NAIFA-Pineywoods of East Texas and a member of the LIFE Foundation (Life Happens) Board of Directors.