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.

Carson Porter is an experienced financial advisor providing specialized life insurance, annuities, and financial services across the United States. His journey from owning auto repair shops to excelling in the financial industry is marked by a passion for education, innovation, and business development. Carson founded a mastermind group dedicated to empowering insurance agents and advisors through unbiased education, collaboration, and accountability. With a decade of industry experience, he has built and sold multiple brokerage businesses and shares his insights at live events, including NAIFA's APEX conference.

IN THIS EPISODE…

As an advisor, do you feel like you're working tirelessly without seeing the growth you desire? While success is a continuous endeavor, you can elevate your business and personal satisfaction. How can embracing openness and learning from diverse thought leaders catalyze transformation?

Experienced financial services professional Carson Porter pivoted from the automotive industry to financial services, creating multiple income streams and a mastermind group to boost his and other agents’ success. He emphasizes the power of mastermind groups and other organizations to offer education and accountability. These valuable associations foster professional development and expand your network, allowing you to build trust with clients, cultivate industry relationships, and build a sustainable business and career path. 

In this episode of Advisor Today, Chris Gandy and Suzanne Carawan chat with Carson Porter, an experienced financial advisor, about mastering the craft of financial advising. Carson dispels common industry myths, encourages joining supportive organizations like NAIFA, and proposes innovative perspectives on building sustainable business models in the financial services industry.

RESOURCES MENTIONED IN THIS EPISODE:

• Chris Gandy on LinkedIn
• Suzanne Carawan on LinkedIn
• NAIFA
• Carson Porter on LinkedIn

Quotable Moments:

• "Give value without expectations; just give value and the money will come." 
• "If you really care about NAIFA, go find three agents today that aren't members of NAIFA and get them to join."
• "It's not lonely at the top; go find some folks and bring them here."
• "The only real million-dollar ideas are the ones you're making a million dollars on."
• "My first job was to be an expert marketer."

Action Steps:

1. Embrace continuous education: Engage in self-study and professional courses to deepen industry expertise. Carson Porter's educational journey underlines how continuous learning can redefine your career path.
2. Leverage technology: Integrate technology for better client management and compliance. Carson's experience shows that a tech-forward approach can enhance service quality and operational efficiency.
3. Build systems and processes: Systemize your advisory practice for sustainable growth. Carson's transition from auto repair to financial services teaches us the importance of creating value through systems.
4. Join supportive organizations: Carson's story emphasizes the importance of joining organizations like NAIFA for networking and education.
5. Examine your role: Assess whether entrepreneurship or intrapreneurship suits you best. Understanding your natural inclination can lead to a more fulfilling and successful career in financial services.

SPONSOR FOR THIS EPISODE...

This episode is brought to you by the National Association of Insurance and Financial Advisors, or NAIFA, the #1 association for producers in financial services.

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.

Iris Nance is an experienced insurance agent who helps people optimize their coverage to meet their needs. With a celebrated career of over 26 years in the insurance industry, she worked as a bank examiner for over 10 years. Iris is deeply committed to education, mentorship, and community service, actively participating in programs for students and young entrepreneurs. A proud member of NAIFA, she has served on the board and has taken on leadership roles within the association. Recognized for her perseverance, advocacy for continuous learning, and strategies for balancing work and family life, Iris inspires many as a role model in the financial services industry.

Joe Jordan is an inspirational speaker and behavioral finance expert. In 2013, he released his award-winning book Living a Life of Significance, which has sold 90,000-plus copies in five languages. Additionally, Joe is a Founder of the Insured Retirement Institute and was featured on the cover of Life Insurance Selling Magazine. He was also honored by Irish America magazine as one of the “Top 50 Irish Americans on Wall Street.” Before becoming an international speaker, Joe worked in insurance and retired from his role as Senior Vice President at MetLife.