Reflections, Wins, and Leadership Invitation

By Daphne Jordan, NAPFA Chair

As the year gently rolls to an end, it is always good to take time to reflect. As Fee-Only professionals, we are fortunate to partake in enjoyable work that has an impact.

DOL Retirement Security Rule

You may have noticed buzz about the DOL’s proposed retirement security rule. This rule would update and strengthen the fiduciary standard of care for retirement plans. NAPFA’s Public Policy Committee, led by Dan Danford, is staying on top of this proposal, along with other ongoing regulatory events that could affect our association.

I joined a small group to speak with representatives from the Office of Management and Budget (OMB) regarding the need for DOL’s tightened fiduciary rule. The existing rule was created nearly 50 years ago and does not reflect the realities of the modern financial landscape. In talking to the OMB representatives, I found it easy to share concrete examples of how we as NAPFA advisors provide solid and consistent fiduciary-level advice to consumers and households. I view NAPFA as being at the proverbial table for such discussions—a win.

Apply for Leadership Roles

Back on the homefront, in the next few months you’ll receive invitations to step up for leadership roles. Our Leadership Development Committee will look for candidates willing to donate their time and expertise to NAPFA’s national board. Individuals interested in such a role are those who enjoy strategic thinking and overseeing the governance of an organization. To paraphrase a Greek adage—our association will continue to flourish as leaders plant trees that they will never sit under. Serving on the national board gives you the chance to plant legacy trees.

Almost simultaneously, there will be a call for applications to serve on our regional boards. Our regions are the lifeblood of our association, and joining offers a path to local involvement and connections.

I encourage you to be on the lookout for communication about either opportunity.

Looking Ahead and Wrapping Up 2023

In this month’s magazine, you will find articles on a variety of trends. A trend is a change in progress and the direction of that change. I hope you find time to contemplate these changes and how they influence you as a practitioner.

I also encourage you to take time to reflect on your year. What successes and wins can you celebrate?