Grassroots Champions: Making Impactful In-Person Connections in New York

Recently, we held our annual New York Advocacy Day. It was the first time we were able to visit the state capital in Albany since the COVID-19 pandemic.

The group met with key legislators and policymakers, including the head of the New York Investor Protection Bureau, State Senator John Mannion, and staff members of the New York State Senate, Assembly and the Assembly Ways & Means Committee.

For some attendees, it was also the first chance to meet with lawmakers face-to-face, making for a much more powerful experience than the virtual sessions of the past few years.

“Meeting in person was so much more impactful,” said Robert W. Romeo, CFP^®, MS, of BS&P Wealth Management. “You can address the legislator directly, see their body language and gauge their interest level.”

One of the primary reasons we conduct Advocacy Days throughout the year and in various states is to provide a forum where members can give direct feedback to legislators who may not have a complete understanding of the independent financial services industry.

For example, one legislator who met with FSI had submitted a bill calling for greater disclosure of non-fiduciary duties. Our members pointed out the Reg BI already contains similar disclosure requirements.

Thomas J. Santucci, CIMA, AIF, President of Gateway Investments LLC, said, “Knowing the intricacies of wealth management and operating a financial services firm is not their area of expertise. They’re legislators, not advisors or financial regulators.”

Better in Person

Due to the pandemic, Romeo’s previous FSI Advocacy Day experience was a virtual session. When he had the opportunity to attend in person, he didn’t balk at making the four-hour drive from Buffalo.

“My goal was to have a seat at the table and be able to, as part of a group, articulate the concerns and challenges so the legislators can understand the consequence of their bills,” he said. “FSI made it very easy by providing background on the people we would meet and their proposals.”

Angela Renna, RICP^®, President of Sterling Financial Group LLC, felt a similar need to go to Albany. Her previous participation was also a virtual session that she said was effective but different.

“In person, you get a better sense of the direction the meeting is going and the comfort level of the legislator,” she said. “And you’re able to build better rapport.”

Different Voices Matter

One of the critical reasons why FSI Advocacy Days tend to be so impactful is that we make it a point to bring members who not only come from divergent backgrounds but are affiliated with firms of varying sizes. Because a group like that tends to have unique viewpoints, it can strongly impact whether a lawmaker proceeds with or modifies a bill they sponsor.

“When legislators hear about financial services, they often think of only the big firms,” Santucci said. “By having a range of advisors and firms visit Albany, we can personalize our message, and they can better understand how they might be affecting all advisors in the industry.”

Romeo added that his perspective as a wealth manager within an accounting firm would differ from another FSI member working primarily with retirees.

“Everybody’s voice is a little different, right?” he said. “I think that gives legislators an understanding that their proposal can affect multiple structures of firms.”

Get Involved, At Any Level

Santucci strongly recommends all FSI members become involved in an Advocacy Day, whether it’s virtually or in person.

“FSI has provided a forum for advisors to speak,” he said. “Some advisors get frustrated because they feel they don’t have a voice. Advocacy Days actually give a voice to financial advisors and connect members with lawmakers who are willing to engage in discussion about their proposal.”

Renna agreed, adding that though it’s sometimes hard to concentrate on advocacy when you have a business to run every day, it’s worth the effort.

“You can forget about advocating for your business and your clients,” she said. “But you can’t sit back and assume that legislators will act in the best interests of our clients. Sometimes they don’t.”

Though there’s the temptation to believe that an email or even a meeting won’t do much to change how a lawmaker will vote, Romeo believes strongly that getting involved makes a difference.

“You don’t know what you’re missing unless you get involved,” he said. “The fact is that it’s possible to delay or change legislation and get an outcome that’s beneficial for the industry.”

Interested in participating in advocacy events or looking for more ways to get involved with FSI? Contact Matt Landers, Director of Political Engagement, at [email protected].