On February 21, our members in Texas converged on the state capital in Austin to act as citizen lobbyists, meeting with their elected representatives to discuss a range of important industry issues. For many attendees, it not only represented their first opportunity to meet face-to-face with lawmakers and discuss the practical impact of excessive regulation on their businesses, but it served as an important reminder of the work that FSI is doing at the state level to protect investor access to financial advice.
During the first half of the day, the group heard from staff from the Senate Business & Commerce and House Investment & Financial Services Committees. They also engaged in a conversation with Commissioner Morgan, which the group really enjoyed the one on one time with him.
Afterwards, FSI members attended scheduled meetings discussing the legislation and received great feedback. Our members offered recommendations that would allow advisors to report instances of suspected elder financial exploitation as an alternative to potentially burdensome legislation. Members discussed legislation that would require our members to report suspicions of elder abuse to the Department of Adult Protective Services and the State Securities Board. The legislation also allows our members to withhold disbursements for up to 15 business days and provides criminal and civil liability for reporting and holding.
Overall, it was a great day and an even better opportunity to show our members all that we do at the state level. We thank everyone who attended this year’s Texas State Capital Day, and we look forward to holding events around the country later this year.