California Assemblywoman Susan A. Bonilla addressed the Mt. Diablo Chapter of the National Association of Insurance and Financial Advisors (NAIFA) at a general meeting of its members on March 16, 2014 at the Crown Canyon Country Club in Danville, California.
During her address, Assemblywoman Bonilla spoke about California policy issues from her perspective as the Chairwoman of the Assembly Business, Professions, and Consumer Protection Committees. A topic of particular interest to NAIFA Mt. Diablo members was AB 1956, a Bill introduced by Bonilla which would provide a tax credit for individuals investing in a California Qualified Tuition Plan (also known as a Section 529 plan).
The bill was received with enthusiasm by the NAIFA Mt. Diablo members in attendance, who applauded Assembly Bonilla’s efforts to make attending college more affordable. However, there were several members who took the opportunity to address their overall concerns with California’s Section 529 plan compared to similar plans offered in other states.
“I love the spirit of the bill to encourage more people to save for college education, but as a financial professional I find it hard to recommend using California’s Section 529 plan. It does not allow financial professionals, who are responsible for giving quality advice and demonstrating to consumers the need to save, to be compensated for their efforts,” said Christopher Bor, President-Elect of NAIFA Mt. Diablo. “So this means that those using California’s plan must often do so without any qualified, professional advice. And in the long run, that’s not good for anybody.”
Assemblywoman Bonilla was very receptive to the feedback given on California’s Section 529 plan and agreed to meet with delegates from NAIFA Mt. Diablo to discuss their concerns in more detail.
For more information regarding NAIFA Mt. Diablo, go to www.naifanet.com/mountdiablo.