Trade associations representing investment advisors and brokers are contributing record amounts to curry favor on Capitol Hill, InvestmentNews writes.
Leading the pack is the Financial Services Institute. The broker-dealer association donated $335,000 in the election cycle that started January 1 last year, compared to the $286,000 it gave during the 2014 cycle, according to Federal Election Commission filings cited by the publication.
Meanwhile, the Insured Retirement Institute, which focuses on retirement income planning, contributed $173,000 in the current cycle compared to the $139,000 it gave in 2014, InvestmentNews writes. And the Financial Planning Association, representing advocates for financial planners, donated $81,500 in the 2016 cycle, up from the $57,500 it contributed in 2014, while the Investment Adviser Association, which lobbies on behalf of federally registered investment advice firms, gave $40,000, compared to the $34,000 it donated in 2014, according to the publication.
The groups typically donate regardless of political party to the reelection campaigns of incumbents who sit on committees that impact advisors, including House Financial Services, Senate Banking, House Ways and Means and Senate Finance, the publication writes. All of them also contribute to political action committees, InvestmentNews writes.
But while each of these groups set records in political campaign contributions in this election cycle, those amounts pale in comparison to the money spent on campaigns by trade groups representing major brokerages and insurance businesses.
The Securities Industry and Financial Markets Association contributed $695,750 in 2016, while the Investment Company Institute gave $1.9 million and the National Association of Insurance and Financial Advisors contributed $2.2 million, InvestmentNews writes.
And the American Council of Life Insurers has donated $1.2 million in 2016, almost double the $663,000 it spent in the last election cycle, according to the publication.