SEE HILLSTAFFER AT WORK

The Pulse of Progress: A Financial Services Organization's Advocacy Revolution

Transforming a Reactive Approach 

A national financial services trade association representing 4,500 members and over 220,000 professionals faced a crucial challenge. Despite its members having raised more than $200 billion in equity and serving over 1 million investors, the association had historically taken a reactive, ad-hoc approach to policy initiatives in this heavily regulated industry.

   Investing in Influence: Building Advocacy on a Shoestring

The organization needed to construct an effective and cost-efficient federal and state advocacy program with limited resources:

  • A volunteer-led Legislative & Regulatory Committee with limited activity
  • A Chief Staff Officer and Board of Directors with a reduced advocacy budget
  • No dedicated government relations staff

   The HillStaffer Strategy: Compound Interest in Public Policy

HillStaffer proposed a multi-year strategy to gradually transition from reactive to proactive advocacy:

  1. Externally raise the organization's industry profile with stakeholders
  2. Express its voice at the policy table
  3. Build respect with decision-makers, regulators, and their staff
  4. Internally build broad membership advocacy consciousness and appreciation

   Strategy Maneuvers: From Whisper to Roar

The approach focused on incremental growth:

  • Year One: Targeted 100% effort on a single, high-priority federal rule-making initiative
  • Subsequent Years: Expanded breadth of issues addressed and stakeholder outreach

   Tactical Assets: Tools of Persuasion

Key tactics included:

  • Joining and participating in relevant coalitions
  • Planning conference sessions with high-profile speakers
  • Drafting and submitting testimony and comment letters
  • Introducing a weekly public policy e-newsletter for members
  • Writing op-eds and serving as media spokespersons
  • Establishing a regional education program for state regulatory staff
  • Instituting an annual issues management process

   Reaping the Dividends: The Power of Patience and Persistence

The association achieved significant return on investment in three key areas:

  1. Membership Value Skyrockets: Members now recognize and appreciate the association's advocacy function and its impact on public policy decisions.
  2. Credibility Compounds: The organization established and continues to expand its credibility and respect among industry stakeholders, policymakers, and regulators.
  3. Policy Impact Yields Returns: The association successfully influenced public policies affecting the industry, its members, and the broader economy.

   Key Takeaways

  1. Long-Term Investments Pay Off: A gradual, consistent approach can yield significant results over time.
  2. Start Small, Stay Focused: Begin with a single, high-priority issue to demonstrate impact and build momentum.
  3. Market Your Success: Regularly share successes and results with organizational leaders to maintain support and build interest in expanding the program.
  4. Maintain Ethical Standards: Engage honestly and directly with regulators, even when consensus isn't possible.