The Heavy Flavor Averaging Group provides this Letter of Interest (LOI) as input to the Snowmass 2021 Particle Physics Community Planning Exercise organized by the Division of Particles and Fields of the American Physical Society. Research in heavy flavor physics is an essential component of particle physics, both within and beyond the Standard Model. To fully realize the potential of this field, we advocate strong support within the U.S. high energy physics program for ongoing and future experimental and theory research in heavy flavor physics.