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NAIFA Activates Relief Fund for Advisors Hit by Harvey

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The National Association of Insurance and Financial Advisors hopes to provide recovery grants for some of the insurance and financial advisors hurt by Harvey.

The Falls Church, Virginia-based advisor group is reactivating the NAIFA Hurricane Relief Fund.

NAIFA first established the fund in 2005, to help agents and advisors hurt by Hurricane Katrina and other Gulf Coast hurricanes.

(Related: Post-Harvey, How Broker-Dealers Are Supporting Their Advisors)

The Community Foundation of Acadiana, a 501(c)(3) charitable organization, ran the fund, and the legal framework to collect donations and provide aid still exists, NAIFA says.

NAIFA will give $10,000 to the fund, to help pay for a new round of grants aimed at agents and advisors affected by Harvey.

Any donations that NAIFA members or others make to the fund will be tax-deductible, and the money will go to the fund, not to NAIFA, NAIFA says.

NAIFA volunteers and executives from Texas and Louisiana will establish the aid program parameters.

The Community Foundation of Acadiana will be in charge of making the grants.

Paul Dougherty, president of NAIFA, said in a statement that NAIFA members are committed are to helping Americans in times like these.

“It is our privilege to establish this emergency relief fund  to assist advisors who are dealing with losses of their own, from flooded homes and businesses to displaced friends, family and employees,” Doughtery said.

Kevin Mayeux, NAIFA’s chief executive officer, said in a statement of his own that the group has been hearing regularly from friends and colleagues in the affected areas in Texas and Louisiana.

“While they are living through one of the worst disasters in Texas history, they are focused on rebuilding their practices so they can get to work and help their fellow citizens on the road to recovery,” Mayeux said.

A fund contribution form is available here.

—Read For Hurricane-Battered Advisors, Planning Is Key on ThinkAdvisor.

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