The National Association of Insurance and Financial Advisors celebrated its 130th birthday anniversary Thursday with a Zoom meeting.
Kevin Mayeux, NAIFA’s chief executive officer, told the attendees that NAIFA exists to promote ethical conduct in financial services, and legislative and regulatory measures that will help insurance and financial advisors and their clients.
Thanks to a reorganization that began taking effect in 2019, NAIFA is now in a better position to achieve those goals, Mayeux said.
“Our new structure affords us a distribution channel that allows for us to deliver communications programming and information quickly,” Mayeux said.
- A link to NAIFA’s Zoom meeting recording is available here.
- An article about NAIFA’s public advocacy team is available here.
NAIFA now has an easier time coming together to speak with one voice on state and federal issues, Mayeux said during the Zoom meeting, which was originally streamed live on the web. NAIFA has since posted a recording of the meeting in the Town Hall meeting section on its website.
NAIFA came to life, in Boston, at an in-person meeting, in 1890, as the National Association of Life Underwriters.
The association adopted its current name in 1999.
In May 2018, NAIFA members voted to update the association’s by-laws to overhaul the organizational structure: It replaced a system of about 600 separate legal entities, with about 600 different dues structures, with one unified national association that has one home office, in Falls Church, Virginia; 50 state chapters; and some local chapters that are part of the state chapters.
NAIFA also has a government relations office in Washington, a field office in Iowa, and national staff members who work remotely in Florida, Illinois, North Dakota, Ohio and Tennessee, along with state and local chapter staff members based all around the country.
NAIFA has not been highlighting its member counts in recent years
Cammie Scott, NAIFA’s president, said during the Zoom meeting that NAIFA had a “phenomenal start to the new year,” and the most new members in over a decade.
The new member count is still up 24%, year-over-year, in spite of the COVID-19 crisis, and retention is up 40%, Scott said.
Scott said membership numbers look different than they did years ago because, in the past, career agencies dominated insurance distribution, and the agencies required members to join NAIFA.
Today, “our members now choose to be members, not because they have to, but because they want to they understand the value we provide and appreciate the tools and resources that are available to them,’ Scott said.
NAIFA has good results with new initiatives, including a new consumer financial education website, financialsecurity.org, and a new Life and Annuity Certified Professional (LACP) professional designation program. More than 20 large life insurers now recognize the LACP credential, Mayeux said.