The group formed from the combination of the Association for Advanced Life Underwriting (AALU) and GAMA International is getting its own name — Finseca — as policymakers in Washington are noticing that that the federal government has a $3 trillion deficit for the first 10 months of federal fiscal year 2020.
The leaders of Finseca say the group will be “the voice of the financial security profession.”
- The Finseca website is available here.
- An article about what AALU-GAMA is saying about the U.S. Department of Labor’s new fiduciary rule draft is available here.
“Finseca’s sole focus is to serve the leaders and financial security professionals working to protect the dreams and promote the prosperity of the American people,” the group said today, in a naming announcement.
GAMA International, which was once known as the General Agents and Managers Association, was a Falls Church, Virginia-based provider of education and networking opportunities for field managers at life insurance companies and investment companies. GAMA generated about $5.9 million in revenue in 2016 and ended that year with $4 million in assets, according to the most recent Form 990, or nonprofit organization annual report, available on Candid.org.
AALU was a Washington-based group for life insurance and retirement planning professionals. It was especially well known for its efforts to shape the laws and regulations governing complicated life insurance and annuity arrangements, such as such as the estate planning arrangements for large estates, estate planning arrangements, and mechanisms for building annuities into estate planning arrangements. AALU had about $13 million in revenue that year and $7.3 million in assets.
The groups announced plans to combine forces in July.
Finseca’s chairman is Kelly Kidwell of Pacific Advisors, a Guardian Life Insurance Company of America agency.
Finseca’s Advocacy Plans
Finseca said it will continue the traditions of both of its founding organizations, with efforts to elevate, accelerate and advocate.