New and old life agent groups are fighting for the hearts, and dues, of New York state financial professionals.
Finseca — a group created in July, from a merger of AALU and GAMA — announced Tuesday that it’s entering into a partnership with National Association of Insurance and Financial Advisors-New York State (NAIFA-NYS).
(Related: New AALU-GAMA Combo Takes the Name ‘Finseca’)
NAIFA-NYS has been the New York state chapter of the National Association of Insurance and Financial Advisors (NAIFA).
Marc Cadin, the chief executive officer of Finseca, said in a statement about the combination that Finseca is honored join forces with the team at NAIFA-NYS at this critical time for the financial advice profession.
“The economic disruption of COVID-19 means that more Americans need personalized support to protect their financial future,” Cadin said in the statement. “New York is the largest market for the life insurance industry in the United States, and a presence there is critical to representing the profession successfully…. We know that an effective presence in front of state legislative and regulatory bodies is essential to represent the profession. The profession needs a new model based on a stronger and more effective state and federal collaboration.”
Phillip Held, president of NAIFA-NYS, said in a statement of his own that was included in the Finseca combination announcement that NAIFA-NYS believes that Finseca represents the future of the financial advice profession.
“The financial security profession is at a crossroads, and at a time of great economic turmoil, we need to work together to achieve results for our members and their clients,” Held said . “NAIFA-NYS’ board voted today to take a critical step toward coming together to strengthen outcomes and drive the results on important policy issues.”
Kelly Kidwell, Finseca’s chair, said the board of the organization has made unifying the profession a top priority. “Our profession is the key to delivering financial security, but the organizations that represent us are too fractured and divided,” Kidwell said. “Our new affiliation with NAIFA NY is the first step in building out a state-by-state approach that will deliver more value and strengthen our advocacy efforts.”
NAIFA is a Falls Church, Virginia-based group that was formed in 1890, as the National Association of Life Underwriters (NALU), by a consortium of local and state life insurance agent organizations.
The national NAIFA organization had about $12 million in revenue in 2016, according to the latest NAIFA Form 990 financial filing available at Candid.org.