David Woods David Woods (Credit: Woods)

A former chief executive officer of the National Association of Insurance and Financial Advisors (NAIFA) says NAIFA should team up with Finseca.

David Woods, who served as NAIFA’s CEO from 2003 through 2007, said he has been disappointed to see the Association for Advanced Life Underwriter combine with GAMA International to form Finseca, while staying separate from NAIFA.

(Related: Finseca, NAIFA Fight for New York State NAIFA Chapter Members)

AALU and GAMA joined to create Finseca this summer.

Finseca announced earlier this week that it’s entering into a partnership with NAIFA’s New York state chapter, National Association of Insurance and Financial Advisors – New York State.

“It’s hard for me to understand why AALU and GAMA did not include NAIFA in the new organization,” Woods said in written comments sent to ThinkAdvisor. “A three-way merger would have accomplished with one stroke all that Finseca is now trying to do.”

Woods has been a life insurance agent since 1961. He has served as an AALU board member as well as the CEO of NAIFA.  He said he has no current inside knowledge about Finseca or NAIFA.

But Woods said the logic for combining Finseca with NAIFA is obvious.

“Only NAIFA has the state presence to be effective with the insurance departments and [state] legislatures,” Woods said. “And so, inevitably, Finseca will try to pick off NAIFA state organizations and the NAIFA members one by one. A lengthy war will follow costing political influence at the very time it’s badly needed.”

— Read New AALU-GAMA Combo Takes the Name ‘Finseca’on ThinkAdvisor.

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