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Marc Cadin (Photo: Finseca)

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Finseca Brings 626 Advisors to Schmooze Washington

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What You Need to Know

  • Finseca was formed through a merger of GAMA International and AALU.
  • AALU was known for its expertise on estate taxes, complicated annuity issues and other highly technical issues.
  • For Finseca, one key topic is the uncertainty about the rules governing estate taxes.

Finseca celebrated its new, bigger size by saying hello to the District of Columbia.

The Washington-based advisor group gathered 626 advisor members in the nation’s capital this week for an advocacy summit that featured people such as Dean Cameron, the Idaho insurance director and president of the National Association of Insurance Commissioners, as the speakers.

Finseca members’ schmoozing could end up shaping the IRS rules and other federal rules affecting large estates, permanent life insurance policies, executive compensation arrangements, and private placement annuity and private placement life insurance arrangements.

Finseca is descended partly from the Association for Advanced Life Underwriting — a group known for its expertise on highly technical subjects involving life insurance, annuities, pension plans and wealth planning.

How Finseca Came to Be

Finseca was formed through a combination of AALU and GAMA International in 2021.

Finseca announced Friday that it has completed another major combination, with the National Association of Independent Life Brokerage Agencies. NAILBA is a group that has represented independent life insurance and annuity brokers and brokerage general agencies.

Marc Cadin, Finseca’s CEO, has argued that one reason for the combinations is to give financial professionals a louder, clearer voice in Washington.

Combining Finseca and NAILBA “will give us greater scale [and] greater unity of purposes and messaging,” Cadin said, in a comment included in the combination completion announcement.

The Summit

Finseca is a rival to another financial professional group, the National Association of Insurance and Financial Advisors,that has just completed a fly-in of its own in Washington.

Guardian was a NAIFA event sponsor, and it ranked in the top three tiers of Finseca summit sponsors.

The other insurers in the top five Finseca summit sponsorship tiers were Allianz Life, Brighthouse Financial, Equitable, John Hancock, Nationwide, Pacific Life, Penn Mutual and Securian.

M Financial, a financial professional consortium, was also a high-level Finseca summit sponsor.

Ken Kies, managing director of the Federal Policy Group, briefed attendees on the financial problems at Social Security and Medicare.

The schedule also offered sessions on topics such as private placement life insurance, placing life and annuity cases that exceed insurers’ jumbo policy and contract limits, and building charitable giving into estate planning.

Michael Fontanini of Lion Street and Jeff Ricchetti, an independent public affairs consultant, talked about how to handle the uncertainty surrounding what estate planning rules might apply in 2023 and beyond.

Pictured: Marc Cadin (Photo: Finseca)


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