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What Is the National Association of Insurance and Financial Advisors (NAIFA)?
Let me explain what NAIFA is: it's a trade organization representing the insurance industry, headquartered in Falls Church, Virginia, near Washington, D.C. As one of the largest groups in the financial sector, NAIFA advocates for its members by pushing for supportive regulations, delivering professional education, and upholding ethical standards for insurance and financial advisors.
NAIFA covers insurance professionals in every state and the District of Columbia, with at least one local chapter per state. From its Virginia base, the organization equips members with sales training, networking options, and tools to grow their practices. It also actively lobbies on Capitol Hill for laws that benefit the insurance and financial advisory fields.
Understanding the National Association of Insurance and Financial Advisors (NAIFA)
NAIFA started in 1890 as the National Association of Life Underwriters (NALU). It receives endorsements from major insurance and financial companies, which often encourage their employees to join local chapters and even help cover membership dues.
One key aim of NAIFA is to position life insurance and risk management as essential to sound financial planning. Above all, it focuses on maintaining professional and ethical behavior among insurance reps and advisors. The organization's vision is to protect and promote insurance's role in financial plans and the vital contributions of professional agents and advisors.
NAIFA positions itself as the premier association for financial services producers. Its members offer life insurance, annuities, health insurance, employee benefits, multiline products, and financial advice. This includes insurance agents, financial advisors, multiline agents, and specialists in health and benefits.
For education, NAIFA provides professional development and continuing education. It offers over 50 programs and products to build skills and deliver business value, ensuring advisors follow principles, rules, and regulations for top-tier client service.
Requirements for Membership
If you're considering joining, know that NAIFA requires adherence to its Code of Ethics. This includes maintaining client confidence and privacy, acting in their best interest, presenting facts accurately, providing timely service, enhancing your skills through education, following laws and regulations, conducting business honorably, cooperating with others for client benefit, and advocating politically to protect client interests and the profession.
Benefits of NAIFA
NAIFA leads lobbying efforts in Washington, D.C., and state legislatures to shield members' careers and clients' interests from harmful laws and rules. It runs IFAPAC, a major political action committee in financial services.
Membership includes networking with industry leaders and access to current ideas. You'll get a free subscription to Advisor Today, NAIFA's publication for sales tips and news.
NAIFA also hosts specialized centers: the Advanced Practice Center for thought leadership in advanced topics; the Advocacy Action Center for contacting legislators and tracking bills; the Business Performance Center for growth resources like articles and webinars; the Limited & Extended Care Planning Center for networking and expert access; the Talent Development Center for building diverse future professionals; and the Learning Center for courses and exam prep.
What Does NAIFA Do?
NAIFA's mission is to foster positive legislative and regulatory conditions, improve business and professional skills, and promote ethical conduct. It does this through government lobbying, member advocacy, and providing benefits and resources.
How Many Members Does NAIFA Have?
NAIFA has more than 50,000 members.
How Much Does NAIFA Membership Cost?
Membership costs range from $240 to $840 annually, based on your years licensed. Students pay $50 per year.
Key Takeaways
- NAIFA promotes favorable regulations, provides education, and ensures ethical conduct for advisors.
- It represents professionals in all 50 states with local chapters and headquarters in Virginia.
- Members get sales training, networking, and practice-building tools.
- NAIFA lobbies for supportive legislation in the insurance and financial sectors.
Fast Fact
- NAIFA is a federation of 700 state and local associations.
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