The Insured Retirement Institute is now the official name of what was once NAVA, the Association for Insured Retirement Strategies.
The new name signals that the trade group has rebranded itself as an organization that focuses on the insured retirement strategies industry and its consumers and advisors, say executives.
Founded in Reston, Va., in 1991, the organization was originally called the National Association for Variable Annuities. It concentrated on promoting and defending variable annuities and related products. Over the years, it gave increased attention to use of those products in retirement income planning.
"We are not abandoning who we have been or who we are today," says NAVA Chief Executive Officer and President Cathy Weatherford in an interview. For instance, IRI will continue to address matters related to VAs, other annuities and variable life.
However, "this is an highly evolving industry and the products are evolving, especially now that 75 million baby boomers are approaching retirement," Weatherford says. "We want to evolve along with it."
Therefore, along with the new name, IRI has a new mission, location and staff, she says.
The new mission calls for promoting better understanding of the "insured retirement value proposition." It also addresses ethical principals, best practice standards, and advocacy. Consumer education and advisor outreach are part of the new focus.
The new location is in Washington.
