The National Association of Insurance and Financial Advisors plans to join with two other groups, Life Happens and the Society of Financial Service Professionals, through a merger, the groups announced today.
The Life Happens and FSP boards have already approved the merger. They hope to get member approvals early this fall.
NAIFA would be the parent organization. Life Happens and FSP would continue to have separate identities.
What It Means
The same kinds of regulatory, accounting and market forces promoting holistic planning and the realignment of life insurance and annuity issuers are reshaping financial professionals' organizations.
Kevin Mayeux, NAIFA's CEO, said via email that the effects of the NAIFA-Life Happens-FSP merger will be positive.
"There will always be changes, but the three organizations will keep their distinct brands while banding together to pool our resources so that we can do even more together," he said. "Our organizations are very compatible. We expect the integration to be smooth and amplify the good work we do on behalf of financial services professionals and the American people."
The Groups
NAIFA is an Arlington, Virginia-based group with about 18,000 members. It represents members in legislative and regulatory affairs both in Washington and in state capitals.
It reported $12 million in annual gross receipts in its latest public tax filing.
FSP is an Ardmore, Pennsylvania-based group with $3.4 million in annual gross receipts.
