Wayne-Holmes NAIFA creates connections that count

  • By Lisa Amstutz
  • March 4, 2010
  • 577
                        
Most people probably have never heard of Wayne-Holmes NAIFA, and yet it exists, in part, for their benefit. NAIFA stands for National Association of Insurance and Financial Advisors. Mark Hancock, of Hancock Insurance Agency in Wooster, is currently the vice-president for the Wayne-Holmes NAIFA chapter. “NAIFA is a professional group,” he explained. “We are a nationwide organization of insurance and financial advising and investment professionals. Our local chapter here serves Wayne and Holmes counties.” NAIFA has more than 200,000 members and over 700 state and local associations nationwide. Their mission is “to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.” Their tagline is Connections that Count! NAIFA helps its members and the general public stay informed through their meetings, publications and podcasts. Wayne-Holmes NAIFA members meet monthly to hold discussions and seminars on topics related to the insurance and investment industries and to stay informed about new changes in legislation that affect their businesses. The local NAIFA chapter also gets involved in community projects. They recently raised funds to help Children’s Services provide Christmas gifts for underprivileged children in Wayne and Holmes counties. NAIFA has two associated political action committees (PACs); the Insurance and Financial Advisors Political Action Committee (IFAPAC), and the Advisors Political Involvement Committee (APIC). NAIFA is involved in both state and national politics. As an example of involvement at the state level, Hancock pointed to their role in supporting a bill in the Ohio legislature designed to prevent abuses in the life insurance industry. The bill, which was passed in 2008, will help deter Stranger-Originated Life Insurance (STOLI) schemes in Ohio. “We believe this [stranger-originated life insurance] gets away from what life insurance is designed to do—provide a death benefit for the family. It would turn life insurance into a commodity,” Hancock said. NAIFA has also been very involved in the current health care debate at the national level. “A tremendous amount of resources remain focused on that debate,” said Hancock. NAIFA believes that many of the proposed health care reforms take the power of decision away from the consumer and will put health insurance companies out of business, leaving consumers with no choices, he said. NAIFA has been working to shape the bill in a way that will protect both consumer interests and the insurance industry. “The end result is that we want to serve our clients better and give them a voice in state and national affairs,” Hancock said. “It is there for your benefit and we believe it benefits clients to go with an agent who is a part of the organization.” Hancock recommends that consumers look for the NAIFA certification when choosing an insurance agent or financial advisor. Many local agents belong to the organization. Although most NAIFA members don’t necessarily advertise their membership, it is there if you are looking for it, Hancock said. To find a NAIFA member in your area, visit their Web site and search by zip code. The Web site also contains a large number of articles for anyone interested in learning more about topics such as managing your retirement and estate, growing your investments and choosing health insurance. For more information on NAIFA, see www.naifa.org.


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