NAIFA is doubling down on its commitment to support its advisor members through a newly struck strategic partnership.
The National Association of Insurance and Financial Advisors announced Tuesday a strategic partnership with Practice Intel, a data analytics platform aimed at helping advisory firms improve the quality of advice and foster growth in their businesses.
Under the collaboration, NAIFA members will gain access to Practice Intel’s proprietary software, which is designed to enhance client relationships through data-driven insights.
Practice Intel, developed based on research from JD Power, offers tools to help advisors evaluate client perceptions and sentiment on critical issues. By delivering concrete data, the platform enables advisors to refine their value proposition and enhance client interactions. The system also offers capabilities for quality control and strategic improvements.
NAIFA said it plans to integrate these resources into its Business Performance Center, where members can benefit from thought leadership and community support focused on practice management.
“NAIFA has long been a champion of both the advisor/agent and their clients,” Kevin Mayeux, CEO of NAIFA said in a statement. “Practice Intel embodies the spirit with which we serve and support our membership via advocacy, education, and differentiation, and is a strong complement to our Code of Ethics.”
Mayeux emphasized that this partnership aims to deepen advisor-client relationships and improve the quality of financial advice provided. To that point, the collaboration empowers advisors with Practice Intel’s Relationship Quality Index (RQI), a tool that quantifies the strength of client relationships.
Aside from helping to assess the value of their book during business acquisitions or transitions, advisor owners and managing partners can leverage the platform’s insights to address blind spots in their client service strategies and get actionable feedback to improve their offering.
“Financial professionals want to believe that the strength of their client relationships is iron-clad,” said Tom Rieman, CEO of Practice Intel. “And yet research shows that just over 10 percent of clients report that they are receiving an ideal advice experience.
"The world is changing rapidly, and what worked well five to 10 years ago may not be resonating as well today," he said. "Maintaining a finger on the pulse of the advisor-client dynamic for the benefit of all parties is what Practice Intel was built to do, and partnering with NAIFA in this capacity is a very fulfilling endeavor.”
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
