NAIFA, FSP to merge to create 'more impactful' industry body

Two organizations representing financial services professionals are to merge into one association after their members voted in favor.

The overwhelming support means that the National Association of Insurance and Financial Advisors will join with the Society of Financial Service Professionals to create a more impactful organization that will provide expanded education, advocacy, and professional networking opportunities.

The expanded association will represent more than 20,000 members that span every practice area in financial services, in every state and every community nationwide.

“This merger represents a monumental step towards a stronger, more unified voice for the financial services industry,” said Kevin Mayeux, CEO of NAIFA. “By combining our organizations' strengths and expertise, we are positioned to provide a continuum of education from financial literacy for consumers through advanced markets with financial advisors. Our expanded organization is poised to protect more Americans through our comprehensive advocacy program — at the federal level and in all 50 states — and provide a network of ethical financial service professionals to help them achieve financial security."

Meanwhile, FSP’s CEO, David Maola, added that the tie-up will create a “dynamic synergy that will benefit our members, clients, and the entire industry.”

Both organizations have long served the financial services sector’s professionals, NAIFA since 1890 and FSP since 1928. FSP will maintain its name and brand and serve as the professional development arm of NAIFA.