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MOUNTAINEER NEWS: THE LATEST MEMBERSHIP NEWS FROM NAIFA-WEST VIRGINIA ~ SUMMER 2017
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OFFICIAL FAMILY:
Click HERE for NAIFA-West Virginia's Officers and Board of Directors
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President's Message
Stanley Hefner, LUTCF
NAIFA-West Virginia President
Hello to all the faithful West Virginia members of NAIFA. It is my honor to act as State President for the 2017/18 term. I look forward to a fruitful year for all of our membership which, in turn, spills over to the benefit of all non-members.
Thanks to the few like you in this industry, the many have a career. It would be interesting to know what changes our careers would have endured without the advocacy that NAIFA provides. But then again, maybe it wouldn't.
I have seen many changes in my career since starting in January 1973. Starting out as a debit agent, I collected premiums (by check and cash) by the week and by the month. Now I would be fired for doing so. Credit cards were few and far between and EFT was an unknown. We had arm-breaking rate manuals instead of iPads. Applications were all handwritten then and now they are all electronic.
Changes such as the aforementioned are many times for the good, but then some changes tread dangerously close to the detriment of our industry. One such change is the new Fiduciary Rule which has some merit, but then we are continuing to have government tell us how to sell our product with more restrictions. In addition, it has created more "red tape" if you will, as completing an application can be a foreboding task.
In the future I can see the continued government interest in a single payer health system. If they are successful at achieving that, what would stop them from exploring a single payer life, retirement plans, P&C, DI etc.
I would have to say that this is the main reason why I belong. Secondly, I belong for the comradery as well as the CE. Hopefully this year we can find more who share our concerns and desires and become members to keep NAIFA healthy.
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NAIFA - Charleston 2017-2018 Membership Meeting Dates
NAIFA - Charleston Membership Lunch Meetings are held at
11:30 am at
Edgewood Country Club, 1600 Edgewood Drive, Charleston, WV 25302.
CE class opportunities prior to the luncheons will be announced on our website at
www.naifawv.org as well as our email membership newsletter.
All NAIFA members encouraged to attend... SAVE THE DATES!
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September 12, 2017
October 10, 2017
November 14, 2017
December 12, 2017
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January 9, 2018
February 13, 2018
March 13, 2018
April 10, 2018
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Sponsorships available for all NAIFA events! For more information, contact John Pauley, CLU, ChFC, CLTC at
(304) 345-4343 or
[email protected].
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Thank You to our Sponsors!
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For information on Sponsorship Opportunities with NAIFA-West Virginia, please contact Executive Director John E. Pauley, CLU, ChFC, CLTC at (304) 345-4343 or email
johnpauley@
ft.newyorklife.com.
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NAIFA Performance + Purpose 2017 Annual Conference
SEPTEMBER 8 - 10, 2017 : ORLANDO, FLORIDA
NAIFA Performance + Purpose is a new kind of meeting. It is your meeting. More than ever before you can customize your sessions from programming targeted to advanced advisors, young advisors and everyone in between. You will learn from the experts and be the expert with a new peer-to-peer learning system. And, you will have more fun than you have ever had at a NAIFA meeting.
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Thank You 2017 NAIFA-West Virginia State Convention Sponsors!
GOLD SPONSOR:
THE BROKERS SOUCE, LTD
SILVER SPONSORS:
POCA VALLEY FINANCIAL
HILDEBRAND INSURANCE
ZELIS HEALTHCARE
BRONZE SPONSORS:
MUTUAL OF OMAHA RETIREMENT SERVICES
CHARLESTON SOCIETY OF FSP
NAIFA-CHARLESTON, WV
THANK YOU TO OUR EVENT SPONSORS!
GRAND PRIZE:
MUTUAL OF OMAHA RETIREMENT SERVICES
PRESIDENT'S RECEPTION:
CHARLESTON SOCIETY OF FSP
LEGISLATIVE LUNCHEON:
ZELIS HEALTHCARE - Gary Shorter Jr.
REFRESHMENTS:
THE BROKERS SOUCE, LTD - Raymond Phillips, CLU, LTCP
NAIFA GOLF OUTING:
POCA VALLEY FINANCIAL - George Webb, CLU, ChFC
THANK YOU EXHIBITORS!
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Alliant Employee Benefits
The Brokers Source, Ltd.
ExamOne
Hildebrand Insurance
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NAIFAPAC
Renaissance Dental
Zelis Healthcare
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THANK YOU to all of our Convention attendees and guest speakers!
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New NAIFA LACP Certification Program:
NAIFA Launches New Gold Standard for Life and Annuity Professionals
Practitioners who earn LACP Certification exemplify excellence in industry knowledge, ethical business practices
The National Association of Insurance and Financial Advisors - the founders of the
Life Underwriter Training Council Fellow (LUTCF) designation - present a new international certification, the Life and Annuity Certified Professionals (LACP), for life and annuity professionals.
The
NAIFA LACP serves consumers by recognizing financial professionals with a mark of distinction for their product knowledge, consultative sales process and compliance to ethical, legal, and regulatory requirements. LACP practitioners are held to a standard of excellence that defines and differentiates them from their peers and to the clients they serve.
"NAIFA is pleased to offer financial professionals the potential for greater exposure and authority in the financial services marketplace through LACP certification," said NAIFA CEO Kevin Mayeux, CAE. "The LACP will facilitate consumers' ability to locate a professional who engages in ethical business practices and possesses in-depth knowledge of the financial products and services available to families and small businesses in the marketplace."
To attain the LACP, practitioners must meet the
eligibility criteria for experience, education and commitment to ethical conduct and successfully complete the LACP examination. For a limited time (June 2017-Dec. 31, 2018), experienced advisors may also be able to attain the LACP certification through a
professional review process, in lieu of the examination.
"Consumers and businesses need professional financial advice now more than ever," said Aamir Chalisa, MBA, LUTCF, Managing Director, Futurity First Insurance Group. "Those who earn the NAIFA LACP certification will be among a select group of distinguished professionals whom consumers can trust. Together, LACP holders will build upon NAIFA's 127-year legacy of securing the financial futures of families and businesses with informed, ethical and sound advice today and beyond."
NAIFA's LUTCF® designation program - often considered the first designation any insurance professional should earn - has delivered value to more than 50,000 professionals since 1984. The NAIFA LACP certification is the logical "next step" for those who wish to demonstrate their knowledge and expertise beyond the requirements of industry licensure, Mayeux said.
Castle Worldwide, Inc. provides technical assistance to NAIFA in the development and delivery of the proctored LACP Certification Examination through a network of nearly 1,000 testing centers in cities throughout the world.
NAIFA invites all practitioners in Asia and around the world to the Official Launch of the LACP at the MDRT Annual Meeting 2017, from June 4-7, in Orlando, Fla. Participants at the MDRT meeting are invited to visit the NAIFA booth in the ConneXionZone to understand how the LACP can build expertise and the credibility of agents, and raise the standard of professionalism within your organization.
To learn more about the LACP and its official launch, please leave your contact details at
www.naifa.org/lacp or contact us at
[email protected].
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  FROM THE OFFICE OF THE NAIFA PRESIDENT:
NAIFA 20/20 QME Feedback Phase 2 Open Now
Dear Colleagues:
On behalf of the NAIFA Executive Committee and your Board of Trustees, I am pleased to provide this
June 2017 Update of activities related to the NAIFA 20/20 Quality Member Experience (QME)
Report and Recommendations. The Board and Task Force, led by Trustee Tom Michel, have issued a second exposure period for member comment, effective today through June 16, 2017.
As you know, on March 17, 2017, the Task Force released the first draft of its report for comment through April 24. This exposure period followed a series of introductory webinars where Kevin Mayeux and I explained the QME proposals and answered questions for hundreds of NAIFA leaders, members and executives. Thank you to the members, and the state and local associations, for submitting feedback to the Board and Task Force. A link to an Executive Summary is available in the June 2017 Update.
In response to your comments and requests for more information, the Board directed NAIFA National to develop additional materials - including samples of state chapter agreements, amended bylaws and standards for success - to inform members on how NAIFA would operate under the proposed business model.
The June 2017 Update contains links to those samples, as well as details on the formation and mission of four new NAIFA Working Groups - comprised of member volunteers - charged with providing even more detail on how the recommendations could be implemented to ensure vibrant association activity occurs in local areas throughout each state.
Finally, of the three recommendations, the Task Force's proposal to modernize the Federation structure (recommendation #1) generated the greatest amount of feedback. The Board is seeking your input on that recommendation. Once again, the link to submit your comments and feedback is available in the June Update.
Throughout this process, transparency has been the Board's top priority. The importance of your continued input and involvement in advancing NAIFA 20/20 and delivering a Quality Member Experience cannot be overstated. This is our blueprint for change. Success is up to us.
Thank you.
Paul R. Dougherty, LUTCF, FSS, HIA
NAIFA President
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FROM THE ADVISOR TODAY BLOG:
Consumers with Advisors More Financially Prepared and Confident Than Do-It-Yourselfers
A study that was commissioned by MDRT and conducted online by Harris Poll found that 79 percent of Americans have never hired a financial planner. Thirty-eight percent of these consumers say it's because they are capable of managing their finances alone.
However, many Americans who have hired a financial professional report feeling confident at the sight of complex financial terminology, such as long-term-care insurance (41%), Roth IRA (69%) and annuities (49%).
While roughly half of Americans who have never hired a financial professional feel confident with traditional terms like "life insurance"(51%) and "401(k)"(52%), the proportion of those who feel confident seems to drop when it comes to more complex areas such as "long-term care-insurance"(31%), "Roth IRA"(42%) and "annuities"(28%).
"These results further emphasize the importance of planning for a healthy financial future," said Mark J. Hanna, CLU, ChFC, MDRT President. "Consider working with an advisor like hiring a professional builder to renovate your home. While you may be able to paint the walls on your own, your overall knowledge wouldn't enable you to replace your pipes or build new cabinets in your kitchen."
Millennials still not preparing
Thirty-six percent of employed Millennials (ages 18-34) whose company offers a 401(k) or pension plan are not participating in it, despite last year's MDRT survey findings that the average Millennial expects to retire at a younger age than other generations.
Of the Americans who have never hired a professional, less than half (46%) have a retirement plan or emergency fund, only 19 percent have a long-term financial plan for the future, and 46 percent have life insurance. This is in contrast to the 21 percent who have hired a financial planner, in which 77 percent have a retirement plan or emergency fund, half have a long-term financial plan for the future, and 63% have life insurance.
When those who have never hired a financial professional were asked why:
- 44 percent say they don't have enough assets or money to need one.
- 38 percent say they are capable of managing their own finances.
The survey was conducted online from February 6-8, 2017, among 2,202 U.S. adults ages 18 and older, among whom 490 have hired a financial planner and 1,712 have not.
Ayo Mseka
Editor-in-Chief
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FROM THE NAIFA BLOG:
First Phase Of DOL Fiduciary Rule In Effect June 9th, 11:59 PM
The initial implementation of the Department of Labor's fiduciary rule goes into effect at 11:59 PM on June 9th, 2017. After that time, advisors who provide retirement products and services will be fiduciaries and must comply with the rule's "impartial conduct standards." Under these standards, advisors work in the best interest of their clients, receive "reasonable compensation," and not make misleading statements to clients or prospects.
The rule's more onerous requirements are not scheduled to go into effect until January 2018.
When Labor Secretary Alexander Acosta said he would not delay the initial implementation of the rule beyond June 9th, NAIFA developed a checklist of things that advisors should have in place by this deadline:
- Pay attention to what your broker-dealer or financial institution is telling you.
- Know which clients and what kinds of sales and marketing are impacted by the rule.
- Understand what disclosures and communications have to happen with your clients and when.
- Be clear about your compensation with clients, and ensure they understand their choices.
- Keep clear records documenting why your recommendations are made.
- Educate your staff - they need to know what you know and under what circumstances all of the regulations will apply.
NAIFA is encouraged that a DOL official has stated that the portions of the rule that go into effect in January 2018 could get pushed further back. We believe that the department exceeded its authority with the current rule, but if the rule is to remain in force we wish to seek its improvement. NAIFA continues to work with new and career staff members at DOL and also with Congress to make the rule more workable for advisors and less disruptive for investors.
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 LifeHappensPro presents the annual Life Insurance Awareness Month industry-wide campaign in September:
It's Time for Your First Pit Stop for More Danica Patrick LIAM Resources
This year we have the largest offering of resources for Life Insurance Awareness Month since we started LIAM 14 years ago!
From now through LIAM, we will continue to roll out more and more great ways to reach out to clients and prospects about their life insurance needs.
We are expanding on LIAM spokesperson Danica Patrick's message about financial fitness to include:
- Danica's great 30 second video and flyer with the same message
- All the new Danica animated video quotes (These are so cool, and remember videos are #1 on Facebook)
All Danica's great quote graphics, which can be used on social media, in newsletters, on your website and more!
Hopefully you have already accessed these great resources your LifeHappensPro.org account:
- Danica's 15-sec. video and companion financial fitness flyer
- Twitter and Facebook cover photos featuring a Danica's message
- AND, start getting a general financial fitness message out with some great messaging via a flyer, life hint graphic and quote graphics - including our Barometer Study stats!
Remember, all these resources can be "made your own." Customize them, put your brand, logo or photo on them, embed the videos on your website. And that's just the beginning.
Check it all out at LifeHappensPro.org/liam.
Remember, you must be logged into your Life Happens Pro Plus or Premium account to access LIAM resources.
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Think BIG! Coaching & Training Newsletter
from Herman Dixon, CLU, CLF, LUTCF, LTCP
NAIFA-WV Past President, Speaker, Executive Advisor
Herman is the author of the forthcoming book, "Principles of Life and Leadership My Cat Taught Me" and guest speaker at the NAIFA-West Virginia State Convention on Friday, May 12th in Charleston.
To connect with Herman Dixon, you may sign-up to receive his weekly Biz Tips or monthly Think BIG Newsletter here:
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MEMBER BENEFIT OF THE MONTH
Lenovo
NAIFA members can save up to 20% off the everyday public web price of Lenovo's product line. Take advantage of great deals on everything you need for your office and home, including all laptops, tablets, desktops, all-in-ones, workstations, servers, and accessories. This includes savings on a variety of top products, including the award winning ThinkPad notebooks.
NAIFA members also receive:
- Free ground shipping on all web orders
- eCoupons each month with special limited time savings
- Access to energy-efficient green technologies
For more information and easy ordering, call
800.426.7235, ext. 9405 or visit
www.lenovo.com/naifa and experience the Lenovo difference! Be sure to check the website often - special offers change frequently.
Ask a non-member to join NAIFA today!
NAIFA is the largest financial services membership association in the United States, comprised of more than 700 state and local associations representing the interests of 200,000 members and their associates nationwide. NAIFA's goal is to protect your livelihood and your clients' financial security.
To join or renew securely online, please visit
www.naifa.org.
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Subscribe to Health Care Highlights!
Published by Thom Stevens, NAIFA-West Virginia Lobbyist
We are celebrating the 27th anniversary of our unique health care publication. Health Care Highlights is published weekly during the regular legislative session and monthly during the periods in between legislative sessions by the firm Government Relations Specialists, LLC.
Health Care Highlights provides a special focus on health topics of interest, legislative health deliberations, and a special section featuring the history and status of all health care bills introduced in the West Virginia state Senate and the House of Delegates.
For more information and to subscribe, please contact Thom Stevens, NAIFA-WV Lobbyist at 304-344-8466 or [email protected].
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Please Consider a Contribution to IFAPAC
NAIFA cannot contribute to political candidates.
IFAPAC can, and that's what we do!
In fact, IFAPAC consistently ranks in the top tier of more than 4,600 federal PACs in its political receipts and contributions to candidates.
For Three Easy Ways to Contribute to IFAPAC, please click HERE.
For more information about IFAPAC and to contribute securely online, please visit:
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It Pays to Be a Member!
Check our website for the latest news and updates:
For more information, please contact NAIFA-West Virginia Executive Director John Pauley, CLU, ChFC, CLTC
at (304) 345-4343 or email [email protected].
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