NAFA Celebrates 15 Years of Dedication to Fixed Annuities
By Kim O'Brien
The Annuity Advocate
Milwaukee, WI - March 12, 2013 - The National Association for Fixed Annuities (NAFA) proudly celebrates its 15th year of dedication to fixed annuities. The ‘for’ in the association’s moniker was 100% intentional as NAFA is the only association solely dedicated to fixed annuities.Originally founded in 1998 as the National Association for Indexed Products, today NAFA is a trade association exclusively dedicated to educating regulators, legislators, journalists, and industry personnel, about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace, covering 84% of fixed annuities sold by independent agents, advisors and brokers.
In commemoration of its 15th year, NAFA has dedicated March as Annuity Awareness Month to provide a mouthpiece and venue to promote the value of annuities in retirement and income planning. NAFA will be working with its trade partners to develop a communication strategy and outreach program to key legislators to sponsor a Congressional Resolution making March America’s National Annuity Awareness Month.
"NAFA is proud to have played an instrumental role in the protection and advancement of fixed annuity products," stated NAFA President & CEO, Kim O'Brien. "Working closely with NAFA members, carrier companies, marketing organizations, federal, state and local legislators, I believe we succeeded in clearing up many of the misconceptions previously associated with fixed annuity products.”The association has grown significantly over the years from a one-person operation to one whose members now contribute over $1 million annually. Its membership strength is primarily due to NAFA's accomplishments while advocating on behalf of fixed annuities. Since its inception 15 years ago, the association has lead and participated in a many milestones on behalf of the fixed annuity industry, including:
- The overturn of Rule 151A
- Reduction in product complaints at record lows due to increased producer and consumer education efforts
- Conceptualization and introduction of first new Fixed Annuity product in 300 years
- Introduction of new product trends such as Long Term Care and Guaranteed Lifetime Withdrawal Benefit
- Suitability Guidance and Adoption
- Launch of a website to help educate consumers at www.FixedAnnuityFacts.org
- Launch of The Society for Fixed Annuity Facts & Education (SAFE), Inc., a 501c3 educational foundation
- Publication of a great number of materials to continually educate industry personnel on best practices
- Established Annuity Outlook Magazine, to inform and education annuity professionals
To learn more, visit www.NAFA.com.
W. Scott Hinds