The members of two large financial services organizations have voted in favor of
With that approval, the Society of Financial Service Professionals, which serves advisors, attorneys and tax and insurance professionals, will become the professional development arm of the National Association of Insurance and Financial Advisors, a networking, certification and advocacy organization for financial advisors, insurance agents and their firms. Through the merger, the groups will represent 20,000 financial professionals of all stripes throughout the U.S.
"This merger represents a monumental step towards a stronger, more unified voice for the financial services industry," NAIFA CEO Kevin Mayeux said in a statement. "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."
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The groups, which have about 1,000 members in common, plan to retain their names. The merger will allow them to devote more time and resources to promoting ethical practices in the industry and recruiting.
"We look forward to expanding our professional development portfolio and reaching more advisors to ensure they are exceptionally prepared for a continuously changing economy," said FSP CEO David Maola.
NAIFA was founded in 1890 and FSP in 1928.
