The National Association of Insurance & Financial Advisors (NAIFA) Foundation for Financial Security is seeking to expand the number of ethical financial services professionals.
“NAIFA members provide crucial products, services, and advice to families and businesses in communities across the United States,” NAIFA President Lawrence Holzberg said. “We understand better than anyone the value financial professionals bring to Americans. The NAIFA Foundation for Financial Security was created to ensure consumers have access to qualified, ethical financial advisors and that those professionals better reflect the diverse communities they serve.”
Holzberg said the Foundation would additionally place NAIFA’s resources and the network of NAIFA members to work for prospective new advisors to launch them into successful careers by helping Americans achieve financial security.
A Financial Industry Regulatory Authority (FINRA) National Financial Capability Study found that 66 percent of American adults cannot pass a basic financial literacy quiz. More than 40 percent do not have retirement accounts, and less than half have emergency savings.
The NAIFA Foundation for Financial Security is establishing a program designed to promote and support diverse advisor recruitment. The Foundation is slated to award Diversity Scholarships to current or recently graduated college students who are members of underrepresented populations in the industry. The Diversity Scholarship is a two-year program providing support and training to help launch the careers of the prospective advisors, according to the NAIFA.