The American College and NAIFA to Partner on New Financial Services Designation
The American College, the nation’s leading financial services educator, and the National Association of Insurance and Financial Advisors (NAIFA), the nation’s largest member association for insurance agents and financial advisors, announced today the creation of the Financial Services Specialist (FSS) designation. The new educational program is designed to provide financial services professionals in the insurance, securities, and banking industries with the high-impact sales skills and introductory technical knowledge advisors and their staff need to ethically and effectively meet their clients’ goals of financial security.
(PRWEB) April 18, 2005 -- The American College, the nation’s leading
financial services educator, and the National Association of Insurance and
Financial Advisors (NAIFA), the nation’s largest member association for
insurance agents and financial advisors, announced today the creation of the
Financial Services Specialist (FSS) designation. The new educational program is
designed to provide financial services professionals in the insurance,
securities, and banking industries with the high-impact sales skills and
introductory technical knowledge advisors and their staff need to ethically and
effectively meet their clients’ goals of financial security.
The program
is based on the successful sales skills training model of the insurance-based
LUTCF designation program. Like the LUTCF, the FSS designation program consists
of six courses delivered in live classroom instructional sessions. The courses
are organized through the same network of NAIFA local associations and agencies.
“The financial services industry provides a diverse and complex series
of products and services,” said Larry Barton, PhD., President and Chief
Executive Officer of The American College. “Knowledgeable financial advisors and
their support staff are an essential customer service ingredient. The new FSS
program will provide insurance agents, individual financial advisors and their
staff with the information and techniques they need to provide enhanced customer
service and be successful in today’s financial planning
marketplace.”
“NAIFA’s latest collaboration with The American College
establishes a program that will give practitioners the tools and skills to
create and help their clients implement twenty-first century financial security
plans with twenty-first century techniques, priorities and products,” said David
F. Woods, CLU, ChFC, LUTCF, NAIFA’s Chief Executive Officer. “The knowledge
gained through the FSS program will allow practitioners to bring high quality
financial security planning and products to the American people.”
Significance of the Financial Services Industry and Related Education in
the United States
According to the Insurance Information Institute, from
1999 to 2003, employment in the financial services industry averaged 5.3 percent
of total U.S. employment. The insurance industry alone is estimated to employ
over 2.25 million people. Additionally, the U.S. Department of Labor estimates
that employment of personal financial advisors will grow faster than the average
for all occupations through the year 2012. The next several decades will see the
continuing rapid expansion of self-directed retirement plans, such as 401(k)
plans. Along with this will be a continuing increase in the number and
complexity of investment offerings and strategies. As a result the need for
highly trained and qualified financial advisors to help people devise good
investment strategies which are integrated into sound financial security and
investment plans will grow exponentially.
Recent research of NAIFA
members reflects their desire to meet the needs of clients in this dynamic
marketplace. In a survey conducted in December 2003, NAIFA members indicated not
only their continued interest in traditional financial security products such as
life insurance, annuities, and long-term care and disability insurance, but also
in financial planning.
Education is key to advisor retention and success.
According to a recent study by LIMRA International, the average retention rate
of insurance producers by companies after four years is only 11%. Companies see
training as a key to improving retention because it increases the likelihood of
an individual financial professional’s success. Increased retention also reduces
the considerable time and resources required to orient and train new
professionals, thereby improving company profitability.
The FSS
Designation
The Financial Services Specialist (FSS) designation program is
ideally suited for financial services professionals in traditional insurance
roles, particularly current LUTCFs, as well as those in securities firms and
banks who are looking to sharpen their sales skills. Individuals new to the
financial services industry and sales support staff in financial services firms
would also find the curriculum to be highly beneficial. Increasing the
educational level of sales support staff through the FSS program can create more
effective financial advising teams. Improving the level of product knowledge
held by all the professionals working to address a consumer’s financial needs
can lead to enhanced customer service and organizational effectiveness.
The curriculum consists of six courses including a required ethics
course. Of the six courses, three are required and three are electives that can
be selected by the student based on his or her area of interest and desire for
specialized knowledge. Topics in the program include:
- Basic planning
concepts
- Understanding the financial services market
- Communication
skills
- Understanding the client life-cycle
- Introductory financial
planning concepts including:
-
Estate Planning
- Investment
Planning
- Retirement
Planning
- Introductory financial product knowledge
including:
-
Investments
-
Annuities
-
Insurance
Portions of the LUTCF designation may qualify for credits
toward the FSS designation. To earn the FSS designation, you must formally apply
to The College and be a member in good standing with NAIFA.
Working
together with NAIFA associations and agencies, courses will be delivered in a
live classroom instructional format with a moderator. Courses are open to all
financial services professionals through local associations of the National
Association of Insurance and Financial Advisors (NAIFA). To contact a local
association near you, call Volunteer and Student Administration toll free at The
American College at 877-655-5882 or e-mail protected from spam bots, or visit
the NAIFA website at www.naifa.org, mouse over “Why Join” and click on “Find Your
Local Association.” Additional information is also available at www.TheAmericanCollege.edu/Prospective_Students/Designations/fss.asp
.
An advisory board, the Financial Services Training Council (FSTC),
consisting of leading industry representatives from both The American College
and NAIFA, will provide advice and counsel to ensure that the LUTCF and FSS
designation programs meet the needs of the insurance and financial community and
The College’s standards of academic excellence.
About NAIFA:
Based in
Falls Church, VA, NAIFA is comprised of 800 state and local associations
representing the business interests of 225,000 members and their employees
nationwide. Members focus their practices on one or more of the following: life
insurance and annuities, health insurance and employee benefits, multiline, and
financial advising and investments. NAIFA’s mission is to advocate for a
positive legislative and regulatory environment, enhance business and
professional skills, and promote the ethical conduct of its members. The NAIFA
umbrella includes three specialty organizations: Association for Advanced Life
Underwriting (AALU), the Association of Health Insurance Advisors (AHIA) and
GAMA International. To learn more, visit www.naifa.org .
About The American College:
The
American College is the nation’s leading non-profit educator of professionals in
the insurance and financial services industry. Located on a 35-acre campus in
Bryn Mawr, Pennsylvania, The College is a public charity that serves over 35,000
students annually, predominantly on a distance education basis. The American
College offers an array of specialized designation programs, Master of Science
degrees in several disciplines and customized continuing education programs for
those pursuing a career in financial services. For more information, visit www.TheAmericanCollege.edu
Contact:
Eric B. Gordon
Director of Public
Relations
The American College
(610) 526-1450
or
Jim
Edwards
Assistant Vice President,
Communications
NAIFA
(703) 770-8112
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Source : http://www.prweb.com/releases/2005/4/prweb229878.htm