The National Association of Insurance and Financial Advisors says it will respond to declining membership by trying to create more value for its members. The NAIFA board recently hired an outside research firm to study the views of NAIFA members, recently lapsed members, and potential members.
NAIFA membership has dropped by more than half over the last 14 years, officials wrote. One step that NAIFA will take is to adopt a strategic plan that will adopt a "marketplace-driven approach to local membership," officials wrote.
NAIFA members will have to join the national organization and a state chapter, but, starting in September 2008, they will be able to choose whether to join a local association and which local association to join. NAIFA will also minimize reliance on the 117-year-old local association distribution system by making more use of wireless and computer technology, officials said in their report.
