Everyone Deserves Financial Security

NAIFA is dedicated to promoting financial security and prosperity for every American family.

By Kevin Mayeux, CAE

Economic and financial disparities are fundamental to racial injustice issues that have taken center stage in our nation’s consciousness. As insurance and financial advisors and members of the largest and most influential association for American producers, NAIFA members have the talent, expertise and public trust to create positive change.

The net worth of a typical white family in the United States, according to the Brookings Institute, is nearly ten times that of a typical Black family. Similarly, a Pew Foundation analysis of U.S. Census data found the median income of Black American households is 61% of that of white households. And in times of economic hardship, Black families often bear a greater burden. As a result of the Great Recession, also according to Brookings, the median net worth of white families decreased by about 26%, while the median net worth of Black families saw a staggering 44% decline.

These disparities are part of an unfortunate historical legacy that have placed Black Americans and other racial minorities on an unequal footing for much of our nation’s history. NAIFA and our members are committed to addressing this issue and are playing an active role in advancing industry diversity, equity and inclusion initiatives.

Four Steps Forward With The American College

I agree with my friend, American College President and CEO George Nichols III, who said, “We must strive for common ground around this generational cause and work together to foster upward mobility and wealth creation for Black Americans.” NAIFA wholeheartedly supports The American College’s “Four Steps Forward” initiative to help combat racial inequality.

1. Develop financial literacy programs for Black women uniquely designed to address systemic wealth inequality and empower financial wellbeing.

2. Create a collective impact initiative that can be executed at the community level, backed by financial resources and toptier talent from national organizations.

3. Identify and develop the next generation of Black leaders in financial services firms through an executive leadership program that supports career growth and stronger communication and relationship skills.

4. Commit to purposeful professional development in the form of recruiting and retaining more Black people in financial services.

Financial Security For All Americans

NAIFA has long been dedicated to promoting financial security and prosperity for every American family. Our members serve the ever-changing face of Main Street USA. A client is a client, no matter the color of their skin or their ethnic background. Every American family benefits from increased financial literacy. They all need to prepare for, and mitigate, life’s inevitable financial risks. They deserve to plan for a secure retirement. They aspire to leave financial legacies for loved ones and future generations.

We also need an industry of professionals who reflect the individuals, families and business owners they serve. We need to recruit more people of color as agents and advisors and provide them with the tools, training, mentoring and strong association community they need to find success.

These are lofty goals, but they are necessary. NAIFA is working with The American College and our other association and industry partners to turn the words into results as we take the needed steps.

DIVERSITY, EQUITY AND INCLUSION

NAIFA’s Diversity, Equity and Inclusion Program and its task force have a mandate under our strategic plan to develop new ways through which we can help our members better serve all American individuals, families and businesses. NAIFA hosts an annual Diversity, Equity and Inclusion Symposium, which gathers thought leaders from around our industry to explore diversity, equity and inclusion solutions and inform critical decisionmakers. The most recent NAIFA Diversity, Equity and Inclusion Symposium in May drew more than 1,100 attendees.

NAIFA programming focused on diversity, equity and inclusion, exemplified by our recent webinar, “The Disparity and Opportunity,” featuring Christopher Gandy, and our recent research report, “Serving the African American Community,” is providing important educational materials to spur thought and action in our industry. To recognize and inspire advancement in this important area, the annual NAIFA Diversity Champion Award honors an association member who recognizes the value of our differences and advocates for all members of our community.

Confronting the issues of diversity, equity and inclusion in our industry and society is something we can, and should, do. NAIFA members thrive on helping people and serving the best interests of their clients. If there is an underserved community that would benefit from insurance and financial products, services and guidance, it is in the DNA of NAIFA members to reach out to that community, to see a wrong and make it right.

As the leading association for financial professionals in America, NAIFA is here to help you do just that.

Kevin Mayeux, CAE, is CEO of NAIFA. He may be reached at kmayeux@naifa.org