NAIFA’S Hard Hat Winner! 

In the final two months of 2022, we are happy to recognize one of our members, Roger Sims, CLU, LUTCF, who has received NAIFA’s 2022 Q3 Membership Hard Hat Award. Roger has served NAIFA in several positions, beginning as an agent with New York Life in his father’s office, serving as a board member and Past President of NAIFA-North Carolina. He has served in NAIFA’s advocacy for several years.

To gain clear insight into Roger’s commitment to the Code of Ethics, review Roger’s professional profile. For over 20 years, Roger Sims has clearly satisfied these obligations (and others) from the Code of Ethics:

• To work diligently to satisfy the needs of my clients by acting in their best interest.
• To present, accurately and honestly, all facts essential to my clients’ financial decisions.
• To render timely and proper service to my clients and ultimately their beneficiaries.

Roger is an outstanding example of a member who serves through an active concern for his clients and NAIFA.

Improving Employee Awareness of Benefits Through Frequent Communication

With the growth of the pandemic, workers’ concerns about their financial security and physical and emotional well-being began to increase. Based on a new study by LIMRA and Ernest & Young, LLP, employees are gaining a growing appreciation for non-medical benefits. One means employers can improve their employees’ awareness of their benefits package is to provide clear information about the benefits on a regular basis. Employees support this with 7 of 10 employees saying they prefer to receive benefits information a few times or more each year. With regular communication notifying and explaining the various types of benefits several times per year, employees then gain insight as to the value of benefits in addition to their financial compensation. And employers then reflect an important obligation honored by NAIFA members and cited in the NAIFA Code of Ethics regarding:

• To present, accurately and honestly, all facts essential to my clients’ financial decisions.

LIMRA Predicts Steady Growth in Annuity Sales as Number of Retirees Expands

In spite of continued challenges from the COVID-19 pandemic, the annuity industry has rebounded strongly in 2022, with U.S. annuity sales increasing by 4% to $63.3 billion. This trend is expected to continue for several years, according to LIMRA. This reflects a positive development with annuity sales, in spite of COVID-19 difficulties, which contributes to the following important commitment by the annuity industry, very much in line with this ethical obligation from the Code of Ethics. This commitment also should bring a note of encouragement to all NAIFA insurance and financial advisors:

• To conduct all business dealings in a manner which would reflect favorably on NAIFA and my profession.

Conclusion

As all Insurance and Financial Advisors realize, there are times of challenge that can make it difficult to practice each of the ethical obligations in the Code. In those times we should remember what we have come to learn from the COVID-19 pandemic: Honoring our Code never stops being important and often is difficult depending on market and other conditions. In those times, as Roger Sims, CLU, LUTCF, as well as studies by LIMRA and Ernest & Young LLP have shown us, there are always means we can recognize and utilize that engage one or more of the obligations of the Code of Ethics. In the words of Roger Sims, CLU, LUTCF, an offer to clients that consistently engages us in the Code is the phrase, “Here’s how I can help.”