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April Is National Financial Literacy Month

An industry pulse survey of insurance and financial services professionals released today by NAIFA, LIMRA, the Insured Retirement Institute and Oliver Wyman found that the COVID-19 outbreak has made it challenging for agents and advisors to connect with new clients. More than three-quarters said that either all or a higher proportion of their insurance, annuities and investment sales have been to existing clients. Only 17% said new clients have accounted for a higher proportion of sales, while 5% said new clients accounted for all of their sales.

Financial professionals said they are receiving meaningful assistance from financial institutions and professional associations like NAIFA. Among the types of support they found most valuable are: reduced compliance requirements; a switch from paper to digital fulfillment; video conferencing training; articles and tip sheets on COVID-19 business practices; and webinars and other online programming on practice management, insurance and investments concepts, and client service.

The survey results bolster NAIFA’s strategy of providing a robust slate of online programming during the COVID-19 outbreak, including virtual Town Halls, an industry CEO Panel, Big Ideas webinars, and NAIFA Nation Impact Week – a three-day online event that focused on diversity, advocacy, and leadership training.



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