AALU-GAMA combo takes name 'Finseca'

[DHK]

New AALU-GAMA Combo Takes the Name 'Finseca' | ThinkAdvisor

Strange name... but whatever. I just hope that AALU has a positive effect on GAMA... because I haven't been impressed with most of the GAMA members I have ever met in a management capacity.

 

[DHK]

 

[WMSG]

Let me preface my comments and say in full disclosure, I am a life-long member of AALU, am actively involved with them, and support them a great deal. That said, this merger has been talked about -- and worked on -- for years. That's important. One of the initial problems and concerns that some professionals had was the "motivation" behind the merger -- if the approach was not exploratory to see if the two could and should merge, but more that they would and had to. Nobody wanted a fait accompli type of thing. That never plays out well.

That said, one board member for AALU asked up front -- is this a merger of "compliments" or is this a merger of "comparables" and depending on the answer, what are the advantages and disadvantages. How do the two missions merge? Cultures? Check your motives is always a question that should be asked. I've found it's rarely a good thing when two organizations are "forced" to merge or simply "expected" to merge.

I do think this can be a very good merger and can mean great things for our industry. Both organizations had a very separate and distinct mission, especially as it relates to the other. The results can be very good -- if the two organizations' missions can be merged and combined in an efficient and effective way.

 

[DHK]

100% agree.

I think the name was a fail though.

 

[WMSG]

100% agree.

I think the name was a fail though.

LOL.

 

[DHK]

Btw, notice that there is NO ONE using 'LU' much anymore.

NALU turned into NAIFA in 1999 or so.
The American College dropped LUTCF in favor of FSCP. It was Dr. Larry Barton (fmr CEO of TAC) who said "no one understands the LU part".
The American Society of CLU & ChFC reorganized to Society of Financial Services Professionals
AALU is now FINSECA

All that's left... is LUTCF (via NAIFA and College for Financial Planning) and CLU through The American College.

It's no wonder why insurance agents don't present themselves AS insurance agents... when the industry doesn't want you perceived in that way either.

(I'm still wanting to complete my CLU by year-end, or March 2021 at the latest.)

 

[WMSG]

I think this -- and what the merger means -- has more has to do with mission and function than it does name. If there was no merger, I couldn't care less about what AALU calls themselves, but I am absolutely, positively, passionate and visceral about what they do! Yes, AALU advocated for the insurance industry as a whole, and for life insurance. However, it was in the "advanced" arena and market(s) where they did their best work and was a proven resource and leader.

As far as the LU aspect, names, labels, the industry and the public -- personally, I view that as a separate issue. Related in some respects? Yes, perhaps. Insurance companies have changed their names. Why? I don't believe it is to "hide" or "shy away" from the insurance moniker or label. I think it is far more strategic and trying to reflect and have it be representative of their business, scope, services, etc. If their efforts are a façade, or insincere, then shame on them.

However, if it is sincere, and legitimate, I for one am all for insurance companies -- those that are qualified to do it and truly want to do it -- becoming truly more of a financial services organization, wealth management, and related services. I thought it was a very good move -- for the industry -- back in 99 when Northwestern purchased Russell. Sure, they were abandoned, and just 15 years later the company was sold, and since then it's been abandoned even more. However, one, they doubled their money plus. Didn't turn out to be a bad investment, it was just a misaligned investments. I think it would be a good thing for insurance companies to become more global, more financial services oriented (not just owning a mutual fund company), more wealth management oriented, etc. I thought it was a good idea when Guardian "built" a trust company. Horrible effort and implementation, but a good idea.

We will see what the future holds in our industry, both with the industry organizations, and the vocational and business operations of those companies in it.