2003 0515 - GOV (House) - Retirement Security: What Seniors Need to Know About Protecting Their Futures - Baker

  • NAIFA - David F. Woods, CEO, National Association of Insurance and Financial Advisors - Testimony - 21p
  • Paul Kanjorski (D-PA)
    • (p2) - Mr. Chairman, today we will explore the issues that individuals should consider as they plan for retirement.
      • Because investor protection and financial literacy are top priorities for my work on this panel, I am therefore very pleased that we are meeting to examine matters like annuities, life insurance and longterm care insurance, among others.
  • NAIFA - David F. Woods, CEO, National Association of Insurance and Financial Advisors - Testimony - 21p
    • (p9) - We have 800 local associations across the country representing 325,000 insurance agents, financial advisers and their staffs.
      • Our mission is to provide professional education and support to our members, to establish and to maintain ethical standards for them.
    • (p9) - Let me if I can just give you a very brief overview of the role that  an agent-adviser plays.
    • (p9-10) - And then to do the research, to find the appropriate products that may address those needs, and to bring those needs to their attention; to help them evaluate them; to provide competitive analysis for them, so that they can make an informed and intelligent decision about the products that are important in their lives.
    • (p25) - The other thing is, and Congressman Lucas can attest to this, he pointed out his credentials in the insurance industry, the best teacher of all, the best educator of all is a knowledgeable and qualified life insurance agent.
      • Consumer study after consumer study indicates that that is where people get their information, and they want to get their information from them.