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LOMA
Introduces
Associate-Level Awards for Life Management Institute and Financial
Services Institute to Combat Impending Boomer “Brain Drain”
Atlanta,
Georgia—March 28, 2006—
The insurance and financial services industry is predicted to feel a
significant impact from an imminent exodus of experienced, knowledgeable
employees as the first wave of baby boomers, approximately 76 million
individuals, will turn 62 in 2008. One-third of
U.S.
companies expect to lose 11 percent or more of their current workforce to
retirements by 2008.
LOMA,
the leading trade association to the international insurance and financial
services industry, has introduced a revised structure for the Fellow, Life
Management Institute (FLMI) and Fellow, Financial Services Institute
(FFSI) Programs to allow for recognition of students at the half-way point
in their completion of program requirements and to assist members upgrade
employee skills and knowledge in preparation for the coming “brain
drain.” Students who complete five courses in either the FLMI or FFSI
curriculum will now be awarded the Associate, Life
Management Institute (ALMI) or the Associate, Financial
Services Institute (AFSI) designation, respectively.
“Companies in the competitive financial services
industry need employees who understand financial products and the
operational aspects of the financial institutions that create and
administer those products,” stated Thomas P. Donaldson, FLMI, CLU,
president and CEO of LOMA. “LOMA’s
courses are internationally recognized for delivering up-to-date
information in an accessible and flexible format. By awarding an
Associate-level professional designation to employees who complete five
courses, we are recognizing the achievement of a significant level of
industry knowledge.”
The ALMI and AFSI Programs offer customizable learning
paths by specifying only three required courses and allowing students and
companies to select the two additional courses to best meet job-specific
competencies. “Companies that promote lifelong
learning and encourage employees to continuously upgrade their skills will
be the most successful, and they are also absolutely vital to spur
economic growth,” said Donaldson. “By introducing the ALMI and AFSI
designations, LOMA is helping our member companies promote a culture of
learning to keep our industry strong.”
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