Richards Wins Life Insurance Industry's Highest Honor
John Newton Russell Memorial Award recipient well known for service to GAMA International
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Lee Allen
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FALLS CHURCH, VA. – Phillip C. Richards, CLU, CFP, RHU, chairman and chief executive officer for the North Star Resource Group, who is well known throughout the industry for his years of service and leadership with GAMA International, has been named recipient of the 66th annual John Newton Russell Memorial Award. The award recognizes sustained and meritorious service to the life insurance industry. Richards will receive the industry's highest honor at a gala event during the 2007 National Association of Insurance and Financial Advisors (NAIFA) Convention and Career Conference in Washington, D.C., on Sept. 11, 2007.
John Henry Russell created the award as a tribute to his father, an influential leader in the life insurance industry who served as NAIFA's president from 1916 to 1917, and was a contributing founder of LIMRA International, The American College and the Chartered Life Underwriter (CLU) designation. Each year, a committee comprised of officials of several life insurance organizations, past award recipients and NAIFA past presidents select the recipient
This year, that committee recommended to the NAIFA Board of Trustees that the winner be announced soon after his/her selection. In the past, the award winner had been kept secret until the NAIFA convention in September to add suspense to the event. This year, the NAIFA board approved the change to give more of the recipients' colleagues and friends the opportunity to plan and attend the event.
Richards began his insurance career after his 1962 graduation from Temple University, where he served as student body president and captain of the Owls' wrestling team. He first worked in pensions and sales with the Penn Mutual Life Insurance Company in Philadelphia. In 1965, he joined Hartford Life where he led the company in brokerage sales. In 1967, he joined Minnesota Life as assistant superintendent of agencies. Two years later, Richards acquired North Star Consultants, Inc., the insurance component of North Star Resource Group.
As head of the affiliated companies that operate under the name North Star Resource Group, Richards oversees more than $3.5 billion in client assets. His firm serves more than 70,000 individuals and businesses. In 2006, his 175 registered representatives produced more than $40,000,000 of earnings, with over $15 million coming through life insurance product sales.
Richards has a long and distinguished service record with GAMA International, an association that provides education and training resources for individuals, companies and organizations involved with the recruitment and development of field managers, representatives and staff in the life insurance and financial services industry. He has served GAMA in a number of capacities, including president (2002-03) and senior vice president (2004-05)—in this position he developed GAMA's current international strategy. Richards also launched the Financial Partners Program and enrolled more than 30 leading mutual fund companies whose collective financial commitment to the organization of more than $1,000,000 strengthened GAMA's financial status in 1999. He has won GAMA's annual International Management Award 33 times, recognizing his leadership of one of the top-producing firms in the world, and was inducted into the GAMA Hall of Fame in 2005.
Richards is a sought-after speaker with engagements over the years in more than a dozen countries on four continents on topics such as college recruiting and selection, strategic planning, leadership, and alternative distribution systems in the financial services industry in the 21st century. He has addressed the annual meetings of more than 60 companies.
Additionally, Richards is an adjunct professor emeritus of insurance for the Carlson School of Management at the University of Minnesota and recently published his first book, 25 Secrets for Sustainable Success.
Richards' other service activities include: chair of the North Star Charitable Foundation; past chairman of Minnesota Life's National Advisory Board and member of the Executive Board of Directors for the Minnesota Council for Quality; a 37-year arbitrator for the Better Business Bureau; and member of the board of directors of the Minnesota/North Dakota Better Business Bureau (Chairman 2002-03), board of directors of the Arizona Quality Council, The American College Endowment Foundation, the Life and Health Insurance Foundation for Education, the Arizona Heart Foundation, and the Leadership Council of the Mayo Clinic of Arizona. He also serves on NAIFA's finance committee and recently served on the "NAIFA in the 21st Century" strategic planning committee.
"This award honors the best in the business, and Phil is certainly in that company," said Randy Kilgore, CLU, RHU, LUTCF, a NAIFA past president and chair of the John Newton Russell Memorial Award selection committee. "His professional success and service to the industry are extraordinary. But what sets Phil apart is that he keeps giving. He is always willing to serve. His involvement makes any organization or endeavor better."
A photo of Richards is available on request.
About NAIFA: Founded in 1890 as the National Association of Life Underwriters, the National Association of Insurance and Financial Advisors comprises 800 state and local associations representing the business interests of 225,000 members and their employees nationwide. Members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. NAIFA's mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members. NAIFA's website can be accessed at www.naifa.org.