The Foundation for Financial Service Professionals was established in 1982 by the leadership of the Society of Financial Service Professionals. In 2024, the NAIFA Foundation for Financial Security was consolidated into the Foundation for Financial Service Professionals following the merger of NAIFA and FSP. Its mission is to impact the lives of individuals with scholarships and financial education. This mission is fulfilled through three key initiatives:

• Paul S. Mills Scholarships to provide financial support to undergraduate students pursuing a degree in a financial service-related field. 
• Journal Author Awards to advance scholarly research and writing in financial services.
• Financial Education Partners is a pro bono financial counseling program to offer financial guidance and hope for financial security to individuals in need.

Throughout its history the Foundation has been honored for its charitable endeavors and philanthropic ideals, including the National Multiple Sclerosis Society’s “Making a Difference” award and President George W. Bush’s C-Flag for an AIDS education campaign.