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NEWSNEWSNEWSNEWSNEWSApril 2014
Page 1
The Financial Planning Association of MN presents4 Hours of CE: April 15, 7:00 am
On Tuesday, April 15th join us at the Golden Valley Country Club.
REGISTER
7:00 am: Registration & NetworkingMN CE, CPE, CFP, CIMA, CLE, CDFA-pending
763-732-4131 • Directions Link
April 15th - Golden ValleyCountry Club
JOIN NOW
Chapter Meeting ............................. 1-32013 Board ........................................ 2Message from the President ............. 4Membership Committee .................... 5First Year Member Social ................. 5New Members .................................... 5Member Discount: UPS ...................... 6Member Services: Connect ............... 6Chapter Meeting Review .................. 610 Ways to Repurpose ..................... 7Planners in the News .......................... 7Career Development ......................... 8Retreat Discount .................................. 8Financial Education ............................. 9Anniversaries ....................................... 9Professional Issues ..................... 10-11Virtual Learning Seminars ............... 11Symposium .................................. 12-14Platinum Partner Spotlight ............... 15Money Quotient Workshop ............. 16The Foundation .................................. 17Supporting Partners ................... 18-21Strategic Framework ........................ 22Upcoming Meetings .......................... 23
WHAT’S INSIDE:
About Gerry Beyer...
Professor Gerry W. Beyer will discuss three types of assets which your clients may own and whichrequire special planning but are which often overlooked. First, he will discuss planning techniques foryour client’s digital assets such as their electronically stores documents, pictures, and videos, domainnames, websites, and social networking postings. Second, Prof. Beyer will discuss the critical importanceof planning for your client’s guns and other weapons, especially if they are governed by the National
Firearms Act. Third, he will discuss how to plan for the “non-human” members of your client’s family – their beloved pets.
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Chapter Meeting: 7:30-10:00 amAn Estate Planning Trilogy:Digital Assets, Pets & Guns
Ethics Session: 10:15-12:15
Ethical Challenges
Bruce Wain • [email protected]
Pete Danilaitis • [email protected]
Gerry Beyer joined the faculty of the Texas Tech University School of Law in June 2005 as the first holder of the GovernorPreston E. Smith Regents Professorship. Previously, Prof. Beyer taught at St. Mary's University and has served as a visitingprofessor at several other law schools including Boston College, The Ohio State University, Southern Methodist University, theUniversity of New Mexico, Santa Clara University, and La Trobe University (Australia). He is the recipient of dozens ofoutstanding and distinguished faculty awards including the Chancellor's Distinguished Teaching Award, the most prestigious
university-wide teaching award at Texas Tech. Prof. Beyer was also the recipient of the2012-2013 Outstanding Researcher Award from the Texas Tech School of Law.
Ethics training doesn’t have to be dull or boring. Ethical Challengesuses interactive audience polling to keep the audience involved and learning.Teams participate in an informative and engaging session that teaches thefive learning objectives for ethics training through the use of case studiesinvolving the ethical challenges faced by five financial professionals.
About Dan Candura...
Dan Candura, CFP® provides financial advice and education to consumersand financial professionals. He is founder of his own education and consulting firm CanduraGroup, LLC. In that role he provides ethics training across the United States through in-person courses and webinars. As President of PennyTree Advisers. LLC, a Registered
Thanks to our April Host & Platinum Partner
Year 2014:Board of Directors
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Chapter MeetingContinued from Page 1...
Chairperson Jason Plank, CFP®
CRPC®, AAMS®, 952-841-7500Ameriprise Financial [email protected]
President Julieann Schroeder, CFP®, AIF®
952-829-0000 x6166USAdvisors Wealth [email protected]
President-Elect Steve Gilbertson, CFP®
612-750-5237Accredited Investors, [email protected]
Secretary/TreasurerBob Eichten, CFP®, [email protected]
Director of Career DevelopmentSara Kantor, [email protected]
Director of Financial EducationSeth Tenpenny, CFP®, 614-397-8916Wells [email protected]
Director of Member ServicesJerome Patterson, CFP®, CPA612-508-9290Professional Fiduciary Advisers, [email protected]
Director of MembershipKathie Bortnem, 877-867-7293Miles Franklin [email protected]
Director of NexGenJeanna Sabers, CFP® • 952-926-1659Cahill Financial [email protected]
Director of PartnershipsCraig Jergenson, CFP®, 763-445-2784Coach Craig Jergenson, [email protected]
Director of Pro BonoSan Asato, CFP®
952-548-3123McNellis & Asato, [email protected]
Director of Professional IssuesScott Nelson, CFP®/CFA, [email protected]
Director of ProgramsNicole Rosandich, CFP®, 612-723-2658PHH [email protected]
Director of Public RelationsKristy Gusick • 651-348-6398Professional Services [email protected]
Director of SymposiumKaren D’Aloia, CFP®
651-735-5878 • [email protected]
Executive Director Bonnie StanleySend Out Cards763-781-1212 • [email protected]
Can’t attend?Register for the
Virtual Learning Seminar.
Professor Beyer is the editor of the mostpopular estate planning blawg in the na-tion which for the past four years has beennamed to the ABA Journal's Blawg 100.He has authored and co-authored numer-ous books and articles focusing on vari-ous aspects of estate planning. He hasthree times won awards from the Ameri-can Bar Association's Probate & Prop-erty magazine for his writing and is oneof the most often downloaded law authorson the Social Science Research Network.
Professor Beyer serves as a mentor tomany students and various law school or-ganizations as well participating regularlyin pro bono activities. He is the advisorfor the Estate Planning and CommunityProperty Law Journal and its annual semi-nar.
Professor Beyer received his J.D. fromthe Ohio State University and his LL.M.and J.S.D. degrees from the Universityof Illinois. He is a member of the Orderof the Coif, an Academic Fellow of theAmerican College of Trust and EstateCounsel, and a member of the AmericanLaw Institute.
Investment Advisory firm in Massachusetts, Dan provides personal financial planningfor consumers, financial education counseling to employees in workplace settings andlitigation support and forensic financial analysis services for attorneys. Dan teachesfinancial planning, insurance planning and retirement planning in the Sawyer School ofBusiness at Suffolk University in Boston and is also a FINRA arbitrator. In 2010, CFPBoard named Dan as the CFP® Ambassador for the Boston area – one of just sevenambassadors nationwide.
Previously Dan provided leadership to the registered representatives of ING FinancialAdvisers LLC in New England. Earlier, he operated a professional financial planningpractice south of Boston after serving as Vice President, Financial Planning Quality, inthe Financial Advisory Services Group of American Express Financial Advisors inMinneapolis, MN.
Dan appeared as a featured expert on the 2008 PBS documentary Retirement Revolutionairing nationally. He has been profiled in The Journal of Financial Planning, Wealth
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Learning Objectives:Digital Assets:• How to identify digital assets and
digital estates• The importance of planning for digital
assets• How user policies impact the planning
process• How federal law impacts the planning
process• The methods to plan for digital assets• The obstacles to planning for digital
assets• How fiduciaries may access digital
assets• What the future may hold with respect
to digital asset planningPets:• Why it is important to plan for a client’s
pet animals• The methods to plan for an animal’s
short-term care• How a traditional pet trust operates
and the keys factors to consider whenpreparing a pet trust
• How a statutory pet trust operates• The availability of other techniques for
pet planningGuns:• How to plan for non-NFA weapons
(traditional revolvers, pistols, rifles,and shotguns)
• How to identify an NFA weapon (e.g., amachine gun)
• About the federal laws which governthe transfer of NFA weapons
• How to handle an estate whichcontains an NFA weapon
• How to plan for NFA weapons using agun trust
• The availability of other techniques forplanning for NFA weapons
About Dan Candura...Continued from Page 1...
The Financial Planning Association of Minnesota is registered with the National Associationof State Boards of Accountancy (NASBA) as a sponsor of continuing professionaleducation on the National Registry of CPE Sponsors. State boards of accountancy havefinal authority on the acceptance of individual courses for CPE credit. Complaints
regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through itswebsite: www.learningmarket.org.
The 3rd Tuesday - April 15th, 7:00 am - Golden Valley Country Club, 7001 Golden Valley Road (763-732-4132). If you have not alreadyregistered by clicking YES on your email invitation, you may click the links in the side bar on Page 1. Anticipated credits per sessioninclude: 2 MN CEU/2 CFP Board/2 CPE/2 CDFA, 2 CIMA and 2 CLE. CFP® and Certified Financial Planner® are marks owned by theCertified Financial Planner Board of Standards, Inc. (CFP Board). Course Level: Basic. There are no pre-requisites or advancedpreparation necessary for this program, but you should have a basic understanding of the subject matter. See the boxed LearningObjectives for a list of anticipated expectations by the end of the session. Instructor Qualifications: Minimum 4-year degree plus 5 yearspractical experience. Instructional Method: Group-Live presentation.
All registrations (including Season Ticket holders) called in after 5:00 pm on the Friday preceding the chapter meeting or arriving without aregistration will be assessed an additional $15. FPA is committed to pay GVCC for every reservation made. If you cannot keep yourcommitment, please call 763-781-1212 to cancel. Individuals not canceling within 24 hours will not receive a refund and will be invoiced$40 (unless prepaid). Season Ticket Holders not canceling will be invoiced a $15 No Show-No Cancellation fee. The Season Ticketpurchase of $240 represents a savings to you and does not cover our costs for the year. For more information regarding refund, complaintand program cancellation policies, please contact our offices at 763-781-1212.
This is an opportunity for 4 CE hours. Breakfast will be served at 7:20 am.Announcements, a partner presentation by Bruce Wain, Ameriprise Financial, and theprogram will start at 7:30 am. You must be presented for the full two hours and sign inbefore 8:00 am to receive CE. An Estate Planning Triology presentation will end at 10:00am. Meeting fees: Members without a Season Pass - $40; Non-Members - $65. Therecorded session ranges from $15 - $45 and is available through the FPA MN VirtualLearning Center.
The Ethical Challenges presentation will begin at 10:15 am. You must be present for the full two hours and sign in before 10:15 am in orderto receive credit for the Ethics course. Registration for this session is between 10:00-10:15 am. The session will begin at 10:15 am sharpand end at 12:15 pm. The Ethics course is NOT included in the Season Pass. Ethics Meeting fees: Members - $45; Non-Members - $70. Thissession will not be recorded.
RSVP early. The meetings will be held at the Golden Valley Country Club, 7001 Golden Valley Road (763-732-4100). Avoid the $15 last-minuteregistration fee by reserving your spot before 5:00 pm on Friday, April 12th.
Annual Golf/Bocce BallTournament - July 28th
Brackett’s CrossingCountry Club, Lakeville
Charity: Alzheimer’sAssociation (MN - ND)
Manager and Ticker. He has been quoted in USA Today, The New YorkTimes, Investment News, The Journal of Financial Planning, Wealth Managerand other publications. Dan served on the Board of Directors of The CertifiedFinancial Planner Board of Standards, Inc. from 2004 through 2008 and is a pastChair of the Board of Professional Review. He chaired the Task Force on CE& Competency for CFP Board. He is a member of the Financial PlanningAssociation and a NAPFA-Registered Financial Advisor. He was a foundingmember and Co-Chair of the Sales and Marketing Quality Council of TheConference Board.
A 1971 graduate of Stonehill College, Dan entered financial services after acareer as an educator and administrator. He earned a Masters Degree fromBridgewater State College in 1975 and received his certification as a CERTIFIEDFINANCIAL PLANNER™ in 1987.
About Dan Candura...Continued from Page 2...Learning Objectives:
1. Define elements of the fiduciarystandard.
2. Determine when the fiduciarystandard applies in a variety offinancial planning contexts andscenarios.
3. Determine if a financialprofessional is providing financialplanning services or materialelements of financial planningservices.
4. Explain compensation disclosurerequirements to clients andprospective clients.
5. Communicate any potentialconflicts of interest to a client atthe initiation of clientengagement.
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Too busy with taxes and can’t stay for the Ethicssession? We’ll offer 3 hours of ethics at the October
20-21 FPA of MN Annual Symposium.
On March 10th I celebrated my 55th birthday. Can you believeit! One of the gifts I received was a book titled “Wherewill you be five years from today?” It is a play book whereyou become reflective and intro-spective in thinking overthe next 5 years, what do you really want to do? What doyou really want to be? What do you really want to have?Where do you really want to go? I am not finished reducingto writing my dreams, wants, wishes, goals and desires,but it did cause me to pause and reflect on “ Where willthe MN Chapter of FPA be in the next 5 years?”
I was recently reading the profile of a CFP® as provided bythe CFP Board. Currently MN has between 1,500 and 2,000registered CFP® professionals. On a national basis 76.8%are male and 23.2% are female. Nationally 28.2% are ages50–59...hmmm. Certainly the MN chapter has room to growin terms of membership realizing that we are currently 842members strong but over 1,500 CFP® professionals in MN!
One of my 2014 initiatives is to develop current and futureleaders through education and knowledge. Upon readingFPA National President, Janet Stanzak’s March article, shementions that effective teams share these 5 attributes:focus... drive...teamwork...spirit...execution. I sincerelybelieve the MN chapter excels as a team. Monthly we offerprofessional development opportunities, networking with ourpeers and continuing education not only with our chaptermeetings but also with the various events we sponsor andhost throughout the year.
The success of the MN chapter does not just happen. It isbecause of the passion of each member along with thecommitment of their time and energy that makes it happen.Additionally, our chapter is truly blessed to have BonnieStanley represent us as our executive director. She truly isa gift to us and is a highly respected individual at the nationallevel. Thank you Bonnie.
Message from the President
Julieann Schroeder, CFP®, AIF®
APRIL ... the promise of Spring with rain showersto foster the blossoms of May flowers.
*Membership - grow,engage and retain
members
*Leadership - developcurrent and future leaders
through education andknowledge
*Stewardship - sustainand continue to build thevitality of the MN Chapter.
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JOIN NOW
Are you a Raving Fan of FPA and FPA Minnesota?You Should Be! FPA is your One Connection™ for all you need to grow and thriveprofessionally. We are committed to being your One Connection™ through every stageof your career journey from getting a foothold when new to the profession throughsuccession planning.
Know a colleague who would benefit from FPA membership? Refer them to FPA.•You will receive $25 off your renewal dues for each referral who joins!•Plus, you will receive a $30 gift certificate from FPA MN good for Golf, Symposium, orone of our local meetings. Refer A Colleague.
Grow the Community. Grow the Profession. Grow FPA.
Once again, I offer the invitation that if YOU are interestedin becoming a leader of our chapter and wish to help shapethe future of the FPA of MN Chapter there are many volunteerand committee opportunities available. Please contact me,any board member or Bonnie Stanley to discuss in moredetail.
My April quote to apply in your daily lives ... both personally andprofessionally, I offer you these words:
I have always been delighted at the prospect of a new day,a fresh try, one more start, with perhaps a bit of magic
waiting somewhere behind the morning.~J. B. Priestley, author
Warmly, julieann
Julieann SchroederPresident, FPA of Minnesota952-829-0000 x6166USAdvisors Wealth [email protected]
WELCOMENEW MEMBERS!
Sarah Burdash • Maplewood, MNDavid Fure • Burnsville, MN
Daniel Jandro • Lifelong Wealth AdvisorsCally Ingebritson • AccountAbility MinnesotaJohn McGuinness • Strategic Benefits GroupMichael Nakashima • Innovate Financial, Inc.
Joseph Simonett • Plymouth, MNKeith Stein • Lake Elmo, MN
Daniel Wanous • Bethel UniversityColin Watkins • ViaForte, Inc.Zehui Wu • Minneapolis, MN
HIGHLIGHTS FROM THE MEMBERSHIP COMMITTEE
Thanks for Volunteering!2 New Chapter Guides
Corey Anderson and Julieann Schroeder
Our mission is the recruitment andintegration of new members during the first
year of membership.
Membership CommitteeKathie Bortnem • MEMBERSHIP DIRECTOR
COMMITTEE MEMBERS: CHAD HALBUR-VICE BRAD BARINSKY
CRAIG DAHLJOEL JOHNSON
JOHN O’KEEFEBRAD FRANE PATRICK REDMAN
Save the Date! May 1stFirst Year Member SocialPazzaluna Urban Italian Restaurant & Bar360 St. Peter Street, St. Paul MN 55102Direct (651) 227-2749
PARKING-----at the Lawson Ramp, located on St. Peter& 5th Street. Pazzaluna will validate for 2 hours & it ispro-rated after that.
Upcoming SocialsJuly 24th – Downtown MinneapolisSept 25th – Rojo / Southdale
We invite our First Year Members to attend all of thesocials. It’s a great way to network with othermembers and meet the Board of Directors
What are the Benefits of your FPAMembership to your Business?
Kelly Fischer...Building a network of additionalprofessionals to discuss planningand strategy ideas with as well asgetting an introduction to currenttopics in a condensed format. Withindividuals being very busyservicing their clients on a dailybasis the FPA Chapter meetingsallow for a needed break to havediscussions with other pro-fessionals, gather information on available resources andensure that you are staying up-to-date on relevant topics.
Nicholas Augustin...I joined the FPA this past Januaryhoping to learn more about the fieldof financial planning and to assistwith my goal of a career change.During that short amount of time Ihave already benefited by meetingseveral extremely helpful andknowledgeable FPA-ers whilelearning new ideas and skills aboutthe field I soon hope to join. FPAConnect, the FPA of Minnesota website, and FPAsponsored speaking events have all been great tools andexperiences in this effort. I am excited to continueconnecting through the FPA and its many resources.
JOIN NOW
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UPS Overnight DeliveryService - Member Benefitfor FPA of MN Members
Member ServicesJerry Patterson, CFP®, CPA
MEMBER SERVICES DIRECTOR
As a member of the Financial Planning Association ofMinnesota, you are entitled to some great retail discountsthrough FPA and our partnership with Business AdvantEdge.By taking advantage of some of these discounts, the savingscould easily cover your annual FPA membership dues!
Please visit our website: www.fpamn.org, and click onMember Benefits. To Be sure to log in also be viewed onthe Member Discount Benefits portion of our website.Register with Business AdvantEdge today and start saving
big!
COMMITTEEMEMBERS:
DREW DEWITTRON EVANS
GREG FARNAM
JIM GRUNINGBRANDON HILLMAN
JACK PICKLER
Build on Your Successwith your Membership in the FPA!
Your membership includes...Access to FPA’s online member
discussions throughFPA Connect at
connect.onefpa.org
ProgramsCommittee
JERRY BRENNANEARL COHEN
AARON HASLER
Nicole Rosandich, CFP®
PROGRAMS DIRECTOR
COMMITTEE MEMBERS:
March Chapter Meeting ReviewLinking Cash Flow Management andLife Planning - Presenter Amy Mullen
By Aaron Hasler - Committere Member
REGISTER FOR WEBCAST
Cold March winds brought the talent of Amy Mullen fromthe West Coast in to our never ending Polar Vortex. Amyis an accomplished speaker and her presentation lived upto the reputation. Ms. Mullen even got frigid Minnesotansto engage in lively discussion with their tablemates overpersonal finances.
Mullen used her humor and conversational style to presenther research on human behavior and cash flow managementand correlated a client’s understanding of and experienceswith money to the financial planning process. How dotoday’s planners engage with the empathetic right-brainedthinker? Information has leveled the playing field for manyplanners, and connecting with clients on a personal level ismore important than ever. Understanding the insightful andemotional client in the “Conceptual Age” will help plannerseducate their clients and set goals for personal cash flowand simplify the life planning process. This connection withthe client builds trust with today’s planners and differentiatesyour business. Mullen mixed her research and experiencewith helpful exercises and worksheets so planners couldbecome familiar with the materials and gain insight fromtheir FPA peers.
The crowd was receptive in spite of the weather andMullen’s experience was evident in her command of theroom. Mullen provided advisors with practice managementtools that are very applicable to today’s client and importantfor a planner’s service model.
UPS OVERNIGHT DELIVERYSERVICE ... Discounts from:
• 14%-28% off Next Day Air®/NextDay Air® Saver Ltr/Pkg and World-wide ExpressSM Export/WorldwideSaverSM Export Ltr/Doc/Pkg;
• 10%-21% off UPS 2nd Day Air® A.M. and 2nd DayAir® Ltr/Pkg, 3 Day SelectSM (pkg) and UPSWorldwide Expedited (Doc/Pkg)
• 1%-5% off UPS Standard to Canada• 10% off UPS International Import including UPS
Worldwide ExpressSM/SaverSM/ExpeditedSM/Standard toCanada.
Find out the details by logging into the Members Only areaand clicking on Local Member Discounts. Here you canview all of your other member discounts as well.
JASON PLANKMARK REKOW
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Watch for your Invitation!FPA of MN Annual Golf &Bocce Ball Tournament
July 28thBrackett’s Crossing, Country
Club in LakevilleCharity: Alzheimer’s Association
Kristy Gusick • PUBLIC RELATIONS DIRECTOR
Public Relations Committee
LINDSAY ARDISCHRIS DAVIS
GRANT MEYERKEVIN O’LAUGHLIN
COMMITTEEMEMBERS:
ERIC ROGNESSNATE WENNER
CHRIS DUFFYGOFF PUBLIC PR FIRM
10 Ways to Repurpose Your ContentBy Kristy L. Gusick - Public Relations Director
When you write an article, post a blog, or are featured in a news story, we encourage you to expand the reach of the content bypromoting it at least 5-7 different ways. When you create content, you want to spend four times as much time promoting it asyou did writing it.
Below are ideas you can use to ‘repurpose’ your content to reach even more people.
1. Add a direct link to the story on your website – on your home page as well as the ‘news and events’ section.
2. Create a LinkedIn status update and include a link to the story on your website.
3. Post a link to the story on your company’s LinkedIn and Facebook pages.
4. Add a link to the article on Twitter. Active Twitter userscan then “retweet” your content to their followers, furtherexpanding its reach.
5. Add a reference to the article in your website bio (for example“as featured on KSTP TV’s ‘Out and About’ segment as anexpert on retirement planning”).
6. Create a blog post on the topic you were interviewed about.
7. Develop a presentation around the article topic and present itat an association meeting or offer to conduct a free“lunch and learn” for a group of referral sources.
8. Send an e-mail update to your contacts with a link to thearticle.
9. Feature the article in your E-newsletter. Include a briefsummary with a link to the article on your website.
10. Send personal e-mails to your “A-Level” referral sources,clients and prospects before the article is published lettingthem know that you/your firm will be, for example, featuredin Sunday’s Star Tribune business section.
By repurposing your content, you proactively expand the number ofpeople who will see your content, and will harness the power of theinternet to help your thought leadership live on!
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PLANNERSIN THE NEWS
Seen your name in print lately? Wewould like the spotlight to be on YOU. If youhave been quoted in any news or mediaarticle, let us know. We will post a link tothe article.
ThinkAdvisor.comTop 5 Issues Reshaping Retirement
Planning in 2014John Comer, February 24, 2014
KMSP TV-FOX 9Financial Planning Advice for Gen-Y'ers
Sophia Bera, March 15, 2014
NYTimes.comCoping When Not Entering
Retirement TogetherSusan Zimmerman, March 21, 2014
Click here tofollow FPA MN
on Twitter
Click here to joinFPA of Minnesota
on LinkedIn
Click here tojoin us onFacebook
View us onYouTube
Bob KlostermanWhiteOaks Wealth - 10 students
Julieann SchroederUSAdvisors Wealth Management - 2 students
Joan RossiRossi Dubuque Breckenridge, LLC - 2 students
Gregory BlaeserING Financial Partners - 1 student
Nicole RosandichPHH Home Loans - 1 student
Jeanna SabersCahill Financial Advisors - 1 student
Jason PlankAmeriprise Financial - 1 student
8th
An
nu
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PA C
are
er
Day
:
A B
IG T
ha
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Stu
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8th Annual Career DayBy Sara Kantor, Director
Thank you to all who made our recent Career Day a terrific event! Withoutthe generous support of FPA volunteers, sponsors of students, interviewingfirms, the NexGen committee and our Career Development committee wecould not have had such a successful day.
Our committee’s aim of Career Day is threefold – education for students/career changers, networking between FPA members and students/careerchangers and the facilitation of interviews for financial planning firms withstudents/career changer. New to Career Day this year was the addition of akeynote speaker from outside our chapter, mock interviews, and resumereview. We also had increased numbers of volunteers, student/career changerattendees, and interviewing firms.
We were welcomed by Julieann Schroeder, President of FPA of Minnesota,Michael Branham, Chair of FPA National, and Jeanna Sabers, Director ofFPA of Minnesota, NexGen. Keynoter Caleb Brown, MBA, CFP® of NewPlanner Recruiting shared his experience of transitioning from student toprofessional and how to get hired in financial planning with the entire group.Throughout the day were roundtable discussion, mock interviews, resumereview and employer interviews. The afternoon young planners panel of MeganOlson, Brent Meyer and Kyle Moore shared their insights about their firstyears in the financial planning profession.
Our committee is already making plans for next year’s event. If you havesuggestions for Career Days going forward or are interested in participatingas an interviewing employer or volunteer, please be in touch with one of ourcommittee members. Your collaboration makes this a fantastic event!
Sara Kantor • CAREER DEVELOPMENT DIRECTOR
Career Development Committee
COMMITTEE MEMBERS: MARK BRICEELLEN FEE
ELLAN KRUBSACKNITYA MALIK-DAS
MEGAN OLSONMOLLY SULLIVAN
Announcing theRecipient of the 2014
Montgomery Scholarship
We are pleased toannounce that therecipient of the2014 MontgomeryScholarship is KyleDickinson. Kyle isin his last semesterof college at theUniversity of MN-Duluth where he isthe Co-Student
Director of the UMD Financial PlanningProgram as well as part of the FPA UMDStudent Chapter. He has found his passion forfinancial planning through his time at UMDand has had the opportunity to attend TDAmeritrade's National Conference in 2013and 2014. Upon graduation, Kyle will joinMidwest Professional Planners as a junioradvisor in Duluth. He also plans on sitting forthe CFP (R) exam in November. We wish himthe best! Congratulations, Kyle!
Page 8
FPA Retreat 2014May 3-5
Trump National DoralMiami, Florida
Join the best andthe brightest in thefinancial planningprofession at FPA
Retreat 2014.
• Register using specialpromo code CHRET14for a $25 discount.
• Non-members whoregister will receive aone-yearcomplimentary FPAmembership.
Seth Tenpenny, CFP® • FINANCIAL EDUCATION DIRECTORFinancial Education Committee
COMMITTEE MEMBERS:KAREN BECKER-GEMMILL
SOPHIA BERAJOHN COMER
CHRISTINE DAMICOMICHAEL ERPENBACH
JEANNA SABERSLISA SITZEL
By Seth Tenpenny, CFP® - Financial Education Director
The Financial Education committee is looking forward to Jump$tart Coalition’s Annual AprilEvent. Minnesota Jump$tart is a coalition of organizations, which share a commitment to thefinancial education of youth. Working collaboratively, more resources and expertise are availableto accomplish this task. The Minnesota Jump$tart Coalition brings together individuals andorganizations to improve the personal financial literacy of Minnesota’s youth.
Jump$tart is very excited to have Chris Farrell as the Event’s keynote speaker. Chris Farrellis economics editor of Marketplace Money, a nationally syndicated one-hour weekly personal
finance show produced by American Public Media. Chris is also economics correspondent for Marketplace, the largest businessprogram in broadcasting and chief economics correspondent for American RadioWorks, the largest producer of long-formdocumentaries in public radio. Chris Farrell is also a frequent contributor to the Star Tribune.
The 2014 April Event will again be held at the Minneapolis Federal Reserve Bank. The Event will be held on Wednesday April30 starting at 4:00 p.m. Attendees are encouraged to arrive early (3:15 p.m.) and tour the Federal Reserve.
Registration is now open, but space is limited.http://www.eventbrite.com/e/mn-jumptarts-annual-event-featuring-
chris-farrell-tickets-10221365379
http://www.jumpstart.org/states-minnesota.html to learn moreabout Jump$tart’s efforts and resources available to the community.
Page9
HAPPYANNIVERSARY
15 YearsMelissa Machlitt, CRPS, CRPC
JRA Financial Advisors
10 YearsStacey Ackerman, CFP®, CTFA
Wells Fargo Investment
Charles Blossom, CFP®Prestige Planning Inc
Michael CarpentierMRK Financial Solutions
5 YearsGerald Brennan, CIMA
Robert W. Baird & Co.
Sean MeadowsMeadows Financial Group, LLC
Roya Moltaji, CFP®, ChFCMetlife
Chris Farrell to Keynote at Jump$tart Coalition’s Annual April Event
On March 15, a few FPA MN members had the opportunity to facilitatefinancial presentations to Comcast Corp. employees on behalf of theirEmployee Assistance Program provider, ComPsych. Mike Miller andJason Plank each delivered a presentation on Managing Debt and BuildingWealth, while Lisa Stitzel presented two workshops on Managing PersonalFinance. In each session, there were 15-20 employees present. The servicewas greatly appreciated by both the HR department and employees alikeas evidenced through the workshop evaluation scores and comments.
Comments included:"This (session) should be mandatory for everyone.""I learned a lot.""Thank you for the information."
FPA of MN Members Give FinancialPresentations to Comcast Corp. Employees
By Lisa Stitzel, CFP® - Committee Member
Professional Issues CommitteeScott Nelson, CFA, CFP® • PROFESSIONAL ISSUES DIRECTOR
COMMITTEE MEMBERS:JERRY BRENNAN
STEVE FISCHERJEREMY LIPINSKI
KEITH LOVELANDJOSH WOLBERG
TOM LUING
DONALD MCNEIL
Caught in Professional CrossfireBy Joshua Wolberg, MBA, CFP® - Committee Member
There has been much discussion around financial conflicts ofinterest among different business models in our profession. Itis increasingly difficult to disregard the frequent implicationsand/or explicit public statements that most individuals withsecurities or insurance licenses will consistently chooseproducts that pay them the most instead of putting the client’sbest interests first. These public condemnations have come inmany forms from several different groups.
Sources from outside the profession include authors in the DIYpersonal finance genre and exposés like “Pound Foolish” byHelaine Olen or “The Retirement Gamble” by PBS. Itconcerns me a seemingly increasing number within theprofession disparage their fellow professionals based solelyon a different business model. The FPA and CFP Board areboth publicly business model agnostic, but statements byindividual members show disunity. FPA’s standards of careexpect professionals to provide advice in the client’s best interestwith no mention of business model.
FPA Standard of Care
All financial planning services will be delivered in accordancewith the following standard of care:
• Put the client’s best interests first.• Act with due care and in utmost good faith.• Do not mislead clients.• Provide full and fair disclosure of all material facts.• Disclose and fairly manage all material conflicts of
interest.
In some ways these public discussions can be helpful inimproving our profession; “sunlight is said to be the best ofdisinfectants” – Justice Louis Brandeis. In other ways,focusing on the negative may undermine the overall good ourprofession is currently providing and/or limit the growth of oursocietal impact.
Does planting the seed of doubt that unethical behavior is thenorm rather than the exception advance the profession?
Can a Profession Exist with Conflicts?
Economic biases and financial conflicts of interest are alsopresent in more established professions, and it may beinstructive to consider an example to provide some outsideobjective context for our burgeoning profession.
A consultation with a surgeon may provide the doctor $600 ofincome for 1 hour of work. If no surgery is recommendedthere will likely be no additional income for the surgeon whilerecommending an 8 hour back surgery may net the surgeonanother $10,000 in compensation (note: a much higher hourlyrate). I think it is hard to make a case $10,000 in unequalcompensation based on the professional’s recommendation isnot a material financial conflict of interest.
The discussion above was not meant to criticize the medicalprofession. I did NOT assert a surgeon is unable to provideappropriate and ethical advice solely because he/she canreceive unequal compensation based on the treatment advicehe/she gives. If financial planning can someday attain a similarlevel of respect and positive societal impact as other professionssuch as medicine, law, dentistry, engineering, etc. I wouldconsider FPA’s long-term goal to professionalize financial advicea huge success.
It may be impossible to eliminate a surgeon’s conflict ofinterests in advising a patient whether to undergo surgery evenif they changed their business model. One could reasonablyexpect surgeons who received a flat salary would have anincentive to discourage surgery because it creates more workand stress for the surgeon without increasing his/hercompensation. This may explain the large difference in waittimes to have surgery in the U.S. versus many other countrieswith universal health care. It is hard to envision a surgeonbusiness model where incentives do not somehow effect howcare is delivered. This is likely true with personalized financialadvice business models also.
Differentiate Your Practice without Damaging theProfession
“Nothing is more dangerous than a dogmatic worldview –nothing more constraining, more blinding to innovation,more destructive of openness to novelty.” – Stephen JayGould
Some fee-only advisers may strongly disagree with the assertionthat conflicts may exist in their business model. In an AUMmodel it is not in the advisor’s financial best interest torecommend a client to use some of their assets the advisorcould manage in another way that may be in the client’s ownbest interest. Some examples include paying off their
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mortgage, buying long-term care insurance, funding an ILITwith life insurance, implementing some of Wade Pfau’s researchon purchasing SPIAs for retirement income instead ofsystematic withdrawals, etc.
The vast majority of my revenue comes from a fiduciary AUMmodel, but I am also securities and insurance licensed. Thereare situations where I would make less by recommending abrokerage product over charging a fee. If I charge 1% onAUM for more than 8 years it is very likely the client wouldhave paid less than if the client had purchased an A share witha large up front load. Depending on how we interpret “client’sbest interests”, a model where clients pay less could beconsidered better even though I would be is acting under asuitability instead of fiduciary standard of care.
“It is difficult to get a man to understand something, whenhis salary depends upon his not understanding it!” – UptonSinclair
A well-known planner, for whom I have immense respect, ispublically considering dropping the CFP® designation becausehe owns a small portion of a family business with revenuecoming from commissions. This would require him to list as“fee and commission” through the CFP Board’s website ratherthan how he has always marketed himself as “fee-only”. WhileI sympathize with many of the unpleasant situations the CFPBoard’s compensation disclosure requirements have caused,if fee-only planners had not criticized non fee-only models soharshly for years they might not see “fee and commission” asa scarlet letter.
Here is one example among many similar social media postsimplying many of our fellow FPA members do not put client’sbest interests first: “Don’t confuse insurance agents, bankfinancial advisors, commissioned brokers with FEE-ONLYCOMPREHENSIVE FINANCIAL PLANNING.” (I did notadd the all caps) The U.K. and Australia have banned most
advisor commissions including trails. Several other countriesare considering similar moves. I’m not proposing the U.S.should do this. However, I wouldn’t fight similar legislationbecause certain products might become more attractive forclients if commissions were separated from the product cost.It would also encourage financial professionals to focus onmore meaningful differentiation than putting FEE-ONLY in allcaps and stopping just short of accusing some of our FPAbrothers and sisters of being charlatans.
Unfortunately, being a legal fiduciary does not preclude anadvisor from breaching that responsibility as witnessed bysome recent high profile fiduciary advisors going to prison.Regardless of the regulatory standard individual professionalsstill have to choose to put the client’s best interests first; lawscannot ensure outcomes. If making something illegal wassufficient to eliminate immorality we would not have murders,theft, etc. Deeply held moral beliefs, voluntary pledges toothers, and non criminal consequences have proven effectivein other professions and human relationships. While it is notillegal for me to be unfaithful to my spouse, it isn’t in my long-term best interest.
I use low cost investments with daily liquidity, but I am carefulnot to publicly accuse other advisors of unethical advicebecause they recommend hedge funds that charge two andtwenty regardless if the advisor is compensated forrecommending the high priced hedge fund is receiving acommission, is fee-only, or can receive some combination.There have been times when I have criticized fellowprofessionals and/or their business models because I believemine is “better” for the client or I would not have chosen it.
I resolve to describing how I help clients by focusing onservices provided, compensation transparency, and disclosingconflicts rather than why clients should not work with otheradvisors. For the future of our profession, I ask you to considerdoing the same.
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Caught in CrossfireContinued from Page 10...
FPA MN Virtual Learning Seminars• Challenging Conventional Thinking about Money,
Deficits and Debt with Presenter Dr. Stephanie Kelton(Ranked 3.94, 2 hrs CFP CE)
• Linking Cash Flow Management and Life Planning withPresenter Amy Mullen (Ranked 3.26, 2 hrs CFP CE)
• Retirement Income: Addressing Client Concerns withPresenter Kenn Tacchino (Ranked 3.49, 2 hrs CFP CE)
• Where in the world do we invest from here? PresenterMichael Trudel (Presenting May 20th, 1 hr CFP CE)
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Financial Planning Certificate Program
SYMPOSIUM 2014Minneapolis Convention Center - Up to 15 Targeted CE Hours
Monday, October 20 - Watch for updates on the web7:00-7:45 AM Registration and Continental Breakfast7:45-8:00 AM Welcome and Announcements8:00-9:20 AM Carl Richards - The Behavior Gap9:20-9:50 AM Buddy Program Meetup9:20-9:50 AM Visit Exhibits and Network9:50-10:45 AM The NexGen Town Hall Meeting9:50-10:45 AM Waldean Wall - Asset Protection: Elements and strategies for
safeguarding wealth10:45-11:05AM Visit Exhibits and Network11:05-12:00PM Mark Sellner and Earl Cohen - 2014 Year End Tax & Estate Planning Tips11:05-12:00PM BO: Ethics for MN Insurance - Details coming soon12:00-1:00PM Lunch and Networking with Exhibitors - Walk-n-Talk 1:00-3:10 PM BO: Jeffrey Rattiner - Financial Planner’s Ethical Dominance Hr 1 of 2 1:00-1:50 PM BO: LaRhae Knatterud - Aging - Planning for the Future 1:00-1:50 PM BO: Carl Richards - Behavior Gap Unhinged 1:00-1:50 PM BO: Kristy Gusick - How to Get Referrals from CPAs & Attorneys 1:00-1:50 PM BO: Alina Passarelli and Vaughn Kavlie - Real-Life Strategies
with Reverse Mortgages1:50-2:10 PM Visit Exhibits and Network2:10-3:10 PM BO: Jeffrey Rattiner - Financial Planner’s Ethical Dominance Hr 2 of 22:10-3:10 PM BO: Brian Ahrens - Active Management in Investment Portfolios2:10-3:10 PM BO: FBI Special Agent - Identity Theft2:10-3:10 PM BO: Jessica Johnson & Matt Shea - When your Clients Are Not the Cleavers:
Estate Planning for Non-Traditional Families3:10-3:30 PM Visit Exhibits and Network3:30-3:40 PM Minute to Shine, Door Prize Give-Aways, Announcements3:40-5:10 PM Andy Friedman - The Washington Update: Strategies for
Investment and Retirement Planning5:00-6:30 PM FPA Reception in The Seasons - Socializing and Networking
Tuesday, October 21 - Watch for updates on the web7:15-7:50 AM Continental Breakfast and Networking with Exhibitors7:50-8:00 AM Welcome and Announcements8:00-9:40 AM Wade Pfau - Two Schools of Thought on Retirement Income9:40-9:50 AM President Julieann Schroeder-Special Membership Announcements9:50-10:20AM NexGen Meetup9:50-10:20 AM Visit Exhibits and Network10:20-11:20AM Shari Harley - How to Say Anything to Anyone: Setting Expectations for
Powerful Working Relationship11:20-11:25 AM Minute to Shine, Door Prize Give-Aways, Announcements11:40-12:40 PM BO: Brad Schafer & Evan Richardson - Understanding Real Estate Investment
Alternatives11:40-12:40 PM BO: Mark Lanterman - Ethical Use of Evolving Technologies11:40-12:40 PM BO: Shari Harley - Where Did My Clients Go? Get More Clients. Keep More Clients.11:40-12:40 PM BO: Wade Pfau - Retirement Asset Allocation and Income Withdrawal Research12:40-1:40 PM Trip Downstairs for Plated Lunch and Economist Panel12:50-12:55 PM Special Announcements - Julieann Schroeder & Janet Stanzak12:55-1:00PM BestPrep - Bob Kaitz1:05-2:45 PM Economist Panel: David Kelly, Jerry Webman & Rick Golod2:45-2:55 PM Minute to Shine, Door Prize Give-Aways, Announcements2:50-3:15 PM Visit Exhibits and Network3:15-4:55 PM Jack Surgent - Tax Strategies and Planning in Light of Higher Taxes4:50-5:00 PM Closing Remarks/Evaluations/Cert Forms
Discounted Lodging Rates Available at the Millennium.Block is nearly full. Book Now.
Registration Rates:Members of Minnesota FPA: ................$310Members of Other FPA Chapters: ......$360Non-Members: ........................................$410
ONE Day Rates: $205 Mbrs;$240 Non-Mbrs(Rates INCREASE August 1st)
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For a refund, cancellations must be received in writing before September 16th.Returnto FPA of Minnesota, 3900 Main Street NE, Columbia Heights MN 55421
Call on Pricing for Non-Member Group Rates for 5 or more.
Page 12
Symposium 2014: Planning for Success
Mark your calendars now for Monday andTuesday, October 20-21, at the MinneapolisConvention Center. This conference featuressome very notable speakers, as well as therequired CFP and state insurance Code ofEthics. With a target of 15 credited hours,programs have been designed to comply withthe principles of the Certified FinancialPlanner Board of Standards, the NASBA/CPEcredits, MN-WI-ND Insurance, CIMA credits,CDFA credits, and some CLE ContinuingEducation (Pending Approval). Check theagenda weekly for updates on approved CEs.
Carl Richards, The Behavior Gap-Despite their best efforts to behave, peoplestill make crazy decisions around money.As financial professionals, it can beparticularly frustrating to watch clients dothings we know aren’t in their best interest.In this session, Carl Richards will use acombination of the latest research and bestpractices to help you better understand howto counter the worst client behavior aroundmoney. Length: 1.5 hrs
Carl Richards, Behavior Gap Unhinged:Behavior Gap Unhinged will continue thelessons learned in The Behavior Gapsession. Many of us believe we have to proveourselves in front of our clients with charts,graphs and fancy analysis. Truth be told,your clients don’t care. They want you tosimplify their money problems into termsthey can understand, with the least amountof jargon possible. In the words of AlbertEinstein, “If you can’t explain it simply, youdon’t understand it well enough.”Length: 1.5 hrs
Waldean Wall, Asset Protection:Elements and Strategies for SafeguardingWealth: This course will provide financialprofessionals a general understanding ofbest practices when dealing with assetprotection issues. Beginning withfoundational concepts, the course willexplore the importance of asset protectionin wealth preservation, the moral and ethicalbases to asset protection strategies, andhow the transfer or moving of assets can beindicators of motive. The course thenhighlights some basic asset protectionstrategies utilizing tools such as insurance
products, bankruptcy and creditorprotection, state v. federal exemptions,common ownership methods, and equitystripping. The course concludes with moreadvanced strategies such as businessentity planning, isolating high-riskbusiness assets, and the use of assetprotection trusts. Length: 1 hr
Mark Sellner and Earl Cohen, 2014Year End Planning Tips: Tax and EstateUpdates: 2014 income tax and estate andgift tax planning for high income and highnet worth clients is being shaped by therepercussions of 2013 tax and estate lawchanges, including filing status updates,the .9% increase in Medicare taxes, thenew 3.8% Medicare tax on investmentincome, the limitations on personalexemptions and itemized deductions, andchanges to Minnesota income tax, estate,and gift laws. This session will providepractical tips on 2014 year end planning,and will highlight opportunities and pitfallsin tax and estate planning. Length: 1 hr
Jeffrey Rattiner, Financial Planner’sEthical Dominance: Financial Planner’sEthical Dominance ® provides a practicalapproach to learning the ethical standardsof professional conduct and responsibilitythrough the use of 21 anonymous casehistories. This session will:• Review the elements of fiduciary
standards and when they apply• Provide guidelines to help you
determine if financial planning ormaterials elements of financialplanning are being provided
• Help you determine when tocommunicate potential conflicts ofinterest
• Explain compensation disclosurerequirements to clients and potentialclients
After this two-hour session, you will havea strong idea of the do’s and don’t’s ofworking with your clients ethically.Length: 2 hr
LaRhae Grindal Knatterud and Dr.Mark Reese, Aging - Planning for theFuture: 70 percent of those over 65 aregoing to need long-term care at some pointin their remaining years. Still, many peopledo not realize this high probability and donot plan for this situation as part of theirretirement planning. Making decisionsabout long-term care in the middle of acrisis can lead to tragic and unintendedresults. In the first half of this session, thecurrent efforts of the State of Minnesota to
help individuals create a plan for their long-term care, including how to pay for it, will bediscussed, including efforts to develop moreaffordable and suitable products to helpmiddle income households with thesefinancial costs. Length: 1 hrs
Kristy Gusick and Panel, How to GetReferrals from CPAs and Attorneys: As afinancial advisor, it’s likely that your practice’snew business relies almost entirely onreferrals for growth. In fact, statistically,professional services firms receive over 80%of their new business from referrals!Because of this, obtaining ‘A-Level’, qualifiedreferrals from your centers of influence on aconsistent basis is absolutely essential toyour firm’s growth. But this can definitely bechallenging! Especially if you are hoping toget referrals from some of your moreconservative referral sources, like CPAs andattorneys. In this presentation, Kristy Gusick,marketing coach and partner at ProfessionalServices Marketing, LLC will invite a panelof CPAs and Attorneys to assist her in sharingideas on how to help you become moresuccessful. Length: 1 hr
Alina Passarelli and Vaughn Kavlie,Real Life Strategies with ReverseMortgages: This session provides anoverview of the reverse mortgage product;including the purpose and evolution of itsdevelopment, consumer safe-guards,HUD’s involvement and the regulatoryenvironment for this product. Hear some reallife strategies and leave with anunderstanding of reverse mortgagemechanics, consumer and propertyqualification, funds allocation, maturity dateand repayment options, along with someanalytical skills to aid in utilizing this productas a retirement planning tool. Length: 1 hr
Jessica Johnson and Matt Shea, WhenYour Clients Are Not the Cleavers: EstatePlanning for Non-Traditional Families: Thissession will cover the estate planningconsiderations and issues associated withplanning for families that are more complexthan Ward, June, Wally, and the Beaver.Estate planning for these families is oftenmore important than it is for traditionalfamilies because default rules (intestacy)either do not provide for loved ones or do soin a way that can cause conflict, delay, andcostly court proceedings. The discussionwill focus on planning for blended families,second marriage couples, unmarriedpartners, same-sex couples, and other non-traditional families. Topics will includepremarital agreements, planning for
Continued on Page 14...
FRIEDMAN • RICHARDS • SELLNER • COHEN • RATTINER • WALL • PFAU • HARLEY
SURGENT • ECONOMIST PANEL: KELLY • WEBMAN • GOLOD
Page 13
October 20-21Up to 15 CEs
CFP, MN-WI-ND Insurance, CIMA,CDFA, NASBA/CPE, CLE
REGISTER NOW
FPA MN Symposium ...Continued from Page 13.
incapacity, cohabitation agreements, post-nuptial agreements, use of trusts and wills,coordination of beneficiary designations,asset protection planning, and much more.Length: 1 hr
FBI Special Agent, Identity Theft: Learnhow your personal information can be stolenand ways to protect it. An experiencedpresenter from the FBI will speak to our groupon identity theft. In a reversal of our currentculture where our names and photos are onthe internet via Linked in, Facebook and othersites, we have been asked by the FBI to takethe opposite approach. We are not sharingin advance the presenter’s name, bio or phototo preserve his or her ability to remainanonymous should future FBI work require it.(Thereby, protecting his or her identity...).Length: 1 hr
Andy Friedman, The Washington Update:An Overview of the Political Environment,Prospective Legislation, and Strategies forInvestment and Retirement Planning: WallStreet’s Tax Expert and one of the nation’ssavviest Washington observers, AndyFriedman, will discuss how Washingtonpolicy affects finance. The ongoing budgetbattles, as well as the upcoming elections,are likely to spark more market fluctuations.Tax reform could have a significant impact oninvestors, as it could alter current exemptions,deductions, and preferential rates for capitalgains and dividend income on whichinvestors rely. Andy also will providestrategies that investors and financialadvisors can consider to take advantage of(or protect against) changes arising from theabove initiatives, including specific strategiesfor investment, wealth transfer, and retirementplanning. Length: 1.5 hr
Wade Pfau, Two Schools of Thought onRetirement Income: Wade Pfau presents“The Two Schools of Thought on RetirementIncome.” The probability-based school ofthought derives from the safe withdrawal rateresearch created primarily by financialplanners since the 1990s. The contrastingschool is the safety-first approach developedin academia since the 1920s, also calledlifecycle finance. Detailed analysis of bothschools of thought and how they can beapplied to a financial planning practice aregiven. Length: 2 hr
Wade Pfau, Retirement Asset Allocationand Income Withdrawal Research:Retirement income strategies are morecomplex than the baseline inflation-adjustedspending. If willing to build flexibility into theirplans, it is possible to begin retirement witha higher withdrawal rate. Wade will describerules advisors can use to frame retirementincome strategies. He will focus on thebroader issues related to retirement assetallocation, including research using a risingequity allocation glide path. Length: 1 hr
Shari Harley, How to Say Anything toAnyone - Setting Expectations forPowerful Working Relationships: Youhave a request for one of your co-workersbut don’t know how to say it, so you don’tsay anything. A project you worked on forsix months has become a black hole.There is no information about the status.You’re frustrated, but you don’t say anything.Two employees aren’t working welltogether. It’s impacting the atmosphere inthe office. You don’t know what to say, soyou don’t say anything. Speaking up whenwe are frustrated is hard and, as a result,most of us don’t. Instead, either we tell otherpeople (aka gossip) or we say nothing, andrelationships become strained. You can sayanything to anyone and have it be easy. Youjust need to lay the ground work to do so,and most of us don’t. Length: 1 hrShari Harley, Where Did My Clients Go?Get More Clients. Keep More Clients:Clients provide us with clear feedback.They hire us, or they don’t. They return ourcalls, or they don’t. They refer others, or theydon’t. Unfortunately when clients aredissatisfied, they don’t tell us. They votewith their feet. 99% percent of client turnoveris predictable and preventable. The signsare everywhere. We just don’t know whatthey are, because, for the most part, clientsdon’t tell us. Clients leave and we neverknow why. Get to the heart of what yourclients need and why they hire or fire you.Never get fired again and be surprised.Length: 1 hr
Mark Lanterman, Ethical Use of Tech-nologies: From cloud computing to smartphones, from social media to QR codes,from email to hacking... technology is achanging field. All financial advisors areethically responsible for providingcompetent service to clients, and thatincludes ensuring that confidential clientinformation is properly handled. But howdo advisors ensure they are actingcompetently when using new technologies,such as social media, devices including(but not limited to) smartphones, and “thecloud”? The ethical touchstone isreasonableness, but what does that meanfor the use of particular types of technology?Computer forensics expert Mark Lantermanwill help you understand your ethicalobligations when using these and relatedtechnologies. Length: 1 hr
David Kelly, Jerry Webman & RickGolod, 2014 Economic Overview: Threeeconomists will present their economicoverview. They will touch on global as wellas domestic economic trends andforecasts. Items to be covered will includebut not be limited to: the outlook for inflation,stock market valuations, interest rateforecasts, employment outlook and globaleconomic growth. After the preparedpresentations, the economists will answerquestions from the audience. Length: 2hrs
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Jack Surgent, Hot Tax Updates:Financial planners are called on tominimize tax consequences consistentwith their client’s financial objectives. Withthe end of the low tax rate environment, thestakes are higher. This module examineswhat taxpayers can do to reduce income,AMT, net investment income, and Medicaretaxes in light of current rates and proposedtax reform. Length: 2 hrs
Brian Ahrens, Active Management inInvestment Portfolios. Active Managementhas a place in most investment portfolios,but it is important to pick your spot. Led byBrian Ahrens, the Strategic InvestmentResearch Group of analysts providesresearch for managed accounts businessand subadvised mutual fund family, as wellas variable annuity, variable life, andretirement services offerings. The groupconducts high-quality research and duediligence on investment managementfirms and the vehicles and strategies theyoffer, provides insight on issues related toinvestments and investment consultingtheory and practice, and distributes theirresearch to agents and financial advisorsto help their clients achieve their long-termfinancial goals. Length: 1 hr
Evan Richardson, Understanding theReal Estate Investment Alternatives.Schafer Richardson will lead a discussionon the current commercial real estateinvestment market and the alternativeinvestment vehicles, including Non-tradedREITs, Publicly-traded REITs, Tenants-in-Common (TICs) and Delaware StatutoryTrusts (DCTs), private partnerships, anddirect investment. The discussion willexamine the strengths and weaknessesof each investment vehicle as well asprovide advisors guidance on their duediligence by highlighting key areas toevaluate when underwriting a commercialreal estate sponsor or investment. Thesession will provide background on thecommercial real estate investment climate,national market fundamentals, capitalmarkets and emerging real estateinvestment strategies. Length: 1 hr
NexGen Town Hall. (Breakout Option)Modeled after the national FPA Experienceconference, the FPA MN Symposium willinclude its second NexGen Town Hallmeeting. All NexGen members are invitedto attend an open forum discussion andlearn about plans for the recently rekindledMN NexGen group, as well as meet thenew MN NexGen Director and CommitteeMembers.
Watch for other updates on the FPA ofMinnesota Symposium site.
Recently, in my work as a Precious Metal Specialist at MilesFranklin I have experienced a trend in clients requestingappraisals of their precious metals holdings within an estate.
Often, families are unsure of where to turn when left with aportion of an estate that contains gold and silver. Where dothey go for an appraisal? What if they want to liquidate?
First and foremost, tell your clients to think safety. One shouldnot invite a company or person into their home to evaluatetheir gold and silver holdings unless they have developed along term business relationship with the company.
If your client is considering bringing their precious metalholdings to a company location for an appraisal, they shouldnot go alone unless they know they are stepping into a well-established office or shop. When it comes time to transportthe metals they should be carried in discreet packaging.
Another important consideration; is the company trustworthy?At Miles Franklin we always urge our clients to check out ourBetter Business Bureau rating, along with the ratings of othercompanies. Whenever possible, choose a company that notonly has an exceptional rating, but is also accredited by theBetter Business Bureau.
There are plenty of newer “cash for gold” shops that havecropped up in Minnesota; some legitimate and some not.Recent regulations in the state of Minnesota that go into fulleffect in July of 2014 will further protect clients against lessthan honest precious metals dealers.
This may seem a bit overwhelming. You may wonder, wheredo I turn to if my client asks about a precious metal estateappraisal?
Precious Metal Estate Appraisal and Liquidation
Platinum Partner SpotlightKathie Bortnem • 877-867-7293 • [email protected]
Miles Franklin consults with families, financial planners,and estate attorneys to determine the value of theprecious metal portion of an estate. Simply send us alist of holdings and we will provide an estimate for itsvalue.
You may also schedule an appointment for an hourlyconsulting fee payable at the time of the appointment.If your client decides to liquidate these holdings withMiles Franklin the consulting fee will be waived.
Liquidation is a simple process, and Miles Franklinprides itself in offering competitive bids. Simply call meat 877-867-7293 and I will walk you through the process.
What make Miles Franklin an excellent choice forprecious metal estate appraisals and liquidations? Weare celebrating our 25th year in business. During thattime, we have educated people on the importance ofowning metals to mitigate risk of the ever-changing anduncertain times in which we live. We have consistentlydelivered the finest products along with the finest servicein our industry. That commitment has earned us an A+Rating with the BBB with zero complaints!
Call Kathie Bortnem at877-867-7293 formore information.
Page 15
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- Marty Kurtz, CFP®, AIFA
The Planning Center
Moline, IL
APRIL 23-25
2014
MINNEAPOLIS, MN
AT THE NORTH STAR
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As of February 28, 2014
Who We Are The Foundation for Financial Planning, a nonprofit charity, is the only organization solely devoted to supporting the delivery of pro bono financial planning.
As the financial planning profession’s foundation, the Foundation reaches out to financial planners and the companies that provide support and products for planners, for tax-deductible contributions in order to support its mission.
Call to Action In response to the need to assist the Foundation’s mission to connect the financial planning community with people in need, Fidelity Investments® will match pledges of $1,000 or more. DONATE TODAY and pay over 5 years or make a onetime gift! Join us and support pro bono financial planning at www.foundation-finplan.org. IT MATTERS!
Our Mission Founded in 1981 and reorganized in 1996, the Foundation’s mission became one of resource development and grant making and has since provided more than $5.3 million in grants to support pro bono financial planning advice. Our mission is to help people take control of their financial lives by connecting the financial planning community with people in need.
We support pro bono financial planning through grants and community based organizations that work with the underserved, which includes active military, veterans, victims of disasters, low- to moderate-income families and many others.
Our Impact Delivery of pro bono financial planning enriches the lives of everyone touched by it …the recipients, the financial planning volunteers, donors and society as a whole. We believe that financial planning matters. It allows people to make better financial decisions. However, not everyone has access when they need it. The Foundation is the connector between the underserved and the financial planning profession.
Greater Need for Pro Bono Financial Planning Early in 2013 the Financial Planning Association requested the Foundation to manage and facilitate their pro bono outreach work with FPA Chapters. Our years of working with the Chapters and FPA made this a natural transition and we are now providing pro bono financial planning opportunities to a greater audience. Through this partnership, to date the Foundation has:
Worked with 1,710 pro bono financial planners, who volunteered 15,407 hours
Served more than 14,722 underserved individuals
While the Foundation maintains a close relationship with FPA and other financial services organizations, it is an independent 501 (c) (3) nonprofit organization.
8%7%
7%
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Grant HistoryHigh School &CollegeMilitary
Women
Disaster
Planner Trainer
GeneralUnderservedSpecificPopulation
May 3 – 5, 2014 | Miami, Fla. | Trump National Doral
FPA Retreat 2014
Access Thought Leaders in and Out of the Classroom
Identify Strategies to Build My Practice
Obtain CE Credit
Connect with influencers in the financial planning profession, and gain new tools and strategies to take your business to the next level.
Register Today at FPARetreat.org
Use Promo Code CHRET14 to save an additional $25 when registering for FPA Retreat 2014.
PLANNING FOR YOUR SUCCESSION
As a financial planner, you’re focused on helping clients achieve their goals and plan for the future. But it’s important to prepare for your own future and the future of your business. Succession planning is a critical part of helping protect both your personal interests and those of your clients, but developing a succession plan can be daunting with all the things you need to consider. The aspects that make your business unique have an inherent meaning to you, but how do you translate that into a practical value? Whether you’re considering retiring in five or ten years, beginning your planning now will help ease the process when you’re ready to step down.
Putting a plan in place allows:
Growth of equity value
Continuity of service for clients
Efficiency when transferring business
Flexibility of retirement time frame
Timing that can maximize value while reducing tax impact
Practical, rather than emotional, decision making
Security that you have helped prevent the risk of a fire sale
Providing career-path opportunities to existing associates
A smart succession plan provides you with:
Security – you’ll have peace of mind knowing that you have planned for your family, employees and clients in case of disability or death.
Simplified transitioning – by planning ahead you ease the burden of getting your professional affairs in order.
Protection for your heirs – planning helps protect the equity in your business and maximize the value from client relationships.
Industry Facts:
The financial industry is aging – nearly 50% of advisors are over the age of 50 with 14% over the age of 60.¹
The industry is very “young” as it relates to transitions.
Nearly 60% of advisors within 5 years of retirement have not identified a successor.²
Take the time to answer the following questions:
What are my total assets under management?
What is my revenue mix/type?
What are my areas of specialization?
How many clients do I have?
What is my average client demographic?
On average, how long have my clients been with my firm?
What is my client service model?
How desirable is my office location?
Understanding how your practice will be valued by a prospective buyer will help you strategize areas of growth and hone in on a price you think is fair. There are multiple methods to determine value, such as discounted cash flow models, multiples of revenue calculations or by researching comparable sales. Whichever method you choose, you may want to consult with an expert –such as a lawyer or consulting firm—who can coach you through the process and provide you with sound advice. Ask yourself these questions:
Does your firm provide personal transition support?
Does your firm have a proven process for succession planning?
Does your firm offer resources to help you sell your practice?
Does your firm provide practice acquisition financing?
If you think it’s time to start building your succession plan and want to find a broker dealer that can truly support you, see what Ameriprise has to offer. Contact Bruce Wain, Edina Branch Manager at (952) 857-1429 or Pete Danilaitis, Lake Elmo Branch Manager at (651) 702-0257. ¹The Cerulli Edge, 3rd Quarter 2010 Edition: Hire, Train or Else. ²The Cerulli Edge Advisor Edition, 3rd Quarter 2012.
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Ameriprise Financial Services, Inc. is an Equal Opportunity Employer. ©2013 Ameriprise Financial, Inc. All rights reserved. 248279 A (3/13)
THANK YOU to our 2014 Partners!GOLD: PLATINUM
Michelle Marquez, CIC, CPCU • [email protected]
Derek Hansen • [email protected]
Yana Morgan • [email protected]
Bruce Wain • [email protected]
Paula Doroff • [email protected]
Kathie Bortnem • [email protected]
Vaughn C. Kavlie • [email protected]
Brandon Fries • [email protected]
Spencer Gerke • [email protected]
Robert Kincade • 800-317-1127 [email protected]
Denny Bennett, CMPS [email protected]
Shara Fessler • [email protected]
Steve Benjamin • [email protected]
Brandon Hillman • [email protected]
Chris Hastings • [email protected]
Terry Huddle • [email protected]
Chris Davis • [email protected]
Matt Wolff • [email protected]
Nicole Rosandich • [email protected]
Patrick Redman • [email protected]
Nick Sitzberger • [email protected]
David Gillette • [email protected]
Besides our absolutely fantastic Board and wonderful Volunteers, we also haveour Annual Partners to thank. They provide approximately one-half of the revenueneeded to run the chapter. Without our Partners’ support, your price for chaptermeetings and the annual Symposium would be much higher. Plus, we wouldn’thave the support of Bonnie Stanley and the staff at Office Connection.
When a Partner communicates with you, please take a few minutes out of yourday to thank them and listen to what they have to offer.
Thank You to our Annual Partners
Greg Brown • [email protected]
Nancy Reyes • [email protected]
Casey Gober • [email protected]
Jay Robinson612-375-9525
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2014 SILVER:AMERICAN REALTY CAPITALScott Gunderson • [email protected]
CALVERT INVESTMENTSDavid McClellan • [email protected]
COHEN & STEERSDan Shore • 719-221-6384
DAVIS ADVISORSBill Wenzel • 800-293-2007
[email protected] ASSET & WEALTH
MGMT - Jeremy Blubaugh612-381-7002
DIAMOND HILL INVESTMENTSSean Ryan • [email protected]
FIDELITY INVESTMENTSBill Rothschild • 888-718-7835
GRAY PLANT MOOTY LAW FIRMJessica Johnson • [email protected]
INVESCOGreg Prokott • [email protected]
J.P. MORGANTom Parnell • 612-963-2911
2014 BRONZE:ENGLISH ROSE SUITES
Tiffany Gomez • [email protected]
HARTFORD FUNDSEdward Cisowski • 800-456-7526
LORD ABBETTLindsay Ardis • 612-599-7409
NEWMAN LONG TERM CAREDeb Newman • 952-888-3777
REGUSAndy Voorhees • 1-800-OFFICES
SCHAFER RICHARDSON, INC.Evan Richardson • 612-371-3000
SEND OUT CARDSBonnie Stanley • [email protected]
VANGUARD FINL ADVISOR SERVICESTodd Swenson • 610-731-3767
WALTON INTERNATIONAL GROUPWill Bohannan 480-286-8467
WELLS FARGO HOME MORTGAGEPatti Mazzara • 612-237-6277
LEUTHOLD FUNDSHilary Sweeney • 612-767-1176
MAIRS & POWER FUNDSScott Howard • 651-294-8309
MUNDER CAPITAL MANAGEMENTChris Burgess • 800-468-6337 x1277
NATIONWIDE FINANCIALStephen Lee • 651-335-6924
OPPENHEIMER FUNDSTom Sabow • 800-479-1828 [email protected]
RAINIER INVESTMENT MGMTMark Wolff • 800-280-6111
SEI INVESTMENTSWest Durham • 610-676-4269
SUNBELT BUSINESS ADVISORSJim Borthwick • 952-210-7783
TD AMERITRADE INSTITUTIONALCarson Booras • 312-803-3969
TRADITION MORTGAGEJohn Zydowsky • 952-252-4664
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COMMUNITY:Networking
&Connecting
STRATEGIC OBJECTIVE: ORGANIZATIONAL IDENTITY AND BUSINESS FOCUS
To be the recognized and unquestioned professional membership resource and advocate for CFP professionals byembracing the concept of “one profession, one designation” as our sole business directive and policy filter.
OUR VALUE PROPOSITIONFOUR SERVICE LINES: AREAS OF ACTIVITY
INFRASTRUCTURE: SUPPORTING THE SERVICE LINESMarketing/Communications - Executive/Administration -
Technology - Finance - Corporate - Chapters
BUSINESSSUCCESS:
PracticeManagement &
BusinessDevelopment
ADVOCACYPublic Policy &
the Regulation ofFinancial Planning
MEMBER: ORGANIZATION:
SOCIETY:PROFESSION:
Deliver Superior Member ValueFacilitate the success of our members and grow the organization by providing relevant and timely programs and services that meet, anticipate and exceed their needs.
Optimize Organizational PerformanceOptimize organizational culture, structure and
human and financial resources to achieve excellence.
Serve as the Credible VoicePromote FPA and FPA members as the credible
voice of financial planning. Define and effectively communicate a common understanding of the
discipline of personal financial planning and the benefits of its use.
Be the Authoritative SourceBe the recognized leader for knowledge about the practice and profession of financial planning. Unify the voice, focus and resources of the financial planning community, bringing together those who champion the financial planning process. Cultivate the body of knowledge of personal financial planning.
Strategic Vision – Long Term VisionSTRATEGIC VISIONTO ACHIEVE PRIMARY AIM
I N T E G R I T Y
We are a values-based membership organization.
Our PRIMARY AIM is to be the community that fosters the value of financial planning, and advances the practice and profession
of financial planning.
S T E W A R D S H I P
CO
MP
ET
EN
CE
RE
LA
TIO
NS
HIP
S
PROFESSIONALEDUCATION:
PractitionerGrowth &ContinuingEducation
ORGANIZATIONAL STRUCTURES:Governance Structure - Staff Structure - Chapter Structure
The Heartof Financial
Planning.The community that brings together
those who deliver, support and benefitfrom financial planning.
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3900 Main Street NEMinneapolis, MN 55421Voicemail: (612) 706-3060Direct: (763) 781-1212email: [email protected]
CALENDAROF EVENTS
April 23-25, Fundamentals of Financial Life Planning by Money Quotient.10% discount for FPA MN Members. See Page 15.
May 1, First Year Member Social, Pazzaluna Urban Italian Restaurantand Bar, 5:00-7:00 pm - Watch for your invite!
May 20, Hr 1 - Where in the world do we invest from here with PresenterMichael Trudel; Hr 2 - The New Geography of Investing withPresenter David Polak followed by Social, 2:30 pm, GVCC
June 17, Planning in Light of Minnesota’s Civil Marriage Law withPanelists Shane Swanson, Michelle Rehbein, and Gary Debele,7:30 am, GVCC
July 15, Responding to Elder Financial Exploitation-Financial Professionalson the Front Lines - Panel Presentation, 11:30 am, GVCC
July 28, Annual Golf Outing, Brackett’s Crossing Country ClubSeptember 16, Hour 1-Rising Equity Glidepath Asset Allocation in
Retirement. Hour 2 - Future of Financial Planning in the DigitalAge, Presenter Michael Kitces, 7:30 am, GVCC
October 20-21, Annual Symposium, Convention CenterNovember 18, Tax Update with Presenter Tom Brinker, 7:30 am, GVCC
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