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Volume 22 No 2 Spring 2021

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

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The Register | Spring 2021

In This ISSUE Register Profile

Columns Trustees’ Chair Desk

Ronnie Kaymore, RFC® 11 Kaymore Sports Risk Management

Features Does the Niche Market Lead to Organic Growth?

5 Spreading our Mission One Region at a Time By Dr. H. Stephen Bailey

IARFC® News 6 2021 Editorial Calendar 8 From the US Chapter Board President

By Rick Stanzione 14 Interested in Helping Expand the IARFC? 17 IARFC Awards 19 Dunton Award 29 Membership Services Update 31 MRFC Updates

7 By Monroe “Roey” Diefendorf, Jr.

37 Call for Papers — Journal of Personal Finance

So Many Niches, So Little Time — 21 Niche Markets for 2021

International News 21 Update International Chapters

25 By Bryce Sanders

Leveraging Marketing for Practice Success 27 By Laura Stover

The Never Discussed Niche Market: Shared Attitudes and Beliefs 30 By David H. Kinder

Behavioral Finance 32 By Brian Pultro

Finding Your Niche...by accident

Departments 3 IARFC Trustees, US, & International Directors

4 New IARFC Members, Designees, & Credential Holders 6 From the Editor

2021 NATIONAL FINANCIAL PLAN COMPETITION RESULTS!

33 By Jamie Bosse

What is the Best Niche Market for IARFC Members? 35 By Jeremy Nason

The Register | Spring 2021

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www.iarfc.org/publications/register 146 N. Breiel Boulevard PO Box 506 Middletown, OH 45042-0506 (800) 532-9060

BOARD OF TRUSTEES

MRFC CERTIFICATION BOARD

Chair and CEO, H. Stephen Bailey, MRFC®

Chair, Craig Lemoine, MRFC®

Vice Chair, Position Vacant

Vice Chair, Robert Lawson, MRFC®

Treasurer, Michael Jay Markey Jr., MRFC®

Secretary, Julie Friend, Public Member

Secretary, Michelle K. Blair, RFC®

Director, Barry L. Dayley, MRFC®

Chief Operating Officer, Charlotte Isbell

Director, Mary Anne Mayer Redmond, MRFC®

US BOARD OF DIRECTORS

PHILIPPINES BOARD OF DIRECTORS

President, Rick Stanzione, RFC

President, Gamalielh Ariel O. Benavides, RFC®

Executive V.P. Frederick C. Ostermeyer, MRFC®

Exec. Vice President, Grace De Vera Escobar, RFC®

Vice President, Lisa Ford, MRFC

Vice President, Ismael Melendres, Jr., RFC®

Treasurer, Bradley K. Maples Sr., MRFC®

Treasurer, Ma Arlene M. Baguyo, RFC®

Secretary, Lemuel W. Kornegay III, RFC

Secretary, Atty. Nicasio C. Cabaneiro, RFC®

Director, Robert Laraia, RFC®

Director, Cynthia Rimando, RFC®

Director, Robert Miller, RFC

Director, Allan Tamayo, RFC®

INTERNATIONAL CHAPTERS

IARFC OFFICE ASSOCIATE TEAM

Greater China Chair (China, Hong Kong, Macau, & Taiwan) Liang Tien Lung, RFC®

Chief Operating Officer, Charlotte Isbell

China Development Center CEO Kai Yuan Tu, RFC®

Membership Services, Vicki Caplinger

Hong Kong and Macau Honorary Chair Samuel W. K. Yung, RFC®

Information Technology, Randy Kriner

Hong Kong and Macau, Chair Teresa So, RFC®

WEBSITES

Hong Kong and Macau, Executive Director Allan Wan, RFC®

United States — www.iarfc.org

Taiwan Chair Kai Yuan Tu, RFC®

Editorial Coordinator/Public Relations, Susan M. Cappa Membership Services, Judi Nelson

China — www.iarfc.cn Hong Kong — www.iarfc-hk.org

Editorial Coordinator Susan M. Cappa editor@iarfc.org Editorial Advisory Committee Michelle Blair, RFC® Lemuel W. Kornegay III, RFC®

The Register is published by the International Association of Registered Financial Consultants® 2021 and circulated around the world. It includes articles and advice on technical subjects, economic events, regulatory actions, and practice management. The facts and opinions in the IARFC’s Register articles represent the author’s views and are not endorsed by the publisher. The IARFC makes no claim as to accuracy and does not guarantee or endorse any product or service that may be advertised or featured. The IARFC makes no claim to the current status of any designation or credential that issued in the titles of contributors listed in the Register other than those issued by the IARFC® (RFA®, RFC®, MRFC®, etc.).

Indonesia — www.iarfcindonesia.com Philippines — www.iarfc.org/about/philippines Taiwan — www.iarfc.org.tw

Article Submission The average reader has more than four years of experience in financial services and possesses at least one professional designation/credential. Articles benefit the reader by providing specific planning techniques, practice management suggestions, or educational content about financial services which might include advisory professional responsibilities, industry news, insurance, investment, software, or compliance. For the entire Register General Article and Editorial Policy, visit www.iarfc.org/register. Page 3

Articles, comments, and letters are welcomed via email to: Susan M. Cappa, editor@iarfc.org

The Register | Spring 2021

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Events Calendar

N e w M R F C ® s, R F C ® s, R FA ® s, and Association Members RFC®, RFA®, Association Members Mary K. Brown-Thibodeau, RFC , FL Stephen Anthony Gonzalez, RFA®, CA Thomas W. Hill, RFC®, AL Ryan D. Jennings, RFC®, VA Donna A. Kuhlman, RFC®, IA Michael N. Lemaich, RFC®, IL Bradley C. Lewis, RFC®, NC Walter Stewart Lewis, RFC®, TX Jordan D. Main, RFC®, MI Ansell Neri, RFC®, NC Armando R. Paz, RFC®, FL Douglas W. Ryherd, RFC®, IL Jeffrey R. Sells, RFC®, MN John M. Sparks, RFC®, TX ®

2021 Trustee Board Meetings June 8 September 4 December 7 US Chapter Board Meetings May 4 August 10 November 2

5 9 . 9 $7 plu

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Members Who Recommended Members Adam Freund, R FC ® Grant Fossum, R FC ®

International Members China 509 Taiwan 75 Hong Kong 86 Malaysia 1 Philippines 27

In Memoriam Rober t J. Bives, R FC ®, T X Lucinda Ann Lowe, R FC ®, T X

Prepare for the MRFC Exam Exam Study Guide In Stock Contact Membership Services The MRFC Exam Study Guide is now available for those who wish

to take the Master Registered Financial Consultant (MRFC®) Exam. Presented in a condensed outline format and designed for the professional in mind who has limited study time, the Study Guide addresses every task of the MRFC Exam Content Blueprint to help you focus on exam topics. These are tasks derived from the most current 2020 MRFC Job Task Analysis.

Features 300 pages After topic questions for comprehension Easy to read, outline format Organized by Blueprint tasks

The Register | Spring 2021

Published by

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From the

Trustee’s Chair

Spreading our Mission One Region at a Time April has been a behind-the-scenes exercise in virtual synergy. What used to be my favorite time to connect in person with the leadership members of the IARFC, was yet another GoToMeeting circumstance. COVID affected our plans again and we all did our Association business safe and secure in our own office bubbles. However, my IARFC bubble did extend to a quarterly home office visit, so with mask on face I made my way to Middletown. With a packed agenda for what should have been a face-to-face meeting, we spent many hours together discussing the future course of the Association. My appreciation to our Trustee Board Secretary, Michelle Blair, RFC® who coordinated that involved agenda with the home office. I am not sure we give enough appreciation and recognition to these volunteer folks who make up the Trustee Board. It is a commitment to keep the Association relevant and always moving forward. So let’s get down to the what’s important — the Association’s path and how are we reaching our goals. With the number one goal of increasing our membership, we are moving forward with the plan of developing Regional Director (RD) roles that will focus on member acquisition in their assigned territory. This is a trench-type structure where RDs will go out and educate financial professionals on the IARFC and its mission. That could mean reaching out to colleges or visiting Broker Dealer headquarters. Overseeing this regional concept is a Managing Regional Director (MRD) who will manage all the regions and provide the encouragement and enthusiasm for bringing in prospective qualified consultants. What kind of person is right for this role? An MRD would need to be a multi-faceted individual with the ability to keep the big regions picture together and encourage RDs to go out to the community and recruit. A more detailed job description is laid out on page 14. This is a commission-based program that most likely will appeal to unique individuals who can grasp a bigger picture scenario. A person who is recently retired from practice and is looking for a challenge would be a likely candidate, or someone who understands the value of working a commission-based system that includes acquisition and retention. I know there are people out there who fit this criteria. Either

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way, they have to have a dedication to a higher purpose of giving back to the industry as a whole and/or wanting to spread the mission of the IARFC. We will be advertising through the Register, emails, word of mouth, and social media. Along with rolling out this new program, we are asking each member to recruit a financial professional for membership. If we all work together, the IARFC will continue to strengthen and increase in numbers. Much time as been spent on this plan. My appreciation goes out to Rick Stanzione, our US Chapter Board President, my fellow Trustees and the US Board for getting behind this out-of-the-box strategy. My last word on the subject is that we are in the people businessthat will never change in my messages to you. I see this MRD and RD program supporting that concept by turning them loose in their respective regions to build new relationships and invest in people. We have an Association to be proud of that is dedicated to ethics and education. That dedication needs to be promoted both to our peers and to the public. We aim to make ourselves more visible. For now, I ask you to think of ways you can participate in our campaign. Are you MRD material? Are leaning towards an RD role? Are you able to recruit just one member? Growth helps everyone. Let’s work together to make this happen.

Steve Bailey started HB Financial almost 30 years ago after already having a life insurance career. Steve is the CEO of the IARFC Board of Trustees Chair. He is also the 2010 recipient of the Loren Dunton Memorial Award and 2019 Founder’s Award. H. Stephen Bailey, Ph.D., MRFC® Contact: (704) 563-6844 chairman@iarfc.org www.iarfc.org

The Register | Spring 2021

From the EDITOR Warning... Incoming Whirlwinds

2021 Editorial Calendar

Susan M. Cappa, Editorial Coordinator

The last week of April was a whirlwind of activity — finishing the Register and having our Annual Board Meetings of the Trustees and the US Chapter. Historically we have met in person, but due to COVID restrictions, we are doing the virtual thing again. All of us have been vaccinated so that extra little layer of protection has helped ease our virus worries. Elaborating on the meetings and how they affect the IARFC team and the Association, I will first allude to Trustee Chair Steve Bailey and US Chapter Board President Rick Stanzione as an activity overload sustained by a food coma. COVID-minded, we catered our lunches and dinners in and did not go out to restaurants. By Thursday, peanut butter and jelly was sounding way better. What came out of the meetings and is being addressed by both leaders this month is a priority to expand IARFC membership. The IARFC “think tank” spent many discussion on how to attract members and make visible the benefits of the IARFC with its designations and accredited credential. Everyone needs to get on board and start recruiting. With a recruit-one-member strategy, we could double our membership. We hope all of you will adapt that mindset. I did get an opportunity to participate in the IARFC National Financial Plan Competition. The finals were held on Thursday April 22 with the results on page 9. I got to play the fictional “wife” of the fictional “couple” that asks questions of the students teams. US Chapter Board President took the husband role. My job was to play the “emotional factor” while Rick asked the technical questions concerning their plan conclusions. It always is a fun experience. By this time, we probably will be minus a staff person for awhile. Vicki Caplinger in Membership Services will have gone into labor and be the proud Mama of baby Nolan — thus taking maternity leave. I truly appreciate leadership that values family and supports the home office members as we go through the highs and lows of our lives. We come to work knowing the flexibility of combining work and home is a priority. It is a thriving corporate philosophy. All for now, the PB&J is waiting...

The Register reaches 4,000 financial professionals every issue. Register advertising is an easy and cost-effective way to promote your company’s products and services to this dedicated audience.

Services and Products Consultants Offer Annuities, all types

Disability Income

Loan Cancellation

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Mutual Funds, all types

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Charitable Giving

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College Savings/529 Plans Investment Real Estate Critical Illness Insurance

Issue Theme Possible Topics to Cover Volume 22, No 1 February BE THE DIFFERENCE™ (MRFCs only) Why is the MRFC Credential Different What will the MRFC mean to you in 5 Years MRFC - Stand Out from the Crowd MRFC Exam - Refreshing Your Skills MRFC Paves Way to More Respected Practice The M Stands for Master Upping Your Status

Volume 22, No 2 May Niche Markets

Broad and Shallow vs. Narrow and Deep Does Niche Marketing Lead to Organic Growth? And if your Niche Market Goes Through Significant Change (COVID)? Does Focusing on a Niche Market Narrow Your Practice? Becoming an Expert in a Niche Market Specializing and Marketing Yourself When Did You Discover You Were in a Niche Market

Volume 22, No 3 August When Opportunity Knocks New Client Acquisition Getting That Much Sought After Promotion Blogging for Lead Generation Building a Comprehensive Practice Virtual Networking and Growing Your Business The Importance of Making a Good First Impression High Quality Referrals - the Strategy to Earning Them

Volume 22, No 4 November Importance of Education Keeping up with Industry Rules and Regulations How Does Underwriting Work? Offering Financial Literacy Classes to my Clients Social Media and Identity Theft Compliance and Marketing Is the Next Generation Financially Responsible Continuing Education - a “Must in Keeping Current

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Life Insurance, all types Tangible Assets

Please contact us with questions, for a media kit or for assistance in developing your customized advertising, exhibit, and sponsorship packages.

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Contact: (513) 424-3481 advertise@iarfc.org

The Register | Spring 2021

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Does the Niche Market Lead to Organic “Growth? (Yes but only with a strategic plan!)

“Gone Fishing” Niche Marketing Is defining a niche in your practice limiting due to its narrow focus, or does it open up a new set of opportunities because of its unique value to your clients and prospects? I have always been a proponent of having a “specialty” vs. being a “specialist.” Either way, the key is to develop what is known as your “unique value proposition.” It’s the “why” of “why should a client choose to work with you over someone else.” All too often when a consultant is asked what they do, the response is so general and so diluted that is has lost its power, its punch. “Jack of all trades… master of _______.” Allow me to share a five step process that has proven to work for me.

Step I

The Target Market – The question I choose to have you ask yourself is, “Whom am I fishing for?” Is it the newly married, the pre-retiree, the business owner, the corporate executive? The list can go on and on? It is imperative that you determine precisely who “the who” is. This is numero uno in your things to ponder. If you get this wrong, then all the rest won’t matter.

good news is that you can change your target market as you grow personally and professionally. This is not about creating perfection, but about developing a process that can be worked and re-worked time and time again.

Step II

The Gaping Hole – Everyone has gaps in their planning and this is your next project – to identify the optimal solution to your target market’s problem. You have to be very focused on what products or services are required to become the hero in the story. This means you have to actually see yourself being the problem solver. Your attitude should be that of “they need me more than I need them” because they do! So be specific and create a big enough hook to land this “big fish” you’re going after.

Step III

The Special Sauce – What is it that makes a Big Mac different from a regular hamburger? It’s the special sauce. If you have identified the fish, and created the hook, then it’s time for you to become the bait on that hook. A fishing lure has many features; it looks attractive, it smells delicious (if you’re a fish), it is satisfying to eat and you should be too. What are the trimmings/trappings that you need? Remember, this is not based on who you are currently or what your current capabilities are. It’s what the prospect in this niche wants. Be specific on the ingredients that will make up your special sauce.

Step IV

The Expert – Here’s where the real work begins. Experts are always knowledgeable and knowledge comes through continuing education. What are the specific degrees and

Monroe “Roey” Diefendorf, Jr., RFC® 2021 Loren Dunton Lifetime Achievement Award Recipient See pages 17 and 18.

Having personally used this strategy in my personal practice over the past 50 years, the Page 7

The Register | Spring 2021

designations that will not only equip you to work in your niche market, but will be your professional face to the world? This is not an exercise of identifying what education is necessary, but it’s about taking action and starting now, so you will be ready to become the expert you need to be. Become a writer, blogger, communicator in your niche space. This is the key to having your reputation proceed you.

Step V

The Process – From suspect, to prospect, to positioning, to pre-approach, to initial interview, to sales presentation and service — every step of the process should be documented in a workflow manual. Template emails and letters along with phone scripts should be planned out in advance and sequences predetermined.

The Result – If you plan your work and

work your plan, the positive results will follow. Over the course of my career, I used precisely this approach in different niches. First, as an insurance professional in the ‘70s. Then as a pension consultant in the ‘80s. Then as a financial consultant in the ‘90s. Next as an investment advisor in ‘00s and an SD trust specialist in ‘10s — each time re-inventing myself and increasing the size of the hook I was using. Which leads me to ‘20s. After 50 years of financial consulting, rather than retiring (yuck), I set my sights on the biggest fish I could find – that uber-wealthy family. What is the perceived gap? It wasn’t in their money management, but rather the lack of their “more than money” management – a failure to prepare the next generation within their family to keep together what they had put together. The special sauce was the introduction of “FAMtec” (family + technology) to bridge the gap. I became an expert in family dynamics, communication, values, gratitude, legacy, governance, and family facilitation. The process is embedded into the technology (MoreThanMoney360. com) and I am happy to report that this niche in this final season of my career is by far the most interesting and rewarding for me and most beneficial to the families with whom I work. When I am asked, “Who is your competition?” I can respond with confidence, “no one.” That is the benefit of niche marketing. PS – if you call me, my VM will say “gone fishing, I’ll call you when I return.” Roey Diefendorf

The Register | Spring 2021

From the

US Chapter Board President Much can be learned from the Bamboo Parable. A seed planted in earnest with hopes of growing into a bamboo forest takes years. You invest time, care, and energy into a sprout that seems like is never going to produce. Years go by with minimal change and yields.

I realize, most people are reluctant to change. A consistent comfort zone is attractive and quite frankly can lead us to complacency. The IARFC with an innovative, outside the box strategy looks forward to embracing change that will bring vibrant life to the Association.

Entering into the 5th year, major changes occur and rapidly. What was taking time to root is now expanding at a feverish pace — sometimes growing up to 3ft a day. Pretty soon, there is a 90ft testament to your patience and plant whispering. I refer to that bamboo parable because it reflects my belief as to the Association’s current status and plan to move forward.

As we move to enact the specific plan of aligning a “Managing Regional Director” and to establish “Regional Directors” as jointly discussed by both Boards, we ask you to consider the positions of MRD or RD as a way of excelling new members to the IARFC. You or someone may be interested in the position herein and they will be compensated accordingly too. Just like mirroring the growing life of the bamboo, it is a commitment to patience, work, and vision. As Trustee Chair Bailey alluded to, it will take unique individuals to bring life to the positions. So that being said I am asking, “Are you one of those individuals who can help see these positions get filled and up and running?’ We hope that you will support this endeavor and if not, voice your suggestion to help grow our membership. Get involved and be part of the change as it is all our jobs to support the IARFC continued growth.

Recently, the US Chapter Board held its Annual Meeting in tandem with that of the IARFC Board of Trustees. With COVID restrictions still in effect and our Board spread out all over the country, we decided to go the virtual route again. I did travel to the home office in Middletown to conduct our GTM meeting, visit with the office staff, and spend quality time with the Board of Trustees Chair Steve Bailey. After two days of catching up, discussing the present state of the Association, and planning for the future, I realized that the path we have been on is much similar to the growth of the bamboo tree. I fully understand the “IARFC roots” that have been fertilized and watered for the past five years. I see that what was tiny evidence of Association growth supported by this extensive root system, is now poised to reach high potential, visible to all. Our foundation resembles the mature root system of the bamboo plant. The years of nurturing, restructuring, and planning the underpinning may have been frustrating and tested our patience, but we can see it soon changing exponentially. How will this manifest outwardly for the Association? It is part of a 12 to 24 month Mastermind Plan that centers around the basics of increasing membership. This will involve not just the Boards but all the members. Increasing the ranks of the IARFC benefits us all and allows a strong approach to the future. Our network of “roots” grows to a force of influence.

Sustaining and promoting the MRD and RD root system is the task of the Board of Trustees and the US Chapter Board of Directors. Their part is to define our path, lay out the process, and invest in those who are willing to put their time and effort into the changes that are coming. I look at planting our vision as a positive solution to making the IARFC, its members, and mission strong for the future. Give us credit for trying something different. We are asking you to be part of the change. If not in a position of a Managing Regional Director or Regional Directors, make a concerted effort to recruit your colleagues – just ask one person to consider membership. Want to discuss being part of our vision for the future? I am available to listen. Rick Stanzione, RFC®, President IARFC US Chapter Board of Directors (801) 622-5774 www.iarfc.org Page 8

2021 IARFC

National Financial Plan Competition Results From the Professors... Dr. Patrick Payne, Western Carolina University

“Our students really rose to the challenge provided by the IARFC’s National Financial Plan Competition. It expanded their horizons and encouraged them to dive deep into the planning process as well as giving them a chance to see how to present to clients and get feedback from industry professionals. We are very proud of them and their hard work on this competition!”

Chuck Boughton, Truman State University

“I am very excited that Tom and Gracie have advanced to the finals. Their preparation and hard work are being recognized. Over the course of the competition I have experienced the value that it creates for students. I’ve seen both Gracie and Tom gain confidence that they can apply and communicate what they are learning in a “real world” setting.”

Dr. Luke Dean, Utah Valley University

“I am so excited for and proud of Tanner and David for being selected as finalists for the IARFC National Financial Plan Competition! Both of these students come from very blue collar backgrounds and they are motivated to help other families improve their financial situation. When I see how hard these two students prepared and planned for this mock client, I am confident that they both will be amazing future professionals when they get the chance to start serving real clients. I was worried during the pandemic that students would be less likely to get involved and go the extra mile – I was wrong. These students demonstrated a lot of grit and determination by showing that despite adverse circumstances and understandable excuses – they went the extra mile to get the most out of this case study competition. Those are the kinds of things that can’t be captured on a resumé alone. The IARFC National Financial Plan Competition provides real world experience and professional networking for our students who want to become future professionals. This case helps the students practice, develop, and improve their technical and interpersonal skill sets. It is probably the single most impactful assignment that happens in any of my classes.”

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The Register | Spring 2021

And the Winner is....

First Place

Kristen Revis

Western Carolina University Dr. Patrick Payne, Asst Professor

Second Place

Thomas Bindbeutel Gracie Trokey

Kristen Revis

Western Carolina University Dr. Patrick Payne, Assistant Professor

To All the Plan Competition Finalists For the past few years you have been training your mind and developing skills to become a professional financial consultant. You have attended classes, spent countless hours in individual study, and have worked with your professors and classmates to prepare for a profession of helping people live their ideal lives. We applaud you for your decision to enter this profession and are excited that you will be joining our shrinking ranks. You are badly needed and will bring youth and vitality to the financial planning community.

Truman State University Charles Boughton, Instructor

Third Place

Sophie Spangler

Western Carolina University Dr. Patrick Payne, Asst Instructor

Honorable Mention David Stout Tanner Manning

Utah Valley University Dr. Luke Dean, RFC®, Asst Professor

For many months you have been preparing for and participating in this financial planning competition. The process has caused you to step out of your comfort zone to present your ideas and action steps to some of the best in the profession. Now that the competition is over and the awards have been presented, you can relax and celebrate your accomplishments as you have reached one of the pinnacles of your educational experience. Ahead of you is your career. As you officially enter the profession, there is a great deal of work to be done — licensing, training, and actually working with clients. Done well, you will make a major difference in the lives of literally thousands of people across generations. You see, what we do is about so much more than money. It is about people, their relationships, their hopes, dreams and fears. The ability to provide proper direction will reduce anxiety and allow those you serve to live the life of freedom they desire. If you follow three important rules, you will have great fulfillment in your career. 1. Treat all People with a Committed Benevolent Interest. This is much more than a fiduciary interest, it is a matter of the heart. In essence, it is about love. Treat others how you would want your mother to be treated. 2. Be a Student of the Profession. As a financial consultant, your education is never complete. Take full advantage of continuing eduction opportunities to advance your understanding and to maintain your skill level. Avail yourself the opportunity to achieve advanced certifications such as the Master Registered Financial Consultant™. 3. Live the Refer-ability Habits. These are the behaviors that will help you maintain credibility and trust in an industry that is built upon long-term relationships. I learned these from Dan Sullivan’s Strategic Coach program. • • • •

Do what you say you will do. Finish what you start. Show up on time. Say please and thank you.

The Register | Spring 2021

From National Financial Planning Competition Awards Presenter: Barry Dayley, MRFC® Executive Vice President Money Concepts International, Inc. Congratulations on your victories in this financial planning competition! We welcome you to the financial planning profession!

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Member Focus Ronnie Kaymore, RFC® Kaymore Sports Risk Management The Register Member Focus Section for May spotlights Ronnie Kaymore RFC®, a former professional football player who attended Washington State University. Upon retiring from the Arena Football League in 2007, Ronnie started a career in banking which then led to a passion to learn more about comprehensive financial planning. Ronnie joined New York Life for about a year and half and then transitioned to an independent Insurance Advisor in 2010 with a focused niche on athletes. He currently owns Kaymore Sports Risk Management based in New Jersey were he works with over 200 professional athletic clients from an insurance perspective —covering many areas including retirement. Let’s learn how he serves this niche market. my process 100% of the time consists of the parents as well. My personal standard is that with every athlete that I endeavor to work with, I make sure that Mom and Dad are involved.

Register: In your niche market of helping young athletes, how is their career different from a traditional working career.

Kaymore: I have a good understanding of what is in store for these athletes. They get a $12 million signing bonus and although I understand what that entails, a 20-year-old isn’t worried about having a will, trust, or an estate plan. They are not worried about insurances or investments. They are worried about playing video games, having fun, and hanging out with their buddies.

Kaymore: When it comes to the young athletes, a lot of them are told that they are not only an athlete, but that they are their own brand, their own identity. If you look at guys like LeBron James, they make as much and more money off the court as they do on the court. So they are earning a W2 compensation. But when it comes to the endorsement income, that is actually a very unique way to sort of grow and sustain a family business. I have seen players actually create a corporation and the money that flows into that company can provide meaningful employment and help out the family. I focus on the insurance side. When dealing with a kid that is significantly over the federal estate tax threshold, I address life insurance and irrevocable life insurance trusts. If the player has an organization established with family members, it concerns defined benefit plans, employee benefits, etc.

Kaymore: I find the situation a really interesting dynamic, and having been through the process before, I feel as though I know what Mom and Dad are going through also. So

Kaymore: Finding athletic prospects is very easy. Every year there is an

Kaymore: Due to athletes getting drafted at very young ages, usually 18 to 23 or so, their careers are not like other traditional working people who will work their jobs for 25 to 30 years. With the average pro sports career being 3 to 5 years, I advise athletes that they have to consider retiring at the very moment they get drafted from a savings perspective. Due to the mechanism of athletes earning a very substantial amount of money in a very brief career time frame, a false reality can be created. Register: What is the mindset of these young athletes?

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NFL draft, an NBA draft, and an MLB draft. If one was to Google the NFL draft of 2023, there would be a list of kids coming up who would be prospective clients in my world. On the college level, I identify the top ranking collegiate athletes. Looking at mock drafts of the NFL, NBA, and MLB, it’s easy to identify the top performers. Another source of prospects is word of mouth. I may have worked with an athlete during one year, but come the following year sometimes in the same family, another kid is needing his services — thus the powerful word of mouth.

“I have been blessed with the favor of the Lord in Business, Family, and Community. And you know, it is something that I am grateful for...”

The Register | Spring 2021

“And so my process, 100% of the time consists of the parents as well. My personal standard is that with every athlete that I endeavor to work with — I want to make sure that Mom and Dad are involved.”

Register: Tell us about the challenges to managing these talented, recruited prospects? Kaymore: Once these athletes are on board, then it becomes a challenge to get these kids to listen to me. And that is why I am adamant about getting the parents involved. It is hard to imagine a superstar athlete that signed a $100 million contract to have to sit down to do a life insurance exam. It is impossible to get it done I feel, without the help of Mom and Dad. In addition to parents, a board of consultants such as a CPA, Investment Advisor and Attorney are consulted. If everyone is echoing the same sentiments, I have learned that the kids will listen. Register: What is your actual financial planning strategy? Kaymore: I usually start with the end in mind. In the world of financial planning when you are talking to a business owner, there is something called succession planning — a sort of exit strategy. Or “What do I do when this is all over?” From the very moment when my guys are entering into the professional levels, I am already bringing up the idea of a “life after football plan” because the average career is only about 3.5 years long. If they sustain an injury that cuts their career short, I hope I have done adequate planning where the athlete can collect an insurance claim based on an injury. But even furthermore, I want to talk about that succession plan. Currently, I have a kid who is a rookie in the NFL with the Minnesota Vikings. He is doing a media internship right now in Los Angeles because that’s what he wants to do when his football career is over.

Register: Why are you so passionate about your career? Kaymore: I love what I do for many reasons. I remember when I was in the same situation as these young men — preparing for the draft, looking to fulfill lifelong dreams. As an athlete, they are taught just to focus on playing a very demanding and competitive sport. Not only that, but keeping in great shape. I admit that I can recognize myself in a many of these young men (albeit they are better than I was). I am passionate about knowing where they are now, then knowing where they can be later on. I reference a proverb in the Bible, Proverbs 13 and 22. “A good man leaves an inheritance to his children’s children.” Looking at what some of these young men have been blessed with, if they can find people who can help them be good stewards over that blessing, then there are generations that can truly benefit. I understand the family needs good people around them who will lead, guide, and educate. My wife maintains that it does not even seem like work to me. I see kids in college, then in the NFL or NBA, then with grown children. I love seeing that dynamic play out which truly puts a smile in my heart. Register: How did you become involved with the IARFC? Kaymore: I like to read all types of financial industry literature. After finishing the book Man on a Mission written by Marv Feldman who is really well known in the insurance world, I became an RFC®. Being interested

in Feldman’s philosophy, I checked out his website and found the designation of RFC after his name. I then went to the IARFC website and found out what the Association stood for in terms of ethics, professionalism, and dedication to the industry. I then felt it was something that I needed to be part of and am truly grateful that I am now a connected member of the IARFC. Register: What is next regarding your career goals? Kaymore: I thinks the RFC designation challenges me from a continuing education perspective. I am already looking at the MRFC credential and have ordered the Study Guide for the MRFC exam and am brushing up on the content. Included in my career path is membership in the MDRT and Top of the Table. I have been asked to give a presentation at MDRT, but unfortunately the timing interferes with the NFL draft. They have something called the Whole Man Concept where they not only want you to be whole in business, but in family and community. Register: Any thoughts of expanding your consulting business niche? Kaymore: I recently brought on another consultant, Michelle Stroble, RFC®. She is focusing on women’s sports so we plan on expanding out to WNBA players and also women executives in sports, possibly coaches. I do work with some entertainers as well but do not consider it my target market — frequently sports and entertainment intertwine.

“A lot of people say that the NFL stands for Not For Long. And once you get there, you realize that it’s not a career, it is actually one of the highest paying temp jobs in America, because no athlete is gonna be playing at 57 years old!”

The Register | Spring 2021

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“I would say to those of us who are in the industry, let’s continue to educate ourselves and become better consultants. Let’s impact the next generation coming behind us.”

Member Benefit

Register: And your physical locations? Kaymore: Currently I have an office in downtown Newark, NJ, and an office closer to home in Maplewood, NJ. For my general office, I have a location in New York City as well. I am literally spread out all over the country from New York to California and everywhere in between. Technology makes things pretty simple and with my clients being younger, they are technologically savvy — it make life easier.

Mobile Dictation and Transcribe Service

Register: On a personal note, what brings you life enjoyment and how do you feel you are blessed? Kaymore: I have a wonderful family and an inspiring church family. Every day I read stories of heartbreak and I feel I have been truly blessed. I enjoy doing the simple things in life — playing video games with clients, taking my wife out on date night, going out to eat with friends, and hanging out playing basketball with some of the young people I mentor. Register: What would you like to pass on regarding a life’s legacy? Ronnie: I can sum it up in two words — to serve... really truly serve and consider the needs of others. Financial service is a form of setting an example. To the athletes I serve, I want them to be ambitious in goal setting but to consider others before themselves. For me, personally, I would like to leave behind that legacy of servitude. Register: Any last words upon ending this interview? Kaymore: I would like to encourage those who are in the financial services profession. There are a lot of people who need our help. I see it every day. It is very humbling when you meet people who have an ultra high net worth and they don’t even know what a 401(k) is. Just because somebody is earning a lot of money, doesn’t necessarily mean they know how money works and how to effectively appropriate a financial plan. I would say to those of us who are in the industry, let’s continue to educate ourselves and become better consultants. Let’s impact the next generation coming behind us.

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Kaymore sons... Joshua and Caleb

CASE STUDY Recently one of my clients signed a 5 year contract, $95 million or so with $50 million guaranteed. With the client being in their early twenties, yes these numbers are substantial but so is life expectancy which could be some 50 years down the road. One immediate concern here was obviously tax planning and saving strategies but my role was to speak on estate tax exposure. Even though the numbers being: $11.7 million for single people, $23.4 for married, this young man had some planning to do.

Copytalk can help members take their business to the next level. Copytalk works with tens of thousands of Broker/Dealers, Agencies, and Producers, helping them increase their productivity while being more compliant. They selectively partner with companies and organizations who see the value in helping their members and field producers improve their success Contact Person Chaz Foley Email: chaz.foley@copytalk.com

Certainly life insurance presents a valuable solution in this particular scenario as well as perhaps trusts to remove assets out of a taxable estate.

Phone: (866) 267-9825 x428

Working with athletes can present very unique and complex retirement planning scenarios due to constant moving parts of their planning process.

Member Price $64.95 per month The Register | Spring 2021

Interested in Helping Expand the IARFC®? US Chapter Managing Regional Director

Commission-based positions available Managing Regional Director (MRD) Regional Directors (RD) MRD and RD Overview

The Managing Regional Director (MRD) plays an integral part in the goal to increase membership of the IARFC. This position manages the Chapter’s grass roots effort of membership acquisition as conductors through designated regions of the Chapter. These regions are thus managed by their Regional Director (RD). Working together, the MRD and RD communicate the prospecting progress and the promotion of the Association’s Mission.

Regional Director Region 1

Regional Director Region 2

Regional Director Region 3

Regional Director Region 4

Regional Director Region 5 IL, IN, KY, MI, OH

Regional Director Region 6

IA, MN, NO, NE, ND, SD, WI

Regional Director Region 7

Regional Director Region 8

Regional Director Region 9

CT, ME, MA, NH, RI, VT

AL, FL, GA, NC, SC

AR, LA, MS, TN

DE, NJ, NY, PA

CO, KS, NM, OK, TX

DC, MD, VA, WV

AK, ID, MT, OR, WA, WY

Regional Director Region 10 AZ, CA, HI, NV, UT

Contact Charlotte Isbell, IARFC COO Charlotte@iarfc.org (513) 424-3481

Duties

Managing Regional Director Hires Regional Directors for specific geographical regions Provides training for Regional Directors Provides presentations as needed Plans and conducts events Tracks quotas for Chapter Regions Reports to Chapter President, CEO, and COO Attends IARFC functions (Annual Association and Regional Meetings) Regional Director Travels within designated region Makes presentations as needed Plans and conducts events Reports to Managing Regional Director Attends IARFC functions (Annual Association and Regional Meetings)

Requirements

MRD – Reside within the Chapter RD – Reside within the Region Hold RFC designation or MRFC credential Ethics Approved Status Minimum of 5 years of professional experience in financial services

Compensation – commission based

MRD – Based in accordance to new memberships and renewals that originate from ALL regions of the Association Chapter. RD – Based in accordance to new membership and renewals that originate from the specific region of the Association Chapter.

Qualifications

Presentation skills for training purposes Ability to meet quotas and track goal progress Experience in building commission-based membership Independent, self-starter, and motivator Proficient in virtual meeting software The Register | Spring 2021

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er b m e t-A-M

Mem

i u r c e ber-R

Announcing...May and June

Every Member needs to Recruit-One-Member Help us double our membership by recruiting your partners, colleagues, or staff!

BRAND Your Company....IARFC®!

IARFC

INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Recruit Your Colleagues

Enhance the Designation/Credential Your own designation or credential continues to increase in value and recognition by adding members of highly qualified consultants using and displaying the RFA®, RFC®, or MRFC®.

An Ongoing Opportunity The IARFC is looking to enrich the careers of your professional peers with the same membership benefits you enjoy. By recruiting potential members, you offer them an opportunity to tap into the premier network of members who share best practices, strategies to help grow businesses, and techniques for better practice management.

Recruiting a Colleague is Easy! Take a few minutes to expand our network of the RFAs, RFCs, and MRFCs. Enter the names, addresses, and emails of your colleagues in the fields below and return the form by fax, mail, or email to the IARFC. Details available at www.iarfc.org.

Awards presented to top 3 referrers.

(Please print or type the information below. Program subject to change) __________________________________________________________________________________________ First Name Middle Name Last Name Prefix:

Mr.

Ms.

Mrs.

__________________________________________________________________________________________ Address __________________________________________________________________________________________ City State Zip Code __________________________________________________________________________________________ Phone Email

__________________________________________________________________________________________ First Name Middle Name Last Name Prefix:

Mr.

Ms.

______________________________________ Recruited by:

Mrs.

______________________________________ Phone

______________________________________ Email

International Association of Registered Financial Consultants (IARFC®) Attn: Membership Services P.O. Box 506 Middletown, OH 45042 Email: info@iarfc.org Phone: (800) 532-9060 Website: www.iarfc.org Fax: (513) 345-9479

Awards Presented Loren Dunton Lifetime Achievement Founder’s Members Proclamations Editor’s Choice Ambassadors

April Awards

National Financial Planning Competition Winner

Recap

Ambassador Awards - US

Rick Stanzione, RFC®

Michael Markey, MRFC®

Pete D’Arruda, MRFC®

Current US Chapter Board President

Current Trustee Board Treasurer

Past Board President

Ambassador Awards - Philippines The Ambassador Award is given to those persons who endeavor to represent their Chapter in carrying out the Mission of the IARFC®. Each recipient has successfully supported the goals of the Association and has served with extraordinary effort of time, service, and dedication. Each Chapter may present 3 awards annually.

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Maria Arlene M. Baguyo, RFC®

Grace de Vera Escobar, RFC®

Treasurer

Executive Vice President

Joseph Adrian Daez, RFC® The Register | Spring 2021

2021 IARFC Awards Founder’s Award The Founder’s Award is bestowed in honor of the Founder of the IARFC, John J. Gargan and is presented to persons who have delivered significant service to the operations and growth of the International Association of Registered Financial Consultants.

Dr. Jon M. Rogers, MRFC®

His past contributions have played a significant role in the leadership of the IARFC: serving on the Board of Directors for multiple terms, performing as Master of Ceremonies at IARFC events, presenting to members at meetings, assisting with Public Relations, fundraising for the National Financial Plan Competition, and contributing to the IARFC Register publication…not to mention an ardent IARFC cruise traveler and conference attendee. He has served the Mission of the IARFC well for many years!

Member’s Award Presented annually in appreciation of top IARFC members who have brought the most newly qualified professional consultants who join the ranks of the Association. The recipients below represent a three way tie for first place.

Lori P. Crilley, RFC®

Jeremy B. Nason, RFC®

Dr. H. Stephen Bailey, MRFC®

Editor’s Choice Award

For outstanding achievement in creative writing, editing, proofing, research, and editorial committee participation, the Editor’s Choice Award recognizes these individuals contributions’ to the success of the IARFC publications. The Register | Spring 2021

Michelle Blair, RFC® IARFC Trustee Board Secretary

Bryce Sanders Perceptive Business Solutions, Inc.

Vicki Caplinger IARFC Membership Services

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DUNTON

Loren E. Dunton Lifetime Achievement Award Honoring the Recipient The Loren Dunton Lifetime Achievement Award is made in honor of the founder of the financial planning profession, Loren Dunton, to each person who has made a substantial contribution to the financial services profession and/or the financial interests of the public. Father of Financial Planning Loren Dunton, generally regarded as the “Father of Financial Planning”, organized financial professionals in the late sixties. In 1969 he convened a group of financial professionals in Chicago and founded an industry of outstanding service and commitment. From this event and from Dunton’s leadership and interactivity with many persons now in the IARFC would come an educational institution, the College for Financial Planning and the personal financial planning curricula now taught on over one hundred campuses. As the first editor of Financial Planning magazine, Dunton helped to publicize an emerging profession, bringing various practitioners together for a common cause, sharing practice and marketing techniques, and promoting ethical conduct. That respected magazine has continued contributing to the profession for thirty years. Two associations came initially from this effort, the International Association for Financial Planning and after the first class of Certified Financial Planners graduated in 1973, the Institute of Certified Financial Planners. These organizations have since merged to become the Financial Planning Association. Using Dunton’s model, more than forty countries have formed similar organizations.

A Very Noble Calling Having been a successful businessman, although never a financial consultant, Dunton’s comments were from the heart. He used his experience to frankly explain back then, what we recognize now, that... Planning is not separate from the “sale” of insurance and investment products, but are different roots of the common tree. Products are necessary elements in the implementation of the financial plan. Salesmanship should be taught by the managers and trainers of the financial services industry. The ethical sale of financial products and the delivery of competent advice is a very noble calling.

Dunton continued to promote the value of the financial consultant as a professional whose quest for knowledge should never cease. He authored seven books that have helped to shape the careers and services of financial consultants. Dunton’s commitment to these principles was evidenced in the Institute for Consumer Financial Education that he nurtured for many years, and which earned a Presidential Citation for public service. Criteria for the Loren E. Dunton Lifetime Achievement Award Those who are considered for the Award must currently meet or have met the following criteria: • Hold a professional designation or credential (i.e. RFC®, MRFC®, ChFC®, CFP®, CLU®, CPA/ PFS, CEBS, MSFM, MSFS, or Doctoral degree, etc.) • Published articles, journals, books, etc. on financial topics • Provided outstanding service or leadership in the financial services industry • Promoted or participated in financial education, either to the public or to members of the profession • Demonstrated effectiveness in carrying the message of responsible financial stewardship to the public • Adhered to the IARFC’s Code of Ethics and have a sound record of business integrity with no suspension or revocation of any professional license 2021 Nomination Committee H. Stephen Bailey, Ph.D., LUTCF, CEBA, CEP, CSA, MRFC® — (2010 Recipient) Barry L. Dayley, CFP®, MRFC® — (2020 Recipient) Rosilyn Overton, Ph.D. LUTCF, CEBA, CEP, CSA, MRFC® — (2019 Recipient) William Gustafson, Ph.D. — (2018 Recipient) Ric Edelman, RFC® — (2017 Recipient) Jerry Mason, Ph.D. — (2016 Recipient) Jon M. Rogers, Ph.D., CLY, ChFC, MRFC® — (2015 Recipient) Bill Carter, CFP®, ChFC, CLU, RFC® — (2006 Recipient)

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

“My responsibility in accepting this award is to cast a vision for RFCs of today and those who will join our ranks in the future.” “I view the Loren Dunton Lifetime Achievement Award as my way of honoring my family’s over 145 years of service to our industry. After a 50 year career of advising clients, I have retired (kinda). To ‘stay out of trouble,’ I continue to address wealth in 3 dimensions (personal, financial, and social) by educating university students, coaching wealth managers, and navigating multi-generational families through their ‘total’ wealth transfer process”...Roey Diefendorf, Jr., RFC®.

2021 Dunton Award Recipient Monroe “Roey” Diefendorf, Jr. Major Speaking Engagements: MDRT, LAMP/GMAC, IARFC, LIMRA Research Agency Group, Tiger 21, Vistage

Articles: Fortune Magazine, Dolce Magazine, Financial Advisor, Distinction Magazine, Personal Excellence Magazine, Agent’s Sales Journal, Registered Rep Magazine, National Underwriters Magazine, IMCA: The Monitor, Advisor Today, MRDT Round The Table, IARFC: The Register. Career Book Publications — 15.

Career Highlights: Sold first life insurance policy before graduating High School in 1976, Masters in Insurance – Georgia State University, qualified for MDRT every year for 43 years, started/sold fee based financial planning firm 1981-2020, Top of the Table for last 15 FamTech — MTM360: A digital tool years, active in Life Underwriters and CLU to prepare families for transferring their Association, attained RFC designation – spoke values and valuables from generation to on several occasions, started/sold own Broker/ generation. Dealer, established Argonne Trust Company 2012-present, created MTM Educational Resources 2018-present, retired in 2020 after 50 years of service, successfully transferred his business to next generation, designations Roey and wife Chris earned: MI, CLU®, ChFC®, RFC®, CAP

Educator: Working with the rising generation — teaching a values based financial planning class at the University of Illinois — creating video content, curriculum and exercises for students. Giving TED talks to 16 universities addressing future consultants. Philanthropist: Family Legacy Mission in Zambia, sponsored by the Diefendorf Family Foundation — with family members, collectively making over 43 trips to the faith based mission.

14 Grandchildren

Daughters

The Register | Spring 2021

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IARFC International News Philippines Chapter “We all love the IARFC Association, we believe that it’s important to continue giving back so that the Association continues to grow and we’re doing our part in bringing financial literacy and improving financial outcomes for our fellow Filipinos”...Andre Obierez

Checking in with Andre Obierez on the Philippines Podcasts! Register: Tell us how the idea of the Tuesday Podcast evolved? Obierez: It started out as a conversation between me (Andre Obierez) and Lui Baarde about reaching a wider audience since the RFC designation (despite being in the Philippines for over 15 years) isn't very well known outside of High Net Worth individuals or in provinces outside the Capital. We also wanted to bring more content to the other members so they'd feel more value in joining the Association. After all, many members have growing or large practices and they may not have the time to sit down and read through the Register or the Journal of Personal Finance. We brought it up in a meeting with the Marketing Committee (we're both members) and we voted to start it. We just finalized who were willing to volunteer their time in the project and we kicked it off with 4 people (Me, Lui Baarde, John Dizon, and Ryan Daez). And of course, our Chapter’s Executive Vice President, Ms. Grace De Vera Escobar, RFC®. Without her backing us to the Board and her tireless support and commitment, this project would never see the light of day! Register: Describe the technical challenges in producing the podcast. Obierez: None of us actually had much experience using Zoom or OBS to record (Lui Baarde had experience using Facebook Live for her client base & followers). So, we had to learn how to use the software on the fly. After running a few tests, we released our first episode live. How do you choose your podcast themes? Obierez: In the first season, we didn't really plan it that far ahead since we were still testing the waters and we only wanted to do

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a limited release (6 episodes). So, we only had weekly meetings to talk about what we wanted to cover and who in our network in the Financial Services industry was available to be interviewed. There are also instances where other IARFCPH Officers would recommend their network. Obierez: Starting this season (season 2), we decided to focus on key areas of Personal Finance such as Cash Flow Management and Debt Management and we'll tackle other areas like Investment Planning, Risk Management, and Retirement Planning in their own seasons. Register: How do you choose your podcast guests? Obierez: Based on the previous question, we selected guests based on the topics we wanted to cover and on their availability. In Season 1 since it was released live, we had to make sure the guests were available on that day. For Season 2 since it's pre-recorded, we can interview the guests based on their schedule without having to move topics around much. Register: What has been the response to the podcasts? Obierez: Good question. It's all positive. I actually talked to a few members over the phone and they were very pleased to see that the Philippines Chapter has been quite active and included more media to reach out. Watching the podcast episodes (live or recorded) has helped them brush up on some knowledge areas they haven't covered in a while as well as making them aware of some trends that they've never even heard of before like using AI in Investing.

Register: What were the most popular ones? Obierez: The most popular one, based on the number of viewers, has to be the "May Hatak! Influencers!" where we interviewed Ms. Maan and Ms. Rocheflume who both have built up large practices. I believe many of the Members were quite intrigued on how they've built their businesses from the ground up and how the RFC designation helped them stand out from the sea of other Insurance and Investment professionals. Register: What are the challenges in keeping the series going? Obierez: Since it's 100% voluntary (absolutely no payment), some members in the podcast team may put the podcast project on a lower priority level relative to their profession but we've managed to keep most of the team engaged in the podcast and committed to making more content. It's also quite difficult having a very tiny team running the show with the hosts all acting as the writers, marketers etc., and only Francis Cañizares as the video editor and back end. But, we're very passionate about the Financial Consulting profession and we all love the IARFC Association, we believe that it's important to continue giving back so that the Association continues to grow and we're doing our part in bringing financial literacy and improving financial outcomes for our fellow Filipinos.

It's also quite interesting that a lot of the officers have come around to supporting the show given that a few expressed their criticism or thought that it wouldn't last.

The Register | Spring 2021

International Allan Wan Presented by H. Stephen Bailey, Ph.D., MRFC® IARFC Trustee Chair and CEO

“We are very appreciative of the Proclamation and the recognition that’s been given to the IARFC Philippines and for all the guidance and support that you have given — especially with Charlotte and Susan on the regular meetings, giving us

Gamalielh Ariel “Boyet” O. Benavides MBA, RFC®

direction, giving us guidance, and providing us the valuable support to be able to

2021 IARFC Philippines Upcoming Events*

grow the RFC community in the Philippines.” “Boyet” Benavides accepting for the IARFC Philippines Board of Directors.

RFC Conversion Course: May 24, 26, 28, 29, 31 & June 2, 4, 5, 7, 9, 11, 12 Refresher Course: July 26, 28, 30, 31 Conferment Exercise: August RFC Conversion Course: October 4, 6, 8, 9, 11, 13, 15, 16, 18, 20, 22, 23 Refresher Course: November 8, 10, 12, 13 *Schedule subject to change

International News

The Register | Spring 2021

articles, events, and photos may be submitted to editor@iarfc.org for publication

Page 22

International News Hong Kong & Macau Macau An RFC Graduation and Conferment Ceremony was held at City University of Macau on Saturday, 20 March 2021. Due to the crossborder restrictions under COVID, Dr. Teresa So, Chairman, IARFC Hong Kong and Macau was unable to be present at the memorable occasion in Macau and instead, she addressed the conferees by a pre-recorded video. Professor Jun Liu, Rector, City University of Macau and Mr. Simon Vong, Chairman, Executive Board, Macau Institute of Financial Services, both based in Macau, officiated at the ceremony in person and delivered their inspiring speeches. Distinguished guests included Professor Adrian Cheung and Dr. Eva Khong, respectively Dean and Associate Dean of Faculty of Finance, City University of Macau; Dr. John Chu, President, Macau Asset Management Association; Ms. Evelin Kun, Secretary-General, Executive Board, Macau Institute of Financial Services and highranked managers of a multinational insurance group. IARFC Hong Kong and Macau Centre as the conferment organization, Macau Institute of Financial Services as the promotion organization and City University of Macau as the education provider entered into a tripartite agreement initially in 2014 for the promotion of the RFC professional designation and related education programs in Macau. The cooperation has been continuing by renewals of the agreement in 2017 and 2020.

Front row seated from left to right:Dr. Eva Khong, Associate Dean, Faculty of Finance, City University of Macau; Professor Adrian Cheung, Dean, Faculty of Finance, City University of Macau; Ms. Serena Sio-Mei Lao, Financial Controller, City University of Macau; Dr. John Chu, President, Macau Asset Management Association; Ms. I-Ieng Chan, Senior District Director of a multinational insurance group; Professor Jun Liu, Rector, City University of Macau; Mr. Simon Vong, Chairman, Executive Board, Macau Institute of Financial Services; Ms. Evelin Kun, Secretary-General, Executive Board, Macau Institute of Financial Services; Mr. David Lo, Associate Director, Business Training and Development of a multinational insurance group; Ms. Lai-Cheng Sou, District Director of a multinational insurance grou.

Dr. Teresa So, Chairman, IARFC Hong Kong and Macau addressed the conferees by a pre-recorded video.

Professor Jun Liu, Rector, City University of Macau (left) and Mr. Simon Vong, Chairman, Executive Board, Macau Institute of Financial Services (right) presented certificates to the RFC conferee.

Mr. Simon Vong, Chairman, Executive Board, Macau Institute of Financial Services addressed the audience.

Hong Kong

Professor Jun Liu, Rector, City University of Macau delivered his inspiring speech.

The next intake of the IARFC accredited program, Certificate in Financial Consulting (Executive Program), is scheduled for May 2021. This 4-day program covers key elements of Financial Planning: Day 1 – Finance and Investment Day 2 – Economics Day 3 – Law and Tax Day 4 – Practical Aspects of Financial Planning and Case Studies This is the third intake jointly organized by IARFC Hong Kong and Macau Centre and Lingnan Institute of Further Education, the arm of Lingnan University for continuing education. Lingnan University, originated in 1888, has the longest history among tertiary education institutions in Hong Kong. Program graduates are eligible to apply for the RFC professional designation. Qualified students are entitled to government subsidies. The first and the second intakes held respectively in September 2020 and January 2021, both classroom-taught despite the coronavirus pandemic, received satisfactory student evaluations. Page 23

The Register | Spring 2021

IARFC International News Malaysia

Report from Dr. Jeffrey Chiew COVID

The pandemic is still on going with about 2195 new cases everyday, active cases about 19,854 and about 8 deaths. The rollout of vaccines in phase one to front liners is completed. End of April till end of May will be the rollout to the senior citizens, 60 years and above. Most businesses, except for aviation, nightclubs, interstate travels are now opening. The country forecasts to grow by 6% this year. Business is generally sluggish, and with Ramadan and Hari Raya from April to May, small and medium business are seeing an improvement in sales. Restaurants and cafes with in-house dining are also picking up.

Business Round Up The inflation rate in Malaysia is at 5% and fixed deposit rate is about 2%. Thus in terms of real rate of return it is -3%. The opportunities for financial advisers are now in Investment Linked Funds, Private Retirement Schemes (tax exempt fund), unit trust, stocks and selected reits. As for life insurance, medical plans, critical illnesses, investment linked plans are the mainstay for Malaysians. Business insurance will be another opportunity as businesses poise for recovery in the next 12-24 months. Popular business insurance in Malaysia are Keyman Insurance, SERP, Partnership Insurance, Cross Purchase Insurance, Stock Redemption scheme, Group Insurance and others.

The Register | Spring 2021

IARFC Malaysia The local committee are looking into strategic tie-ups to boost the RFC Membership for 2021 and beyond. The requirements for wearing masks and social distancing is slowing down the in-person meetings, trainings and conferences. At the time of writing, most of the trainings, meetings and conferences are done through video conferencing (VC), such as Zoom, Webex and MS Team. Our current strategic tie-up is with Mr. Khor Han Heng, the former LIMRA moderator and Organizer of the University of Malaya, financial program as well as on agency management course.

Dr. Jeffrey Chiew, RFC® qualified for Court of the Table for 2021

Moving forward, when the interstates open up, we should be more effective in organizing courses and promoting the RFC designation.

Malaysian Concerns Most Malaysians are very concerned with the escalating inflation rate as well as retirement planning. The low interest rate has helped the stock market, as more retailer clients are moving into stocks, private retirement schemes, unit trust, trust accounts, and equity products to hedge against inflation. Unemployment and underemployment are critical issues that need to be addressed for the economy to pick up. Interesting, the release of some mandatory employees provident fund (EPF) are fuelling consumption and some small and medium sized businesses are benefiting from it. Meanwhile keep safe, wash hands regularly, wear masks and social distancing.

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Niche marketing is for you. All you need to do is find your niche. Remember when you started in the business? A friend would ask: “What kind of clients do you handle?” Your answer was: “If they have a pulse, then they qualify.” Then you became successful...

So Many Niches So Little Time

21 Niche Markets for 2021 There are more niches than you might imagine. Here are 21 examples for 2021 thinking. 1. Professions You specialize in working with police officers, teachers or airline pilots. You have clients in a certain business segment like real estate brokers or franchise owners. You understand their profession. You might have done the same job. 2. Neighborhoods Remember Desperate Housewives? Edie Britt was the real estate agent for Wisteria Lane. It was understood if you were selling or buying, Edie was going to be your real estate agent. She expected nothing less. The pandemic meant many people have been working from home. An upside is your neighbors now have a “branch office of your firm” on their street. 3. Cultural background Your family historically came from someplace else. You maintain many traditions, speak the

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language, and celebrate holidays. Others in your market share the same background. They often prefer working with people like them. People like you. 4. Life events Divorces happen. Emotions can run high. Child custody issues are stressful. Some consultants hold a designation like Certified Divorce Financial Analyst (CFDA). 5. College education funding It’s not as straightforward as you might imagine. Parents need someone to guide them through the maze of grants, loans and other programs. That could be you. 6. Retirement planning If it’s the biggest financial event you are likely to face in your lifetime, why wouldn’t you want a consultant who specializes in addressing this need?

7. Charitable activities You serve on the non-profit board. Roll up your sleeves write checks, and do jobs large and small. You are admired by the wealthy people surrounding you. You’ve “given” to their charity. Sending business is a nice way to thank you. 8. The old school tie You went to the State University. You live and work here. There’s a very active alumni association. You are involved. Raising your visibility and giving talks for fellow alumni can make you the logical choice to be their consultant. 9. Hobbies People with a passion love sharing their passion. Your interest in wine, activity in the local wine club, and presence at wine auctions makes you a person everyone knows. They admire your knowledge. They assume your commitment to your career is equally strong. The Register | Spring 2021

10. Chamber of Commerce There might be consultants in the Chamber. How many are active, serving on committees and climbing to officer status? Community leaders know you. They admire your commitment. You buy from their businesses. As boosters for the local economy, doing business with you seems the right move. 11. Senior executives Your local office specializes in senior executives at listed public companies. Why? Because several firms are headquartered nearby. You understand Rule 144, control persons and restricted stock issues. You know how their compensation plans are structured. 12. Religious referrals Your pastor or minister knows what you do. You advertise in the weekly bulletin. From time to time, they are approached by parishioners who lost their spouses. They need help investing the insurance proceeds or managing their assets. Yours is one of a few business cards they offer. 13. Friendly accountants If the widowed parishioner doesn’t approach their pastor, it’s because they’ve already spoken with their accountant. This professional does financial planning, not the actual investing. They need a safe set of hands to help their client. That’s you. The accountant is your client. They will likely offer a few consultant’s names, but several referrals turn up on your doorstep. 14. Stepping up Your firm has a carriage trade reputation. Your high minimums are printed on your window! It’s understood once you’ve made substantial sums of money, this is your next step. Think about the private banking business model.

17. Shared interests People from the same faith or political party often prefer doing business with one of their own. You might have belonged to a trade union in your previous career. You specialize in helping union members. 18. Injury victims You’ve seen those lawyer ads on TV. Where do those accident victims go after they’ve won a large settlement? Where does the attorney send them to get advice? Maybe that’s you. 19. Shared discipline You work out at the gym. It’s a major focus in your life. You have the results to prove it. You are surrounded by others with the same drive. It’s another example how potential clients relate your focus in one area of your life to your professional career. Yes, I think there are even vegan advisors. 20. Company specific Your focus isn’t just executives. You have many clients at a specific firm or government department. You understand how they are compensated and how their retirement plan works. 21. Moms and pops Coaching in a children’s soccer league, parents would ask this consultant what he does. His explanation would include “I work well with moms and pops.” It’s both a niche and a wide swath of the population, depending if you are the parent or the advisor. Has this changed your definition of niche? There’s one (or more) for you.

15. Family as your niche “Keep it in the family.” Remember the bond firm that said “We treat you like family?” Better a consultant everyone knows and trusts. 16. Celebrity Don’t you secretly wish you could have Hillary Farr from Love it or List It decorate your house? In this case, you are the niche. You have a high profile in the community. Although you maintain confidentiality, everyone knows the local wealthy work with you. When they win the lottery, you are their first call.

Bryce M. Sanders Bryce Sanders is President of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book “Captivating the Wealthy Investor” is available on Amazon.

Web-Based Client Relationship Management Redtail Technology, Inc. is the leader in Web-Based Client Relationship Management solutions for the financial adviser. Redtail is bringing nextgeneration technology to the financial consultant to help them better manage their client base so that they can have MORE TIME , earn MORE MONEY, and have MORE FUN! Whether you are looking to strengthen your client relationships, improve your team’s collaboration efforts and overall efficiency, increase your revenues and profitability, decrease client attrition, or engage in any number of other businessbuilding activities, Redtail CRM offers tools to assist in your efforts. You’ll also be happy to know that Redtail integrates widely and deeply with other popular tools in the financial services industry, which helps to eliminate redundant data entry and create consistency across the platforms you use in your daily operations. https://corporate.redtailtechnology.com/

Contact: (215) 862-3607 brycesanders@msn.com www.perceptivebusiness.com

Professions • Neighborhoods • Cultural Background • Life Events • College Education Funding • Retirement Planning • Charitable Activities • The Old School Ties Hobbies • Chamber of Commerce • Senior Executives • Religious Referrals Friendly Accountants • Stepping Up • Family • Celebrity • Shared Interests Injury Victims • Shared Discipline • Company Specific • Moms & Pops The Register | Spring 2021

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Members 10% off Page 26

Leveraging Marketing for Practice Success

and clear, relating back to your specialization and your target audience. Having a niche helps you stand out and also helps you get your messaging right. That’s because it’s actually much more work to be a generalist than a specialist, even though that seems counter-intuitive. When you are a generalist, it is too easy to try to be everything to everyone, which inevitably creates messaging that is too broad. Branding – both on the practice and personal level — is about becoming an authority on yourself and your practice. This means having a clear understanding of who and what you are, what you stand for, who you’re talking to, and the unique value you bring to the marketplace. Your brand is your identity. Pursue Education Today, more than ever, financial consultants are highly educated. Many have certifications or advanced degrees such as an MBA. Certifications such as the CFP®, RICP, RFC®, MRFC®, ChFU®, and CLU® are highly respected and create more credibility with your audience. Many university certificate or executive education programs, especially from Ivy League universities such as The Wharton School, Columbia, or Harvard, can help you improve your management, entrepreneurial, financial, or practice skills. I found my entrepreneurial class with The Wharton School highly valuable.

In a world where attention spans are shorter than ever, the battle for prospects’ hearts, minds, and eyeballs begins and ends with branding, marketing, and differentiation as well as presenting value for free these days. Creating a following – on or off social media – requires sustained time, attention, and money.

develop expertise and market that expertise to your clients and prospects. In fact, financial consultants with a niche, versus financial consultants who are generalists, possess clients with 25 percent more investable assets and higher net worth, according to Kitces Research.

Consider influencers such as the great Rush Limbaugh. Whether you agree or disagree with his politics, there is no doubt that he succeeded in developing a unique brand that commanded audience loyalty over his entire career.

Developing a distinctive brand also depends on specialized educational credentials, a named and trademarked financial planning process, a defined marketing process, and an outstanding client experience. When you master these steps, you create a well-oiled advisory machine that retains clients and attracts new clients.

Building a successful financial advisory practice is all about knowing your industry, understanding your client’s needs and delivering service that exceeds expectations. To succeed in today’s financial advisory marketplace, you must define a specific brand and support that brand through marketing across the platforms where your clients and prospects operate.

Develop a Niche If you’re currently more of a generalist than a specialist, it’s worthwhile to consider what target audiences you serve and which one of those niches presents the biggest opportunity for growth. Picking a niche and becoming laser focused on that niche means that you will become closely associated with that niche and the services that you provide within it.

The path to a sustainable brand runs through specialization, which makes it easier to

Once you determine your niche, ensure that all of your marketing and messaging is consistent

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Be aware that these programs require an investment of time, energy, and tuition. From my Wharton experience, I learned how to present myself in a more convincing and compelling way on video, gained an understanding of the importance of key performance metrics, and developed an understanding of copyright, trademarks, and intellectual property. Consider what areas of expanded knowledge would help your business and search for programs that not only meet those needs but align with available time, energy and budget. Establish a Named Process If you’re like most consultants, you have a financial planning process that is unique to your firm. Take this process, name it, and then trademark that name. A specific, defined named process is what differentiates the individual consultant – especially individual RIAs – from the big box brokerage firms. Once you formalize your process, you can create flow charts on your website and in your marketing materials which will further enhance your credibility.

The Register | Spring 2021

Back to the Rush Limbaugh example – there was no one better than Rush at studying, knowing, and polishing his message to the point where he could speak on the radio about it for three hours, unscripted, every day.

Consider creating webinars to attract new clients and host them on your website as a free resource for prospects and clients. Produce videos with your iPad or iPhone that can be posted to your social media accounts.

Ensure that you have a defined, polished, researched message based on research that you can clearly communicate to your clients and prospects. This message should be reflected in your elevator speech, website, and marketing materials.

A strong presence in the communities in which you operate also helps with your marketing efforts. Local marketing can include sponsorships, charitable endeavors and giving back. Find an activity that resonates with you and you will find it personally rewarding as well as financially rewarding for your practice.

Define your Marketing Process I was once at a conference where the speaker said: “You are a marketing company first, and a consultant second.” As your practice grows, your marketing must grow with it.

Other activities like sending handwritten notes, hosting client appreciation events, sharing behind-the-scenes events at your firm through live channels on Facebook, Snapchat, Twitter,

“If you want to become one of the top financial consultants in the US, you must constantly over deliver. Give every one of your clients an incredible experience. Offer them value at every turn, and before you know it, they’ll become raving fans.” While there are different levels of expansion within marketing your practice, your ultimate goal should be to grow to dominate. Dominating your market means being everywhere by utilizing tactics such as search engine optimization, Google ads, backlinks, and a wide variety of content. To ensure that your marketing is as focused and as intentional as possible, define your marketing goals and process. That means measuring the results of all your marketing efforts and creating campaigns to achieve specific objectives. A strong online presence is essential to build authority and credibility, including audio, video, and written content. In connection with my radio show and podcast, Retirement Talk, I send out a weekly newsletter that is available free to my audience. To become a thought leader, you need to push out a stream of consistent content. Draft the concepts, then outsource the writing and proofing to an experienced writer. Your website is one of your most critical branding and marketing tools. Hire a good designer and customize it as much as possible around your named financial planning processes. Too many consultant websites are generic and lack definition.

The Register | Spring 2021

Invest in the culture of your firm to create a consistent, exceptional client experience. Every one of your staff members should be fully trained in understanding your methodology and how to deliver optimum value whatever their function. Build out your firm so that you can handle as many of your clients’ needs as possible in house. For example, my firm has a tax subsidiary that provides tax advice to my clients, which is a big differentiator. Most consultants have to refer their tax business to outside experts. The Bottom Line Your success as a consultant directly correlates to how many people you meet. Building your business doesn’t happen overnight, but if you invest consistently and thoughtfully, your time will come. Execute in areas where others aren’t willing to go, such as marketing, that will ultimately attract the types of clients that you want to help, allowing you to dominate your market.

Instagram, and other channels and retargeting names on Facebook help you stay ahead of the curve. Eventually the right message will hit at the right time. Leverage your firm’s CRM to ensure that no prospects slip below your radar. Use quality email drip campaigns to nurture prospects and move them down the funnel. View marketing as an investment rather than an expense. Avoid generic branding campaigns and inconsistent marketing efforts. Analyze and diversify your marketing funnels based on actual data. Your marketing strategy will directly determine how many people you see, how many appointments you set and how many clients you get. Build an Outstanding Client Experience If you want to become one of the top financial consultants in the United States, you must constantly over deliver. Give every one of your clients an incredible experience. Offer them value at every turn, and before you know it, they’ll become raving fans. Those raving fans will then bring more clients who are just like them, to you.

Laura Stover, RFC® Laura Stover is CEO of LS Wealth Management LLC and owner of LS Tax LLC Bryan and Defiance OH. She is host of The Retirement Talk podcast redefining wealth show. She has been a contributor to Forbes, the Wall Street Journal and many news outlets. Investment advisory services offered through Optivise advisory services, an SEC Registered Investment Advisor. LS Wealth Management LLC is a registered trademark and separate entity. www.lswealthmanagement.com ____________________________________ “Kitces Research on Advantages of Niching in Time Use, Planning Approach, Pricing and Productivity,” Kitces.com, Aug. 24, 2020, https://www.kitces.com/blog/kitces-research-financial-advisor-nicheproductivity-revenue-time-use-efficiency-pricing-models/ 1

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Member Benefit

Website Solutions Marketing Content Sales Tools

At less than $20/month, the VSA offers a collection of sales and educational tools designed to enhance customer-facing conversations. Members gain full access to monthly newsletters, client presentations, financial calculators, fact finders, and so much more when they take advantage of the exclusive IARFC member benefit offer.

MEMBERSHIP SERVICES Vicki Caplinger, Membership Services Team Member provides support and assistance to members and prospects of the IARFC. She manages all billing and receiving of renewals and applications, and performs many tasks such as shipping and handling store orders, mailing marketing material, and performing CE audits. As coordinator for the National Financial Plan Competition she enjoys seeing the next generation of financial consultants network with the experienced Association members. Competition Comments The 2021 Plan Competition is history. My congratulations go out to those who participated and I hope they have found the experience to be worthwhile and have gained a passion for the financial consulting career as one of valuable service. It is sometimes and underrated career, but after having met so many consultants who are dedicated to achieving financial security for their clients, I have come to share Loren Dunton’s vision of a “noble calling”. My sincere hope is that the students have learned from this experience and will utilize lessons gained in their future interactions with clients. Thanks to our sponsors of the Competition. Barry Dayley, MRFC® gave his usual motivating talk to the students as he presented the results. If you have not seen the video presentation, I urge you to go to the Plan Competition page on the IARFC website. With 40 years of experience, he has valuable insight to pass on to these upcoming professionals. Meanwhile, the process starts all over again. We are putting the finishing touches on the 2022 plan narrative and will have it ready for the distribution deadline. My wish is for all professors to sign on for 2022. Where are the MRFC Exam Takers? There have been a number of Study Guides for the MRFC Exam sold. I am thinking it is almost time for those invested individuals to schedule their exam. If you have any questions or need any help with your application or the process in general, ring us up in Membership Services and we will help you get signed up. Who’s In Charge? Finally, I need to give a particular thanks to Judi Nelson who will be taking over membership services temporarily. By May 1, I either will be on maternity leave or will be taking it soon. Baby Nolan is due early May so while I am away, she is in charge. Any membership questions or issued can be solved by her capable hands.

Get started with the VSA today at: https://fsonline.com/iarfc.php

Members Discount 10% Page 29

Connect with the IARFC on Linkedin The Register | Spring 2021

The Never Discussed Niche Market: Shared Attitudes and Beliefs Just because someone is in the profession you serve, age bracket, or homeowner status, or any other characteristic we normally associate with “niche marketing”… does not mean that they will do business with you. In Simon Sinek’s YouTube video “Start with Why”, he says this provocative statement: “The goal is not to do business with everybody who needs what you have. The goal is to do business with people who believe what you believe.” We have found that it is far easier to attract, create solutions, answer clarifying questions, and retain clients when you attract them based on what you believe, not just by what you do. There are generally three ways financial professionals prospect: By what you sell or who you sell for: “I am an insurance agent.” or “I’m with (insert company name here).” The problem with that statement is that you are leading with the solution rather than the problems you solve. You’re leaving it up to the other person to determine if you have any value for them. Since most people’s understanding of life insurance and annuities is very little, they will see or believe that you have very little value for them. The worst case is if someone has had a negative experience with someone ‘like’ you and they may associate you with that negative experience and believe that it’s not in their best interest to engage with you. By who you are (title): “I am a financial consultant.” The advantage of this one over by what you sell is that you can lead with an identity rather than by what you’re selling. I believe this is just one reason why various “captive” insurance agencies want to get their agents securities licensed – so they can promote themselves at a higher perceived level. You are promoting yourself as an authority. Generally a financial consultant’s image can be favorable, especially as you expound on the kind of work you really do. The problem is when there’s a lot of financial consultants, how do you stand out? What do you really do?

The Register | Spring 2021

By how you do what you do (process): A process based marketing approach is better than your title or by leading with what you sell. It allows you to fill in the gaps as to the value of what you bring and the impact you can have on other people. However if you leave it only to your process, it could just sound complex without proper value, and even then do they really believe what you believe? Just because you can do it for them doesn’t mean you should do it for them. Allow me to introduce a fourth way: Why you do what you do: I believe this is the most powerful way to begin a conversation to introduce yourself and why you do what you do. It engages the imaginative side of the prospect’s brain rather than the analytical side, so that you can have a more exciting conversation rather than the prospect saying “I already have somebody like you.” When most people ask you the question “What do you do for living?”, do they really care about the answer? Usually they don’t. They asked so that they could pass the time and usually out of courtesy, particularly if you had already asked them what do they do for a living. If you want to capture their mind and hopefully their heart and engender trust, I believe that you should lead with what you believe, rather than talking about how smart you are with your process, your title, or your product/company. What happens if you don’t lead with a belief statement? You may get more challenging client interviews, reluctant clients, and late or missed appointments because they’re going to challenge everything you say. They may call you at inopportune times such as 5:00pm Friday afternoons to ask you to work on something for them. They may require that you prove whatever it is that you’re telling them. While you can prove what you’re telling them… should you? What would that answer really mean to them? Would they really do business on a favorable basis with you if you can truly ‘prove’ your work? If they don’t believe in what you do and why you do it… why start in the first place? If you lead with your belief statements and you get an engaging conversation, all you have

to do is show them how big their problem is… and determine if they want to fix it. Many objections in the sales process are brought up because they are questioning the solution (the product) to the problem, and they lose focus on what the real problem is to be solved. How can we attract people based on our beliefs and our why rather than a menu of services and what we do? Simply reframe your answer. “I can fully explain what I do for living but I’m far more excited about why I do what I do. You see in everything I do I believe... “ You need to have this memorized. The better you have it memorized and can share it with feeling… the more you can pay attention to their non-verbal responses. When would you like to find out that someone you’re talking to is not a good prospect? 10 months? 10 weeks? 10 hours? 10 seconds? When you lead with what you believe, it’s far easier and more fun to sort people. So when someone asks you from now on what do you do for living never answer with “what” you do. Always answer with why you do what you do, rather than with what you do. Start like this: “In everything I do I believe... Do you happen to believe as I do? Do you happen to believe that too?”

David H. Kinder, CLU, ChFC®, RFC® David Kinder is a Tax Exempt Wealth Educator who believes in the fundamental right to be the primary beneficiary of your life’s work and of your financial and retirement planning. He is also a member/ promoter of a large mentoring group of over 50 professionals nationwide called The Breakaway League that studies tax strategies for retirement and the use of unusual language to better engage the public. www.DynamicAdvancedWealth.com www.TheBreakawayLeague.com www.TheExplanationofServices.com

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MRFC® 2021 Update Annual Report Submitted The MRFC Certification Program is required to submit an annual report to the National Association of Certifying Agencies to enable the NCCA to monitor continuing compliance with their Standards. This is typically due the first week in June. . According the NCCA, the annual report form is required for several reasons, including: • •

To document compliance with NCCA Standard 24 To keep organizations with NCCA accredited programs continually aware of the NCCA Standards To provide organizations the opportunity to receive feedback on any changes that may affect their accreditation status and receive suggested actions to take to maintain compliance with NCCA Standards

•

In limited situations, the annual report form may provide data leading to revocation of NCCA accreditation after NCCA review, if the certification program fails to respond or its response demonstrates intended lack of compliance with NCCA Standards.

Standard Setting Meetings Scheduled In order to rate new questions for use on the MRFC Certification Exam, a Standard Setting Meeting has to be conducted. This step sequence rates the difficulty/ease of the proposed exam items which in turn affects whether specific items should be included/excluded from the item bank. “It is a never ending cycle of content protection that keeps the exam well balanced,” notes MRFC Staff Liaison, Charlotte Isbell. “We constantly have to repeat the sequence every time new exam items are written.”

The next Standards Setting Meeting is scheduled for May 19 & 21 at 1:30pm Any MRFC wishing to take part in this task force should contact Charlotte Isbell at charlotte@iarfc.org.

New Branding for I.C.E The Institute for Credentialling Excellence has adopted a new look in branding. Their goal with the new brand awareness is to represent the evolving needs of the credentialling community, and to create clarity in the marketplace. This initiative aligns I.C.E. offerings with a new, fresh brand. COMMUNITY. COMPETENCE. CREDIBILITY.

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MRFC Exam Item Writers Needed The MRFC Certification Program is working to increase the question bank for the MRFC Exam. The program has to maintain a quality, relative band of questions on an ongoing basis. Requirements: • Completion of virtual item writing training • Preferably MRFC credential • Not current MRFC Board member • May not provide service to IARFC prospects or members as an educator of, trainer of, or writer of material in relation to MRFC exam • Not part of the IARFC Education Committee Responsibilities: • Create new questions for item bank based on MRFC Blueprint Exam Content • Meet item writing deadlines • Provide current CV or Bio • Adhere to security guidelines in regard to MRFC exam content Time Commitment: • Initially — GoToMeeting training for item writing/reviewing, 1 hour (mandatory) It’s a great position to add to a CV or Bio a content writer for an NCCA nationally accredited credential!

Contact Charlotte Isbell charlotte@iarfc.org to volunteer The Register | Spring 2021

Behavioral Finance $

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What I mean is this; if your favorite product at your favorite store went on sale for 30% off, you would most likely purchase more than one. However, if your well-diversified retirement portfolio went on sale for 30% off, would you panic and assume something is wrong? Why? If your favorite ice cream was on sale for 30% off, you wouldn’t say to yourself “it must have salmonella in it.” So, why do we assume that something is wrong with our investments when they go on sale? This is where the role of a Behavioral Financial Advisor comes into play, to help take the emotion out of investing. What if we could retrain ourselves to look at temporary (and routine) downturns in the stock market as an incredible opportunity to purchase more of our future retirement at a discounted price?

Member Benefit

Rationalizing the Ups and Downs

Who likes a good sale? Everyone does! We look forward to President’s Day sales, Labor Day sales, Black Friday, and Cyber Monday! We are trained and conditioned to seek out the best possible deal for ourselves. You would never walk into a store and demand to pay full price for something. So, why don’t we take the same approach when it comes to our investments?

According to J.P. Morgan’s Guide to the Markets, the average annual intra-year downturn of the S&P 500 is 14.8%. Despite this, the market’s full-year return has been positive in 31 of the last 41 years. Based on

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the data above, when the market does go on sale (as it typically does at some point each year) that could be an amazing opportunity to purchase more shares of our retirement portfolio at a huge discount! Instead of panicking and selling, we should look at this as a gift from the “animal spirits” to load up! The world of Behavioral Finance is about taking those completely rational emotions, controlling them, and using sound logic to make long-term decisions about your retirement portfolio. In many instances, the best thing to do during a downturn is absolutely nothing at all. Most financial consultants invest their clients into high quality mutual funds or blueship stocks. The thing that most financial consultants don’t do is coach and educate their clients on how to deal with their emotions. As an example, from 1998-2018 the S&P 500 returned an average of 5.6% per year. Individual investors made just 1.9% on average. If, for the most part, we are all investing in similar holdings, why the huge difference? Those consultants were not trained to help their clients cope with the routine downturns of that 20-year period. A Behavioral Financial Advisor can add value that cannot be quantified. You won’t know what has been happening behind the scenes until the storm has passed and your emotions are in check again. However, once the skies clear and the seas calm, you will have realized that all that education, training, and coaching to keep your emotions in check has paid off.

. Pultro Financial Management (215) 489-3876 brianpultro@LPL.com

Brian Pultro, AIF, BFA, RFC®

As a Behavioral Financial Advisor (BFA) Brian utilizes the concept of "values-based investing" to keep clients focused on the big picture and what is truly important to them. Coupling that with traditional financial planning techniques, he helps clients focus on the long term to assist them in navigating current events, and avoid the pitfalls of emotional investing.

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AZ, CA, DE, FL, MA, MD, ME, NC, NJ, PA, RI, SC, VA.

The Register | Spring 2021

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Members $20 per month Page 32

Finding Your Niche...by accident What to do now that your daycare bill is more than your mortgage?

When someone says “Niche Marketing” I automatically think of consultants targeting physicians, pro athletes, and attorneys. Financial consultants tend to zone in on those types of “heavy hitters” with presumably high-income streams with assets to manage. Alternatively, they may zone in on “Retirees”, those that have already amassed great wealth and are transitioning into how to spend it. My niche is different. They are people that look like me (not literally of course), sound like me, and think like me. They hang out at playgrounds and ice cream shops. My target is families with young kids. This niche happened organically, if not entirely by accident. It all came about by utilizing a skill I enjoy to showcase personal stories, provide examples, and educate others in the process. That skill is writing. I have always loved to write and have incorporated it in different ways over

the years. When I worked at a bank, I wrote articles for the internal newsletter on how to allocate your 401k or help explain the benefit package in ways that HR communication fell short. When I moved back into the independent RIA space, I started writing for the firm’s blog. I started writing about the cash flow “drip” that we all experience when mindlessly shopping or engaging in our everyday habits. I used personal examples to show that I, even as a professional “money person”, was not immune to it. I wrote about why your kid’s first car should be a clunker and showcased my first ride – a 1980 Oldsmobile Cutlass Supreme. I had my first child in 2013 and as with most new parents, my world was flipped upside down. There were countless new obstacles to navigate — obstacles I knew were coming, and had supported others through, but didn’t fully understand until I was in it like... fully understanding a disability policy pay out when

“I wrote all my blog

articles with that specific audience in mind - a 30-something parent navigating the ins and outs of this crazy and wonderful life stage.” Jamie Bosse, RFC®, CFP®

going on maternity leave as a working mother, finding an extra $1,200 in the monthly cash flow for daycare expenses, acknowledging my own mortality by getting an estate plan in place, increasing life insurance coverage, finding ways to express breast milk at work, how in the heck to get everyone dressed and out the door on time each morning, explaining to childless co-workers why I cannot attend meetings at 5:30pm because daycare closes at 6:00 and my husband is traveling. Everything was new, different, exciting, and terrifying. So, I started writing about these things for our company blog. Practical tips for young parents infused with some humor, self-depreciation, and brutal honesty. I wanted to educate parents on the things they needed to know, why they were important, and where things might go wrong. I knew these topics were important before, but when I became a mother the “why” behind them became so much more tangible. I always knew that having the right amount of life insurance and an estate plan were important, but now I could really see just how devastating the consequences of not doing them could be. I started to write about the things that my friends were asking questions about, issues my clients grown kids were facing, and things I was wrestling with myself. As I had more children, my articles and advice became even more specialized. “What to do now that your daycare bill is more than your mortgage?” “Things that happen when you go from one kid to two”. I could really empathize with other working parents and understand their worries, fears, and viewpoints, so that is what I focused on. I wrote all my blog articles with that specific audience in mind – a 30-something parent navigating the ins and

Jamie is a mother of 4 and a Financial Planner with Aspyre Wealth Partners in Overland Park, KS. She is the author of the children’s book series, “Milton the Money Savvy Pup” and “Money Boss Mom, Helping Young Parents be the Boss of Their Financial Future” (release date August 2021). Page 33

The Register | Spring 2021

outs of this crazy and wonderful life stage. Someone who is growing in their career while balancing the competing priorities of saving for education, saving for retirement, and the expenses of today. I would post all of these articles where people like me “hang out” – on Facebook, Instagram, and LinkedIn. Friends and connections began to see me as a go-to resource for financial questions that young parents face – cash flow issues, mortgage situations, 401k options, etc. Old classmates started reaching out to hire me and referring me to their co-workers, friends, and family members. When you work with a lot of clients in the same life stage, themes begin to emerge. Many people struggle with cash flow and when you are a parent, it is even more difficult. I know this on a personal scale as my husband and I joined finances and went through several iterations of cash flow management systems before we landed on one that worked for us. So, I wrote a blog article about it – the specifics of how it works, what kind of “buckets” to set up to handle various expenses, and how to build up an emergency fund. I developed it into a presentation that I did for my daycare, some women’s networking groups, and webinars. I started presenting on “3 Things to Consider when You Add a Little One to the Family” and tackling the topics of life insurance and estate planning and breaking it down to bite-size tidbits of what parents need to know to get started. Once my kids got a little older, I became interested in teaching kids about money. I did a ton of research for my personal benefit, but then started to write about it. I wrote about teaching kids financial lessons and values combining what I learned from my research with the personal experience of practicing with my own kids. I continued sharing articles about it, then turned those articles into a presentation.

I then wrote a children’s book about some basic financial topics that I self-published through Amazon. I have marketed the book through schools, daycare centers, and libraries – all places where my target market hangs out. My firm gives out copies of the book to prospects and new clients with young kids and grandkids. I am currently working on a “grownup” book that is a financial guide for young parents. It is a compilation of the writing I have done over the years and breaks down the financial information that I think parents should focus on. Most of my new clients seek me out, not the other way around. They are friends or acquaintances that have seen my articles and posts that see me as a helpful resource. My marketing “strategy” is just putting my content out there and sharing it in the networks where other people like me will see it. I focus on education and strive to help them sort through the noise to get the information they really need.

“For most advisors, their ‘niche’ simply emerges from where they already have personal connections.” -Michael Kitces, Nerds Eye View Blog It sounds obvious, but Michael is right. Most of my current clients are people I’ve already known for a while, friends from college, other parents at daycare, or old classmates. They typically reach out to me over social media when they are experiencing a transition or there has been a triggering event that made them realize they would benefit from some outside help. I of course have clients in other phases of life that I adore and continue to work with, but I focus my marketing content on prospects that are in the same life stage as me. I naturally attract people that are in the same boat, facing the same issues. I stick with that instead of trying to force my way into an unfamiliar market.

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What is the Best Niche Market for IARFC Members? Every week we get calls from consultants and members of the IARFC asking what is the best niche market? Where can I make the most money? Where can I find the best sales leads? Our answer is always the same. If you want to be very successful in the financial services industry, then you need to learn how you can help middle income families! Believe it or not, middle income families are where you can make the most money. If you look at the most successful businesses out there, they all serve middle income families... Walmart, McDonald’s, Amazon, Microsoft, Apple, Google, Facebook, and the list goes on and on. Two hundred years ago, John Jacob Astor, who was then the richest man in the world said... “If you serve the classes, you will live with the masses. But if you serve the masses, you will live with the classes! Why are middle income families the best niche market? First, it is because there are a lot more of them to work with. They make up 52% of the US population. Only 1% of the US population is considered wealthy... So, there are a lot less of them and a lot more competition. Plus, middle income families are underserved. There are a lot more families that need and are looking for real help today. Most of the wealthy people out there don’t believe they need our help. Consider, the reason why Dave Ramsey, Clark Howard, Suzy Orman, and others are so successful... because their message is focused on helping middle income families! While we may not agree with all the advice they give people... they are very successful because they help average people. It is their niche market. Work The Middle Income Niche Market! If you want to be very successful today, then I highly recommend you work in the middle income niche market just like all the people above. Middle income families are the people that need your help the most. Learn how you can help those people to ‘find the money’ to spend, save, invest, insure, and plan wisely for the future.

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It’s time for all of us in the financial industry to help people to get better at managing their money by looking at their future, so they will want to set better priorities. We need to help people to get out of debt... so they will have the money to save for their future. I strongly urge you to look at the people you know... your family, friends, neighbors, and clients. Because don’t they have the same problems with debt and setting priorities? Send a letter to all of them about how you are helping families to get out of debt... so they will have the money they need to save for their future. Follow up with a monthly newsletter with articles that will help them to see the problems they face now and in the future. Then give them ideas on how you can help them to solve those problems. Then you will want to invite them all to an educational workshop on the problems they face now and in the future (not about product or investments). Let them know how you will help them to solve those problems (online or in person). The consultants and IARFC members that we work with are setting sales appointments with 70%-90% of the people they know, when they follow our simple marketing plan. Note: When you are working with people you know it is much easier to set a sales appointment, especially now with COVID virus! How You Will Make Money? When you help people to get out of debt and set better priorities... then the average commission per family is between $3,000 and $7,000! That is based on them getting all of the permanent life insurance they need now and in the future; plus, buying disability insurance, annuities, and investments. Consider, the average middle income family has over $17,000 in credit card debt. They are paying about 17% on that debt. So, their minimum monthly payments are about $2,890 per year. That does not count what they pay on their auto loans. Just one auto may cost them $4,800 per year. If you can help them to get out of debt, then it is easy to find over $7,000 to work with!

That does not count the money you can help them to save on their cable, cell phone, auto insurance, and more — which can add up to saving them $200 or more per month... $2,400 or more per year! They may also be putting extra money towards their mortgage, into an IRA, or into a college plan, etc. So, with all of that you could have $10,000 or more money per year to work with to help families. How You Can Help Middle Income Families? We are great believers in using safe money concepts. We believe that permanent life insurance should be the foundation of all financial plans. Most people will need life insurance to replace their working income for their family if they die prior to retirement. They will need life insurance in retirement to replace any loss of Social Security income or pension income when a spouse dies. Permanent life insurance is also a great way to provide a tax-free income for families... that they cannot outlive! Once people have covered their basic life insurance needs for their family, then they can take risks with money they invest in the market. This is the best way to create a well-rounded financial plan for most families. We are here to help you to get off to a fast start working with middle income families. We have all the sales letters, newsletters, workshops, training, coaching, and sales support you need. And we have 40 years of experience working in the middle income niche market. Jeremy B. Nason, RFC® is the cofounder of the Insurance Pro Shop™ – The first affordable, full-service Insurance Marketing and Sales Resource Center for today’s Financial Pro, and Found Money Management™, a life insurance sales training system dedicated to helping Middle-Income Families to ‘Live Debt Free and Truly Wealthy!’ Contact: (877) 297-4608 jeremy@insuranceproshop.com www.insuranceproshop.com The Register | Spring 2021

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Register for the Journal of Personal Finance Online CE quizzes and receive both the Spring and upcoming Fall 2021 quizzes for $20. Read the articles in the Journal and then take the quiz online. The questions are provided in the back of the Journal for reference. Upon registration, an email will be sent with a link to access the quiz. Two units of IARFC CE will be awarded to anyone who achieves a score of 70% or higher per quiz. Only 1 quiz submission per IARFC member is allowed.

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From the comfort of your office or home our podcast series will give access to hours of education and advice from speakers that are continually on stage at the biggest conferences in our industry. Many are keynote speakers that charge thousands of dollars to present. Don’t miss this opportunity for self-improvement in your career. All brought to you by the IARFC® whose mission is to foster and enhance the growth of the Association for the benefit of the members and the clients they serve by providing a continuing source of information, education and networking. An association that strengthens the financial services profession through adherence to and promotion of ethical behavior by their members and focus on their continuing professional education.

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