IARFC Register Volume 22 No 3 Summer 2021

Volume 22 No 3 Summer 2021

Leadership Opportunities in the IARFC®

IARFC

®

INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Page FC:1

The Register | Summer 2021

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Ethics Approved Status is awarded by maintaining a clear regulatory record and strict adherence to the IARFC Code of Ethics thru examination.

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Download Ethics Package Position Your Ethics Approved Seal Prominently Customize and Distribute Your Ethics Approved Media Release Display Your Certificate Leverage Your Status Prominently and Often

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The Register | Summer 2021

In This ISSUE Register Profile Robert Laraia, RFC®

Columns

13 NorthStar Wealth Partners

Trustees’ Chair Desk 5 Levels of Leadership

By Dr. H. Stephen Bailey

Features 20 Years Later...Remembering 9/11 and What I Have Learned 7 By Saul Simon

How Have Financial Philosophical Paradigms Changed in the Past 20 Years - 9/11/2001 to 9/11/2021?

9 By Monroe “Roey” Diefendorf, Jr.

First Impressions 16 By Michelle Blair

Are Toxic Words Holding You Back From Greater Opportunities and Success?

19 By David Kinder

The Core4 Advantage: Four Steps to Business Development Success 21 By Social Advisor

How Blogging Helps Financial Consultants Generate Leads 25 By Ryan Van Sickle

IARFC® News 8 11 12 17 20 28 29 31

New Trustee Vice Chair Now Hiring CEO Expanding the IARFC® Dunton Award Nominations US Chapter Board Elections Recruit Your Colleagues IARFC 2022 Financial Plan Competition Call for Corporate Sponsorships

37 Call for Papers — Journal of Personal Finance

International News 23 Philippines Chapter Meets the US 24 Greater China - IDA Address

Departments 6 2021 Editorial Calendar 6 22 30 34

From the Editor Strategic Alliances US Membership Services MRFC Updates

How I Managed a 40% Engagement Rate on LinkedIn 27 By Bryce Sanders

Annual Reviews With Your Clients...For Easy Sales 33 By Jeremy Nason

What the Heck is a HECM?

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

36 By Guy Paredes The Register | Summer 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, Michael Jay Markey Jr., MRFC

Vice Chair, Robert Lawson, MRFC®

Treasurer, Position Vacant

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 VP., 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.

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

The Register | Summer 2021

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Events Calendar 2021 Trustee Board Meetings September 14 December 7 US Chapter Board Meetings August 10 November 2

2022 Annual Meetings Both Boards April 26-28

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N e w M R F C ® s, R F C ® s, R FA ® s, and Association Members RFC®, RFA®, Association Members James V. Burns, RFC®, CT Terry A. Dennis, RFC®, TX Christopher J. Elmore, RFC®, OK Janet N. Harrington, RFC®, TX Ronald E. Harrison, RFC®, TX Richard R. Kirk, RFC®, IL Tanner J. Manning, Association, UT Thomas Mead, RFC®, TX Nathan A. Morris, RFC®, WI Tara L. Nolan, RFC®, IL Kristen A. Revis, RFA®, NC Colin M. Ruttinger, RFC®, AZ Elma L. Saul, RFC®, TX

Mark A. Sack, RFC®, CT Mark W. Smiley, RFC®, RI Barbara L. Crnkovich Smith, RFC®, WA Sophia Spangler, Association, NC David Stout, Association, UT Terance J. Traugott, RFC®, TX Gracie L. Trokey, Association, MO Ernest R. Wingard, RFC®, TX

Members Who Recommended Members Joshua Blaker, R FC ® William Reed, R FC ® Perry Smith, R FC ® Wiliam Watson, R FC ® Russell Luce, R FC ® Rober Laraia, R FC ®

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 | Summer 2021

Published by

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From the Trustee’s Chair

Levels of Leadership We all have our places that induce clarity. It’s an environment that slows us down, allows us to clear the clutter, and view situations differently.

Continually, I return to the Blue Ridge Mountains of North Carolina on my annual sit-on-the-porch vacation and contemplate the view. You get up, make your coffee, claim your rocking chair, and look out over the blue mountain vista – remarkable. For me, I realize I am just a small part of this world. My ego is calmed down and I can contemplate solutions without the “I” factor. My IARFC thoughts go to empowering others and bringing in leaders to the Association. I ponder how I can leave my leadership position feeling good about the future of the IARFC. My mountain vista is a quiet training ground for solving these issues.

You see, everything I look at in front of me clicks, it goes together, it invigorates. I come away understanding and motivated on my mission in the next year before I leave the IARFC in capable hands of another IARFC Trustee Chair. I have to address finding the right leaders.

Regarding the IARFC, we need to identify those leaders — people who inspire others to reach higher levels. For me, it’s finding the right people and putting them in the right slots. I think everyone has some form of leadership ability – it may just take recognizing potential and giving someone a chance.

I once worked for a man named Randy Vincent who owned a textile company in South Carolina. He took a bunch of us greenhorns and taught us how to manage groups. He would counsel that the biggest problem leadership has is a tendency to push down people who were following them instead of pulling them up…essentially treating one’s own ego first.

In reality, it is amazing how you can take a person, plug them into their talents, and watch them blossom. That makes me look good and FEEL good. I experience an internal happiness when I see people maximize their potential.

Let’s Discover our IARFC Leaders on Every Level...

• Trustee Board They manage the total operation of the IARFC which includes US and International chapters. They make sure that chapters are on the same page in relation to the IARFC Mission.

• Chapter Board They lead within the structure of their specific chapter inspiring the membership to get involved. In essence they will carry the chapter for you.

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• Committees These leaders deal with the details. They address the bigger picture by solving the little concerns. Major misunderstandings are simplified into minor understandings taking into account that “analysis paralysis” is the biggest stumbling block. At some point decisions are made and action recommended.

• MRD/RDs They are grassroots leaders, out in the regions, working with groups to attract new people into the Association as RFAs, RFCs and MRFCs. They find the people, nurture individual relationships, and provide the level of leadership to increase membership totals.

• Members They are the leaders and role models to their clients and prospects. The Association promotes these committed consultants who present to the public as competent ethical professionals.

• Home Office As a stable team fully immersed in the IARFC culture, they are the best at the overall picture. We don’t have a lot of egos here.

I look at the staff in Middletown as my advisors. Sometime out in the field, we don’t realize the value of the home office because they work day-to-day. We think we know more than what they do.

When I walk off the stage, and somebody says that you have done a good job, I don’t care who or what position they have in the IARFC, that recognition is the greatest reward for me. When humans value each other, everybody wins; everybody succeeds.

With the IARFC, I feel I was guided to where I was needed and happily think I made a difference. With limited time left as the Trustee Chair of the IARFC, I wish to have extraordinary leaders in place to take over. Are you one of them?

H. Stephen Bailey, Ph.D., MRFC® Steve Bailey assumes the leadership position of the IARFC as CEO and Chair of the IARFC Board of Trustees. He is also the 2010 recipient of the Loren Dunton Memorial Award and 2019 Founder’s Award.

Contact: (704) 563-6844 chairman@iarfc.org www.iarfc.org The Register | Summer 2021

From the EDITOR So Much to Do, So Little Time Susan M. Cappa, Editorial Coordinator

I think now our lives have somewhat normalized from the pandemic, however the Association keeps changing and improving. The IARFC is looking to expand its reach through the addition of a Managing Regional Director and Region Directors. We are also looking for a Chief Executive Officer as current CEO, Trustee Chair Steve Bailey steps down in this position. There will be an addition to the Trustee Board of an Internal Regulatory Officer. Consider the leadership opportunities expressed by Steve (on preceding page) and see if there is an opportunity there for you. We are expanding across the board, even in the home office where a position in membership services is available.

This August issue hightlights many Association projects. We are looking for Loren E. Dunton Lifetime Achievement Award Nominations, US Chapter Board Nominations, and then of course the Plan Competition ramps up again.

In September, the Editorial Advisory Committee will meet to determine 2022 Editorial themes. We are always looking for suggestions, so if you have subject matter for the Register to explore, please send them to me (susan@iarfc.org).

Combine the above with all the training that will be necessary as we bring on new people, the Home Office will be very busy the balance of the year.

Personally I would like to thank the Philippines Chapter for their “International Series” podcasts.

These podcasts showcasing the US Chapter Members started in July and continue through September. It has been a fun project with their crew of organizers, interviewers, and production people. Thanks to the US IARFC members who took the time to record their message. Check out the IARFCPH Facebook page for a link to the broadcasts.

Coming up in next Register Issue - When Opportunity Knocks. I am always looking for writers. If you have a article you wish to submit, contact me, susan@iarfc.org.

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

Asset Management

End-of-Life Planning

Long-Term Care Insurance

Bonds

Estate Planning

Mutual Funds, all types

Business Planning

ETFs

Offshore Trusts & Companies

Business Succession

Fee-Based Planning

Precious Metals

Charitable Giving

Income Tax Filings

REITs

College Savings/529 Plans Investment Real Estate Critical Illness Insurance

2021 Editorial Calendar 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 | Summer 2021

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20 Years Later...

Remembering 9/11 and What I Have Learned It’s approaching 20 years since our country was attacked and I still have occasional nightmares about the day it happened. The morning of 9/11, I was on a flight from Newark, NJ with one of my business associates heading to Boston for a few business meetings that day.

As we landed, the passenger sitting next to me received a phone call. He makes a grimace and says out loud, “Wait, what? What do you mean?”

He gets off the phone and tells me that his buddy just saw a plane fly into the World Trade Center in Manhattan. At that point we all assumed it must have been a terrible accident and we proceeded to leave the airport and head to our scheduled appointments.

A car was waiting for us at the airport and as we traveled to our first appointment we hear that another plane hit the second tower of the Trade Center. My business associate and I were in shock as this now didn’t seem like a random accident but an act of terror!

I said to my associate, “Shelly, we need to call our wives to find out what’s going on and to make sure they are all okay.” We both attempted to call but after several tries could not get through.

We arrived at our first destination to find out that all meetings were canceled and no planes were flying back to Newark Airport or anywhere in the US. So, we hired a car service to drive us home to New Jersey.

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At that point in my life, my wife was 8 1/2 months pregnant with our son and when I got home a few hours later I found a note on the kitchen table saying she was at a friend’s house with our 5-year-old daughter.

Needless to say, this was a very emotional experience for me, and we were all in shock, especially upon learning that one of the flights that hit the WTC had originated from Boston’s Logan Airport!

Over the next few days, I called on clients to check on them, spoke to friends and family, and learned of people in my immediate world that were lost during this tragic event.

We listened and gave any assistance and assurance that we could and prioritized the value of life.

When the pandemic hit in March 2020 and the country shut down, it felt so similar to what I had experienced back in September of 2001. I also lost my dad in April of 2020 due to the COVID-19 virus and because he suffered from dementia it felt like I lost him twice. This experience was exacerbated and more tragic — only three people could attend his funeral when we laid my father to rest.

At times like this, it makes you stop and realize how precious life is and how you need to be prepared and have those important conversations with your loved ones. I understand that this type of lifechanging conversation can be difficult for all parties involved (spouse, children, parents),

yet we must have the courage to think through what we want to tell them and speak in a way that captures our personal values and our deepest wishes.

How I Help My Clients I have a process that takes a 10,000-foot overview and reviews the ownership and beneficiary arrangements of all life, long-term care, and disability insurance as well as tax returns, investments, retirement statements, legal documents, trusts, operating agreements, pre-and post-nuptial agreements, and LLC agreements. What I find, nine times out of ten, is that there are coordination gaps and missed financial planning opportunities which are costing people thousands if not millions of dollars, in unnecessary fees or taxes depending on their net worth.

This overview process helps my clients reduce their federal and/or state estate taxes thus enabling them to leave their money to whom they want, when they want, and in the manner that they choose.

I want my clients to be prepared and organized for any eventuality. My experience has taught me that when we are proactive we can think clearly, we are not under pressure and dealing with stress, and therefore we can make better decisions for all concerned. So often we put off having a conversation with those we love and by not planning ahead we can end up making terrible decisions in a moment of tragedy.

The Register | Summer 2021

So, What are My Thoughts Now Moving Ahead?

New Vice Chair IARFC Board of Trustees

I have learned to have gratitude on a daily basis for all I have and for the wonderful people in my life – my family, close friends, business associates, and of course my valued clients. Having gratitude provides me with great happiness, peace of mind, and appreciation for life. Throughout my career I’ve never been driven by money; what drives me is the desire to serve first, last, and always, and continue to contribute to make a difference in people’s lives.

One of my major commitments is to educate as many people as I can and I have done this through television programs, published articles, a book published in 2013 – Simon Says®: Love Your Legacy, A Guide to Financial Education for You and Your Family, webinars, and an upcoming podcast series called, Simon Says®: Take Charge of Your Money.

I also developed a series of blogs called Simon Says®: Having the Talk, which discusses important conversations we all need to have with our parents, children, spouse, business partners and financial advisor. Over the past 16 months I’ve been working virtually doing Zoom webinars with different panels of experts on elder care planning, living through a divorce, and soon I will have one on women & finance.

I have learned how precious life is and the importance of being in a loving relationship.

Witnessing the experiences of close friends, family, business partners, and clients, I realize how life can change in a minute and people need to be prepared for any eventuality. I strive every day to help them do that.

Saul Simon Simon Financial Group (732) 623-2070 www.saulsimon.com Saul Simon is a registered representative of Lincoln Financial Advisors. Simon Financial Group is a marketing name for securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Lincoln Financial Advisors does not offer legal or tax advice. CRN-3644805-062321.

The Register | Summer 2021

Michael Jay Markey, Jr. MRFC®, BFA Financial Speaker, Author, Show Host, MDRT Top of the Table Member, Investment Advisor Representative & Insurance Representative, Master Registered Financial Consultant, Vice Chair of IARFC Board of Trustees Michael Jay Markey, Jr. is a co-founder and owner of Legacy Financial Network and its associated companies. His vision has expanded the organization from one location to three, with the hopes to make Legacy a national company. He attained his bachelor’s degree from Eastern Michigan University while playing baseball for the Eagles.

Michael’s accolades include being recognized as the trainer-of-the-year for a previous insurance employer, a Million Dollar Round Table; member in 2010, ’11, ’12, ’13, ’14, & ‘15. He earned Court of the Table honors in ’11, ’12, ’13, ‘14 and ’15 and Top of the Table honors in ’14. MDRT is an exclusive organization designed to recognize those in the top of the insurance services field.

Michael has served on the IARFC Board of Directors, held the office of Treasurer on the IARFC Board of Trustees and has been an integral part of the Association Education Committee. He and his wife Vanessa have appeared as the “fictional couple” during the IARFC National Financial Plan Competition.

In West Michigan, Michael can be heard on 102.9 FM every Thursday at 11am for his weekly radio show, “Fireproof Your Finances.” He has authored a book, also entitled “Fireproof Your Retirement”, and has a monthly column in LifeHealthPro called “Seriously, Dave?” He has been featured in print nationally by LifeHealthPro Magazine as one of “13 Insurance Industry Heroes” and InsuranceNewsNet magazine as a celebrity in the insurance industry. Under his direction, Legacy Financial Network was recognized by A.M. Best’s Best Review as one of the top 10 most innovative agencies in the country with their feature article “10 Agencies That Get It Right.” Michael has been published in several national trade magazines and was a featured guest on William Shatner’s “Moving America Forward.”

Grateful for the opportunities he’s been blessed with, being involved with and giving back to the community has always been important to Michael. Legacy participates in many local events and parades (the company even owns a firetruck for these events and Michael always makes sure he gets to drive it). Legacy sponsors a little league team and has sponsored free throw contests at a local high school where both the student and the school benefit. Michael has pledged most of the proceeds from his book to local fire departments. Michael’s main passions are his faith and his family.

Michael and his wife Vanessa listening intently as the National Financial Plan Competition Finalist explains their Financial Plan for the “fictional family”.

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How Have Financial Philosophy Paradigms Changed in the Past 20 Years – 9/11/01 to 9/11/2021?

Twenty years goes by very quickly. I remember the morning of September 11, 2001 like it was yesterday. I was on my way to a client meeting at the World Trade Center. That day, I missed my train from Long Island into NYC. The next train was only halfway to New York when I heard someone say that a plane hit the Trade Center. I made a snap decision to get off the train going West and take the first train going East. Sometimes we need to make a complete turn-around to get going in the right direction.

What I have observed over the past 20 years in financial planning is that there are three major shifts that have occurred over this time horizon that will require RFCs to re-examine the direction that they are going. These tectonic shifts are: 1) From a Transactional Focus to a Relational Focus 2) From a Client Acquisition Focus to a Client Retention Focus 3) From Planning our Client’s Succession Plans to Planning our Own Succession Plans Let’s break them down and see what we can learn.

Transactional to Relational Twenty years ago I was a product of my training from twenty years earlier.

I was instructed to focus on the number of individual transactions to achieve financial success. The number of sales were strictly a result of my transactional activities. In fact, there were prescribed formulas that if not adhered to would lead to reduced productivity.

I was a good student and a master at database management, hence I could juggle a great number of activities and close numerous sales. But sales did not equate to lifetime clients. A radical redirection was needed to transform from salesman to consultant.

Acquisition to Retention During the past twenty years, I have seen a trend that I fear may have a detrimental long term impact on the RFC. It had occurred as we began moving from up-front commission compensation to assets under management compensation. I am a firm believer of being compensated as a consultant and an AUM comp structure aligns with being an RFC®, but this shift may be giving us a false sense of achievement.

As our industry matured and the assets under management of consultants blossomed, a focus on the harvest vs. sowing has occurred.

Like myself, the “Senior Generation of Consultants” were taught, you eat what you kill. We learned and exercised the skills required to acquire new clients. Twenty years of sowing has reaped a hefty harvest. Now we find the “Rising Generation of Consultants” being introduced into a matured industry. The rich harvest that we all benefit from is a result in part by a rising stock market. Watching one’s assets grow often happens without much effort of our own. Measuring the success of our efforts on AUM as a Key Performing Indicator (KPI) needs to be reevaluated.

I suggest you consider using a KPI of “RUM” (Relationships Under Management) or a KPI of “SUM” (Services Under Management). These keep your eyes on the business acquisition element of growing your firms.

Then in 2001, I became an Registered Financial Consultant (RFC®). I had been doing financial planning since 1981, but the commitment to developing deeper relationships became paramount. And what I found was that while the skills that I had learned as a “salesman” translated into accelerated growth as an RFC. The past 20 years have certainly been the most rewarding span of my career and for those who put an emphasis on the relationship building vs. the sales building, I am confident that, you too, will reap similar benefits.

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The Register | Summer 2021

AUM - Assets Under Management The market value of the investment managed.

As an older RFC® who has had years of affirmation from my clients, it is difficult to walk away from that emotional stroking (dopamine high).

Try to take candy away from a baby and you’ll see a child that will put up a fight. Why do you think so many business owners can’t let go?

Dopamine is a drug and it’s hard to ween yourself off it.

RUM - Relationships Under Management The individual families advise.

SUM - Services Under Management The level of services you provided to clients: retirement, investments, insurance, tax planning, financial planning, trust services, family office, More than Money Family Facilitation.

QUIZ

Of the four RFC’s below, which firm had a better year?

RFC #1 reported that AUM was up $20M – “We had a good year.” (but lost net 5 clients).

RFC #2 reported that AUM was up $20M – “We had a good year.” (but had no new net clients).

RFC #3 reported that AUM was up $20M – “We had a good year and brought on net 5 new client relationships.”

RFC #4 reported that AUM was up $20M – “We had a good year and we brought on net 5 new client, but we added new services to our existing clients to strengthen our relationships.”

Last Year’s Results

AUM Growth

RUM Growth

SUM Average Per Clients

RFC #1

$20M

-5

2

RFC #2

$20M

0

2

RFC #3

$20M

5

2

RFC #4

$20M

5

4

Next, as a father of four daughters, it wasn’t easy giving my daughter’s hands in marriage to “some other man”. Likewise, turning your business over to the Rising Generation is not easy. But if you are going to put “success” in succession planning, we older RFCs are going to need to be prepared to step aside and in fact walk the Rising Gen down the aisle.

For the Rising Generation RFCs, your opportunity is to find the Senior RFC to whom you can become their successor. If you want to make this mentor/mentee relationship a success, remember to show gratitude for the years of effort that have led to where the firm is today. Nothing will derail a good handoff more than marginalizing your mentor.

PS. I have retired from active financial advising and have turned the reins over to the Rising Generation (our 5th gen).

For the past 20 years, our industry’s succession planning has not been a concern but today it is front and center. Ignore this tectonic shift and you will find yourself on the short end of the stick later in your life.

Just like when I proactively stepped off a train going West and decided to go East on 9/11/2001, each of these three broad sweeping paradigm shifts will require RFCs to make changes to be relevant in the future.

Remember, the pain is not in the change, the pain is in staying the same.

I hope that my perspectives in hindsight are helpful to your planning for the future. I predict that your best days are ahead. The best way to predict the future is to create it. So create, don’t’ wait.

What’s your answer? Which RFC had the better year?

So, here’s the take-away; don’t let the market growth of the past 20 years distort your perception of your personal success. Remember, client acquisition must never be dismissed.

Client Succession Planning to Advisors Succession Planning As RFCs, we have been educated and trained to guide our clients through their business succession plans. Now 20 years of watching our industry mature, the older consultants find themselves on the advice getting vs. giving end of the succession planning conversation.

This is the single most critical element for our industry to “get right.” I can tell you from personal experience that it is easier to consult others about their succession plan than it is to execute your own succession plan. Here’s why;

Monroe “Roey” Diefendorf, Jr., RFC® Roey has had a career spanning over 50 years. He was the 4th generation of family advisors dating back to 1875. Currently working 24/7 (24 hr/wk; 7 mo/yr), his goal is to help families capture and protect their “More Than Money” wealth.

Loren E. Dunton Award Lifetime Achievement Award Nominations Roey Diefendorf, Jr. is the 2021 Loren E. Dunton Lifetime Achievement Award Recipient. Nominations are being taken for the 2022 Award. Refer to pages 17 and 18 and nominate a colleague for consideration of this Association honor.

The Register | Summer 2021

Page 10

Now Hiring Have a passion for serving the financial services industry and their clients? Want to make a difference in an Association that empowers consultants to make a difference in the clients they serve? The IARFC has an immediate need for a Chief Executive Officer.

Do you fit the position?

Duties

Manages overall operations Available for domestic and international travel Attends Trustee Board meetings Attends Chapter meetings Increases membership Tracks and analyzes growth potential Communicates between Chapters, Trustees, Home Office, and Certification Programs Promoting the Mission of the IARFC and it’s adherence to ethical conduct via the IARFC Code of Ethics

Requirements

Must be willing to be at minimum a Registered Financial Consultant (meeting the requirements for the designation or credential in licensing, education and ethical conduct) Must travel to Home Office on a quarterly basis (proximity to home office preferred, but not required)

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

Qualifications

Computer experience (MS Office, Internet, Client Management Database {e.g.: Redtail}, virtual meeting) Experience in building relationships and acquiring clients Strong organizational qualities Experience with management within non-profit Excellent communications skills The term of the CEO shall be communicated in a signed contract for services with the option to renew by vote of the Board of Trustees.

They will be part of the Board of Trustees and have corresponding voting rights.

IARFC Mission To recognize world class financial consultants and empower them to make a transformational difference in the financial lives of the families and communities they serve.

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The Register | Summer 2021

Interested in Helping Expand the IARFC®?

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.

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)

US Chapter Managing Regional Director 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

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 | Summer 2021

Page 12

Member Focus Robert Laraia, RFC® NorthStar Wealth Partners For this month’s Member Focus, the Register looks to Robert Laraia, RFC® who currently sits on the IARFC US Chapter Board of Directors and is a founding partner of NorthStar Wealth Partners. It is interesting to discover from our members, their unique backgrounds, philosophies, and secrets to their successful practices and personal lives.

To that end, we are presenting Bob with questions that will give you a well-rounded picture of his participation in the Financial Services Industry and his personal insights and experiences.

BEGINNINGS AND PHILOSOPHY Register: Let’s start at your career beginnings.

How did you find your way to the Financial Services Industry?

Laraia: While I was in college at Central Connecticut State University in New Britain Connecticut (in the Hartford area), I actually was approached to get licensed during college by a friend’s father who at that time was more insurance based. When I graduated in 1986, I had a head start with a job lined up and was able to hit the ground running.

Register: Was there an influential person who filled a mentor role for you?

Laraia: Vince Clements was a former high school football star from our area who eventually played in the NFL, 10 years older than me, who went into financial services. He was a Senior Advisor at the firm I joined right out of college. He maintained that this was one of the few occupations where you can get out, set your own schedule, and have the flexibility to balance work and life. In this particular occupation, he taught me a lot of people skills. When I decided to break off and form NorthStar, I looked to him as a guide. Not only was he influential in helping me, but he wanted to join NorthStar. We went through tough times together as he experienced very serious health problems. Due to his succession planning, he taught me that as a consultant, you have to plan for your practice and your personal life.

Most importantly, he taught me the importance of ethics and service to my clients.

Register: Identify the hardest moments of your career path.

Laraia: Walking away from what I felt was a captive broker/dealer was a lesson learned. I Page 13

was leaving to go independent. When I was young and in college, I could not see past the stable income and career path. Thus, I found out about such things as being non invested in renewables and reading the small print are valuable insights. I wish I had someone teaching me at my young age to read the fine print and don’t necessarily look at whatever job you take as being your final job. Things like taking my clients with me should I decide to leave or signing a non-compete agreement were not part of my experience at that time.

Register: When and why did you decide to “find” NorthStar Wealth Partners?

Laraia: The move to NorthStar started well back in early 2000. My partner and I chose independence and a somewhat anonymous brand. It was not my name nor my partner’s as we did not want to alienate people we recruited later. We felt it was a cool, creative, name. Fast forward 20 years, we are very well branded especially in the New England area. It was advice we received from a really good marketing person. So when one of our consultants is out there, they don’t feel like they are branding someone else’s company.

Register: What makes the NorthStar philosophy successful in the eyes of your clients?

Laraia: We have all seen those statistics in our industry that lists the top reasons why people leave their financial consultant – none of those typically have anything to do with returns or fees. It’s all about the ability to listen, service, and the connection that clients perceive – so comfortable that they will open up to you about anything. Clients need to know that I am not going to necessarily breach any confidences. I like to make sure that clients feel taken care of. That means communicating with them all the time. But I would say if I had to

define one thing, it’s service. Especially over the last 18 months, now is not the time to go hide in the closet. Make sure, clients know they can get you if they’re nervous or need something.

Register: Being focused in Connecticut, is there a client mindset indigenous to the area that would differ from other parts of the US? Laraia: New England is probably known for being family oriented. Generally, we’ve got a good school system here, maybe more so than in other parts of the country. What we do is protect the family. Connecticut is a very affluent state however really only one county, Fairfield County, probably makes up the majority of Connecticut’s wealth. Sometimes people think you must work with only extremely wealthy people. That’s really not our truth.

Register: In regards to our Register Editorial Theme for this issue, relate the importance of making a good first impression and how you personally achieve it.

Laraia: So, there was a term “Being Present” I learned from an old coaching system called Strategic Coach. What it really means is focusing on the conversation you’re having with the person, making them feel like you are listening. It’s important right away. The sooner you can make that impression with the client, the more that client will open up, trust you, and work with you.

Register: What is your secret to acquiring new clients?

Laraia: I can literally put this down on a piece of paper: great service and access to our team equals referrals. I am not a great social prospector like asking the question “Do you know any friends and family that might be in need of my services”? I know it by heart, but The Register | Summer 2021

Bob Laraia, RFC®...Regarding his Director leadership role on the US Chapter Board “I look forward to working with the US Chapter Board of Directors to increase our membership. We have some exciting plans coming out this year that will move us in this direction.”

I just don’t feel comfortable asking it. So, we basically get referrals from three sources: trust attorneys, CPA’s, and primarily our own client base. With my own client base, if you spend enough time with them and they understand what you do for them, they really get that it’s not all about the consultant and the return we got this quarter. If your client understands the value you are providing by giving them service and having access to you, they become a better referral source. These items aren’t about investing money. It’s about what Bob and the NorthStar team has done for them.

Register: How do you feel your degree in Marketing has helped in NorthStar’s marketing efforts?

Laraia: My marketing degree taught me over time that you don’t want to be anonymous.

You want your name out there. Positive name recognition helps attract potential clients and in the recruiting process for consultants.

When we formed NorthStar, part of what we did was to solidify the brand. I’m not a big believer in thinking that if you have a great brand, all of a sudden, some Powerball winner, who’s never heard of you before, is going to pick up the phone and call. A lot has to do with our affiliation with LPL. They really are on the cutting edge of utilizing social media and are very active on all social media sites.

Register: What is your advice to those who are wanting to develop a manageable marketing plan?

Laraia: From my small company viewpoint, I would encourage you to use the tools around you. My previous comments about LPL is a great example of that. Ultimately try to surround yourself with great people. At times, we will use resources on an ala carte basis.

If we need a press release, we use people outside of NorthStar. To me, social media is a no-brainer because let’s face it, great media for years was expensive. Social media is free, so why not take advantage of every resource out there that you can within the constraints of your compliance department?

Register: Relate how technology has changed your method of running a practice over the years?

Laraia: Technology advances the question: paper versus digital? For years, paper is what we knew. You kept files, people came in and did routine audits with those files. Migrating your practice from then to right now is a game changer. All audits are done being remotely now. Practices are 100% cloud-based.

As of March of 2020, if we didn’t have the tools in place, we figured it out right away.

Fortunately for our clients and ourselves, we already had remote protocols in place. All of a sudden, the switch flipped. You’re not going into the office where the files are and meeting with the client in the conference room, because no one’s in the office! Covid probably made us understand the importance of technology and forced us to use it. The joke is now, Zoom is probably more important than the gas in my car.

Because I’ve been in practice so long, I have a client base that varies in age, probably a little bit older than younger. I am surprised and pleasantly pleased that my clients embrace the remote networking and don’t seem to be in any rush to go back to the old way. The stayin-your-bubble kept them safe during Covid in that they didn’t risk exposure. It becomes a convenience issue – no drive time back and forth or traveling in New England winters. As business gets “back to normal”, many people continue to be fine with the virtual stuff.

I have acquired new clients virtually though.

It’s different to literally sit in front of them, and not shake hands. That will come very soon.

Ultimately, it was very eye opening.

YOU AND THE IARFC Register: Why did you want to become a Board Member for the IARFC US Chapter?

As any consultant knows, there has to be some compliance monitoring, which LPL has on all of our sites. More importantly, LPL is constantly publishing items that are already approved, that we can push out by the minute.

So if I want to tweet something, content is already pre-approved at my disposal. It could also include pre-approved items that are part of an article, from CNBC for example, that they’ve already screened. Very recently LPL has connected us directly with all of these pieces. I can literally go and find something of substance, and if I want to Tweet this morning, because it’s Monday and a lot of people are going to be on Twitter or LinkedIn, I simply go in and read the article.

We are not a huge firm, we don’t have a 10 person marketing team handling the details, nor can we afford it. It really does help us to utilize LPL’s resources.

The Register | Summer 2021

NorthStar Wealth Partners Sponsorship Day - Central Connecticut State University.

Page 14

“The joke is now...Zoom is probably more important than the gas in my car!”

Laraia enjoying his passions of boating and fishing

Register: Who do you most need to thank in your life?

Laraia: I’ve been a Registered Financial Consultant (RFC®) for a long time – over 10 years, approaching 20. It is an Association near and dear to my heart. I liked to be involved and being part of the US Chapter Board was a no-brainer. The IARFC has contributed to my success over the years, why would I not want to give back in this manner?

Register: What is the #1 concern for the Board and how do you feel it should be addressed?

What can you do to help?

Laraia: The #1 concern is to keep getting the Association name out there, and building a membership base. Ultimately, the rest will all fall in line. One important aspect of the IARFC is that they will not compromise their ethical standards.

It is more vital than ever before in our industry.

I look forward to working with the US Chapter Board of Directors to increase our membership.

We have some exciting plans coming out this year that will move us in this direction.

Register: Explain the importance of the Ethics Exam and why the IARFC adopted this policy for its members.

Laraia: Coming out of the 2008, 2009 crash and all of the problems, different standards were put in place. Logically, anything we can do to promote and add reinforcement to ethical behavior is critical. If the broker dealers are comfortable with what we do, and they know that we’re actually adhering to a higher standard of ethical guidelines, they’re going to be more apt to approve and even possibly even promote being an RFC® or MRFC® and the other designations that exist. Moreover, it gives clients a sense of assurance.

Page 15

AND THE PERSONAL BOB? Register: When not concentrating on NorthStar, how do you spend your leisure time?

Laraia: I love the game of football and, up until very recently, had coached at both the youth and high school level. You can always find me enjoying my passion of boating and fishing in New England and Florida, or being an excessive gym rat.

Register: What are your professional goals for the future?

Laraia: My professional goals lie in keeping my practice partially virtual with the ability to go back to personal consulting. The remote connection does allow for flexibility of schedule and operating a practice from multiple locations. Confirming again, many of my clients have gotten used to this way of doing business as it frees up their schedule and allows them to plan their time and my time better. I also intend to very selectively grow our advisor base in New England and Southern New Jersey where we are creating a footprint.

In the regulatory worId, I am waiting to see how broker dealers, FINRA, and the SEC are going to adapt to the new way of connection with clients. Are there more compliance issues with virtual meetings? I am adopting a wait and see attitude regarding tweaks in compliance policies.

Laraia: Personally I would say it would be my dad. He was a great guy. He was a survivor of the Normandy Invasion during World War II and a small business owner, running his window shade business up until the age of 89. Watching him over the years I learned his secret of having good people around thus giving him the ability to work into such an advanced age. Fast forward to today and translating this role model into my business, I surround myself with good people who compensate for my shortcomings. It helps things move smoothly.

Register: A couple of consultants in the New York area, gave their remembrance of 9/11.

Do you have a personal story to relate from 20 years ago?

Laraia: I would be the first to admit that I have a horrible memory and that is why I take comprehensive notes. With that said, I remember the day of 9/11 as clear as it was yesterday. My son had just been born and I had a meeting that was a good 45 minutes to an hour away which had been scheduled for a long time. It was with an older couple whose daughter happened to be in town for only a day. As I watched the plane hit the second tower, I didn’t really know what to do. Right or wrong, I referred back to my dad’s work ethic. So, I spent 9/11 literally as things started coming down with this couple.

Years later, she continues to remind me that she couldn’t believe I actually showed up for the meeting. It was one of those outcomes of 9/11 of which I was most proud of – that we as Americans did not roll up, we actually continued on. I remember the first NFL football game embroiled in a controversy as to whether or not to have it. I am glad they did because it showed that we were pretty tough people and were not going to be stopped from going on with life. We had the guts to recover.

I wish that feeling could be re-energized right now, because it seems like our country has somewhat lost its way.

Securities offered through LPL Financial Member FINRA/SIPC The Register | Summer 2021

FIRST IMPRESSION The Global Pandemic has modified how we think, how we feel, and how we react in all sorts of situations. The world has changed and so our mindset needed to change along with it. While I am still a believer in the old adage__ You don’t get a second chance to make a first impression…, what is acceptable now is a more relaxed and realistic presentation style.

We have all come through this with a new sense of business acumen.

Pre March 2020, making a great first impression was one of the key factors to stress in preparation for a business meeting or conference call with a new client. The way we presented ourselves was as critical as what we were about to say. Our manner of dress, speaking style, and appearance of professionalism, resonated with our clients and associates. They were ready and anxious to hear us talk about whatever topic we were going to be discussing.

In the May-June 2015 issue of the Register, I wrote an article that stated: When you walk into a room to meet a new prospect, strategic partner, or center of influence, it is critical that you a make a great first impression. This is not only the way you act, walk, dress, or speak, but how you carry the conversation. Is it me, me, me, or them, them, them? Your people skills in greeting someone will be remembered long after the purpose of the conversation fades.

Now fast forward to March 2020. The COVID-19 Pandemic hit and revamped the entire idea of a first impression. We were all forced into hosting Zoom meetings to conduct business with clients and associates. We could go an entire day dressed in our pajamas on the bottom, if, the part of our body that was on camera was appropriately embellished. Men stopped shaving and grew COVID-19 beards — and no one even noticed. With everyone working from home, suddenly, hearing our co-worker’s children in the background or their dogs barking during a meeting, became normal and acceptable. We became unphased by this as we moved further into the pandemic. Managing to conduct business as usual was anything but usual! Wow — didn’t we adapt! We concluded that there was no

choice since COVID-19 forced us to relax, rethink, and restructure our work environments.

Our homes became offices and our offices remained empty. At the same time, we learned that we were all in this together and had to maintain composure during this terrible situation — and you know what?? Our clients and associates still wanted to hear what we had to say…even though we may have been wearing our pajamas as part of our attire!

Now as the Pandemic gets better day by day, there is less stress about our work environments. We have adjusted and do well on Zoom calls and the majority is accepting of it. Of course, how you present yourself, whether it be in person or on video, is still a factor to consider, but it may be a long time before we emphasize the first impression as being as critical as it once was. Yes, the entire country has changed, businesses have changed, our ability to accept change has changed.

As we heal economically, medically, and emotionally, how we see the importance of different aspects of our businesses will keep evolving. What is of more value to our clients and associates is how the relationship is handled. This Pandemic has taught us all many things. Each one of us knows someone who has suffered during this time and we

now appreciate the little things in life. The reality of companies closing and workers losing their incomes became a personal issue that clients needed to confront. They required and received help from their financial consultants.

Showing them that you were there for them as their trusted advisors, was comforting during a serious financial and emotional time. Your advice was critical.

Michelle K. Blair, RFC® Michelle K. Blair, RFC® is an office administrator specializing in management and relationship building. She is on the Board of Trustees of the IARFC as well as the Secretary of the Financial Planning Association, Long Island Chapter. Michelle devotes quite a bit of time to promoting professional and personal growth in the industry.

Contact: (516) 639-5078 michelleblairrfc@gmail.com

If you want to make a good first impression, smile at people. What does it cost to smile? Nothing.

What does it cost not to smile? Everything, if not smiling prevents you from enchanting people.

The Register | Summer 2021

....Guy Kawasaki, American marketing specialist, author and Silicon Valley venturist capitalist

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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, his 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, 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 some aspect of 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 • Adherence to the IARFC’s Code of Ethics and have a sound record of business integrity with no suspension or revocation of a professional license

2022 Nomination Committee (name and year of award) Chair, H. Stephen Bailey, Ph.D. LUTCF®, CEBA, CEP, CSA, MRFC® — (2010) Monroe Diefendorf, Jr. RFC® — (2021) Barry L. Dayley, CFP®, MRFC® — (2020) Rosilyn Overton, Ph.D. LUTCF®, CEBA, CEP, CSA, MRFC® — (2019) William Gustafson, Ph.D. — (2018) Ric Edelman, RFC® — (2017) Jerry Mason, Ph.D. — (2016) Jon M. Rogers, Ph.D., CLU®, ChFC®, MRFC® — (2015) Bill Carter, CFP®, ChFC®, CLU®, RFC® — (2006)

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Nominees for the

2022 Loren E. Dunton Lifetime Achievement Award Use this form to nominate a recipient for the Loren Dunton Lifetime Achievement Award, presented annually to a person who has made significant contributions to the financial services profession and to the public. This form may be supplemented with additional information of your choosing.

Nominations close on September 30, 2021.

Nominee Name: _____________________________________________________________________________________ Nickname: _____________________ Address/City/State/Zip: ________________________________________________________________________________________________________ Phone and email: ____________________________________________________________________________________________________________ Current position/title: _________________________________________________________________________________________________________ Firm/organization/institution: ___________________________________________________________________________________________________ Professional designations: ______________________________________________________________________________________________________ # of years in a financial practice or firm: __________________________________________________________________________________________ Publishing credentials: ________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Positions of Service or Leadership in the financial services industry: ____________________________________________________________________ ____________________________________________________________________________________________________________________________ How has this person promoted or participated in financial education either to public or the profession? ______________________________________ ____________________________________________________________________________________________________________________________ How has this nominee carried the message of responsible financial stewardship to the public? _____________________________________________ ____________________________________________________________________________________________________________________________ Why should this person be considered for the award? ______________________________________________________________________________ ___________________________________________________________________________________________________________________________

Nominator Name: ______________________________________________________________________________________ Nickname: _____________________ Address: ___________________________________________________________________________________________________________________ Phone and email: ___________________________________________________________________________________________________________

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Submit completed form: Email: awards@iarfc.org Mail: IARFC Loren Dunton Award Committee International Association of Registered Financial Consultants P.O. Box 506 Middletown, OH 45042

Are Toxic Words Holding You Back From Greater Opportunities and Success?

Have you ever watched some of these business revitalization shows like “Kitchen Nightmares”, “Restaurant: Impossible”, and “Hotel: Impossible”? These are fascinating shows to me, primarily since I grew up in the food service industry.

There’s one thing that’s an unspoken common theme in every single episode of these shows: The owners never took a step back to look at what they were doing with fresh eyes, to view things as their customers might view them. They literally could not see the forest for the trees as the problems were mounting all around them.

Tom Hegna says that we’re no longer in the knowledge business. We’re in the words, language, and stories business. Knowledge is everywhere, including the palm of our hand.

We can google anything.

We get paid to convey information in a way that gets people to think differently in order to make new decisions. Words are our toolbox.

Sticks and stones may break our bones, but using the wrong words in business will absolutely KILL you and stifle your career and your practice growth.

Imagine with me for a moment: You and I are on a date. (Pretend you like that idea.) We are in an Italian restaurant overlooking the pier. It’s dusk. The candlelight is flickering and the waiter just took our order.

I took into your eyes and take your hand in mine and say: “When I look in your eyes, time stands still.” Pretty good line, right? Or I could say: “Your face could stop a clock.” I think I’d get a far different reaction and I might even need medical attention by the time the date was over.

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Bottom line: Words matter.

How would you like to guarantee that you hear a ‘no’? I can do it! I have at least two ways to guarantee a ‘no’. Ready? “Would you be interested in…? ”and “I just got involved in…”

Can’t you just feel the cringe behind this kind of phrasing? With five simple untrained words, you guaranteed yourself a no.

My definition of a toxic word is any way for someone else to make a value judgment on who they THINK you are...before you share your true value proposition. It’s terms and phrases that instantly judge and categorize who you are and what you do. For example: If you introduce yourself as a life insurance agent, but you structure premium finance deals for business owners and high net worth estates, aren’t you leading with your product

could often substitute the word ‘assault’ and ‘rape’ for the word sell. People see sales as something being done TO someone rather than for someone’s benefit.

Financial advisor or planner. Everybody seems to either be or know a financial advisor and it’s a phrase that puts you directly into commodity corner. From now on, don’t respond with what you do or what you sell, but with why you do what you do. You can reference my article in last quarter’s issue of The Register on The Never Discussed Niche Market: Shared Attitudes and Beliefs.

I’m a CFP®, ChFC, CLU, RFC®, MRFC®, MSFS, EIEIO, BFD, etc. Now, we are designation/ credential holders as members of the IARFC. We are proud of our designations and credentials that we have worked hard to study

“My definition of a toxic word is any way for someone else to make a value judgment on who they THINK you are… before you share your true value proposition.” rather than the problems you solve? Plus, do most people have a good understanding of life insurance? Usually not. Aren’t you automatically putting yourself in a proverbial box by not using skilled language?

Some other toxic words: Sell and Sales. It’s unfortunate that the profession of selling cannot use the word ‘sell’ and ‘sales’ in it to describe true professionalism, but it’s today’s reality. In fact, and I hate to say this, but you

for, qualify for, and ultimately pass. There is a time and a place for it, however, in an initial conversation before scheduling a discovery session with a prospect…probably isn’t it. Our approaches, meetings, and relationship needs to be all about them, not you.

Granted, there should be an appropriate place where you take 30 seconds to brag about yourself…and then you get that topic out of the way and focus exclusively on them. It’s not about you.

The Register | Summer 2021

Now, imagine this: Let’s suppose your prospect became a client because you have two designations. Wouldn’t that mean that, logically speaking, they’d leave you to go to another advisor who has three? Four? Five?

Fifteen? Designations are great to bring an element of credibility and peace of mind to the conversation, but people don’t buy from me because “I’m a CLU and ChFC.” As John F. Savage, CLU said: “Get all the education you can and then keep it to yourself, because nobody cares.”

Any industry jargon without explanation or translation. Go on YouTube right now and search for “Technical Jargon Overload.” It’s just a two-minute video. I find it hilarious while it’s also a warning. A warning to people in technical fields (such as financial services) not to talk over our prospect’s heads. If they feel intimidated, would they do business with you? Some still may! They may believe “They know all this ‘stuff’ so much better than I do, so I might as well work with them.” However, once they get an advisor that can translate and explain some terms and help facilitate a partnership relationship, rather than being “impressed”, they may leave you because they’ll feel better understood.

Zig Ziglar taught this rule of thumb: “If you write and speak at a 6th grade level, then even the college professors will understand you.”

Take a step back and look at your practice with fresh eyes. Are there any areas that need attention in your words, language, and stories?

IARFC US Chapter Board Elections For 2021, there are two Directors up for re-election to take effect in 2022 - Lisa Ford, MRFC® and Brad Maples, MRFC® . One position is vacant so that adds up to 3 seats total. Nominations can be made by the membership to run for the Board.

Starting October 1

Suggestion can be sent by any IARFC member (via email) to the Nominating Committee Staff Liaison from those who wish to serve personally or endorsing a candidate for consideration. These nominations are welcomed from the general membership. Bio information, intent to serve, and an optional statement on their intentions to promote the Association will be collected.

Nominations close October 31.

November 1

Nominations will be sent to the nominating committee for the initial ballot selection.

November 14

An election is conducted by the US Chapter Board of Directors with the results being announced

by December 1.

January and February 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 The Register | Summer 2021

Current and newly elected Directors make their travel plans to attend the Annual US Chapter Board Meeting. Location and venue to be determined.

To Nominate

If you wish to put forth your own name or nominate someone to fill a Director’s position, please contact the Nominating Committee Staff Liaison.

Serving as a Director on the US Chapter Board is an opportunity to influence Chapter policy and expand the reach and influence of the IARFC US members.

Nominating Committee Staff Liaison Susan Cappa susan@iarfc.org (513) 424-1589

.

Nominating Committee US Chapter Chair Vice Chair Secretary Treasurer Page 20

The CORE4 Advantage: Four Steps to Business Development Success The client journey is a unique experience for all your prospects, and you need a business development strategy as unique as your service and expertise. As our industry continues to embrace and grow with social media and content marketing, now is the time to start building and nurturing the community that will grow your practice for decades to come. Stop buying leads and start developing lasting business relationships that will create new opportunities for the duration of your career.

interests and business goals is key in creating a successful network that can grow with your business.

Long-term growth requires long-term vision, and no one knows this better than you.

Investing in an experience that brings you more qualified prospects that are interested in doing business with you just makes sense for the future of your business. Take steps on a more effective path to prospecting using LinkedIn connections that share your interests and business goals.

Step 3 – Share Content that Speaks to Your Audience The CONTENT piece of the client journey is crucial for prospects because it sets the stage for the mood of the experience. Your sales techniques are a whole vibe and you need to be approachable, useful, and relevant to the community you choose to serve. People want to do business with people they KNOW, LIKE, AND TRUST so you need to provide messages and content that promote that feeling.

Step 1 - Understand Who You Want to Attract It starts with AUDIENCE. You’ve heard for years that you need to understand who you want to prospect. Choosing a narrow niche is the first step in creating a professional community. The more narrow your niche, the more personal and relevant your communication becomes.

Segments such as medical professionals, government employees, or corporate executives are target markets, they are not niches. Go deeper by targeting medical professionals at a specific hospital or corporate executives in a given industry.

Go deep and go narrow. It won’t take long before your brand and your communication speaks to the specific needs of the community you choose.

Step 2 – Build the Right Community With social platforms such as LinkedIn, Twitter, and Facebook available for professional use, building the right community is simple, if you invest just a bit of time each day.

For those of you seeking to build a community of other professionals, LinkedIn is essential. Whether you want to attract plan sponsors, young professionals, corporate executives, CPAs, attorneys, business owners, or another professional audience, building a community of professionals that share your

Page 21

Your understanding and use of LinkedIn Sales Navigator is helpful in building a professional community. Choose the right criteria in the query tool and you will find thousands of qualifying professionals. Then, send 20 connection invitations EVERY DAY. Be consistent and thoughtful with your messaging and your community will grow quickly.

The content marketing opportunity on LinkedIn is HUGE. In the United States and Canada, LinkedIn has more than 3 billion content impressions every week. All of this exposure and less than 2% of the LinkedIn network shares content consistently.

Not all content is created equal and our industry is notoriously BAD at content marketing. Stop sharing the pre-approved content the firm provides. Your prospects and clients want to connect with the real you, so they can grasp the truly unique ways your service and expertise can benefit them.

If you truly understand the niche you are prospecting, creating content that speaks to their greatest concerns should be simple. In creating that content, follow one simple rule to gain much greater exposure within your network; share NATIVE content.

NATIVE content is built to be consumed right on the platform. LINKING OUT OF LINKEDIN IS A NO-NO. Keep your LinkedIn posts native to LinkedIn by formatting images correctly and keeping third-party links in the comments. Your posts will gain much more exposure than the pre-approved third-party links that get limited exposure and less interaction.

Step 4 – Understand and Organize your Community NOW YOU CAN INFLUENCE. You need to find professionals who are interested in your journey, and LinkedIn prospecting is the perfect vehicle to accommodate everyone you want to bring with you.

TAKE CONTROL. As your community grows from dozens to hundreds and then to thousands, you must know who is ready for a business conversation. There are two simple strategies to understand which community members are ready for direct outreach.

1. Host Frequent Webinars – For attendees, your webinars are information sessions conducted by a trusted expert. For you, your webinars are events designed to show you which community members trust you and are ready for direct outreach. Each and every webinar attendee needs follow-up.

2. Utilize a marketing-capable CRM – CRM technology has come a long way. And, while there are great industry CRMs to track clients and their accounts, you’re looking for an automation platform designed specifically to nurture prospects.

The best CRMs will score each record according to: • Who opens your emails and clicks on links • Who interacts with your social media content • Who visits your website The right CRM will ensure that as you continue to nurture your growing community, you are following up with those community members that KNOW YOU, LIKE YOU, AND TRUST YOU. Business development continues to evolve.

LinkedIn provides countless opportunities to connect with professionals and grow your network. Harness the power of Influencer Marketing to make bold changes in the future of your business by making quality connections, nurturing quality relationships, and leveraging complementary technologies to meet more qualified prospects who are looking for an advisor just like you.

www.social-advisors.com Your Business Development Partner (800) 524-9451 The Register | Summer 2021

Member Benefit

Strategic Alliance Randy Kriner, Information Technologies Team Member for the IARFC, additionally coordinates the Strategic Alliance Committee for the Association. The purpose of the Committee is to oversee the development of strategic alliances with other associations and institutions. It also ensures the relationships with other alliance partners do not violate the IARFC Code of Ethics or construe a conflict of interest.

Concentrated Business Books & Videos A New Benefit for Members The Business Source provides concentrated business books and videos. They find the best thinking from the world’s leading business experts & summarizes it.

In less than 20 minutes, professionals can learn the key ideas and best practices on a wide range of business topics.

Best of all they have arranged a special price exclusively for IARFC members.

Contact Person Steve Koszlowsky Email: Stevek@thebusinesssource.com Phone: (416) 256-0103

As the IARFC Team Member for the Strategic Alliance Committe, I continually work with committee members to discover new benefits for the Association. Recently we have formed a strategic partnership with Totum, a multi-scoring risk tolerance toolkit that helps consultants understand how much risk their clients can take based on their life situation. It is the newest offering in a series of benefits available to IARFC members.

Risk is not an absolute. It is ever changing with many shifting variables. That is why risk is so hard to succinctly and accurately verbalize with most investors not knowing how to express their very personal feelings about risk or even wanting to discuss their changing What Makes totum Different? perceptions of it.

With Totum, a consultant can easily Totum helps advisors with compliance, customize how they engage with prospecting, and client retention by clients and have in-depth discussions calculating and comparing 3 risk scores: about their Risk Preferences, Risk Capacity, and Portfolio Risk. risk capacity, risk preference, and Their questionnaire goes beyond portfolio risk, all with a short, simply measuring clients’ Risk Preference to consider the factors user-friendly questionnaire. that truly make each individual unique including: goals/time horizon, career stability, industry exposure, health and related risks, local cost of living and income potential, and many more.

This risk clarity closes prospects faster, helps win additional assets from existing clients, and serves as a necessary reassurance when anyone has doubts.

The Totum Risk toolkit includes, the multi-scoring risk questionnaire, integrations, analytics, model marketplace, and custom reporting with an IPS all for $99/month. This reflects an IARFC member benefit of $100 off the Pro Plus annual subscription by using the Promo Code: IARFCTOTUM.

Member Price 70% off The Register | Summer 2021

Any suggestions for benefits for IARFC members, please contact randy@iarfc.org.

Page 22

IARFC International News Philippines Chapter

Philippines Meets US Chapter

From Home Office Public Relations Combining International talents, US members have been guests on the IARFC Philippines International Podcast Season 3 and a LIVE CE session during the months of June, July, and upcoming August.

Many thanks to IARFC Philippines Executive Vice President, Ms. Grace Escobar, RFC® who has handled the logistics, Ryan Daez, RFC® and John Dizon, RFC® who have been the hosts, and President Boyet Benavides, RFC® who has participated in the interviews. Special attention goes to Bong Escobar who has taken the raw recordings and put together a polished, finished product.

While time zones have been a challenge (trying to coordinate everyone’s particular schedules and matching it with PHST), the energy and fun that eminates from these sessions is most enjoyable. All of our US participants have come away with a smile on their faces and a positive interaction with the Philippines project - a perfect example of how financial consultants work together to share their culture and how services are the same no matter what the geographic sphere of reference.

Podcasts and CE sessions are available on IARFC Philippines Facebook Homepage!

Susan Cappa, IARFC Public Relations - Middletown, OH Future August and September International Series include: Ronnie Kaymore, RFC®, Dr. Craig Lemoine, MRFC®, and Michael Markey Jr., MRFC®..

Page 23

The Register | Summer 2021

IARFC International News Greater China

Greater Asia Smart Guide to Fund Investment Rule #1 Choose Low Cost Funds In certain instance, the sale charge could mean the difference between good returns and poor returns. Always go for low cost funds wherever possible. In fact, there are a few no load funds available that you can choose. The general rule is the lower the cost, the better the performance returns.

Rule #2 Consider the Cost of Advice UNT trust agents, life insurance agents, as well as financial consultants, can provide good advice on your investments. However, do consider the cost of advice. Check out the qualifications and experience of the financial consultant before you make a decision. If you are new to fund selection, it is better to go through a financial consultant.

Trustee Chair, H. Stephen Bailey, Ph.D., MRFC® Addressing the 2021 IDA Annual Conference I’m honored to be addressing the attendees of the 2021 International Dragon Awards. While we are here together (both virtually and in person), I would like to give you my thoughts on pursuing a professional designation.

WE provide a continuing source of education and networking.

This is a powerful tool when marketing yourself to potential clients. It sends a STRONG MESSAGE in this competitive market. We answer the question “Why should I trust you?” in the eyes of the consumer and in clients.

I realize that many financial professionals feel they are doing fine without a designation behind their name. However, if you look at a designation To that end, there from the viewpoint “THAT IT is nothing more IS NOT ABOUT WHAT YOU THINK”, it might take on more meaningful than your significance. In reality, IT IS reputation, your ethical WHAT OTHERS THINK about behavior, and gaining you and your qualifications.

For those of you who are Registered Financial Consultants, or who are considering the designation, we believe elevating your professionalism is a DEFINITE YES! It is vital you trust...NOTHING! put yourself forward. AND… Designations come with the IARFC is part of an requirements. The Registered Financial International Network. So I ask, why wouldn’t Consultant or RFC® designation documents you want to be part of our Association? your experience, education, licensing, integrity, and commitment to continuing education.

My most important piece of advice to leave you with.

The RFC designation says to the public…“OUR MEMBERS have met a standard set of criteria“.

We are in the people business. Our If people do not know you, those standard commitment is service to others and making a requirements backed by the IARFC give you difference in their financial legacy. To that end, CREDIBILITY! As the Association: there is nothing more meaningful than your reputation, your ethical behavior, and gaining WE hold you accountable trust...NOTHING! WE validate your ethical behavior.

International News

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

The Register | Summer 2021

Rule #3 Do Not Over Depend on Past Fund Performance Selection of a particular fund should be an interaction between your risk profile and investment objectives. Do not just depend on past fund performances as your sole criteria in fund selection.

Rule #4 Don’t Own Too Many Funds Owning of many funds would inevitably lead to over diversification and thus may lead to under performance. Anything more than four types of funds is definitely too many.

Rule #5 Awareness of Asset Size Usually when a fund asset size gets too big, it may be difficult to achieve an optimum return to the investors. However, be careful with a fund asset size that is too small. In Malaysia, our fund asset size can be quite small thus the costs can be quite high.

Rule #6 Use Past Performance to Determine Consistency Past performance can be a good guide to determine the consistency of a fund. Go for those funds that have at least six years in the top two quartile and a maximum of only one year in the bottom two quartile.

Rule #7 Buy Your Fund and Hold It Fund investment is meant for the medium to long-term time horizon. Regularly trading can result in losses because of costs involved. Buy your fund and hold for a reasonable timeframe.

Dr. Jeffrey Chiew, RFC® Asia Chairman, Kuala Lumpur, Malaysia

Page 24

How Blogging Helps Financial Consultants Generate Leads

I know, you’re a financial consultant not a content specialist. But content creation and distribution plays an important role in any successful marketing effort.

Simply put, content is useful information. It can be: • • • • • • • •

A photo with or without a caption A social media post An infographic A video testimonial A webinar An eBook A downloadable guide An article in a financial industry trade publication • A blog on your website Some financial professionals rely on direct mail, social media, TV, radio, billboard, and newspapers to reach their target audiences.

These are examples of outbound marketing, where the owner is pushing the message to its intended recipients. But traditional advertising alone isn’t enough anymore. We are now living in a digital world.

At its core, LeadingResponse’s mission is to connect consumers to service professionals to help them navigate life’s most challenging and impactful decisions. Whether you’re marketing a social event or workshop, a webinar, an appointment offer, or just generating leads, consumers in today’s world are conditioned to do their research online. Are you certain you’re providing enough value when they visit your website?

Page 25

The Importance of Blogging Inbound marketing has proven highly successful in marketing financial businesses.

As the name suggests, this strategy involves cultivating prospective customers by providing them with helpful content. The inbound process is attracting and engaging by either answering a question or helping the prospect solve a problem – sometimes, one they didn’t know they had.

By offering valuable content such as regular blogs, you can educate your audience and convert them into prospects. Here are five ways blogging will help you generate leads.

Blogging Brings Prospects to Your Website Today, most consumers use the internet to research product and service providers.

Consumers looking for a financial planner or consultant in your area are likely to land on your website. However, if these visitors don’t find useful content, they won’t stay for long. That’s why it’s critical to publish useful information on a consistent basis. And one of the best ways to keep them on your website is with a blog.

The great thing about blogs is, you can share the information in multiple ways. Once a blog is written, announce it in an email to clients and prospects with a link guiding them there.

Create social media posts that push people to your new blog. All these solutions drive more traffic to your website.

If you’re not yet publishing a blog on your website, you’ll want to ensure the home page design is simple and clean before you do. A visitor should immediately get the message that you are knowledgeable, trustworthy, and committed to helping people manage their financial affairs. You want them to get to know you - more on that later.

Blogging Improves Your Search Engine Ranking How do people research products and services on the internet? By entering their question or concern into a Google search box. If they are looking for a financial professional, they’ll type in “financial consultants near me” or something similiar.

You’ve probably heard the term SEO, or search engine optimization. A blog written with SEO in mind has a much better chance of being found when a consumer enters search terms related to your business, than one not optimized for searches.

As inbound marketing, sales and service provider HubSpot explains, blogging itself improves SEO quality by helping to position your website as a relevant answer to the questions your customers have. And a blog incorporating SEO tactics boosts its searchability even further.

Blogging Demonstrates Your Brand Value Back in 1991, a young Dwayne Johnson was a freshman defensive lineman at the University of Miami. After losing his starting spot to future The Register | Summer 2021

Hall of Famer Warren Sapp and suffering a few injuries that derailed his football career, he set his sights on much bigger things.

Dwayne Johnson transformed himself into “The Rock” in an homage to his father, a professional wrestler. Johnson became one of the characters in the history of professional wrestling. He has since gone on to become an A-List Hollywood actor, TV show host and producer, and has his own clothing line in a global partnership with the Under Armour brand.

What does this superstar have to do with you?

When all is said and done, he’s a commodity selling himself. You’re a commodity selling yourself, as someone who helps people with their financial needs.

And a blog is the ideal place to do it. As online marketing guru Neil Patel notes, “It’s a hub for your advice.” It’s a place to show who you are.

Your blog is where you set your tone as warm and friendly, helpful and knowledgeable – and approachable.

Blogging Helps Position You as an SME You’re on LinkedIn, right? The professional social media platform with 740 million members and 55 million registered companies.

Not only can you write articles for your website, but you can also publish them on LinkedIn. While not everyone has the time or resources to do both, you can quickly widen your marketing reach if you do.

Blogging lets you share your purpose While your blog is a business communication, you don’t want it to be dry and boring. There’s no point in doing a blog if your personality doesn’t come through and your purpose isn’t clear.

I’m going to go out on a limb here and assume you got into the financial services industry to help others in your community. Yes, you want to make money – you’re running a business, after all. But there’s something very powerful about making a real difference in others’ lives.

So tell your story. Share what attracted you to the financial services industry. Talk about how you’ve helped clients avoid financial loss, or even better, achieve financial stability and security. Explain why you do what you do. And why it all matters.

To summarize, blogging helps financial consultants generate leads for their business.

You’re not selling. You’re providing information of value to your audience on a regular basis.

It’s a proven way to attract and engage prospects.

And when they’re ready to work with a professional to manage their investments and retirement nest eggs, your readers will turn to you, because you’ve shown you are someone they can trust.

You want to assist your prospects (and current clients) with their finances. If you provide information that helps them, they will read your blog – and come back for more.

Ryan Van Sickle Ryan Van Sickle is Director of Advisor Development at LeadingResponse. He joined the company in 2009 and works with independent financial professionals, FMOs, RIAs and broker-dealers to build brand awareness and grow their business.

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A blog is meant to drive traffic to your website.

One way to ensure success is to demonstrate you’re a subject matter expert, or SME, that consumers can rely on. LinkedIn suggests including at least one “nugget of wisdom” in each blog.

Remember, you want to position yourself as an expert in your field. Include client anecdotes occasionally, so your readers can see how your advice positively impacted another person or a family. But make sure you get their permission first.

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How I Managed a

40% Engagement Rate on LinkedIn Social media has been called the new cold call.

When you consider direct mail, e-mail and cold calling might yield single digit response returns, social media looks like the Great Oklahoma Land Rush of 1889. Can you get social media prospecting to work in your favor?

Background Large firms and new technologies often don’t work hand in hand. Veteran consultants will remember their efforts to get professionally active on social media were met with a “No. You can’t do that.” Years later, firms warmed to social media. Why? I think they always saw the potential, but didn’t have a way to monitor and archive messages. Once that hurdle was cleared, firms encouraged consultants to get active.

The Great Land Rush There’s a saying in Asia: If you want peace and quiet, find a place where you pay for admission.

Consultants used to cold call. Then came robo calling. Other consultants would send e-mails.

According to Techjury and Campaign Monitor, the average office worker receives 120 e-mails each day.(1) If the cost is close to free, the channels get flooded. Everyone jumps in.

I don’t think social media prospecting has reached saturation levels yet. LinkedIn is considered a business specific site. According to 99 firms the average LinkedIn user is on the site about 17 minutes per month. FaceBook is closer to 1,400 minutes.(2) Here’s another interesting statistic. Of LinkedIn’s 610+ million members, 303 million are active users. 40% visit daily.

LinkedIn reaches people who take the site seriously and have the potential to become clients.

What I Learned Through Trial and Error You don’t need to reinvent the wheel. We can learn from each other’s experiences. After about five years of trial and error, here are two major discoveries I made: 1. Making connections who might actually do business... My business involves writing and training, but the principles are easily transferrable. I have five categories of potential prospects: Managers, potential sponsors, accountants, editors, and consultants in Asia.

Each day I choose a category. Managers might be that day’s specific target. I search for 2nd level connections. To each I send a personalized message: “(first name) is a Complex Manager at (firm). We have (#) shared connections. I’m

Page 27

a former ML consultant and manager who writes articles on prospecting because training is my business. LinkedIn is an efficient way to share them. Let’s connect.”

Result: Personalizing the connection makes a difference. I add 100 new connections in about 14-21 days on average. This includes invitations I receive and accept.

2. Engaging with connections... Now that I have connections, what can I do with them? Obviously posting content to the daily feed makes sense. Will people see it? You don’t know. I prefer sending personalized messages. The five categories above become five lists. Each month I send personalized message with an article link to each one. It’s labor intensive, but LinkedIn usually sends an e-mail telling the user there’s a message waiting.

Another strategy is to send a personal “getting to know you” e-mail. These start as a block of text I personalize. It includes expressions like “The is a personal message. We’ve been connected since (date). That’s (x) years! It’s time to get to know you better. I volunteer some personal information (that’s standard text). I ask them to tell me about themselves.”

I send 15 messages per day. My objective is to message all my 1st level connections.

At 3,300+ connections, that’s 220 days or about 44 weeks! 15 messages a day is manageable. Some are custom written if I know them well.

Result: These personalized messages combined with the monthly article links (to some), answering messages, and sending those birthday notifications has yielded an annual response rate of about 40%. Once a person has messaged you back, you are on your way to getting a conversation going.

Why Is This a Good Prospecting Strategy?

The advantages to this strategy are obvious: 1. It produces results. In prospecting, the hardest part of the job is getting people to engage with you.

2. You become a subject matter expert. You might be sharing article links or firm research.

3. It’s both high tech and high touch. You’ve received the “untouched by human hands” connections and messages. This approach lets people know there’s a real person at the other end. They like it.

4. You cultivate relationships. Messaging leads to phone calls. Time is your only cost. You don’t need to buy someone’s training program.

I’ve been doing this through the free version of LinkedIn. You can compose your own messages, subject to Compliance approval.

5. It’s not tied to market hours. Like e-mail, you can work on this project early morning or late evening. It’s not like calling clients during the business day.

6. It’s fun. You learn about people. You discover hobbies they are passionate about.

You have engaging conversations often through messaging.

7. It’s not too time consuming. E-mail has an immediacy. Ditto phone calls. You feel you must stop what you are doing and respond.

LinkedIn messaging is different. I get my LinkedIn tasks done in the early morning. I don’t look at it again until the next morning.

The analogy I use is the US Mail. It’s delivered once a day. I put LinkedIn messaging into the same category.

Would this prospecting method work for your practice?

(1) How Many Emails Are Sent per Day: The Startling Truth [2020] (techjury.net) (2) Eye-Opening LinkedIn Statistics for 2021 - 99firms.com

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.

Contact: (215) 862-3607 brycesanders@msn.com www.perceptivebusiness.com The Register | Summer 2021

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.

__________________________________________________________________________________________ Address __________________________________________________________________________________________ City State Zip Code __________________________________________________________________________________________ Phone Email

The Register | Summer 2021

______________________________________ 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 Page 28

Educators!

IARFC 2022 National Financial Plan Competition

“Having participated in the creation of this year’s fictional family narrative, I will be interested in the planning results of our competition teams.

I feel extremely proud of the efforts of the Association in supporting the potential careers of these undergraduates.

Instilling in them the importance of the profession is a legacy to our years of service.

Register Now! Due By Participation agreement and fees Completed software agreement and names Cutoff for entries Case study and software login and links (IARFC®) Plans postmarked For More Information Contact

9/24/21 10/8/21 10/8/21 10/20/21 11/17/21

My hope is that they will realize the major impact they can have on a family through proper financial planning and that financial consulting is a true, and noble calling.

Good luck to the professors and their students in 2022!”

Roey Diefendorf, Jr., RFC®

Vicki Caplinger, National Financial Plan Competition Coordinator vicki@iarfc.org (513) 424-5831 www.iarfc.org/events/nfpc Page 29

The Register | Summer 2021

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.

It’s August and that means that the IARFC National Financial Plan Competition is set for Educators to start enrolling their student teams soon. It is always a big accomplishment when the case narrative is finished and ready to deliver. Although one might think this a pretty easy composition to write, it’s really scripting a well developed story with people and numbers that are relatable.

You have to have the right amount of family dynamics, their “fake” problems, their “made up” financial goals, and then write it in such a way that is challenging to the students but not overly intimidating. The numbers need to be realistic, yet leave room for interpretation by the “student” financial consultant. After all the logistics to the plan are worked out, the plan is tested with benchmark results for comparison to student’s entries, prettied up for distribution, and sent out to students. Thanks to Roey Diefendorf Jr., RFC® and Rick Stanzione, RFC® coming up with the fictional family this year. It is always interesting to see the plans we get back from the competitors in comparison.

I think the Competition this year, will return to its live format. Covid, as with all live events has kept us from bringing in the students and having them present in person to the judges. This brings great networking opportunities and a chance for teams to interact with the judges. I am crossing my fingers and hoping we will be back to “Competition Normal” in 2022. My advice to educators is to get your students on board as quickly as possible so they can begin their planning strategy.

Member Benefit

Financial Planning Software Corporate Sponsor National Financial Plan Competition

Good news comes from the 2021 Competition. We were alerted that Kristen Reves who won the competition in April has now been recruited by one of our member consulting firms and has accepted employment in the Charlotte, NC area. This competition brought consultant recruiter and newly graduated financial professional together providing the opportunity of experience in a real life scenario. Congrats to them both for utilizing the Competition as a vehicle for advancement.

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National Financial Plan Competition Corporate Sponsorship Perspective Continued from Robert Laraia, RFC®, Membership Focus Register: Why did you decide to sponsor the IARFC National Financial Plan Competition?

Laraia: Basically, I think it is awesome. I am all about taking people and engaging them at a young age – having them understand and embrace this occupation. I was lucky enough to meet someone who said...hey, I will hire you, but you want to start studying for your exams while you’re in college. Currently, you’ve got universities and colleges basically creating degrees – that means these graduates are going to hit the ground running if they decided to go into this industry. The incorporation of a Financial Plan Competition is a super cool concept. It has allowed me a way of giving back to my industry. I just find the quality of the submitted plans really high – better than I expected.

The students’ plan presentations were super challenging. Although it is not the same as in front of clients and having a more personal sit down, but if the world stays the way it is now, these students will be ahead of curve in servicing their clients utilizing virtual software and forming virtual relationships. We love doing the competition. I understand it is good to learn to present virtually, but I anticipate a time when I can see the students present in person.

I.

The Register | Summer 2021

It helps address key concerns including running out of money, healthcare costs, investment losses, asset allocation and Social Security.

For more information, contact Scott Bayer (800) 743-6938 x 3100

Members Discount $300 off Pro and Elite Version Page 30

CALL FOR CORPORATE SPONSORSHIPS

2022 IARFC NATIONAL FINANCIAL PLAN COMPETITION The International Association of Registered Financial Consultants (IARFC®) is reaching out to corporate entities in the financial services industry to support the 2022 National Financial Plan Competition. The competition, available to universities nationally, challenges undergraduate students to craft a financial plan, the core of a consultant’s practice, and submit their recommendations for judging.

“As a Corporate Sponsor, you help our next generation understand how they can literally change peoples lives through proper financial planning.

I encourage you to consider being part of our Competition!” ...Rick Stanzione, RFC® US Chapter Board President

The importance of this experience is to take lessons and concepts learned in class and apply it to real world scenarios.

Encouraging the NextGen of Consultants The shrinking number of financial consultants equates to a shortage of up and coming professionals. A job outlook statistic from the Bureau of Labor Statistics sees a 7% faster than average growth in job outlook for 2018-28. This becomes an important statistic when attracting the next generation to a career in financial services. What better way to support an industry that encourages this career interest than to reach students at the collegiate level?

Professors may use the competition as part of their curriculum or as an extra credit activity.

Students walk away with an appreciation of plan development, interacting with clients, and providing professional service.

Corporate Involvement Corporate Sponsorship gains positive visibility and advertising. A short webinar that details Competition phases and sponsorship opportunities is available upon request.

The Importance of the Competition Analyzing data from a fictional family financial case narrative, the students work through a three part process that includes: • Case narrative and plan development • Plan presentation of recommendations • Financial plan delivery.

Corporate Sponsorship Levels Include: • • • •

$25,000 - Diamond $15,000 - Platinum $10,000 - Gold $5,000 - Silver

For more information on Corporate Sponsorship, contact Susan Cappa, Public Relations at (513) 424-1589 or susan@iarfc.org Visit https://www.iarfc.org/events/nfpc for more information on the competition itself.

A Message from Rick Stanzione, RFC ® — US Chapter Board President “Corporate Sponsorship of future financial professionals is accomplished through supporting the IARFC National Financial Plan Competition. Exercises in “real world” scenarios prepare undergraduate students for working with clients as they start their careers. As a Corporate Sponsor, you help our next generation understand how they can Page 31 The Register | Summer 2021 literally change peoples lives through proper financial planning. I encourage you to consider being part of our Competition!”

AA A

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

NATIONAL FINANCIAL PLAN COMPETITION Cincinnati, Ohio — April , 2022

Corporate Sponsorship Opportunities Take part in the IARFC National Financial Plan Competition as a Corporate Sponsor. This is a give back opportunity to help the NEXTGEN of collegiate undergraduates to develop the skills they need to perform in the Financial Services industry.

SPONSOR LEVELS VISIBILITY AND PROMOTIONS

Diamond

Plan Competition Sponsor Award recognition during banquet

X

Banner Advertisement on Plan Competition web page provided by sponsor (600 pixel x 110 pixel)

X

X

Recognition during Plan Competition

X

Email Advertisement as Sponsor, campaign(s) Logo recognition featured on Plan Competition web page and Competition live promotion

Gold

Silver

X

X

X

2

1

1

1

X

X

X

X

full page

1/2 page

1/3 page

Logo recognition, in the Register magazine, during run duration of Plan Competition promotion

X

X

X

Advertisement recognition, in the Journal of Personal Finance, 1 time

full page

1/2 page

1/3 page

X

X

X

X

Individual

Individual

General

General

$25,000

$15,000

$10,000

$5,000

Advertisement recognition, in the Register magazine, 1 time

Logo recognition in Journal of Personal Finance, during run duration of Plan Competition promotion Media Release, Individual (personalized), General (pre-event release) Cost

Platinum

X

A percentage of Plan Competition Sponsorship proceeds are directly donated as monetary prize awards to the winning teams. Sponsorship opportunity promotions run duration: 12 months from the date payments are received. Promotions follow the IARFC advertising guidelines.

International Association of Registered Financial Consultants 146 N Breiel Blvd., P.O. Box 506, Middletown, OH 45042 Phone: (513) 424-1589 Fax: (513) 345-9479, Email: susan@iarfc.org The Register | Summer 2021

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Annual Reviews with Your Clients...

For Easy Sales!

Do you conduct an annual review each year with your clients? If you do not meet with your clients at least once a year, then you are losing a lot of easy sales...new sales, repeat sales, and sales from referrals! Plus, when you do not meet with your clients each year, then you will lose them to your competition!

Consider in today's highly competitive marketplace, you will never significantly grow your sales and your income if you lose clients.

More than ever before, your competition is going after people who are not happy with their current consultant because they want to steal your clients and replace your business!

That is why, if you want to succeed today in sales, then you must work to build client loyalty and develop lasting long-term relationships.

Trust fosters loyalty and builds relationships.

But how do you build that kind of trust with your clients?

The annual review with your clients is one of your best opportunities for you to build more trust. And yet, most advisors will downplay their significance.

The main purpose of the annual review with your clients is to meet any unmet needs, identify changes, and discover areas of dissatisfaction. Then, you will want to use this knowledge to help you to strengthen trust and deepen the relationship. Which means that Page 33

you will need to do a complete fact find with every one of your clients.

Please Note: There is a lot more to you helping your clients, than just reviewing their investments. As a financial consultant your job is to help families… to ‘find the money’ to spend, save, invest, insure, and plan wisely for the future so that they can be financially independent!

Why Is An Annual Review So Important?

Peoples’ lives do change...they get married, they divorce, they die, have babies, kids go off to college, they get sued, they retire, start businesses, and they buy houses. And then, they lose focus on their goals. Every one of these events is a good reason for them to update their financial plan. If you do not see your client yearly, then you will never know about any of these changes! And you will never “get all their business”.

There are five key truths in this business...

First...

No matter how good you are, you will not get all of your prospects' business during the first sale!

There is always more business for you to write!

(Disability Insurance, LTCI, Wealth Transfer, IRAs, 401k Transfers, Roth Conversions, Life Insurance, etc.) So, you must do a complete fact-find every time you meet with them!

Second...

Somebody else is always trying to steal your clients and replace your business! When your business is replaced, you not only lose that sale...but you lose future sales, renewals (trailers), and referrals!

Third...

People are not really your client until they buy from you 3 or more times. The more people buy from you, the more loyal to you they become. Then the more they will buy from you in the future. Plus, they will refer you to more of the people they know!

Fourth...

Peoples’ situations do change! They get new jobs, new dependents, and new homes. Their attitudes and concerns will also change, which will provide you with more sales opportunities!

Fifth...

Most consultants are so focused and busy with bringing in new clients, that they are totally neglecting their existing clients. Then they wonder why they do not get any sales calls from their existing clients…or get any referrals!

Summary Regular annual reviews with your clients are one of the main reasons why the top producers today... earn $300,000, $500,000, and more per year!

The Register | Summer 2021

Do you have a problem setting up an annual review with your clients? Then it is because they see you as just another salesperson after their money. That is because you have not taken the time to build a trust relationship with them.

Is a big reason why you do not have a trust relationship with your clients...is that they never hear from you? If you want to start to build a good trust relationship, then you should be sending people your monthly newsletter. It will make it much easier for you to set up an annual review with your clients.

Sending people a newsletter will also make it easier for you to set a sales appointment with your friends, family, neighbors, and referrals!

Your newsletter should be yours. Not some company newsletter. And not just about investing.

You will also want to set up a system to ask for and receive referrals from everyone you know.

Note: If you have been a Financial Consultant for 5 or more years, then you should be getting all of new clients from referrals!

Is your excuse for not conducting annual reviews with your clients...that you do not have the time? Then you need to make the time. It is much easier and much more profitable to sell more to your existing clients, than it is to find new people to sell to!

Jeremy B. Nason, RFC® 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 | Summer 2021

MRFC® 2021 Update New Cut Score Accepted by MRFC Board

One of the most significant changes goes into effect October 1. After the most recent Standards Setting Meeting and through the analysis of the MRFC Psychometrician, the cut score for the passing rate has changed from 67% to 70%.

This reflects the numbers given by the MRFCs who took part in the ratings. New exams will be issued and the changes reflected in all MRFC policies, procedures, and marketing.

Recertification Proposal Due 2022

With a deadline of August 2022, the MRFC program has to go through another application process for the credential. This will involve working on the application basically the same as if it were a new request. This project will be an ongoing project for upcoming months.

Marketing Program Enhanced

The MRFC Board has given a contract to an outside source to handle the MRFC marketing specificaly in the area of Social Media.

According to MRFC Staff Liaison, Charlotte Isbell...

“We simply need the help in getting the MRFC information out there to prospects. Our manpower is such that the addition of outside services effectively lessons the load on the Certification Staff and provides more visibility to the credential. I look forward to working with these contractors and their creativity.”

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: • Preferably MRFC credential holder • Not current MRFC Board member • Completion of virtual item writing training • 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

Page 34

From the COO

Charlotte Isbell, IARFC COO coordinates the team and runs the internal operations of the Association. She also works on the accounting, assisting the Ethics Committee, and is the Staff Liaison for the MRFC Certification Program.

Charlotte enjoys talking with members and prospects about products and services available through the IARFC and has many years of experience and knowledge to share.

Expanding on the leadership changes discussed

by Steve Bailey, I want to further define the changes happening at the Home Office.

Our internal operations are to the point that we are looking for additional staff. Currently I am interviewing for a position in membership services to offload the responsibilities for Vicki and Judi who are needing additional assistance.

With the implementation of the Managing Regional Director and Region Directors, we want to have a trained staff person ready in the next few months.

Enhancements to policies and procedures are ongoing with some affecting the By-Laws.

These updated By-Laws are available to all members on the IARFC website. Changes include: •

Addition of an Internal Regulatory Officer (IRO) to the Board of Trustees with their qualifications and duties.

•

Definition of Board of Trustee compensation in percentages.

•

Duties and qualification for the CEO.

These adjustments signify an Association in change and gives us the structure from which to govern the IARFC. The By-Laws are on my desk and are constantly referred to during policy discussions.

Member Benefit

Regariding our Team at the Home Office, I can’t say enough about having a cohesive group that works together. Our office is small in numbers but mighty in execution. In an environment where multitasking is the norm, everyone flows from task to task, constantly prioritizing.

Keeping all the pieces together is the main part of my job. Establishing deadlines and reminding other members of priorities while maintaining communication with our CEO keeps me extremely busy. Weekly Team Meetings track our progress and identifies problem issues, even though at times we would rather be doing other projects.

For the future, I see a lot of work in coordinating the roles of MRD and RDs. It will be challenging to set up the systems that incorporate these new positions. Transitioning from in house prospecting to outside prospecting is a progressive change and while it brings on more logistics to solve, it is a welcome growth opportunity.

As always, I am vigilant in protecting the seperation between Association, Chapters, and Certification Programs. This has needed more attention in the past year as we continue to expand the roles and define duties integral to all parties.

It’s a never-ending, situation-evolving job which keeps my work life interesting.

Personalized Newsletter Programs Deliver a Personalized Product Financial Insider A very well-written 8 page, full color financial newsletter for financial consultants and consumers, produced by Liberty Publishing. The articles are consumer-oriented and present a wide variety of topics. Quantities are available with your custom imprint, including the RFC Key, for mailing to clients, prospects and professional consultants.

20/20 Newsletter A 4 page color client financial newsletter that creates a strong impression, but less expensive that the Financial Insider. https://www.libertyink.com Contact: Sarah Goss Ext. 144 (800) 722-7270 x 135 Sales@libertylink.com

Connect with the IARFC on Linkedin Page 35

Members Discount up to 30% The Register | Summer 2021

What the Heck is a HECM? 12 Ways to Improve Your Retirement Results A HECM (heck-em) is a Home Equity Conversion Mortgage. As a line of credit, it can’t be cancelled, unlike regular lines of credit which can be closed by the banks. Regardless of your wealth it can be an invaluable tool in retirement income planning and in preserving assets for a spouse or future generations.

In my recent studies on the subject, I learned just how valuable engaging this strategy can be when utilized early and during retirement.

Notably, no payments are required so cash flow is not diminished.

Here are some ways a HECM can become invaluable to your retirement: 1. You can use it to pay off your current mortgage thereby reducing your monthly expenses and increasing your cash flow.

2. It can be used to cover essential monthly retirement expenses such as real estate taxes and utility bills which will allow you to hold onto other assets while their value continues to grow.

3. If other investment assets you own have depressed values due to market fluctuation you can use a HECM to cover monthly expenses and avoid taking income from assets at the wrong time.

4. Use a HECM to cover health insurance for early retirement and before Medicare kicks in at 65 and afterwards to pay for supplemental health insurance and Medicare part B and D. 5. A HECM can also provide you with a monthly payment to combine with your other sources of income to help you maintain your lifestyle.

The Register | Summer 2021

6. Use it as a standby cash reserve for emergencies or if you lose your job and need cash flow and don’t want to tap taxable investments.

7. If you don’t qualify for Long Term Care insurance ,you can use a HECM as a backup asset for in-home healthcare or other long term care needs. If you can’t afford Long Term Care insurance you can use the cash flow from a HECM to purchase a Long Term Care policy.

11. Use a HECM to build out a space in your home to bring in an elderly parent to take care of. This can give you time to sell their home while they move in with you. You can get reimbursed later from the sale of their home or from their estate.

12. You can use it as a reserve for any family emergencies.

These are just some of the uses of a HECM. For many individuals their home is one of their most valuable assets and it shouldn’t be considered a ‘dead asset’. The above are great ways to utilize this asset and leverage it to your best advantage!

8. Use it to supplement income early in retirement while letting your Social Security benefits grow allowing you to max out your Social Security income benefits at age 70 for a retiree. Higher Social Security benefits also equal Not everyone will qualify for a HECM. For example, some condo associations are a higher survivor benefit. not approved. There is also an educational requirement before you can consider one 9. Purchase a home for up to $625,000 for yourself. For those who are 62 or older, I and pay half the cost using a HECM with no strongly advise going through the educational payments! process of learning more about a HECM. 10. Cover monthly expenses if you are transitioning jobs or while you phase out of work and into retirement by reducing your hours at your current job or a new lower paying, lower stress job.

Guy A. Paredes, RFC®, RICP® Guy A. Paredes, Executive Vice President of Rockdale Financial Services, Inc. has helped hundreds of individuals and families create a healthy and secure financial future since 1980. As a member of the Rockdale team, Guy has a mission to assist clients in defining their financial and retirement goals, and set them on a path to achieving them. Guy continually strives to be his clients’ most valuable asset in this process.

Contact: (732) 695-2100 www.RockAssets.com Page 36

Member Benefit

Job Target Resource Center Job Target is your job resource center.

Everything you need to make your resume stand out, ace the interview, advance your career, and navigate the digital world through social media and digital communication.

• Resume Writing Tips Does your resume stand out from the crowd? Find resume tips and tricks to make sure it does.

• Interviewing Everything you need to know to prepare and ace that interview: preparation, performance, and followup.

• Career Advancement Learn how to build your brand, get promoted and move your carrier in the direction you want.

• Navigate the Digital World Networking and Social profile • Career Coaching Connect with an expert and get coaching customized to your specific goals.

• Career Planning Get career details including projected growth and wages, daily tasks, recommended education and skills and much more.

Members Log on through the IARFC Portal Page 37

To Financial Educators The Journal of Personal Finance encourages high quality submissions that add to the growing literature in personal finance. Since this literature spans a number of disciplines, authors are encouraged to conduct a thorough review of literature prior to submission. We are looking for original research that uncovers new insights in personal finance — research that will have an impact on advice provided to individuals. It is the goal of the editor to provide timely reviews (less than 60 days) and decisions to authors.

To submit manuscripts to the IARFC for publication visit https://www.iarfc.org/publications/ journal-of-personal-finance for submission guidelines or contact jpfeditor@iarfc.org.

Continuing Education Journal of Personal Finance CE Quiz

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.

IARFC CE Guidelines for Professional Self-Study

Up to 10 units may be claimed for studying a business-related book, maximum 10 units — academic journals up to 5 units each, maximum 10 units

The Register | Summer 2021

Our Strategic Alliances A f f e c t Yo u r B o t t o m L i n e IARFC Partner Discounts - Investigate what the IARFC has to offer its members.

Connect to your Benefits ®

The Register | Summer 2021

IARFC Home Office

Online

info@iarfc.org (800) 532-9060 P.O. Box 506 Middletown, OH 45042

www.iarfc.org/members/ general/member-benefits

Page 38

®

P.O. Box 506 Middletown, Ohio 45042

Educators...

IARFC National Financial Plan Competition 2022 Registration for Teams

2021 Corporate Sponsors