Expanding 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. Regional Director

Region 1

CT, ME, MA, NH, RI, VT

Regional Director Region 4

AL, FL, GA, NC, SC

Regional Director Region 7

AR, LA, MS, TN

Duties

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

Regional Director Travels within designated region Makes presentations as needed Plans and conducts events Reports to Managing Regional Director Attends IARFC functions (Annual Association and Regional Meetings)

Requirements

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

Compensation – commission based

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

Qualifications

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

US Chapter Managing Regional Director

Regional Director Region 2

DE, NJ, NY, PA

Regional Director Region 5

IL, IN, KY, MI, OH

Regional Director Region 8

CO, KS, NM, OK, TX

Regional Director Region 10

AZ, CA, HI, NV, UT Regional Director

Region 3

DC, MD, VA, WV

Regional Director Region 6

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

Regional Director Region 9

AK, ID, MT, OR, WA, WY

Contact Charlotte Isbell IARFC COO

Charlotte@iarfc.org (513) 424-3481

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

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.

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

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.

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. 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?

Laraia enjoying his passions of boating and fishing “The joke is now...Zoom is probably more important than the gas in my car!”

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

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.