Volume 25 No 1 Winter 2024
IARFC 40th Celebration & Conference
Join Us at Biltmore Estate® in Asheville, NC ® A Growing Global Community
Your IARFC Benefit at Work
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In This ISSUE Register Profile
40th Celebration & Conference pp. 10-13
18 Member Focus
Paul Wharf, RFC® A Seasoned and Entrepreneurial Leader
Features Time for a Change Update 15 By Matthew Cloutier, RFC®
What Does Longevity Mean to the Younger Generation
Used with permission from The Biltmore Company, Asheville, North Carolina
Columns 7 From the Editor 8 From the Trustee Chair 9 The IARFC CEO
16 By Ronnie Kaymore, RFC®
IARFC® News
17 Reasons to Belong to Your Professional Association
14 17 21 31
22 By Bryce Sanders
Is There Anything Truly New That Can Help Grow Our Business? 28 By Terry Dennis, RFC®
The Value of Belonging to an International Association
2024 Dunton Award Recipient NEW! IARFC Book Nook US Chapter Incentive Program MRFC News
Chapter Connections
24 US Chapter Invite to the Financial Plan Comp 25 Philippines 26 Indonesia 27 Vietnam
30 By Michelle Blair, RFC®
Meet Bart Berkey Motivational Speaker at the IARFC 40th Celebration & Conference Page 11
The Register | Winter 2024
A Growing Global Community Page 3
N e w M R F C ® s, R F C ® s, R FA ® s, and Association Members Events Calendar 2024 40th Celebration & Conference National Financial Plan Competition Finals April 22-24 Trustee Board Meetings February 7 April 22 September 11 December 4
RFC®, RFA®, A ssociation Members George Allan Bartlett, RFC®, CA Kai Hui Cai, RFC®, NJ Erik Cox, RFC®, CO Cole Czajkoski, RFC®, AL Carter Jacob Feltner, RFC®, FL Jacob A. Halsey, RFA®, NC Bryan LeRoy Holen, RFC®, NE Riaz A. Khokhar, Association, NY Robert Charles McDonald, RFC®, TX Jarvis E. Rickman, RFC®, VA Brandon J. Roberts, RFC®, IN Micah Tipton, RFC®, LA Michael P. Witcher, RFC®, TX
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The Register | Winter 2024
LEADERSHIP
CHAPTERS
BOARD OF TRUSTEES Chair, Barry L. Dayley, MRFC Vice Chair, Michael Jay Markey Jr., MRFC® Treasurer, Monroe Diefendorf Jr., MRFC® Secretary, Michelle K. Blair, RFC® Trustee, Kai Yuan Tu, RFC® Trustee, Dr. Reuben Chen, RFC® CEO, Leonard Simpson, RFC® COO, Charlotte Isbell ®
MRFC CERTIFICATION BOARD Chair, Mary Anne Redmond, MRFC® Vice Chair, Alan Kifer MRFC® Treasurer, Melvin Mills Jr., MRFC® Director, Sean Clark, MRFC® Director, Micah Dixon, MRFC® Director, TBD Director, Kat Moore, Public Member
IARFC HEADQUARTERS TEAM Chief Operating Officer, Charlotte Isbell Editorial Coordinator/Public Relations, Susan M. Cappa Director of Membership Services, Vicki Caplinger Membership Services, Judi Nelson and Rachel Gibbs Information Technology, Randy Kriner
WEBSITES United States — www.iarfc.org China — www.iarfc.cn Hong Kong — www.iarfc-hk.org Indonesia — www.iarfcindonesia.com
Greater China Development (China, Hong Kong, Macau, & Taiwan) Chair, Liang, Tien Lung, RFC® Vice Chair, Liang, Han-Ying, RFC® CEO, Lin, Chien-Hung, RFC® Hong Kong and Macau Honorary Chair, Samuel W. K. Yung, RFC® Chair, Teresa So, RFC® Executive Director, Allan Wan, RFC® Indonesia President, Aidil Akbar Madjid, RFC® Philippines President, Gamalielh Ariel O. Benavides, RFC® Executive VP., Grace De Vera Escobar, RFC® Vice President, Ismael Melendres, Jr., RFC® Treasurer, Ma Arlene M. Baguyo, RFC® Secretary, Atty. Nicasio C. Cabaneiro, RFC® Director, Cynthia Rimando, RFC® Director, Allan Tamayo, RFC® Taiwan Chair, Liang, Tien Lung, RFC® United States President, Bradley K. Maples Sr., MRFC® Executive VP., Lisa Ford, MRFC® Vice President, Lemuel W. Kornegay III, RFC® Treasurer, TBD Secretary, Gregory Kurinec, MRFC® Director, Paul Wharf, RFC® Director, Mike Zaino, RFC® Director, Michael Miller, RFC® Vietnam President, Dr. Frankie Lo., RFC®
Philippines — www.iarfc.org/about/philippines
www.iarfc.org/publications/register 146 N. Breiel Boulevard P.O. Box 506 Middletown, OH 45042-0506 (800) 532-9060 Editorial Coordinator Susan M. Cappa editor@iarfc.org Editorial Advisory Committee Michelle Blair, RFC® Constance Craig-Mason, MRFC® Alan Kifer, MRFC®
The Register is published by the International Association of Registered Financial Consultants® 2024 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 is issued in the titles of contributors listed in the Register other than those issued by the IARFC® (RFA®, RFC®, MRFC®, MRFS).
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. The Register | Winter 2024
Articles, comments, and letters are welcome via email to: Susan M. Cappa, editor@iarfc.org Page 5
2024 Editorial Calendar Issue
Theme
Volume 25 No. 1 February
Volume 25 No. 2 May
Volume 25 No. 3 August
Volume 25 No. 4 November
Possible Topics to be Covered • • • • • •
IARFC 40th Celebration and Conference Biltmore Estate® - Asheville, NC April 22-24, 2024 How to leverage your longevity Membership in an established Association What does longevity mean to the younger generation? 90 is the new 70 for Baby Boomers Pursing an MRFC credential
• • • • •
Engaging client’s family - whose decision is it (pros and cons)? Aging out and preparing for your successor Not everyone has a built-in person waiting in the wings Is your biz scalable and/or sale-able (how and why)? Who will take care of the Baby Boomers?
Geographic Adaptability
• • • • •
Serving clients nationally (niche markets can be more than local) Appeal to a broader more spread-out base Is the personal touch gone? Tips on conducting business over boarders (licensing) Advantage/disadvantage of marketing through multiple mediums: seminars/radio/TV/podcasts/direct mail
Year End Gifting
• • • •
How to get your clients to gift graciously When is the best time to setup a gifting plan Advising clients to protect heirs from themselves Living life in the moment - when to advise clients to retire in spite of themselves Gifting - to attach or not to attach strings Tax advantages to charitable planning
IARFC Turns 40!
Family Progression Both Clients and Professionals
Plan Competition
• •
Issue
Copy Deadline
Volume 25, No. 1, February
November 1
Volume 25, No. 2, May
February 1
Volume 25, No. 3, August
May 1
Volume 25, No. 4, November
August 1
Advertise in the Register, published by the IARFC since 1999 and circulated around the world. Susan M. Cappa, Editor Phone: (513) 424-1589 Fax: (513) 345-9479 advertise@iarfc.org 11/1/23
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The Register | Winter 2024
From the EDITOR Help Celebrate 40 Years! Susan M. Cappa, Editor
The Holidays are a month long gone and you think there might be time to relax and take a breather. Not so with the IARFC! Association life goes on and we are full of plans for 2024. As you will see in this edition of the Register, we are working on new projects and changes for the Association. Most important, we want to see our members support the 40th Celebration and Conference. Having achieved this longevity, we want to see our members at the Biltmore in April. The Conference Committee is working hard to plan and execute a fun and educational program to present over the two days. Keep looking for our communications for updates and who is going to be on the program. Our Conference Motivational Speaker, Bart Berkey, is a nationally known communicator who is taking center stage with a message that “Most People Don’t...But YOU DO!”. Along with 10 other speakers, everyone can take something back and apply it to their practices and their personal lives. The Book Nook is another member benefit. At the encouragement of Dr. Constance Craig-Mason, this new website section gives members an opportunity to make public any books that they have authored. Check out page 17. The IARFC is continually looking for leaders who want to give back to the financial services industry. Through participation on Association Boards, writing for the Register, serving on special committees, consultants can make their presence more visible. At minimum, members can refer others and help increase the Association membership. For now, you can help by sending in your registration for the Conference. We look forward to seeing you in April at the Biltmore!
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The Register | Winter 2024
Page 7
VISION
LOVE
SERVANT
INTEGRITY
INNOVATION
PROACTIVE
AUTHENTIC
RELEVANT
A Growing Global Community
From the Trustee Chair Barry L. Dayley, MRFC® Contact: (307) 201-8524 chair@iarfc.org www.iarfc.org
Top Ten Reasons to Attend the IARFC 40th Celebration & Conference Attendance at the 40th Celebration and Conference will provide a multifaceted experience in a historic country setting. Here are the top ten reasons why you should consider attending. 1. Sharpen the Saw – In his Book Seven Habits of Highly Effective People, Steven Covey points out that “We must never become too busy sawing to take time to sharpen the saw.” This conference will provide an important opportunity for renewal that will empower you to reach your next level. 2. Gain Fresh Perspectives – Get away from your daily schedule and interact with people outside your organization with creative ideas, from business development and financial solutions, to succession planning and more. 3. Boost Your Network – We often have tunnel vision because we are so focused on our own business. Meeting people from outside your area can bring new, fresh ideas. 4. Meet Experts and Influencers Face to Face – It’s better to add 10 mutually beneficial relationships to your contacts than 100 casual contacts. Here, you will meet and learn from many of the “movers and shakers” in the financial planning profession. Page 8
5. Mentor & Be Mentored – Unique to this conference is the National Financial Plan Competition. Meet and potentially mentor college undergrads that are entering the profession. Meet experienced professionals that have created success in areas where you need work. They could become a great mentor to you. 6. Idea Sharing – The general and breakout sessions will be filled with outstanding take-aways that will help grow and develop your business. Frequently, ideas shared by other participants between sessions can be among the best of your conference experiences. We encourage this powerful “give and take.” 7. Top Keynote Speakers – Learning from industry leaders like Michael Kitces, Tim Pierotti, Gene Goldman, and Bart Berkey will no doubt expand your perspective and knowledge as they share ideas on how to navigate the challenges and opportunities in our profession. 8. New Tips, Tools, and Tacticss Sometimes a presenter or another attendee shares an idea, points out a new tool, or outlines a new tactic that could help 10X your business with little additional effort. These opportunities will exist at this conference.
9. Expand Your Comfort Zone – Frequently we are held back simply by our own fear – fear of trying something new, fear of the unknown, fear of what others will think. As you interact with other participants and attend sessions, your level of confidence will grow and dispel much of the fear. Sometimes a new friend can be just what you are looking for to help expand your horizons. 10. Have Fun at a Historic Location – Explore, play and learn. The Biltmore Estate® is a unique property with a “mission of preservation through self-sufficiency – a philosophy embraced before the first stone was ever placed.” Experience the beauty and connection to history and the land, that the Biltmore Estate® offers. I look forward to greeting you at the 40th Celebration and Conference!
Our Conference Goals Motivate - Educate - Develop The Register | Winter 2024
Back on Track... to Celebrate IARFC 40! From the CEO... Leonard Simpson, RFC®
At the end of the year, I had time to level out and think of all the changes that have happened just since I have been in the position of CEO. This look back was through the lense of downtime in Portugal and Spain, where decompressing helps build back energy. I remember reading that Dr. Steve Bailey, MRFC® our recent Trustee Chair used to sit in his rocking chair, looking at the panorama of the Blueridge Mountains. For me, it was sitting at an outdoor cafe next to the ocean, enjoying the slow pace of my month-long, much deserved vacation.
So I am laying out a challenge to our members - let’s start building that community within the Association, within the US Chapter. There is no better time to start than April at the IARFC 40th Celebration & Conference. I understand that we all get in our comfort zone of Zoom, not traveling, and meeting our own goals and deadlines. There is something to be said for putting yourself out there to network and enjoy, yes, enjoy the journeys of other financial professionals. Not only that, but seeing the excitement and commitment of the students competing in the IARFC
National Financial Plan Competition is a reminder of where we once were. That event is a fun time and gives us hope for the new generation of consultants. SO... I want to encourage you to meet us at the Biltmore Estate® in April. I look forward to building positive energy and connecting with the membership. It’s through this personal interaction that we continue our education and serve our Association, our members, and ultimately our clients. REGISTER TODAY!
Moving into 2024, I am excited about the IARFC turning 40! You are going to hear a lot about the events at the Biltmore Estate® in the rest of the Register. I would like to add my sincere hope that we will see our members come out in force and support this milestone event. As our committee continually updates exhibitors and presenters, I am convinced there is much to be gained by attending the CE Events. Recently our Trustee Chair, Barry Dayley, MRFC®, spent 3 weeks visiting the International Chapters of the IARFC. His main impression was that these Chapters and their members were connected. People knew each other, the community was strong, and out in force. He witnessed financial professionals reuniting as life-long friends and that people were truly glad to see each other. That same connection has been a goal to promote in our own US Chapter. The Register | Winter 2024
Image used with permission from The Biltmore Company, Asheville, NC
JOIN US at Historic Biltmore Estate® April 22-24 Page 9
Our upcoming in-person conference serves as a poignant reminder of the need to connections and revive the lost art of personal engagement. In a world where dig there is immense value in meeting colleagues, shaking hands, and truly getting t conference offers a compelling excuse to return to a “normal” way of doing busin interpersonal aspects that are foundational to building lasting professional relat Conference co-or
IARFC 40th Celebration & Conference
In the wake of transformative years that have reshaped the way we conduct business, connect with clients, and collaborate, the signif overstated. The profound changes in our work dynamics, marked by virtual interactions and remote engagements, have underscored essential element of human connection.
The past few years have witnessed a paradigm shift in the way we operate professionally, with virtual meetings becoming the norm. W facilitated seamless communication, it has come at the cost of diminishing the depth of human interaction and the building of face-to
For many of us in the business world, the initial allure stemmed from the human interactions, the meaningful face-to-face meetings, a know someone on a personal level. The in-person conference is more than just an opportunity to share ideas and acquire knowledge and the cultivation of bonds that extend beyond the confines of the event.
This conference marks a pivotal moment – a chance to reclaim the essence of why we entered this profession in the first place. It’s a c the technological advancements that have reshaped our professional landscape, the core of meaningful business transactions and pa The call to return to in-person conferences is more than just a logistical shift; it’s a declaration that, in the realm of business, genuine indispensable element that transcends the digital realm. It’s time to come together, shake hands, and build relationships that endure
Why Biltmore Estate® The choice to return to the Biltmore is a deliberate one, as it embodies the essence of what the IARFC represents. The venue serves as a powerful visual representation of the principles, values, and accomplishments associated with the IARFC. By hosting the conference at the Biltmore again, there is a continuation of the narrative that both the venue and the association share – a narrative of excellence, achievement, and a commitment to enduring success.
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The Register | Winter 2024
o reestablish authentic gital platforms dominate, to know our peers. This ness – one that prioritizes the tionships... rganizer Paul Wharf, RFC®
ficance of in-person conferences cannot be d the importance of reclaiming the
While technology has undeniably o-face relationships.
and the genuine commitment to getting to e; it’s a platform for genuine interaction
collective acknowledgment that, despite artnerships lies in person human touch. human interactions remain an e long after the conference concludes.
Presenter Exhibitor Updates
Bart Berkey Motivational Storyteller
40th Celebration & Conference Presenter Bart grew up in Pittsburgh, graduated from Penn State University, and has spent the past 30+ years helping to provide inspiration and leadership for others. He is the Founder and CEO of Most People Don’t, LLC, a Motivational Storytelling and Sales Training Company dedicated to encouraging individuals to “do” what “Most People Don’t”. Bart has held numerous global executive roles in the hospitality industry, including Hyatt Hotels and StarCite, in addition to leading the sales efforts for several Convention and Visitor Bureaus. The Ritz-Carlton Hotel Company also benefited from his talents as he served in several executive roles including their inaugural Sales & Marketing recruiter and Global Sales leader producing nearly $1Billion in revenue. He is a viral TEDx SPEAKER who also has been recognized as one of the “Top 25 Most Extraordinary Minds in Sales and Marketing.” His trademarked “Most People Don’t” mantra is scientifically and psychologically proven to produce improved behaviors in others. Bart was recently awarded “The Best Luxury Keynote Speaker & Podcast Host” and “Keynote Speaker of the Year” for 2022/2023. In addition, he was also nominated for his work by Forbes for their “Next 1000” list, celebrating entrepreneurs and start-ups in America. Finally, his book “Most People Don’t…And Why You Should” resides in the top 1% of book sales on Amazon..
The Register | Winter 2024
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Registe r NOW!
Membe
r Disco
unt
40th Celebration & Conference Motivate! Educate! Develop! Join Us at the Biltmore Estate® Asheville, NC April 22-24, 2024
Bart Berkey Motivational Speaker
Image used with permission from The Biltmore Company, Asheville, NC
Monday, April 22 Registration Welcome Reception Networking & Exhibiting
“Most People Don’t But YOU DO!”
Tuesday, April 23
Gene Goldman
Economic Outlook Cetera Investment Management Chief Investment Officer Director or Research
Tim Pierotti
Economic Outlook WealthVest Chief Investment Strategist
Wednesday, April 24
Breakfast, visit with Exhibitors Breakfast, visit with Exhibitors Keynote Speaker Opening of Conference CE Breakout Sessions Motivational Speaker Break with Exhibitors Finals Plan Competition and Judging Closing Speaker Luncheon, visit with Exhibitors CE Breakout Sessions Note: Schedule subject to change IARFC Awards Banquet
Final Judging Join in the fun as the IARFC hosts the FINALS of their 2024 National Financial Plan Competition. Three teams from competing universities present their financial plans for judging. Witness the next generation of financial professionals in action. Page 12
Networking, Keynote and Motivational Speakers, CE Presentations
The Register | Winter 2024
IARFC 40th Celebration & Conference Registration Biltmore Estate ® April 22 – 24, 2024, Asheville, NC
Admission Item Member and Non-Member Registration Includes
IARFC Member Registration Fee $850 Registration Deadline: March 7, 2024 $800 Discounted Price if Registered by February 29, 2024
April 22, Welcome Reception, Bar & Hors d’oeuvres April 23, Judge Finals of National Financial Plan Competition April 23 & 24, CE Sessions, Ethics Program
Non-Member Consultant Registration Fee $900 Registration Deadline: March 7, 2024 $850 Discounted Price if Registered by February 29, 2024
April 23 & 24, Breakfast with Exhibitors April 23 & 24, Luncheon with Exhibitors April 23, IARFC Awards Dinner Banquet
Guest Registrations Includes
Guest Registration Fee Guest/Spouse/Friend $500
April 22, Welcome Reception, Bar & Hors d’oeuvres
Registration Deadline: February 29, 2024
Total Amount due
$
April 23, IARFC Awards Dinner Banquet
Attendee Information
Payment Options First Name
1. Call Membership Services 2. Visit IARFC Store to register 3. Mail Registration with payment to: IARFC P.O. Box 506, Middletown, OH 45042 4. Fax Registration to: (513) 345-9479 (credit card only) 5. Email Registration to: info@iarfc.org Make Checks payable to: IARFC Credit Card# (Visa, MC, Amex, Discover) Exp. Date
Security Code
Middle Initial
Last Name
Salutation
Business Name Street Address
Ste/Apt#
Business Phone
Cell Phone
City
State
Zip
Email Address
Guest Information First Name
Middle Initial
Last Name
Salutation
Lodging: Village Hotel or The Inn on Biltmore Estate ® Negotiated Special Rate Upon Registration: Village Hotel on Biltmore Estate®: $209 per night The Inn on Biltmore Estate®: $319 per night
For more info on your stay options: www.biltmore.com/stay/ Village Hotel on Biltmore Estate®
The Inn on Biltmore Estate®
Images used with permission from The Biltmore Company, Asheville, NC
Continuing Education Credits: Each state has different insurance and securities CE regulations. This event has not been pre-registered for CE. Varying credits will be available for IARFC, PACE, and state credits, depending on sessions attended. Lodging: IARFC is not responsible for attendee/guest hotel fees and/or taxes. Recommended Attire: Business casual is appropriate. A jacket or dress is optional, but recommended for the Awards Banquet April 23. Cancellation: A refund (less 25% administration fee) will be made if notice of cancellation is received in writing up to three weeks before the event. We regret that no refunds can be given after this period. A substitute delegate is always welcome at no extra charge. Disclaimer: The program may change due to unforeseen circumstances, and the IARFC reserves the right to alter the venue and/or speakers. IARFC accepts no responsibility for any loss or damage to property belonging to, not for any personal injury incurred by attendees at our conference. The IARFC reserves the right to publish pictures and or video of this event and its attendees. A list of attendee contact information, will be shared with Exhibitors. Biltmore Covid Policy: The following health and safety measure are in place at Biltmore today: Continuous monitoring to ensure Biltmore is in alignment with local, state, and federal health and safety guideline, enhanced cleaning practices that align with CDC guidelines for stringent disinfection with increased frequency and use of EPA-approved disinfectant for COVID-19; hand sanitizer stations for guest and employee use.
The Register | Winter 2024
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Loren E. Dunton Lifetime Achievement Award Generally regarded as the “Father of Financial Planning”, Loren Dunton organized financial professionals in the late sixties and with their help created the financial planning movement. Dunton developed associations, magazines, colleges, university programs, and foundations. He used his experiences to frankly explain what all financial advisors now recognize - that the ethical sales of financial products and the delivery of competent advice is a noble calling. Loren Dunton was a man of vision who cared deeply about both financial consultants and consumers. The Loren Dunton Lifetime Achievement Award was first conferred in 2000 at the IARFC Financial Advisors Forum. The selection committee has strived to honor consultants who have demonstrated effectiveness in carrying the message of responsible financial stewardship to the public and have high ethical and professional standards.
2024 Recipient
Michael Kitces
MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL Michael Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Chief Financial Planning Nerd at Kitces.com, dedicated to advancing knowledge in financial planning and helping to make financial advisors better and more successful, and the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors. In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View. Beyond his website and many businesses, Michael is an active writer and speaker across the industry, and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others. Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity, from the pioneers of financial planning to the next generation of the profession. Page 14
“Just as Loren Dunton saw an opportunity to first elevate financial professionals to provide financial planning advice as a noble calling more than 50 years ago, so too has our Kitces.com platform been built to elevate what we call ‘financial advicers’ - those who are serious about the craft of financial advice and want to get better and more successful at fulfilling their sacred duty to clients. I In further following the path that Loren first blazed, I’m honored to accept the Loren Dunton Lifetime Achievement Award from the IARFC.”... Michael Kitces
The Register | Winter 2024
Member Benefit
Update.... As a follow-up to my last article about best practices and pitfalls of changing broker-dealers, which was published in the Fall 2023 Register, I thought I’d update our readership on what transpired since our FINRA award settlement (Case 2200519) in June of 2023. To briefly restate, the FINRA arbitration process occurred because of a brokerdealer change in January 2022 and was resolved May 2023. I was brought into the case as a third-party respondent. The process taught me how FINRA settled disputes. Our FINRA case involved a three-arbitrator panel. For smaller cases, it might be decided by one arbitrator. The three arbitrators are selected by a ranking system by both parties in the case, which makes for an unbiased selection. Often, the “chair” of the panel has a legal background and/or extensive experience in the arbitration process with FINRA. The other two panelists could be public or non-public. Public arbitrator being not involved in the securities industry (i.e. medical professional or teacher). A non-public arbitrator is a professional in the securities industry. Seeing the FINRA process firsthand, made me wonder, “What would it take to become a FINRA arbitrator and give back my time to serve as a unbiased arbitrator?” As imagined, most all the information was available on the FINRA website. The application process was extensive, with all the typical personal questions and a background check. After completing the application process, which took roughly two hours of time, I waited. Four months passed and I’m happy to report that I was accepted November 2, 2023, as a FINRA arbitrator! It will be an honor to serve on a panel and hear cases involving investors, broker-dealers, and our investment colleagues. While I imagine most would prefer to stay out of a FINRA arbitration, the process does seem fairly streamlined and thought out. Once the self-paced arbitrator training is completed (roughly 10 hours), I will be ready to serve on a panel. This was certainly an unexpected turn of the tide, respondent to arbitrator!
Matthew Cloutier, RFC® Golden Wealth Solutions, Inc.* Contact Matthew: (303) 948-5551 Matthew Cloutier is an independent financial advisor of Golden Wealth Solutions, Inc., a company which he and co-founder Michael Herman created over 20 years ago to help individuals and families make smart choices with their money.
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Members 20% off
*Note: Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Golden Wealth Solutions, Inc. and Securities America are separate entities.
The Register | Winter 2024
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What Does LONGEVITY Mean to the Younger Generation For us as consultants, our primary job should be to teach the younger generation the benefits of having a financial plan. My client base are the YOUNG professional athletes – those who are significantly impacted by “expert” opinions on Instagram or TikTok, etc... Longevity to these young professionals can mean doing something consistently for a long period of time. They get that Lebron James is still averaging 25 points a game, but mostly in their cases, their careers and high earnings are short lived (or what I refer to the NFL for example as a Not-For-Long temp job). Getting the kids to understand that “PLANNING IS LIFESTYLE MANAGEMENT” is my approach. Unfortunately, social media skews the data. It does not have the bandwidth of experience gained by generations of experts. These athletes also hear information passed around in the locker room. My challenge is to explain the process of short-term, mid-term, and long-terms goals as it pertains to their financial future. Unfortunately, financial advice isn’t “sexy”. Quite the opposite – it’s “vanilla and boring”. But that’s the way it is supposed to be. I view these challenges as teachable moments and use their source of information as a starting point. The disparity in info is an opportunity to regroup and help explain social media advice. Mostly this is obtained by getting the parents involved and echoing the same thing. My main responsibility is to help these young athletes mature and hold them accountable. Some of them have never Page 16
had a bank account and have no idea how to open one. I have to get creative when explaining that financial planning is looking at saving for retirement to kids who may not even be in their 20s yet! It seems, from my perspective, that we have work to do in educating the younger generations. There has been a let down of systems in place to teach financial literacy, however I do see some improvement. My daughter has had some financial education in high school. Sadly, the American dream is not attractive to the younger generation. This generation makes a lot of decision without a roadmap and we all know that is not how life or financial planning works. When I look at the statistics, I see that the financial services industry has significant work cut out for it. For us as consultants, our primary job should be to teach the younger generations the benefits of having a financial plan. That still has to be the perspective.
Ronnie Kaymore, RFC® Kaymore Sports Risk Management Phone: (973) 715-0574
Financial Literacy Key Statistics Three-quarters (75 percent) of American teens lack confidence in their knowledge of personal finance. More than half (54 percent) of teens report feeling unprepared to finance their futures, while 41 percent say they haven’t had any financial literacy classes in school. More than one-third (36 percent) of Americans have more credit card debt than emergency savings. More than two-thirds (68 percent) are worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income, including 85 percent of Generation Z members. One-quarter (25 percent) of Americans report they don’t have anyone to turn to for trusted financial guidance. Sources: Annuity.org, 2022 Junior Achievement USA Teens & Personal Finance Survey, Bankrate’s 2023 emergency savings report For entire article: https://www.bankrate.com/banking/ checking/financial-literacy-young-adults/
The Register | Winter 2024
!our Books EbmW N it Y u ook S :
kN ers Membhe IARFC Boo to t
Another IARFC Benefit Members can now add their books to the IARFC Book Nook along with a link to their publications. Books are listed under the specific Book Nook Topics. To send in your Book...review the Submission Policy and send in with the Submission Form. Books will be listed under Topic, then Publication Date. Contact Randy Kriner - randy@iarfc.org for questions.
Learn From the Experienced Professionals Welcome to the Book Nook where IARFC members and invited guest authors have linked their publications. Financial Literacy is important to all who are searching advice when developing their financial future. With years of experience, our authors have written on many different topics that help the consumer in making life-changing financial decisions. Not only for the consumer, financial professionals can browse the Business and Leadership Section and tap into the knowledge of their peers. Whatever the need, the IARFC Book Nook has answers. Start the learning process today
Book Nook Topics
Book Nook Policy and Forms
Planning • Retirement • College • Charitable • Income Tax • Life Insurance • Special Needs • Estate • Trusts Financial Wellness and Education • Family Finances/Debt Relief • Debt Issues • Behavioral Finance • Financial Trauma/Financial Wellness • Self Help-Improving Your Personal Wellbeing • Multigenerational Planning
Planning
Insurance Topics • Annuities • Life • Long Term Care Business and Leadership • Marketing / Social Media • Business Growth and Development • Office Management
Financial Wellness and Education
Banking: Mortgages / Credit Cards • Mortgages Types • HELOC • HECMs (aka Reverse Mortgages) • Corporate Finance Social Security Medicare Medicaid
The Register | Winter 2024
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Member Focus A Seasoned and Entrepreneurial Leader Register: What were your first career moves that ultimately developed you into a successful sales leader?
Register: As an introduction to your financial services education, how did you gain your knowledge of the financial services industry? Paul: My journey into the financial services industry began in a role focused on operations and blue-sky registration. At the outset, I admittedly knew very little about the intricacies of the industry. My introduction, however, became a baptism by fire as I had the fortune of undertaking internships at a wirehouse in Boston, an experience that set the stage for my learning curve. Coincidentally, my entry into the industry aligned with the infamous Black Monday, marking the beginning of my financial services education. Those early days were challenging, marked by a steep learning curve and an 18-month rebound period. I found myself thrown into the midst of an industry undergoing significant fluctuations, and it was during this time that I gained insights that would shape my understanding of financial services. With no prior perspective on what was considered normal, I observed a crucial lesson that has stayed with me throughout my career. The professionals who communicated effectively with their clients, remained accessible, and never shied away from taking calls or providing transparent updates stood out. Witnessing this resilience and client-centric approach was impressive, especially in the absence of a reference point for what constituted normalcy in the industry. Page 18
Paul: My initial foray into the professional world began in the operations legal sector with a small Canadian-based firm specializing in annuities and a few mutual funds. Despite my ambition to enter the investment business, I faced the reality that breaking into sales straight out of school was a challenging proposition. I recognized the importance of gaining practical experience and understanding the industry dynamics. As fate would have it, I joined the distribution arm of the firm, known as Woodlogan Associates. To become a wholesaler at Woodlogan, one needed more than just enthusiasm; as Doug Wood used to say, you needed to have “some snow on the roof.” This meant having relevant experience and knowing how to conduct oneself professionally. Observing and learning from successful individuals became a cornerstone of my early career. I closely studied the seasoned professionals at Woodlogan Associates, paying attention to every move they made. From their communication style to their perspectives on various matters, I absorbed valuable insights that a 22-year-old newcomer lacked. While I was inherently motivated, I understood that motivation alone wasn’t sufficient – I needed the right tools in my toolbox and, more importantly, the knowledge of how to use them effectively. One of the key lessons I learned was the significance of watching successful individuals without necessarily trying to emulate them. By keenly observing their actions and choices, I was able to adapt and incorporate what aligned with my own style and personality.
Register: Explain some of the pitfalls that derailed or even slowed down your progress and how you overcame these obstacles. Paul: Over the course of my career, I have encountered nine negative market drawdowns, each presenting unique challenges that could have potentially derailed or slowed down my progress. However, I view these market downturns not as setbacks but as opportunities for growth and learning. Each downturn prompted me to pivot and explore new markets or offerings to better serve my clients. While these market issues may have temporarily slowed down my progress, they played a pivotal role in my professional development. Instead of viewing them as roadblocks, I chose to see them as catalysts for personal and professional growth. During these challenging periods, I dedicated time to understanding the root causes of the market fluctuations and sought innovative solutions or offerings that could benefit my clients in the long run. Register: From your proven track record of increasing AUMs with the companies with which you were affiliated, what do you see as the common denominator for reaching and exceeding your goals? Paul: One key strategy I adopted to assist me in achieving my goals and advancing the “goal” posts, was to enhance my knowledge in sales and human behavior. At Fidelity, my sales manager, Kirk Williamson, introduced our team to Dr. Marvin Sadovsky, a behavioral psychologist. Kirk emphasized that successful sales begin with a deep understanding of the client and what motivates them. Collaborating with Dr. Sadovsky and delving into his The Register | Winter 2024
Paul Wharf, RFC® book, “Sell the Way Your Customer Buys,” revolutionized my approach to sales.
learning style of the audience ensures that the material is well-received and effectively understood.
Dr. Sadovsky’s teachings highlighted the importance of understanding the underlying needs and motivations of clients. In other words, what and how does the person decide to make a decision or move forward with a plan. This insight became a guiding principle in my sales process. I realized that, irrespective of market challenges, the key to success lay in comprehending the client’s motivations and decisionmaking processes. Offering the best solution in the world was irrelevant if it did not align with how the client approached decisions.
Register: As the Vice President of Sales at intelliflo, how are you leveraging your expertise in managing the RIA market and the investment execution platform?
Register: What have been the key marketing strategies when working with financial advisors and what kind of materials do you find most helpful for financial consultants? Paul: Over the years, my focus has consistently been on practice management information when working with financial advisors. The fundamental insight I’ve gained is… that most advisors, like individuals in any profession, aspire to grow their practices. Recognizing this, I have aimed to position myself as a partner rather than just a service provider. My goal has been to assist advisors in reaching the next level of success, improving their processes, ultimately leading to increased revenue and positive impacts on their families. One of the critical lessons learned is the importance of understanding individual learning preferences. In my experience, effective communication is not onesize-fits-all. Advisors, like any audience, absorb information differently – some are visual learners, while others are auditory. Therefore, my approach to presenting information hinges on identifying how each individual absorbs information best. Tailoring the delivery of information based on individual learning styles is paramount. I have found that it’s not just about what information is presented but also how it is presented. Engagement and comprehension are key and adapting to the preferred
Paul: Understanding the unique needs of the RIA and C-suite level within the firm is paramount. My experience in managing and growing RIA businesses, coupled with my involvement in the M&A processes, has provided me with a comprehensive understanding of the challenges and priorities that keep RIA management awake at night. Additionally, having played a pivotal role in launching and expanding an asset management arm within an RIA, I’ve gained valuable insights into the intricacies of the industry. Intelliflo’s technology solutions stand out in their ability to make the complex simple, providing RIAs with efficient, effective, and integrated tools. By enhancing an RIA’s process and workflow, our platform allows professionals to allocate more time to client interactions and business growth. This focus on streamlined operations and improved efficiency aligns with the core concerns of RIAs and contributes to the overall success of their practices. In summary, my role at Intelliflo involves leveraging my industry knowledge and experiences to understand and address the specific pain points of RIAs. By aligning our technology solutions with the needs of the market, I aim to provide value that goes beyond traditional sales, contributing to the growth and success of our clients in the RIA sector.
Register: In all your professional relationships, who are the ones you would most like to thank for their guidance along the way? Paul: In a profession where self-interest often takes precedence, I was fortunate to have received advice to seek out a mentor. I would like to extend my appreciation to those mentors who genuinely cared about my success. Unfortunately, not every mentorship experience was positive, underscoring the importance of ensuring that a mentor is genuinely invested in your success. I am grateful for the lessons learned from this experience. Special thanks go to individuals like Ken Conrad, who provided me with an initial opportunity in the industry, John Cadigan, who guided me into wholesaling and emphasized partnership with advisors, and Sambino (Sam) Marinella, the first CEO who exemplified that sincerity and honesty can be powerful leadership qualities. I must express my gratitude to Kirk Williamson, whose innovative thinking challenged me to question the status quo in sales. Lastly, Dr. Marvin Sadofsky deserves recognition for fundamentally changing my approach to sales. Register: Switching to a “give-back philosophy” at this point in your career, why did you decide to become part of the US Chapter Board for the IARFC?
Paul, his two brothers, and nephew during annual golf tournament at Lake Morey, VT.
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vibrancy of the IARFC. The Association plays a pivotal role in building a younger member base through strategic initiatives that engage, educate, and recognize emerging talent.
Paul and Deb at Davios in Boston at the Seaport
Paul: As stated in my profile on the IARFC website, my motivation to join this organization stems from a genuine desire to contribute and give back to the industry that has been a significant part of my professional journey. Unlike many organizations where titles and experience of select individuals dominate, what drew me to the IARFC is its remarkable diversity. The Association boasts a broad spectrum of financial professionals, ranging from those just starting their careers to seasoned veterans with 30 or 50 years of experience. The differentiator for me was the strong emphasis on ethics within the IARFC. In my view, ethics is the one aspect of our professional lives over which we have complete control. It’s a choice we make to adhere to an ethical way of life or not. Recognizing the unfortunate scandals that have plagued our industry, I was heartened to discover that the IARFC not only acknowledges the importance of ethics but also embeds ethical standards into its processes. Register: Continuing with the need to encourage younger consultants, how do you see the IARFC being an Association that can help build a younger member base? Paul: Encouraging younger consultants is crucial for the sustained growth and
A key initiative is the annual National Financial Planning Competition, which serves as a dynamic platform to attract and involve future financial professionals. The competition offers participants a “real-life experience,” exposing them to scenarios and challenges that go beyond conventional classroom learning. As one past winner aptly noted, the process is more involved and comprehensive than what is typically taught in a classroom setting. This competition not only tests the skills of participants but also sparks their interest in the multifaceted aspects of financial planning.
competitions, industry-recognized designations, and inclusive membership opportunities. By creating avenues for hands-on learning and offering tangible recognition, the Association is not only attracting new talent but also providing the necessary support for their professional development. Register: When you are not in workmode, what are the passions in life that motivate you? Paul: What motivates me are my family and friends. The moments spent with the ones that I care about. I also, enjoy building and renovating. My father was a builder and a plumber by trade. Growing up we all had to learn a trade and learn to work with our hands. Today, that experience has served me well. It allows me to engage in something other than the financial services industry that has an immediate reward. Building and renovating my lake house with my three brothers was a shared experience that I’ll never forget. Spending time golfing or playing corn hole at the lake only to finish the day with a sunset cruise and a glass of scotch is what it’s all about.
Additionally, offering the winner of the competition the Registered Financial Associate (RFA®) designation is a significant step. This not only recognizes their achievement but also provides them with a respected industry credential, bolstering their credibility as they embark on their professional journey. The RFA designation serves as a Thanksgiving Family Photo at the Lake valuable asset for these emerging professionals, opening doors and assisting them in securing their first job within the industry. Recognizing that not all young professionals may have extensive client interaction or experience, providing an Association Membership is another crucial step. This allows those in the early stages of their careers to access a designation that aligns with their level of experience, empowering them to advance in their chosen field. In essence, the IARFC is actively shaping a pathway for younger consultants through a multifaceted approach that combines engaging
Paul enjoying grilling for family and friends at Balch Lake
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The Register | Winter 2024
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The Register | Winter 2024
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17 Reasons to Belong to Your Professional Association The financial services profession can be a lonely place. Many practitioners run their own operations. Other consultants might work in larger offices, yet the sole practitioner model remains. Why? Because you are competing with other consultants around you, each running their own practice under the corporate umbrella. If joining your industry association is an expense, how does membership deliver value? What associations are we talking about? You have many opportunities to join groups in your regular life. You might belong to your religious community, the Chamber of Commerce and your college alumni association. All draw a diverse audience sharing a common bond. Respective examples are religion, business ownership and educational background. Your industry association brings together financial professionals doing the same job as you. If you imagined facing a problem and trying to find a solution yourself, wouldn’t the results be better if 10, 100 or 1,000 people were all working on the same problem
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and exchanging ideas? Industry associations create synergy. Let us look at 17 compelling reasons all consultants should pull out their wallets and pay to join their professional association. 1. National conferences. Once a year the group hosts a major meeting at a big hotel or conference center. The Million Dollar Roundtable (MDRT) has brought 15,000 people together in past years.(1) Conferences are educational events and have robust agendas with workshops, seminars and main platform presentations. These meetings often feature fellow practitioners getting on stage and sharing their ideas. Learn from your peers at a high energy event. 2. Local chapters. The annual meeting only takes place once a year. How can you get energized during the other 51 weeks of the year? Associations often have local chapters, often grouped into regions. Chapters tend to hold monthly meetings. Regions sometimes hold conferences too. You can interact with peers on the local level.
3. Designations. Imagine a prospect walks into your office and explains they are interviewing several consultants, seeking the best fit. You belong to a professional association specific to your industry. Using the IARFC as an example, you might have achieved the Registered Financial Associate (RFA®) or Registered Financial Consultant (RFC®) designation. These achievements might be recognized by a plaque on your wall. The prospect can see you have a commitment to learning beyond your initial state licensing requirements. 4. Credentials. There is a point when designations are surpassed by certifications awarded by an industry association. The Master Registered Financial Consultant (MRFC®)credential awarded by the IARFC is one example. These are represented by initials after your name. These initials can be a starting point for conversations when people look at your business card and ask what they represent. You explain. Prospects with a specific need to understand you are qualified in that area.
The Register | Winter 2024
5. Continuing education. Many professions require practitioners to engage in continuous learning. They need to earn a set number of credits to meet this requirement. From the client’s point of view, they know their consultant is keeping current with advances in their industry. Professional associations often offer these classes. 6. Print publications. Many associations publish a monthly or quarterly newsletter. This has traditionally been in hard copy. Today there is usually an online version. The magazine usually carries articles by fellow practitioners, association officers, and industry professionals. Print publications have staying power. When placed around your office, it is another way of showing prospects you take your job seriously. They can also be read on airplanes. 7. Online publications. Print publications have a drawback. Time can pass between when an event occurs and the publication date. Many professional associations also have online publications with new content added on a weekly or even daily basis. When an industry announcement occurs, this is a great way to get the news and analysis out quickly. 8. Online forums. One of the greatest benefits of national conferences is the “cocktail lounge effect.” You walk into the bar in the hotel lobby, see an empty seat at a large table of fellow conference delegates and you join in. Everyone is talking about their best prospecting idea. You contribute and walk away with great new ideas. Online discussion forums can provide this same benefit. Your association might have a LinkedIn group performing this function. 9. Workshops. Getting ideas from fellow delegates is great, but sometimes you want to be taught systematically. You want to take notes in a classroom setting and “buy the book.” Industry conferences usually have an abundant choice of workshops conducted by industry professionals. You can engage with them afterwards and ask questions. 10. Make connections. Let us get back to “It’s a lonely business.” There are days you need cheering up. The person at the next desk might be equally gloomy. Your professional association The Register | Winter 2024
with it’s regions and chapters has enabled you to make friends in different cities and at different firms. You can call them and ask: “What’s working for you?” 11. Sources of ideas. Why will the guy on the other coast share their best ideas with you? Because you are not a direct competitor! The people in your office are prospecting in the same local pool. They might keep their best ideas to themselves. The person on the other coast know you will not be prospecting in their back yard. 12. Webinars. Attending workshops at conferences is great, but what happens if you want to learn in the meantime? Your professional association likely has a schedule of webinars announced in advance. They should be recorded and available afterwards. You have access to learning on demand. 13. Buying a business. Some practitioners grow their business through acquisition. From time to time, owners of independent practices consider their options as retirement gets closer. Association meetings provide an opportunity to get to know other practitioners. You might talk about merging or buying their practice. 14. Sharable articles. Many consultants have newsletters. They need content. Your firm might not allow you to either write articles on your own or have a lengthy compliance review process in place. Some professional associations might have an archive of prewritten articles that have been cleared by their Compliance department. Your firm might consider this as an acceptable source. Find out. 15. Become an industry expert. Consultants like to learn from other consultants. They want to hear from someone who has been “in the trenches”. Industry conferences often feature fellow practitioners as speakers. Sometimes they are a series of three minute ideas, other times one consultant can speak for an entire session. If you do something well, get yourself into consideration. 16. Meet industry leaders. Conferences often feature a keynote speaker who is a celebrity within the industry. It might be a famous money manager or analyst. Conference attendance often includes an
opportunity to meet them. Maybe you buy their book and get it signed. Imagine telling a client: “I met (famous strategist) at a conference. He spoke about (topic). I know this is important to you, so I asked (question) on your behalf. Here is what she told me…” 17. Let your voice be heard. Many professional associations have a government relations liaison. This is a person or group contacting legislators or agency heads in Washington who write rules for the industry. The object is to let them know the practitioner’s point of view. Association membership includes:
Paying Dues Getting Involved Knowing the Benefits Taking Advantage of Them
Can you check off all four boxes? https://www.lifehealth.com/15000gather-mdtrt-annual-meeting/ (1)
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
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IARFC Chapter Connections US Updates Bradley K. Maples Sr., MRFC® US Chapter Board President
An Invite... to the National Financial Plan Competition Finals during the IARFC 40th Celebration & Conference
It’s almost time for the Finals of the Annual IARFC National Financial Plan Competition. Each year colleges and universities submit financial plans based on a scenario that they were given. These colleges and universities have individuals or two person teams that send in their submissions to be judged. These submissions are evaluated and the top six are sent to the IARFC Trustee Board to choose the three that will go to the Finals – determining the winner and second and third place submissions that receive awards and cash prizes. The final judging has generally been in person at the annual meeting or conference. During and right after the Covid era, it was done by teleconference. The US Chapter Board has historically done the finals judging with help from others attending the meetings and conferences. It has been my pleasure to be a participant in the judging and witness to the presentations for quite a few years. This year the judging will be held during the IARFC 40th Celebration & Conference and I am inviting, nay, encouraging all those attendees to come and witness the future of financial planning and the future financial consultants who will be leading the industry in the years to come. I can’t stress how much you will learn from this competition as well as the appreciation you will experience for the time, preparation, and dedication of these young competitors. It is truly an event that should not be missed. Come and join us at the conference and put your own stamp of approval on the students’ projects as you help judge the efforts and final products that they have wrought. It won’t be the same without you.
LIVE
At Biltmo re
Estate®
Three University Teams Competing in the Finals!
Become an Individual Sponsor of the IARFC National Financial Plan Competition The IARFC continues to support the next generation of Financial Consultants by holding the National Financial Plan Competition. Consider donating individually to reward the efforts of our university competitors!
Donor Levels Silver: $50 Gold: $100 Platinum: $250 Diamond: $500 Page 24
The Register | Winter 2024
Philippines Updates
2024 IARFC Editor’s Choice Award Eduardito Adecer Escobar The IARFC Editor’s Choice Award recognizes outstanding achievement in contributing to the success of the publications of the IARFC. Whether in creative writing, editing, proofing, research, video production, or layout design, the talents, vision, and inspiration of the award recipient regarding the public persona of the Association is greatly appreciated.
“Eduardito A. Escobar, better known as ‘Bong’ by family and friends is a man of few words but there's so much about him than meets the eye. You can see how gifted and rich his mind is with the works of his hands in photo, video and social media editing...” Grace de Vera Escobar, Executive Vice President, IARFCPH
For his production leadership in the IARFC International Series of the Philippines Tuesday Podcast Series, “Bong” Escobar has been chosen as a deserved recipient of the 2024 Editor’s Choice Award. Bong stays hidden behind the scenes and works his mastery of the recordings. He takes the rough footage and in post production cleans up the interviews into a finished, polished product. His work has made the international connection more relevant as guests from different countries interact with the IARFCPH leaders. In it’s upcoming 4th season, Bong will continue to serve the Association thus increasing the Chapter and the Association’s exposure internationally. “I sincerely wish to thank Bong for being that comforting and capable person hidden in the background working his magic. He consistently records, edits, and packages a finished product that we are proud to include on the IARFCPH YouTube channel. For his dedication and time spent bringing each raw video to life, we are proud to recognize his efforts through the 2024 IARFC Editor’s Choice Award.” Susan Cappa, IARFC Public Relations
The IARFC Philippines has its own Tuesday Podcast Series. These consists of interviews with members and special guests who discuss today's financial topics of concern.
Philippines Tuesday Podcast International Series Coming this Summer.
Included is an International Series where members from other Chapters worldwide are invited to connect with financial professionals in the Philippines. The Register | Winter 2024
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Indonesia Updates Signing of the MOU on cooperation in educational activities, research, community service and dissemination of information in the fields of financial planning, and financial technology. IARFC Indonesia together with the Indonesian FinTech Association signed an MOU in educational activities, research, community service, and dissemination of information in the fields of financial planning and financial technology. The signing of this MOU was carried out during the national FinTech month event which was held on November 23, 2023.
IARFC Indonesia received the 2023-2027 Roadmap for Monitoring the Behavior of Financial Services Business Actors, Education and Consumer Protection (PEPK) from the Otoritas Jasa Keuangan (Financial Services Authority) on December 12, 2023. Given directly by the Chairman of the OJK Board of Commissioners, Mr. Mahendra Siregar, and the Chief Executive of the OJK PEPK Supervisor, Mrs. Friderica Widyasari Dewi, the 2023-2027 PEPK Supervision Roadmap aims to create an Indonesian society that is literate, inclusive and protected, as well as creating financial services business actors with integrity.
Hopefully, this collaboration will bring benefits and blessings. Apart from that, hopefully this collaboration will also help increase the financial literacy and inclusion index in Indonesia as mandated by the Financial Services Authority In the future, there will be financial literacy programs organized by IARFC Indonesia and the FinTech Association related to financial technology.
In her opening speech, Mrs. Friderica conveyed that the 2023-2027 PEPK Supervision Roadmap has four strategies as its supporting pillars, namely: 1. Financial literacy and inclusion 2. Market Behavior Monitoring 3. Consumer and Community Protection 4. Eradication of Illegal Financial Activities As an association and certification body for financial planners, IARFC Indonesia is ready to work together to create an Indonesian society that is literate, inclusive, and protected, as well as creating financial services business actors with integrity through various financial literacy and inclusion programs. Hopefully, financial literacy and inclusion as the first pillar and first gateway in Supervising the Behavior of Financial Services Business Actors, Education and Consumer Protection can continue to increase, and the common goal of achieving an increasingly prosperous Indonesia can be realized. Page 26
The Register | Winter 2024
Vietnam Updates
IARFC Vietnam Chapter Making a Remarkable Financial Transformation For the first time, in a significant step in the financial history of Vietnam, the International Association of Registered Financial Consultants (IARFC®) proudly announces the establishment of the IARFC Vietnam Chapter, heralding a series of unique opportunities and unexpected value in the financial and insurance landscape of Vietnam. First Financial Transformation in Vietnam: The IARFC Vietnam Chapter is not just a new Chapter but also the first financial imprint in Vietnam. Established in 1984, IARFC® - a reputable non-profit organization committed to enhancing public trust in the financial service profession - brings to Vietnam not only profound expertise but also high ethical standards. Domestic Financial Landscape: Vietnam, where professional certification bodies in the financial and insurance domains are absent, is gearing up for a transformative shift. The establishment of the IARFC Vietnam Chapter seeks to revolutionize the sector by introducing the International Association of Registered Financial Consultants, casting a luminous presence in Vietnam. Seizing Opportunities: With the Vietnamese insurance market exploiting only 11% of its potential, the IARFC Vietnam Chapter promises exclusive advantages for the financial
The Register | Winter 2024
and insurance sectors. Introducing IARFC's high-quality Training Program in Vietnam not only enhances professional knowledge but also creates comprehensive development opportunities for insurance agents and financial experts. Core Values in Vietnam: The IARFC Vietnam Chapter stands as the first and only international financial organization in Vietnam. The exclusive right to distribute and organize programs in Vietnam means building a professional and trustworthy image for insurance agents through certified Training Program. The commitment to training experts according to international standards and maintaining updated knowledge is a key factor for the Association. Goals for 2024: Building Professionalism and Trust • Set a target of recruiting Founder Members, including University Presidents, Insurance Directors, Accountants and Lawyers nationwide. Highlight the significance of these Founder Member positions, considering the enhanced benefits they receive compared to regular Members. • Enhance the standards of the financial and insurance industry in Vietnam. The Training Program not
only imparts excellent knowledge but also fosters connections with industry experts, establishing a resilient support network. For more details about the International Association of Registered Financial Consultants IARFC Vietnam and their initiatives, please visit: IARFC Headquarters in the US: https:// www.iarfc.org/ IARFC Vietnam Chapter Website: https://www.iarfc.com.vn/ IARFC Vietnam Chapter Fanpage: https://www.facebook.com/iarfc.com.v
The establishment of IARFC Vietnam Chapter marks a significant step towards the development, enhancement of professionalism, and international standards in the financial and insurance sector in Vietnam. For media inquiries, please contact customercare@iarfc.com.vn. Page 27
Is There Anything Truly New That Can Help Grow Our Business? Yes, Now There Is! As a member of IARFC, I want to share my personal experiences with a newly available WealthTech / RegTech tool that I believe could be the answer that many (if not most) of our members may be seeking to help truly distinguish themselves from their competition. In a world in which everyone appears to be doing pretty much the same things, in largely the same ways, this has been one of the biggest challenges we all face. If distinguishing me and my firm from my local competition is all this new tool did, I would consider it a “God Send.” But its benefits extend well beyond that and include a total new level of transparency, new client recruitment, AUM and revenue generation, and a level of client trust and satisfaction that I did not previously imagine possible. Here’s my inside “scoop.” The tool is called the “Professional RapidReview ToolSM” (the “ProRRTSM”). It’s a product of Decision Technologies Corporation. Although newly available, the technology has been tested with real investment advisory clients and real money for over a decade before being released in this convenient form. Here’s how I came to learn about it and what I’ve experienced, first-hand. After being introduced to Eric Smith, the CEO of Decision Technologies Corporation, through another top financial advisor, I asked for a personal demonstration of the technology. What he showed me blew me away. I watched him score and rank over 650 large cap blend mutual funds and ETFs in mere moments – in real time - using a blend of 15 performance parameters (he could Page 28
have used more . . . there are 48 available). More than that, he asked which of the factors I wished to use and how much weight to put on each. Not only did I get to watch, I was actually able to participate in performing the comparative analysis . . . a preview of things to come. This was a “gamechanger” for me. In every client engagement of which I was aware, the advisor (me), after getting the client’s information, goals, risk tolerance, etc., disappears (“behind a curtain”), does something, and then reconnects to with the client to tell him or her: “Here’s what I recommend. Here’s what I think is best for you.” And if the client ever asks (most don’t) – “How did you come up with these recommendations?” – the honest truth is that I can tell the client literally anything and there would be no way the client could independently verify the truth or accuracy of what I’m saying (other than through use of a polygraph). And I haven’t had a client request one, at least not yet). But here’s the point. No client has ever seen or experienced anything like this. When they do (and, during testing, many did), Mr. Smith explained, they are shocked and typically express a strong interest in getting the benefit of what this technology can now show them . . . the performance gaps between their mutual funds and ETFs and all of the others they could have selected. Mr. Smith said that, in fact, the tool (in its present form) was specifically designed to recruit new clients away from competitors and he described how it can and is being used to do so.
So, here’s how I’m now using the ProRRTSM and what my results have been, so far. I’m using it as the centerpiece of my client recruitment strategy for my newly launched “RetirementCheck” platform. My team and I are now able to show prospective clients – in real time, and in mere moments – just how good (or not so good) their managed funds are really doing. What I mean by “really” is that we’re able to show them how good their performance has been in comparison with not simply a benchmark index. That’s what everyone already gets and that’s all they get. On the contrary, we’re showing them how their mutual funds and ETFs are performing in comparison with all similar funds they could have selected... something none of them have ever seen. This has given me an unbelievable advantage in earning the necessary trust from prospective clients. Using this “edge and wedge”, I am able to differentiate my own proprietary risk mitigation platform from just about any other financial professional or service (other than a few lucky enough to learn about the availability of this new tool) The ability to offer my clients and members of my team a cutting edge in proactive, transparent, and clientspecific financial advising affords us the opportunity to create real and sustainable wealth for my clients. Using this technology, we’re able to identify problem funds (those in lower, unacceptable quartiles) using dozens of The Register | Winter 2024
weighted performance metrics; score and rank those problem funds in relation to the entire universe of managed funds (not just their brokers’ or advisors’ “approved” lists), and identify for prospective clients those funds that have proven to better at producing the investment results they’re seeking (i.e., those that better match their needs and goals)– in real time! This technology brings prospective clients from a common, “why do I need you?” attitude to a whole new “why do I need THEM?” attitude – usually in just one visit! Once this ‘shift’ has taken place, they’ve realized that the opportunity to get into (and remain in) better performing funds (often much better) can create a very substantial difference in their managed funds performance and their financial security. With the help of this technology, we’ve been successfully onboarding clients during the latter part of this year. How successful? Well, within one 30-day period, we successfully recruited $3.5 million in new AUM – one client with $1.8 million and another with $1.6 million. The ROI is tremendous, and we are capitalizing for 2024 to expand our reach to a much broader audience of prospective clients. All things considered, we’re anticipating a VERY PRODUCTIVE NEW YEAR! But don’t take my word for it. Try it yourself. If your experience is anything like my mine, you’ll be very glad you did. If it’s not, please feel free to contact me. I’ll be happy to help you figure out why!
IARFC Group Benefits
LTD Group Program for IARFC Members Only Key Benefits • • • • • •
•
Life, AD&D and LTD Insurance Highly affordable premiums with core coverage Guaranteed issue/no medical or financial underwriting Competitive premiums designed for consultants Travel benefits and employee assistance programs For new members, these plans are available up to 30 days after joining the Association with no medical form required – guaranteed issue up to $250,000. Current members, applicants must provide medical history. There is no physical required, an indepth questionnaire is sent to underwriting to make a determination. Medical questionnaires vary from state to state.
Member Link: https://www.michaelinsurance.com/
Terry A. Dennis, RFC®, CFEd®, CFF® terry@dennisfinancialgroup.com
Contact Person: Joan Amburgy Phone: (800) 932-4075 Email: ja@michaelinsurance.com
President, Dennis Financial Group Dennisfinancialgroup.com Founder, RetirementCheck Retirementcheck.com The IARFC makes no claim as to accuracy and does not guarantee or endorse any product(s) or service(s) that may be advertised or featured. Links to third-party sites do not imply an endorsement between IARFC and any third-party with whom the IARFC is associated, or authorized to use any trademark, trade name, logo, or copyrighted materials belonging to the third-party entity.
The Register | Winter 2024
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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 Blueprint Exam Content to help you focus on exam topics. These are tasks derived from the most current 2021 MRFC Job Task Analysis. Features 300 pages After topic questions for comprehension Easy to read, outline format Organized by Blueprint tasks
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Note: The Study Guide is produced by the IARFC which is independent of the MRFC Certification Program. The Register | Winter 2024 Purchase of the Study Guide is optional and not a requirement to take the MRFC exam and does not guarantee a passing score on the Exam.
MRFC® News... From the MRFC Chair - Mary Anne Redmond, MRFC® I love that the MRFC credential signifies a “mastery” or advanced competence as a financial professional. Having the MRFC credential is a way to continue to be mindful and proficient in what’s important in working to help others achieve the best outcomes with their finances. Rigorous truthfulness & honesty along with keeping up with continuing education on topics of relevance – is vital to guiding the choices that involve many resources & details. It’s simply an ongoing responsibility to uphold these enduring tenets of conscientious service. The MRFC credential is our “badge” that we’re working to do that. Being on the MRFC Certification Board for several years, and now becoming the Board Chair, has helped me see more clearly the dedication and diligence of the MRFC Staff, the MRFC Board, the IARFC leadership, and the work of many others who contribute to the MRFC materials. There’s a lot going on behind the scenes. Much attention & care is being directed toward the current effort to revive the accreditation (meeting various & new requirements from the NCCA). The National Commission for Certifying Agencies (NCCA) is the accreditation body of the Institute for Credentialing Excellence. What’s being done includes updating of the MRFC Policies & Procedures, the MRFC Quality Assurance manual, and the MRFC Candidate Handbook. Those updates are part of what the NCCA has required as of July 2023. Changing one bit of text affects other passages in other documents, so there’s a rigorous attention to making it all coordinate correctly. The MRFC Board is involved, as they sign off on any changes. The staff is working with consultants from a firm that specializes in supporting credentialing for certification programs. Alan Kifer, Vice Chair of the MRFC Board, has been acting as a liaison to the staff, attending the meetings with the consultants, reviewing documents, and in turn reporting to the Board on what’s underway. In addition to the editing of various Program documents, there’s been some restructuring so that specific staff have dedicated roles regarding MRFC matters. We’ve welcomed 3 new MRFC Board members in 2023: Alan Kifer (AZ), Sean Clark (NC), and Melvin Mills (VT). Each is providing a unique & valued perspective. Bill Peterman (MO) has recently stepped down from his role on the Board and long-time MRFC Board member & Chair, Bob Lawson (MN) has filled his obligation and is ready for other challenges. His perspective as a FINRA expert witness has certainly provided extra depth to Board considerations. The Board includes a Public Member whose purpose is to represent the public consumer’s interest in an unbiased way. Julie Friend served in that role for a remarkable many years. Julie stayed on even longer than she had planned, in 2023, to support Board matters as we met to discuss the news from the NCCA, and what to do. We’ve recently welcomed a new Public Member to the MRFC Board: Kat Moore (FL). Kat works with the Money Concepts Digital Media team and in that role interacts with many (hundreds of) financial professionals. Her creativity, empathy, & professional skills are all a plus for what is ahead as we move forward into 2024. Rachel Gibbs has replaced IARFC COO Charlotte Isbell as the MRFC Liaison and Administrator. Rachel is dedicating her attention to MRFC matters and enabling the MRFC work to comply with NCCA requirements, while allowing Charlotte as COO to be seperate from MRFC Program involvement. And now, as of as of January, 2024, Micah Dixon (KY) has joined the MRFC Board!
Welcome... New MRFC Certification Board Public Member Kat Moore has a decade of hands-on experience in videography, video editing, motion graphics, graphic design, website design, and social media content creation. Based in Palm Beach Gardens, Florida, Kat has skillfully tackled a diverse range of projects, showcasing her blend of creativity and technical expertise. Kat’s contributions have been central to producing standout visual content. From dynamic motion graphics to engaging videos, her dedication to delivering top-notch quality is evident. With her substantial experience and a portfolio to match, Kat stands out as a committed and skilled professional in the digital media industry. A graduate of Palm Beach State College with an Associate’s Degree in Video Production, Kat also holds certificates in graphic design and multimedia arts. This strong educational foundation has equipped her to craft compelling digital narratives with both innovation and clarity. As the Public Member, she will bring a broader perspective to the decision-making actions of the MRFC Board. This helps balance the MRFC Program’s role in protecting the public while still addressing the interests of the credential holders. The Register | Winter 2024
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The Value of Belonging to an International Association How do you decide which Associations to belong to and which ones give you the expected value? Through simple clicks with social media, everyone can be “invited” to join any number of Associations that are cropping up, but really being PART of an Association is a different matter. We all know that becoming involved requires time, effort, and desire. Belonging to more Associations than can be managed doesn’t produce the results that you are looking for. Engage in Associations that offer a win/win situation for both you and the group you will be part of. Investigate the member benefits, Board of Trustee/Director members, educational programming and events, frequency of meetings and all the options available to you after becoming part of the group. Depending on your personality, you may want to attend a variety of meetings and events as a bystander or really become involved in the mechanics of how the Association or Chapter operates. That is why prior research is recommended. Being part of an International Association shows your global reach. Ideas, opportunities, connections, and education are at your fingertips. You can learn from what others are doing elsewhere and have the chance to grow your own business and network. The value is exponentially greater than you may know. An example would be connecting with another consultant and following one of their suggestions or solutions to a problem or situation that you may be dealing with in your own business. You could become a mentor to an upcoming professional or lead a small study group. The Benefits: 1. Introductions to others within the Association Try to find out who some of the other members are and if this is the right group for you. Networking within an Association is expected, and this could lead to communication about employment changes, new clients, learning about a business that is for sale or any myriad of other opportunities. Until you spend time with someone on a one-to-one basis, you don’t know where the conversation will lead. You may become involved in a casual conversation before the Association’s meeting starts and discover that someone sitting next to you is looking to hire for a position that is perfect for you! That would have been a missed opportunity if you hadn’t become part of the group. Reflecting on the organizations that I am part of, I realize that there is so much to learn from other professionals, and I am glad that I take advantage of all the opportunities available to me. 2. Public Recognition After joining a Chapter or Association that you feel is the right fit for you, become involved in it as little or as much as you care to. Become an integral part of the group, offering them what you excel in. Promote yourself by advocating what you can do for the Page 32
organization. Write an article for their magazine, Chapter newsletter, or online site. Posting a YouTube video is another way that your peers will come to notice and value you. Others will recognize your dedication and ask for your advice, participation, or further information about yourself. This could lead to deep and long-term connections, both professionally and personally. Writing articles, assisting with meetings, finding guest speakers, or many other helpful ideas, will bring your name up to the forefront as a worthwhile member. 3. Member Discounts Many Associations offer their members deep discounts to a variety of business related companies. IARFC is expanding to include a multitude of discount options. You can save money on many different types of company used services such as: cell phones, printing, shipping, website development, office supply purchases and many more. Personally, I save on my cell phone from this type of discount. Sometimes using one or two of these offers, pays for your membership fee! 4. Education Each Association that you become part of will offer some sort of give back to their members in the form of education. This could be CE credit classes, general
meetings with a wide range of guest speakers and topics, or general social meetings to mingle and network with others. Offer to handle a Podcast or beta test a software. Taking advantage of this can be eye opening. Attending a Symposium or Convention may generate a spark that could be a lifeline to you or your company. Walking away from a meeting with just one NEW idea can open your mind to something you never thought of, but really found useful. Join an Association—Try It-You’ll Like It!!
Michelle K. Blair, RFC® Contact: (516) 639-5078 michelleblairrfc@gmail.com Michelle K. Blair, RFC® is an office administrator specializing in management and relationship building. She is on the Board of Trustees of the IARFC and the former 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.
The Register | Winter 2024
Member Benefit
IARFC Guiding Principles Vision
Clarity of purpose and direction will trigger our service to current members and stimulate consistent growth by attracting new members.
Love
Love is a matter of the heart. Our work matters and we are committed to serve our members and the public with a brand of love we call a Committed Benevolent Interest (CBI) in everyone. We are truly concerned about the outcomes for others and ourselves.
Servant
Leadership is about service. We are committed to serve our members with servant leadership as we provide resources to help them achieve their career and business objectives.
Integrity
Honesty, morality, and fairness are a bellwether of what we stand for and how we serve our members and affiliates.
Innovation
In an ever-changing profession, we are committed to introducing new ideas and methods to disrupt the status quo and support financial professionals and their business.
Proactive
In a profession of constant change, action is essential. We are constantly alert to changes and seek to become the catalyst for change and the opportunities they create.
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Authentic
We are who we say we are. We invite our members to be so as well. This vulnerability builds a bedrock of trust with our members and the public.
Relevant
Relevance is essential to survival. We provide practical, thought leadership in an effort to make our membership relevant to practitioners and business owners. The Register | Winter 2024
Member Discount 10% Page 33
Fall Journal In This Issue... •
2023 National Financial Plan Competition Winning Case Narrative The Kendrick Family, Sheridan, Wyoming
•
Do Demographic, Psychological, and Financial Characteristics Increase the Likelihood to be Victims of Credit Card Fraud?
•
College Student Financial Well-Being: A Re-Examination of Cross-Racial and Ethnicity Differences
•
Race Ethnicity and Financial Advice Seeking: An Examination of Three Datasets
•
Credit Card Usage and LongTerm Personal Financial Management
Continuing Education Quiz Register for the Journal of Personal Finance Online CE quizzes and receive both the Spring and Fall 2023 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. Once you have registered, you will receive an email with a link to access the quiz. Two (2) hours of IARFC CE will be awarded to anyone who achieves a score of 70% or higher per quiz. Only one quiz submission per IARFC member is allowed. IARFC CE Guidelines for Professional Self-Study. Up to five (5) hours may be claimed for reading academic journals maximum ten (10) hours.
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. Page 34
Member Benefit
Fully Compliant SMS Testing Platform for a BYOD Environment MyRepChat was created by a Financial Advisor and a Registered Principal for the benefit of Financial Advisors to provide a compliant solution to effectively and efficiently communicate with clients. MyRepChat offers the ability to schedule messages in the future, use templates, access marketing content, and integrate with your CRM to enhance how you communicate with your clients. All the features you need and more! • Text and Group Messaging • Compliance Features • Scheduling Function • Digital Assistant • Contact Import • Auto Forward Member Link: https://dart.ionlake.com/ Phone: (844) 402-2428
Members $15 per month The Register | Winter 2024
Member Benefit
IARFC Member Benefits Our Strategic Alliances A f f e c t Yo u r B o t t o m L i n e The Association continually seeks and forms alliances with other organizations and businesses to provide members with discounts for services and products necessary to their practice. Members can log into their IARFC membership profile for a complete listing and more explanation. • Advisor Controls (discount of $20.00 per month) • BuyingPower AT&T, Office Depot (discounts up to 50%) • Copytalk (discount of $20.00 per month) • DACFP (discount of 20%) • EP Navigator (discount of 25%) • FMG Suite (discount of at least $20.00 per month) • Group Insurance Benefit (highly affordable Group Rates, Open Enrollment for new members) • Income Insight (discount of 20%) • Kwanti (discount of 10%) • MoneyGuide ($300.00 off the Pro and Elite version) • MyRepChat (discount of $15.00 per month) • Redtail Technology, Inc. (discount of 10%) • RightCapital (discount of 10%) • Riskalyze (discount 10%) • Selling without Wrestling • Smarsh Archiving (discount of 10%) • SmartRisk (discount of 20%) • Social Security Timing (discount of 20%) • Success CE (“Package Pricing” of $29.95) • Tax Clarity (discount of 20%) • Totum ($100.00 off the Pro Plus annual subscription) • VSA (discount over 16%) The Register | Winter 2024
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P.O. Box 506 Middletown, Ohio 45042
IARFC National Financial Plan Competition An Invite to Participate - Page 24
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