Register Volume 25 Issue 2 Spring 2024

Your IARFC Benefit at Work Ethics Approved!

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In This ISSUE Register Profile

Events Calendar

2024

Trustee Board Meetings September 11 December 4

New MRFC®s, RFC®s, RFA®s, and Association Members

Brian Thomas Attard, RFC®, NJ

Ray Archille Cabalan, RFC®, NJ

Lee Yee Chong, RFC®, NJ

Levi Dayley, RFC®, ID

Shashank Dhadphale, RFC®, MN

Phillip Doughtery, RFC®, NE

Mickey Elfenbein, RFC®, MN

Justin Patrick Emerick, RFC®, SC

Nino Filippone, RFC®, IL

Morris L. Gibson, RFC®, NC

Sajimon Mathew, RFC®, FL

Chad R. McAuliff, RFC®, NJ

In Memoriam

Lloyd Daniel Lowe Sr., RFC®, TX

Shawn McMullen, RFC®, SC

Mark Nassiff, RFC®, MA

Thomas Picchi, RFC®, IL

Michael C. Poole, RFC®, VA

Leonard Quimby, RFC®, AZ

Dan Romick, RFC®, OH

Darlene A. Simmons, RFC®, AZ

Chad M. Tipps, RFC®, CO

Tyler Weekley Toles, RFC®, FL

Dimitrios Tourikis, RFC®

Order via the IARFC Store

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LEADERSHIP

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® Secretary, Micah Dixon, MRFC® Director, Sean Clark, MRFC® Director, Larry Roby, MRFC® 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

Philippines — www.iarfc.org/about/philippines Taiwan — www.iarfc.org.tw

Article Submission

CHAPTERS

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® Executive VP, Bareyn Mochaddin, RFC® Vice President, M. Kharisma, RFC® Treasurer, Mada Aryanugraha, RFC® Director, Arya Haris, 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®

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.

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).

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

From the EDITOR

What Do You Have to Share?

Susan M. Cappa, Editor

By now the Home Office is recouperating from the IARFC 40th Celebration & Conference, the National Financial Plan Competition, and our respective Board Meetings. It’s been a lot of work and we will be including a comprehensive report in the next issue of the Register.

In putting together the Conference from my perspective it has been a great experience in talking with these talented presenters who are enthused and excited to share their expertise with our members. This personal contact with these individuals has been fun and engaging.

What I would like to encourage is for ALL members to think about how to interact with others and share their wealth of knowledge. Here are ways you can get your name and experience out there:

• Write for the Register - we are always looking for articles to share with members

• Post your publication - the IARFC Book Nook is a free listing on the Association website

• Submit your radio program - a link to your program is another free listing

• Submit a video or podcast - we will be sharing these amongst members on our YouTube channel

• Share your academic research - submit a manuscript for the Journal of Personal Finance

The more we share, the more we learn, the more we excel. Contact me - susan@ iarfc.org. We will find a place for your ideas and contributions.

Enjoy the Register through printed copy.

Members utilize the printed publication by displaying it at their office or to have it on hand to read at their leisure.

Offshore Trusts & Companies

A Growing Global Community

From the Trustee Chair

Preparing For Your Successor

In June of 2022, Cerulli Associates published research pointing out that “within the next 10 years, 37% of financial advisors, collectively controlling $10.4 trillion, or 40% of total industry assets, are expected to retire.” Unfortunately, only 25% of financial advisors have a succession plan. Nearly two years into the 10 years, where do you stand in your preparation for a successor?

As a business owner and financial advisor, you have many people that rely on you: your clients and their families, employees and their families, even service providers and their employees and families. The list could amount to hundreds or even thousands of people.

Yes, your business has a big impact on those around you, therefore, a good succession plan is your last major professional commitment. A thoughtful plan will give your clients a sense of security, show employees a future in your firm, and creates an opportunity to align your company’s goals and address weaknesses for the future.

1. Develop a Written Succession Plan

What is your purpose for stepping away from your business? Retirement is the number one objective, but sometimes there is another reason. Be clear on the purpose and timing of your plan.

2. Choose a Successor

The right successor is by far the largest consideration in the process. They must have the ability to pay for the practice. Also, they must have the personality and culture that will mesh with your clients and staff. If a mistake is made here, it could cause the entire plan to fail.

3. Get a Valuation on Your Business

Many decisions of the succession plan will be based upon the valuation of the business. It’s common for buyers to base the valuation on multiples of your EBITDA or sometimes it is based on your gross revenues. Include things like total assets under management, the number of households served, the average client age, and the average growth rate of your business in the past few years. It’s best to work with a business valuation specialist to assist with this important step.

4. Structure the Deal

Most deals are made up of a percentage of the purchase price up front with the remainder to be paid out over time. Work together with the purchaser to develop a plan that will work for both parties in both human and financial terms. This will help assure a successful transaction and transition.

5. Implement the Plan

Follow the start date in your plan. With the pieces in place, diligently and patiently work together to assure a successful transition.

There’s no time like the present to begin developing your succession plan. Even if you are 10 or more years away from retirement. Finding a good successor and implementing a plan takes thought, time, and planning. Best wishes as you build a plan and lead your business through a succession process.

Order a customizable PowerPoint Presentation designed specifically to present to clients who are in need of a Business Succession Plan through the IARFC Store.

Is Your Plan Presentation Visually Appealing?

From the CEO Leonard Simpson, RFC®

Recently, I had the opportunity as a Trustee to judge the Semi-Final Presentations of the IARFC National Financial Plan Competition. While it was interesting and educational to review the seven submissions from the student teams, I couldn’t help thinking about how the students could have used guidance in tailoring their PowerPoint presentations for the real world... what would be more engaging with their clients when it comes to delivering their financial plans.

Which led me to thinking – how many of us could use pointers in crafting our VISUALs that we present to our clients. Have I stuck to the same visuals for years?

So, that meant a google search on what makes a good financial presentation. What I came across was an interesting survey that asked audiences of financial presentations what they wanted to see*.

The article started with... What beliefs do financial consultants cling to? Responses:

1) Everyone should love numbers as much as I do.

2) All the numbers need to be presented in case someone has a question.

3) I have to prove I can do my job well by presenting every calculation, all the analysis, and every detail I considered.

The survey gave a clear indication of what audiences thought were problematic.

1) Too many numbers

2) Too much detail for the clients to understand

3) Font too small

4) Mostly tables of numbers instead of visuals such as graphs

Audiences see financial presentation as boring and confusing. This was cleverly illustrated in a “word cloud” when people were asked to share in a survey three words or phrases that they hear when talking about financial presentations. The size of each word is related to the frequency of the word in the response list.

Two words stood out clearly in the group: boring and confusing. This is really not a surprise given what the respondents had already shared. When there is an overload of information and terms that are foreign, people get confused and tune out. By the end of the presentation, they say they are bored because it has been so long since they got anything of value from the presentation.

As you look at the next level of words in the cloud, you see words such as: much, numbers, long, many, time, information, and understand. All of these reinforce the overload issue that has already been clearly stated. Overload is the root cause of the issues in financial presentations today.

What do they want instead? Survey responses addressed 3 key themes:

1) “Start with the message, not the data” was the sage advice of one respondent. Financial professionals should determine the key message and then find the support for the messages, not start with the data and hope the audience figures out the messages

2) The presentation must be relevant to the particular audience, using terms they understand and making it clear what the analysis means to their area, project, or life

3) The slides should have easy to understand graphs and other visuals, not large tables of numbers. Adding callouts to explain key points in the visuals is also helpful.

I could not help agreeing with the information referenced from this survey. Which ultimately led me to look at my own plans that I share with my clients with a new perspective.

Whether just starting out in financial services or have years of experience in working with clients, we all should heed this advice and change up our delivery where needed.

*Note: this article is used with permission from David Paradi and his “Think Outside the Slide” website. https://www.thinkoutsidetheslide.com/.

Grateful Appreciation to all who Celebrated the IARFC 40th Anniversary at the Biltmore Estate®. Look for a complete recap in the next issue of the Register!

Industry

Update... The IARFC will be featured regularly in the financial industry-targeted publication ASPIRE. Our CEO, Leonard Simpson, RFC® is the first to be featured in this edition with an article regarding designations accompanied by an Association advertisement.

Look for more submissions in the months ahead!

William Wright Allegis Advisor Group

Bart Berkey Motivational StoryTeller

Bill Cates Referrals Coach

Duncan Farley Bluebay Destra

Gene Goldman Cetera

Tim Pierotti WealthVest

Diana Cabrices Wealthtender

Michael Bell Meketa Capital

Mr Zianni

PASSING THE TORCH

Lessons Learned from Family Business Succession

Have you ever thought about how cool it would be to work with your dad, mom, brother, or sister (AKA FAMILY)? Well, I have! Let me tell you a bit about it...

For the past 31 years, I have worked side by side with my dad (Lew Nason), from building the IMO Independent Agents Insurance Group (IAIG), winning multiple agency awards in 2006 to closing IAIG (2008) and finally building the Insurance Pro Shop (25th Anniversary in 2024). It has not been all Sparkles and Rainbows. But the good always outweighed the bad!

Over the years we’ve had family members come and go. From brothers, wives, sons, daughters, and nephews, they have all been a part of the family business! Working with my family in our business, I’ve faced both good times and tough challenges. We’ve learned a lot together, laughed a bunch, and tackled challenges side-by-side. It’s been a journey!

So, recently my Dad’s cancer came back for the 5th time, and at 75, he may not have too much time left. Thankfully we have been transitioning the Insurance Pro Shop since 2020 in preparation for the day Lew needs or must walk away.

Then it hit me today, I’m 47 now, and someday, someone else might need or want to take over the Insurance Pro Shop and my sales practice. With my dad’s health issues, future thought to succession was becoming more of a reality.

Like many agents and advisors with successful practices, you might find yourself in the same situation. So, that got me thinking – how can I help make that transition smooth?

Here are 6 things you must know to make a smooth transition: knowing everything about the business, building a strong foundation, keeping good records, training the next leader well, talking openly with everyone involved, and developing a timeline early. Change can be uncertain, but with these steps, handing over the business can be a positive journey.

1

Know the Business Inside Out: Before handing over responsibilities, it’s important to know everything about your business. Learn about sales, money, and how to promote your business so you can teach someone else to take over.

Jeremy Nason, RFC® Insurance Pro Shop

Contact: (877) 297-4608 jpscoachjeremy@gmail.com

6

Develop a Timeline Early: Don’t wait until you’re retiring to hand over the reins. Start training your successor ahead of time by giving them some of your tasks earlier. This way, they’ll have time to learn how things work before taking over completely.

2

Build Strong Foundations: Success doesn’t happen overnight. It takes hard work and solid foundations. Not only on the sales cycles and process side but how to run a business. How to manage employees, benefits, and other important aspects of operations.

“6 things I learned from taking over the Pro Shop, that are needed to be able to transfer your business successfully to the next generation of advisor.”

3

Document Everything:

From processes to important contacts, documenting everything is key. Keeping detailed records makes it easier for the new leader to step in seamlessly. This goes beyond our client files! It includes files on joint venture partners, centers of influence, venture capital, and anything critical to business operation.

4

Train the Next Leader: Passing on leadership means more than just giving them the position and the keys. It's about showing them how to succeed. Give them lessons and guidance so they're ready to start strong. This way they have all the tools they need to succeed!

5

Communicate Openly:

During a change in business leadership, it’s really important to talk openly with everyone involved. This means letting your employees, clients, and partners know what’s going on. When you communicate clearly, it helps to remove any confusion and makes people feel more secure. It’s also a chance for the old and new leaders to chat about any worries, answer questions, and think about what’s coming next. Good communication helps things stay steady and keeps the business running smoothly while the leadership changes.

Awards Presented in 2024

IARFC 2024 Awards

Dunton Lifetime Achievement Founder’s Members Editor’s Choice Ambassador

Loren E. Dunton

Lifetime Achievement Award

View the Presentation on IARFC Trustee Chair Barry L. Dayley, MRFC®, CFP® presenting Award to Michel Kitces.

Recipient Michael Kitces

Nicholas A. Royer, MRFC® Founder’s Award

Nick has been a Registered Financial Consultant (RFC ® ) and Master Registered Financial Consultant (MRFC ® ) for over 23 years. During that time, he has helped coach pre-retirees and retirees to live confident retirement lifestyles. Whereas most financial advisors focus on selling a particular product like a stock or a mutual fund, Nick’s focus is holistic, putting the client’s interests first and looking at a persons entire financial picture whether it’s investments, retirement income, taxes, healthcare or estate planning. Discovering the problems and finding solutions to fix those problems. Nick is a national keynote speaker and author of numerous financial articles. He was named a 2014, 2015 and 2016 Orlando Magazine 5-Star Wealth Manager.

As a Founder’s Award Recipient, Nick is the past Vice Chair of the IARFC Board of Trustees, has written for the Register , recorded many IARFC promotional videos, emceed Association events, and continually answers requests from the IARFC Headquarters. He is on call as one of the main contributors when advice is needed.

Members Awards

Presented annually in appreciation to top IARFC members who have brought the most newly qualified professional consultants that join the ranks of the Association

Ambassador Awards

Presented annually to those persons who endeavor to represent their Chapter in carrying out the mission of the IARFC. Each Chapter may choose up to three recipients.

David Kinder, RFC® First Place

Jeremy Nason, RFC® Second Place

David Guttery, RFC® Third Place

Paul Wharf, RFC® US Chapter

Fr. Alwen Jimenez, RFC® Philippines Chapter

Klinyd P. Tribajo, RFC® Philippines Chapter

Marvin James Inciong Revilla, RFC® Philippines Chapter

“Balancing should be a blending of strategies to achieve the best desired outcome for the arc of clients’ lives rather than a point in time, whether today or in the future.”

BALANCING Today & Tomorrow

As financial consultants, we find ourselves advising clients in matters of preparation, insurance, planning, investments, and many other things. Most of what we do in some way prepares for, or protects the future interests of our clients. As we do these manifold tasks, we need to make sure we balance the current needs, wants, and desires of our clients with preparing them for the future.

The old adage that tomorrow never comes can be applied to the uncertainty of what the future holds. We never know if we or our clients will arrive at that future date of retirement, or if they will somehow outlive the assets that have been so carefully guarding for their use in those coming days.

I have often said that we aren’t born with a visible expiration date tattooed on the back of our necks. I also remark that I’ve yet to meet a competent advisor that has a verified crystal ball or a time machine to know for certian what the future holds for themselves and their clients. We must use the best practices, training, education, and experience that we possess to carefully plan and implement strategies that will benefit our clients.

It would be easy, yet hypocritical of me to tell a client that they need to sacrifice everything today for a better tomorrow. Asking a client to cut out all non-essential spending, only eat two meals a day, subsist on cereal and canned beans, and dream of a better tomorrow would not meet the live well today, but plan for the future mantra. We need to balance the current needs of the client and their families with the future needs that they most assuredly will face in the coming years.

If we don’t plan for tomorrow, it could be a bleak existence without a real chance for improvement. If we sacrifice today and don’t live at all in the moment, our tomorrow may never materialize for which we planned.

As consultants and advisors, we can help our clients find balance in their lives. We can analyze different strategies, timing of social security, coordination of benefits, decumulation planning, constantly balancing today and tomorrow for our clients. It’s their future and their present, but we need to explain the ramifications of the decisions that they need to make in order to live well today and tomorrow.

In summation, current needs, wants, and desires should not be a tug of war with the needs, wants, and desires of tomorrow. It should be a blending of strategies to achieve the best desired outcome for the arc of their lives rather than a point in time, whether today or in the future. Assist the client in creating a tapestry of time, colored by the blending of today and tomorrow in such a way as to serve them now and in the future.

Bradley K. Maples Sr., MRFC®, MBA, CFP® US Chapter Board President

Contact: (801) 622-5774 x 107 brad.m@iarfc.org www.iarfc.org

Look for the Return of the Virtual Practice

Building Summit - Coming in September, 2024

IARFC Note Cards available to order on the Store

IARFC Code of Ethics on Back

I will put my clients’ interests above my own at all times within the scope of my abilities.

I will maintain proficiency in my work through continuing education.

When fee-based services are involved, I will charge a fair and reasonable fee based on the amount of time and skill required.

I will abide by both the spirit and the letter of the laws and regulations applicable to financial planning services.

I will give my clients the same service I would provide to myself in the same circumstances.

Succession Planning Made Easy

H. Stephen Bailey, Ph.D., MRFC®

It has been a couple of years now that H. Stephen Bailey, Ph.D., MRFC® stepped down as the Trustee Chair of the IARFC. According to Steve, “It was time to move on and find life after retirement”. That also meant entrusting HB Financial Resources, LTD to his daughter Stephanie and making a succession plan. Here is his story and how their family prepared for the future.

By Steve Bailey, Ph.D., MRFC®

Stephanie, with experience in teaching, would work for the family mortgage company during summer breaks. During that time, she got involved in financial planning and experienced first hand the impact that I had made on the lives of my clients. It made an impression and ultimately resulted in a decision on her part to change careers.

This worked out well, as I knew she was invested in the company and was there for the long term. From my perspective, I observed she had the skill for connecting with people and genuinely caring about them. That was inherent to her nature that was something I could not teach. I especially saw her ability to relate to women clients.

As part of her learning curve, I involved Stephanie in the process. The goal was to get her familiar with the clients and vice versa. She would sit in on my meetings, run the numbers, and together we reviewed the plan. I found that clients appreciated that I was still “there” and they were more open to the idea of continuing with Stephanie as I gradually bowed out of the picture. Just walking away without a gradual disengagement could have affected the

business relationships that I had built all these years. I assured clients I would still be behind the scenes.

We approached the changeover legally – working with our broker-dealer and having a business agreement in place. Occasionally, we have issues to work out and having this formal agreement as a reference helps solve problems. As of now, she pays me a monthly income which can fluctuate depending on the client’s situation – eg. a death of a client can affect the income coming in.

Of course, I had to let go of “my way” of running things. Actually, I found that our methods of working are quite similar which lends itself to clients’ trust. My daughter realized how tough it was on me to bow out and made sure that I was involved in some capacity. Where we do differ is she manages the money more strictly and takes her time. If I have learned one thing from her it’s patience. I did try to give advice at first, but find now, she is on top of her game and I need to not worry. Her forte is that she gives a damn. She cares about the people she works with and takes the time to take care of them. Clients intuitively feel that.

My advice to others who are thinking about developing a succession plan, be it family or another consultant, make sure you have an agreed-to document, that you can get along with them, and that they can work with you.

Looking back, I wish I had started my business right out of college, but the life experiences I gained helped me to get established. Now clients kid me that I come in, take a nap, have lunch, and then go home. Really I am there for anyone who comes in during the day - I can step in, say hello, and then leave knowing they are in good hands with my daughter. I also spend time answering communications from my friends and colleagues. Sometimes I get accused of going to the office to escape the “Honey Do” list waiting for me at home (I neither deny nor confirm).

It's with foresight, preparation, and luck that my business succession plan worked out and I avoided any transition nightmares. Pam, our office manager and Stephanie take good care of me and our clients. These people have been like family to me and I am exceedingly proud and comforted to hand them over to Stephanie Bailey, MRFC® to plan their financial future.

NEW! Members:

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 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.

Submit Your Book

Book Nook Topics

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 HelpImproving Your PersonalWellbeing

• Multigenerational Planning

Insurance Topics

• Annuities

• Life

• Long Term Care

Business and Leadership

• Marketing / Social Media

• Business Growth and Development

• Office Management

Banking: Mortgages / Credit Cards

• Mortgages Types

• HELOC

• HECMs (aka Reverse Mortgages)

• Corporate Finance

Register: Was there a clear focus to achieve your goals in the beginning, or did you just let life “happen”?

Gary: I would not have had a clear focus on goals from the beginning if it had not been for the management at my first broker/dealer, Baker, Watts & Company in Baltimore, Maryland. The individuals running the firm were involved daily with new advisors, teaching us the skills to be successful, to create a business plan, and to adhere to the plan or adjust it on a semi-annual basis. From the beginning, I was told that “Money is a return of doing good things for our clients.” I have strived the past 38 years to adhere to that quote. I would admit that as the industry changed “Life did Happen”– from being a stockbroker, buying and selling securities, to a financial advisor in preparing financial plans, and assisting with taxes and estate planning.

Register: What drew you into the financial services industry?

Gary: Through the years, asking other advisors how they got into the financial services industry has been quite interesting. Everyone has a story. Mine is that I was a former military pilot who later became a captain for a major airline. Prior to that, I was a corporate pilot for a broker/dealer in Baltimore, Maryland. The airline I had been

Gary Padussis, RFC®

President and Registered Principle Cape Investment Management, LLC.

As a long-time member of the IARFC (since 1995), Gary has experienced an evolution of change not just from the industry of financial services but in personal growth. With decades of experience and as President of the east coast firm of Cape Investment Management in Cape May, NJ, he has been helping clients weather their retirement through the harshest of storms. With professional and personal achievements that represents outstanding success, he continues to achieve financial stability for the future of his client base. It’s a story worth reading...

working for laid me off twice. The second time I was laid off, I visited the pilots still working for the company in Baltimore. The managing director of the company recognized me and asked what I was doing now. I told him that I was laid off again and just “hanging around.” He said, you ever consider becoming a stockbroker, you have the personality for it. Come work for my firm. I said why not... and the rest is history. I never went back to the airline.

Register: Explain the motivation on establishing your own firm and describe the pitfalls/successes throughout the years of maintaining your own firm.

Gary: I had worked for two regional firms in the Baltimore area, Baker, Watts and Company and Legg Mason. I truly enjoyed being associated with both firms. The companies were regional, management that knew their advisors by name, it was a good fit for me working with a smaller firm.

When Legg Mason sold its broker/ dealer to Smith Barney/ Citigroup, I found myself now associated with a large “wirehouse.” It was just not a good fit for me. I would say “you’re putting a small-town boy into a big city.” From management, managing client assets properly to compliance, it was difficult.

An industry friend of mine had gone independent and started his own firm a few years earlier. We met for lunch one day and he explained how life had changed for the better, being an independent advisor. He said that I should consider going independent.

After much thought and three months later, I contacted three independent broker/dealers and decided to affiliate with Cetera Advisors as an OSJ and producing advisor – one of the best decisions made in my professional career. I tell my wife, family, friends, and clients that I should have taken this path as a financial advisor from the start. I truly believe in the independent model.

With any business there are going to be pitfalls and successes. The pitfalls are common with any new business, mainly being responsible for “keeping the lights on.” I now had to deal with employees and HR, an office mortgage, payroll, office costs, state, and federal license requirements for maintaining a business, not to mention hundreds of other things a small business owner has to take care annually. Not only, did I have to manage my client assets, I now had to operate the business.

The success story is, after a few years of owning and operating a financial service office properly, I now had the

Gary Padussis, RFC®

independence of being a business owner and to manage client assets.

During my years as an employee of a firm, I had made relationships with accountants and estate planning attorneys for referrals. My business plan once independent was to hire an accountant and estate attorney. In this manner, all three professions could come together in the management of client’s assets, including taxes, estate planning and wealth management.

After two years being independent, I hired two enrolled agents, three bookkeepers, and an estate planning attorney. I structured it that we all are independent contractors with separate LLC’s. This business model is working. Clients are referred between the enrolled agents, bookkeepers, estate attorney and me. In my opinion it is an excellent business model for retaining clients and building one’s business by attracting new clients without the outlay of marketing funds.

It has worked out so well, that we now have two offices. One located in Owings Mills, Maryland and Cape May, New Jersey. I also have branch offices in Annapolis, Maryland, and Wakefield, Massachusetts.

Register: Explain the key factors in creating a loyal and trusting client database.

Gary: There is nothing like having proper CRM software in your business. We keep extensive notes for all our clients including our “C” clients. I have use the software “Talkit” where an advisor can record notes and they will be transcribed onto the CRM. This assists in creating loyal and trusting clients. Prior to any meeting, notes are reviewed, risk tolerance, asset diversification, etc. When meetings are scheduled either in-office or via a video platform, the client is emailed the agenda for the meeting a week prior and if there is anything they desire to discuss, to please let us

know. All A and B clients are schedule meetings every six months. All C clients have been given to a new advisor to build a relationship.

Weekly, monthly, and quarterly emails are sent addressing the equity markets, the economy, and anything that may have to do with their finances. Birthday and wedding anniversary cards are mailed. If there are any certain circumstances such as a loss of a family member, including a pet, we send a card. For all A and B clients, I call to wish them a happy birthday. On Christmas day, if I know a client is alone or maybe with just their spouse, I give them a call.

My clients have my cell phone number. I do not want them being worried about something and going to bed with a question they need to ask me. If it cannot wait, call me on my cell phone.

An annual client event is held for all A and B clients. This event includes clients of our enrolled agents, bookkeepers, and estate planning attorney if not clients of our wealth management base. My entire family is there, including my wife, children, and grandson.

Register: Why is it important to have an Association backing your designation?

Gary: I joined the IARFC in 1995. From that time, I have enjoyed my relationship with the Association and those associated with it. The IARFC has grown considerably. The reason I have maintained my association with them is that the individuals at the IARFC keep loyal to their mission statement which is “To recognize world class financial consultants and enable them to make a transformational difference in the financial lives of families and communities of which they serve.”

Register: It looks like you have experienced licenses in Aviation, Boating, and Scuba Diving. Explain how following a process, results in achievement and how you apply a “process” mindset to financial planning.

Gary: All licenses come together in a process including financial planning. As an FAA Flight Instructor and Designated Pilot Examiner, when I instruct students or provide their license or rating to operate an aircraft, a process by the FAA must be completed. I am responsible for this individual to

Paul, his two brothers, and nephew during annual golf tournament at Lake Morey, VT.

operate an aircraft of which he/she is qualified. This responsibility I have also used when creating a financial plan for my clients. I use a process that most in our industry use, gathering the information, providing the plan, etc. The most important part of the financial planning process to me is adherence to it. My mindset is that a financial plan is just a document provided to the client. Most client meetings include their financial plan. We constantly review and if needed adjust the plan with any life changes. Our mindset at Cape Investment Management is to maintain the client objectives in the management of their assets in accordance with their financial plan .

Register: Who have been your mentors? Are there any books you would recommend that you feel have helped you formulate your financial philosophy?

Gary: My mentors have been my clients – mostly those who have been successful in their own professions. Through the years, these clients have provided me with the best knowledge and skill set as an advisor. They have been successful because they believed in what they were doing, were enthusiastic about their profession or business, and wanted to provide their client or customer with the best product on the market. Now that I am older, with 38 years in the financial services industry, it is my job to relay this to the younger advisors in the office.

Register: How would you now mentor someone new to financial services – what are steps to be taken to establish and maintain a career?

Gary: The financial service industry has changed considerably from the time I was licensed in 1986. It was common for an advisor to manage client assets by themselves. Times have changed and clients are demanding more services for the fee they pay. I believe in the team approach in the management of client assets. It is difficult, to be the asset gatherer, the financial planner, the person structuring a portfolio and managing the assets for a client.

If I were to start in this business today, and we need new advisors, I would suggest first from the beginning that they attend a college or university that offer degrees in the financial services industry.

I would also suggest that prior to joining any firm whether it be a regional, wirehouse, or independent, that they become a member of a team. I mentioned earlier that my clients were my mentors. There are also mentors if a young advisor joins a team. They want you to succeed as part of their business and would be willing to provide the knowledge and skills in managing a client’s assets properly.

Register: How do you feel the IARFC, as an Association, can help these “new-to-the-profession” individuals?

The IARFC is an excellent association for those new-to-the profession. Guidance in the financial services industry is provided from the website, to “The Register” to webinars, annual meetings, and the opportunity to start out with the Registered Financial Association (RFA®) designation.

Register: Tell us more about how what you do in your personal, spare time (family, hobbies, interests)

Gary: I am a proud grandfather for the first time. That is taking some my wife’s and my spare time. Besides that, as mentioned earlier, I am a flight instructor and Designated Pilot Examiner. I enjoy teaching flying and providing licenses and ratings to individuals. I have my own plane, a single-engine Bellanca. I am the president of Cape Investment Management and am at the office daily. However, during the summer and fall months, my wife and I enjoy weekend trips using the plane to travel. I also use the plane for business purposes to meet clients for meetings.

I am a FINRA Arbitrator. This has been my main accomplishment in the financial services industry, besides watching my client goals being established. I have been involved in making industry decisions between clients, advisors, and firms. Although I am paid for being an arbitrator, I consider it to be hobby associated with my profession. Being a FINRA Arbitrator has made me a better advisor.

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Email: info@iarfc.org

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Phone: (800) 532-9060

The of Financial Storytelling ART

Saving

Your Conversations From Mass Destruction of Financial Jargon and Total Boredom!”

Has this ever happened to you? Maybe it’s a client, a potential client, or even a friend of yours who asks you a question about something related to finances, and you do your best to give them a fantastic answer. You wait a few seconds for them to have an “AH HA!” moment to show that they really understand.

And yet...instead of seeing that glorious moment of clarity, you see a glaze begin to form over their eyes. At that moment, you are probably thinking, “What is their problem? I couldn’t have explained it any better!”

We’ve all been there, right? The truth is that the world of finance is complicated. On top of that, all kinds of emotions are mixed up in how we deal with our money, making it even more complicated.

I believe that it can be even more challenging to explain financial concepts if you’re a number-crunching nerd like I am. I geek out and love reading all kinds of things related to

finances and retirement. I often have to stop and remind myself that I’m a weirdo and that most people don’t think like I do!

The game changer for me was when I learned how to master the art of financial storytelling. I remember EXACTLY where I was when it hit me right upside my head:

It was March 2011, and I had decided to write a book to share my ideas and opinions about retirement. I laid out my outline, found a private study room at the library so that I could focus, and poured my heart out and typed my first chapter over a couple of hours. When it was done, I thought, “Man! I think this is really good!”

Before starting to write my book, a wise mentor told me to do two things: let my writing sit overnight and then read it out loud. He said this would be a terrific way to truly tell you how well you did. So I did that, and the next day while reading the chapter out loud, I realized something...

IT WAS TERRIBLE!

It read like a financial textbook, and it was unbelievably boring! So I was in a panic. I didn’t know what to do, but I knew there was no point in continuing to write in the same way. So I threw away that first chapter and stared at a blank page...and stared...and stared.

The solution didn’t come to me right away. I had to sit with this problem for quite a while, but I finally decided to start the book all over again, and this time it would be a story.

So, how do you share financial ideas about retirement in the form of a story? I don’t know if there is a best way, but for me, it was to borrow from all kinds of stories that I had read or watched and enjoyed throughout my life.

The final result was: “Save Your Retirement From Mass Destruction By the 7 Retirement Villains!” The cover features cartoon images of seven villains out to ruin your retirement. Of course, in the middle of it all is a

superhero who looks a lot like me. (What a handsome devil - with huge muscles, no less!)

The book follows Dick and Jane, a married couple who is hoping to retire in the next few years. Within each chapter of the book, they are introduced to another retirement villain, how that villain wants to harm them, and shares some basic ways that they can try to protect themselves. In the end, of course, they get to meet that handsome and muscular superhero. Hopefully, they live happily ever after.

This book’s effect on my life and business has been beyond my wildest dreams. First, we were able to launch it to reach best-seller status on Amazon. com. But far more importantly, we’ve shared copies of this book with hundreds and possibly thousands of people over the last dozen years, and time and time again, people tell me that it is the first book on finance that they could actually get through without quitting.

They also comment that it makes the concepts easier to understand. Don’t get me wrong - I know I’m not the best author around; but I have learned through this experience that people want to understand their finances and are typically too intimidated to try to read about them. I guess having a cover with a bunch of weird cartoon characters makes it just a little less intimidating!

Since then, I’ve been fortunate to have the book get noticed by others. In 2022, Forbes.com named it as one of the ‘5 Personal Finance Books to Read in 2022’, and in 2023, CNN.com named it one of the ‘15 Best Financial Books of 2023’. The latter award was particularly humbling, as it was included along with a list of all-time great books, such as A Random Walk Down Wall Street, The Psychology of Money, The Millionaire Next Door, Rich Dad, Poor Dad, and Atomic Habits

In 2021, I released “The Retirement Secret.” In this tale, Dick and Jane are happily retired, and they have the opportunity to help their friends, Jack and Jill, on their path toward retirement.

In this journey, Dick and Jane introduce Jack and Jill to three retirement mentors who share the secrets to investing their nest egg for retirement.

Of course, you don’t have to write a book to use stories to explain financial concepts. Financial storytelling can be used if you’re presenting a seminar, speaking on a radio show, or even meeting someone face-to-face. Is there a better way to grab someone’s attention than to start with, ‘Let me tell you a story?’

The best part about stories is how easy it is to learn from them. I’ll close with another example. As I complete this article teaching you how to use stories in your work every day, I’m reminded that I need to do that myself! Yes, the teacher sometimes needs to learn as much as the student!

So, always remember to stop and think about how you can incorporate stories into your discussions. I’m sure you will quickly see the benefits. Or perhaps we can say that you will hopefully “Save Your Conversations From Mass Destruction of Financial Jargon and Total Boredom!”

Redtail Technology, Inc. is the leader in Web-Based Client Relationship Management solutions for the financial adviser. Redtail is bringing next generation technology to the financial consultant to help them better manage their client base so that they can have MORE TIME, earn MORE MONEY, and have MORE FUN!

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IARFC Chapter Connections

Vietnam Updates

IARFC Vietnam Chapter Officially Launches Training Program

The International Association of Registered Financial Consultants (IARFC®) is delighted to announce the establishment of the IARFC Chapter in Vietnam, opening new and special opportunities. Starting from May 2024, IARFC organized two crucial Training Program: Registered Financial Associate (RFA®) and Registered Financial Consultant (RFC®).

Professional Career Opportunities with RFA and RFC Training Program:

In line with the mission to develop expertise in the financial and insurance sectors in Vietnam, IARFC Vietnam Chapter brings forth limitless educational and career development opportunities. The RFA course not only provides fundamental knowledge in financial consultancy but also establishes a solid foundation for commencing a career in this field.

On the other hand, the RFC course is a significant step for those aspiring to become professional financial consultants, either open their personal financial consultancy business or work within reputable financial organizations.

Welcoming Partners and Professional Community:

By inviting experts from various fields to participate as ambassadors, the IARFC Vietnam Chapter serves not only as an educational hub but also as a robustly connected community. Ambassadors play a crucial role to promote the significance of Financial Consulting within their companies and enjoy exclusive privileges.

Collaboratively Building Vietnam's Financial and Insurance Industry:

With a commitment to training professionals according to international standards, the IARFC Vietnam Chapter pledges to elevate the standards of the financial and insurance sectors. This isn't just a significant event; it's a powerful motivator to enhance professionalism and international standards within the industry.

For more information about IARFC Vietnam please visit: IARFC Global: https://www.iarfc.org/ IARFC Vietnam: https://www.iarfc. com.vn

Dr. Frankie Lo, Workshop Speaker

L-R: Dr. Frankie Lo - Workshop Speaker, Mr. Otto So - Co-Founder, WISE ASIAN, Mr. Hung Le - AVP ManuLife Vietnam, Mr. Ramen Chim - Workshop Speaker, Mr. Kenny Lam

First Row Starting 2nd from Left: Mr. Kenny Lam, Mr. Otto So, Mr. Ramen Chim, Mr. Hung Le, Dr. Frankie Lo, Senior Corporate Staff From ManuaLife Vietnam Second Row: Senior Leaders of Mr. Hung Le

Philippines Updates

Recent Online RFC Course with Spring Rain Global, Inc. (SRG)

March 4 to March 16, 2024, 5:30pm to 9:30pm

The participants are Philanthropic Development Officers who have been given grants in their respective Philanthropic Development Offices for their respective projects in their ecosystem of good in alignment to the Sustainable Development Goals (SDG) of the United Nations.

Financial Planning is part of the 6-pillar Capacitation Model of SRG. Taking the RFC Course is part of their commitment to stewardship and sustainability in respect to the grants accorded to them. Most of the participants aim to receive the RFA designation.

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.

Included is an International Series where members from other Chapters worldwide are invited to connect with financial professionals in the Philippines.

IARFC Philippines Executive Vice President Grace Escobar, RFC® Presenting at 2024 Financial Planning Forum

Philippines Tuesday Podcast International Series Coming this Summer.

Special Invite from IARFC Greater China Chapter

Kuala Lumpur

The 15th Worldwide Chinese Life Insurance Congress Kuala Lumpur Malaysia from August 9 to 12, 2024

This event will have more than 5,000 delegates from 17 countries namely: China, Hong Kong, Macau, Taiwan, Thailand, Japan, Singapore, Malaysia, Indonesia, UAE to name a few. Hundreds of financial institutions will participate including agents, financial advisors, agency leaders, corporate executives, CEOs, and Chairmans. This is one of the largest and most influencing conferences in the Life Insurance Industry in Asia.

Mr. Liang, the founding Chairman of Worldwide Chinese Life Insurance Congress as well as the Chair of IARFC Greater China Chapter, is extending an invitation for U.S. IARFC members to attend this event. It is a great opportunity to engage and learn the Chinese Insurance Market.

For US IARFC members, the Congress will waive the $690 registration fee. A special session is planned for attendees to meet with local RFCs for sharing and exchanging knowledge and experiences.

We sincerely wish whoever is interested will contact Susan Cappa at IARFC Headquarters - susan@ iarfc.org for more information.

Get Published

The average reader of the Register has more than four years of experience in financial services and possesses as least one professional designation/credential.

The readership is educated, experienced, knowledgeable, and involved in the industry.

Articles benefit the reader by providing specific planning techniques, practice management suggestions, or educational content about financial services, which might include the consultant’s profession responsibilities, industry news, insurance, investments, software, or compliance.

to submit articles

In This Issue...

NEW! Spring Issue Journal

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.

• Do Demographic, Psychological, and Financial Characteristics Increase the Likelihood to be Victims of Credit Card Fraud?

• How Does Credit Revolving Impact Wealth and Well-Being?

• An Exploratory Study of the Determinants of Credit Card Fraud Resolution Rated

• An Examination of Student Loan Debt, Financial Threats, and Financial Worry

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

The Role of the Financial Consultant extends beyond Managing Money. They serve as guides, mentors, and partners throughout life’s stages.“

The Power of Financial Consultants: Management Beyond Money

In a world often measured by material wealth and financial success, the role of a good financial planner can extend beyond the numbers. While overall expertise in managing finances remains important, some financial planners subscribe to a philosophy that transcends monetary gains. This breed of planner will also focus on total wealth management that includes not only financial assets but also personal values, aspirations, and well-being. This kind of approach will ultimately help clients to invest with purpose rather than just the goal of accumulation.

At the core of this philosophy lies the understanding that true wealth is more

than just growing a pile of money. This kind of planner recognizes the importance of aligning financial goals with clients’ values and life objectives. By taking the time to understand their clients’ aspirations, passions, and concerns, they can tailor financial strategies that not only maximize wealth accumulation but also enhance overall satisfaction.

In addition to the traditional financial planning metrics like “return on investment” and “asset allocation”, these planners take the time to look at how clients feel about money. They ask questions to understand their clients’ personal experiences with money over

time and help get to the bottom of any fear associated with investing. They recognize that there are always emotional and psychological aspects of personal wealth and money management. In everyday life, advisors can serve as empathetic listeners, providing guidance and support during life transitions, whether it’s buying a home, starting a family, or planning for retirement. By encouraging open and honest communication, they create a safe space for clients to explore their financial hopes and fears. This approach will empower clients to make informed decisions that align with their values and long-term objectives. Most importantly, they may become more

comfortable. If you find that a client dreads getting statements or even puts them in a pile un-opened, maybe it’s time to re-think the approach.

A financial planner who considers their role to manage beyond money, instinctively recognizes the connection of financial well-being with physical, mental, and emotional health. They know that happy people ultimately make for happy clients. Most will advocate for a balanced approach to wealth management putting financial stability at the front of the line closely followed by personal satisfaction and overall well-being. A client should never be afraid to responsibly splurge a bit. Sometimes, encouraging clients to prioritize self-care and pursue meaningful experiences is just what the doctor ordered. Helping to grow a healthy relationship with money, these planners understand that true wealth is a full lifetime mix of experiences and accomplishments beyond monetary success.

In addition to their role as financial advisors, these planners will act as educators. Giving clients the knowledge and tools they need to understand the complexities of their personal finances helps get them to that healthier place. Through workshops, seminars, and one-on-one coaching sessions, they demystify financial concepts, promote financial literacy, and equip clients with practical strategies for achieving their financial goals. Again, this kind of planner can ultimately help their clients develop financial confidence and take care of their families over the long haul.

Furthermore, good financial planners embrace a fiduciary duty to act in their clients’ best interests, prioritizing integrity, transparency, and accountability in all their interactions. By honoring a process that adheres to rigorous ethical standards and putting clients’ needs above their own, they build trust and credibility, fostering long-term relationships built on mutual respect and shared values.

Ultimately, the power of good financial planners lies not only in their ability to grow wealth but also in their capacity to enrich lives. Embracing a philosophy of “management beyond money” allows clients to live, plan and pursue their passions. Clients may also find that they can see their way clear to gaining a sense of fulfillment. This approach

transcends a way forward other than financial success alone. In doing so, they embody the true essence of wealth management: guiding clients toward a life of achieving goals, purpose, and well-being.

The role of financial planners extends beyond managing money; they serve as guides, mentors, and partners throughout all of life’s stages. As guardians of their client’s financial well-being, a planner has the power to help shape lives positively. Any broker can allocate assets but with the right motivation a good planner helps individuals and families participate in the process of getting to their dreams and realizing aspirations… Managing money is important, management beyond money is next level.

Jonathan Green, RFC® True Wealth Advisor Group, Inc. Contact: (833) 878-9584

Jonathan Green is a Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser.

Cetera is under separate ownership from any other named entity. 1 CABOT RD #225, HUDSON, MA 01749. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. Asset allocation is an investment strategy that will not guarantee a profit or protect you from loss.

At less than $20/month, the VSA offers a collection of sales and educational tools designed to enhance customer-facing conversations.

Members gain full access to monthly newsletters, client presentations, financial calculators, fact finders, and so much more when they take advantage of the exclusive IARFC member benefit offer.

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Prepare for the MRFC® Exam Exam Study Guide In Stock Contact Membership Services

The MRFC Exam Study Guide is now available for those who wish to take the Master Registered Financial Consultant (MRFC®) Exam. Presented in a condensed outline format and designed for the professional in mind who has limited study time, the Study Guide addresses every task of the MRFC Blueprint Exam Content to help you focus on exam topics. These are tasks derived from the most current 2021 MRFC Job Task Analysis.

Features

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After topic questions for comprehension

Easy to read, outline format

Organized by Blueprint tasks

From the MRFC Certification Administrator Rachel Gibbs Update: Live Remote Proctoring (LRP)

The MRFC Certification Program is on track to change its method of delivery for the MRFC Exam!

Developing an online exam has always been on our radar but now it looks like a mid summer changeover is imminent.

For years, we have relied on sending our candidates to the closest “brick and mortar” facility. However, Covid has taught us the new norm is to offer other, more convenient options.

While it may seem a no-brainer decision to make, the policies and procedure that need to be in place are extensive. Developing these safeguards and then

figuring out how to implement them is the challenge. For your FYI, below is a list of processes to document when working remotely:

• Candidate Identification

• Examination Security

• Candidate to Proctor Ratio

• Security Software

• Termination Capabilities

• Records Retention

Not only do the new policies and procedures need to be established, but then there is the revising of current documents to update the change. After that marketing changes are needed, including website info.

Helping us in this changeover is TestTrac, our current exam administrator. They are well-versed in implementing LRP and will work with us behind the scenes to facilitate the switch.

We know taking the exam online, in your own home or office will make the MRFC Exam process easier. Hopefully our members will take advantage of the convenience.

Stay tuned for more updates from the MRFC Certification Program as we continue working on this project.

For IARFC Members: Free Book & Consultation

In this ground-breaking new book, you’ll discover:

Why does the sale hinge on a split-second decision!

“Fit or No Fit” -- does it still work?

Should you be skeptical of your prospect’s agenda?

Why do fact-finding questions break trust?

How to differentiate yourself from other advisors

Why “follow-up” should be banned!

“Were talking to other advisors” -- How to respond!

Why you should be a financial “doctor” instead of advisor

Get Your FREE Book & “Get New Clients” Consultation (value $995) www.AdvisorTrustBook.com Scan here!

Meet The Author

Ari Galper is the world’s number one authority on trust-based selling and is one the most sought-after sales conversion experts for Financial Advisors.

He is the creator of Unlock The Game®, a completely new revolutionary sales approach that overturns the notion of selling as we know it today.

Ari has been featured in CEO Magazine, SkyNews, Forbes, INC Magazine and the Financial Advisor Magazine.

His newest book,  “Trust In A Split Second!”, has become an instant bestseller among Financial Advisers worldwide.

With clients in over 35 countries, his global sales systems have become the most successful Trust-Based Selling systems of our time.

Ari’s personal insights on how to build trust between buyers and sellers continue to break new ground in the financial services industry.

His work in the trust-based selling field, focusing on reversing control of the sales process, from buyer to seller, is considered category-of-one thinking, with over a two decades of proven execution and results.

Ari’s sales growth consulting firm has a growing waiting list of financial advisors wanting access to his unique sales growth advice and sales conversion strategies.

Preparing for Your Successor

What is the most fabulous aspect of your business?

OK, so it is stressful, and you need to find your own clients. You are investing a client’s money in the stock market without knowing where the market will be in a day, month, or year from now. There are lots of unknowns. Here is the great part: When you work at a large firm, this is the closest you can get to owning your own business without the headaches of overhead expenses. But it is more than a job, it is your practice. Do you intend to keep working forever?

Some financial professionals keep going and going, into their 80’s. You probably know a few. Others are looking forward to a comfortable retirement, similar to those they have successfully planned for their older clients.

There is a type of retirement you want to avoid, the life of the Zombie Consultant. You are smiling because a few might sit around you! Recurring revenue from annuitized business is so attractive, the only way they will leave the business is feet first. They claim to be working full time, yet they put

in a three-day workweek, take long vacations and leave client contact to their overworked sales assistant, who eventually quits because they are doing all the work for a fraction of the revenue. Clients are neglected and underserved.

What are your options as a consultant at a large firm, nearing retirement age?

1. Consultant and Son, Inc. This is a time honored strategy to bring in the next generation, to work alongside you, and eventually take over the business This has been popular at large firms over the decades. You need to overcome the appearance of “entitlement.” Some firms might require the sibling to start as a trainee consultant in another office and complete the multiyear training program without washing out. At that point, they could join their parents’ practice. Clients who own a multi-generational business understand immediately.

2. Bring on a junior partner. Not every consultant has adult children. Not every child wants to follow in their parent’s business. Many consultants might send their children to medical or law school. They have chosen a different career track. The consultant might find a promising newer consultant, someone who brings a skill they are lacking. Prospecting is a good example. They mentor the newer consultant, up to the day they will take over the practice. There might be a revenue sharing arrangement in later years. The established consultant might not stop at bringing on one consultant. They might build a team. Clients see there is continuity.

3. Fold your practice into an existing team. Larger firms have identified this need and developed an exit strategy where the consultant gradually transitions their clients into the team’s book. You are part of the team. You eventually are coming to the office less and less frequently. At a specified date you step away entirely. You are paid though this extended transition

period. You have effectively sold your book back to the firm.

4. Just keep going. You love what you do. You are a loner. Like the Energizer Bunny, you keep going and going. You need to explain this concept to your clients. You never intend to retire. Your clients might not love their job as much as you love yours. If they are marking off the days until their retirement, they might assume you are doing the same. The firm will reassign your accounts when the time comes.

Having a plan for continuity, a succession plan, is very important for several reasons.

1. Your client might have your replacement lined up. Your client is loyal to you, but they might not be keen on the random nature of reassignment. They might know a nice consultant at the country club or living across the street from their house. They have been prospected. Your client has expressed their loyalty to you. The other consultant lets them know if something ever happens to you, that consultant will be their first call.

2. Your prospect does not want an invitation to your retirement party. Unless a walk-in or referral is simply interested in a transaction, they would ideally prefer a long-term relationship. If they have 30 years to prepare for retirement, they will not want an consultant who would be expected to retire within three years. You might lose new clients unless they understand your practice will continue, even if you are no longer in the picture.

The

Consultant Never Really Leaves

It has been said when a family doctor retires, they need to move to a new community! Why? Because former patients will track them down and insist they continue to provide care. I had a call out of the blue from a former client who said: “Remember that utility stock you bought me in the 1980’s…?” The bond you have with clients can be very strong.

Even if you have transitioned the business to the next generation or a team, you need to be present at portfolio reviews. At the early meetings, you do most of the talking and introduce the new consultant. over time, both you and they speak about the same amount. Gradually, they talk, and you listen. Eventually you are not there anymore, and the transition is complete.

Everyone deserves a relaxing retirement. This includes you.

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

Benefit

Advisor Controls prioritizes improving efficiency and productivity with easy-to use solutions for understanding and advancing clients’ retirement income stories: The Retirement Plan Simulator. In just minutes, a consultant can input data and walk their clients through the retirement planning process, engaging them every step of the way, and identifying strengths and weaknesses.

Advisor Control’s proven processes will simplify and seamlessly deliver a compliant and optimized retirement income plan.

Use code IARFC at checkout for a $20 discount on your monthly subscription — available exclusively to IARFC members.

Member Link: https://advisorcontrols.com/iarfc/ Phone: (309) 633-2308 email: support@advisorcontrols.com

IARFC Member Benefits

Our Strategic Alliances Affect

Your Bottom Line

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%)

Streamline the Complexities of Social Security

Social Security Timing® helps financial professionals expertly streamline the complexities of Social Security into powerful solutions that will maximize client benefits and satisfaction.

A subscription to Social Security Timing® gives you access to our industry-leading, patented software and our team of Social Security experts. Social Security Timing allows advisors to sort through the thousand of Social Security claiming options and identify the one that offers the highest lifetime value to clients. The difference between what most people do and what Social Security Timing would suggest they do is often over $100,000.

To receive 20% off an annual subscription, use coupon code IARFC.

Member Link:

https://www.covisum.com/iarfc/ Phone: (877) 844-7213 Email: sales@covisum.com

Members

20% off

Our Firm

We are a privately owned asset manager with a mission to provide original ideas, inventive products and a high level of service.

Experienced Team

We offer a unique perspective on the current economic climate and world events and seek to contribute to the prosperity of financial professionals and their clients.

Breadth of Solutions

We offer a broad range of investment solutions and resources to help financial professionals build potentially better portfolios for their clients.

Focused on You and Your Client’s Needs

We are committed to giving financial professionals the tools to better serve investors.

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.

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.