IARFC Register Volume 25 No 3 Summer 2024

Volume 25 No 3 Summer 2024

2024 IARFC National Financial Plan Competition Winner!

University of North Texas

®

40th Celebration & Conference RECAP, pp. 10-13

Your IARFC Benefit at Work

Ethics Approved!

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

How To Use Your Ethics Approved Status • • • • • •

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

In This ISSUE Register Profile

40th Anniversary and Conference Recap pp. 10-13

18 Member Focus

Stephanie Summers, RFC® Initiating Kramer’s focus on woman financial consultants.

Features Celebrating 3 Generations 16 By David S. King, MRFC®

2025 IARFC Financial Forum p. 15

Columns 6 From the Editor

Geographic Adaptability

7 From the Trustee Chair - Our Three Fold Mission

24 By Mike Zaino, RFC®

8 From the CEO - Being an IARFC Member is a 2-Way Street

US Supreme Court Connelly Decision 28 By David Kinder, RFC®

Marketing Through Multiple Mediums

IARFC News

30 By Pete D’Arruda, MRFC®

9 Virtual Summit - September 26 & 27

Is the Personal Touch Gone?

20 Corporate Sponsorship for IARFC National Financial Plan Sponsorship

32 By Bryce Sanders

25 US Chapter Incentive Program 27 Educators: Call for Papers, Journal of Personal Finance 34 Member Benefits: Strategic Alliances

Chapter Connections 22 Indonesia

A Growing Global Community The Register | Summer 2024

23 United States and Philippines

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New MRFC®s, RFC®s, RFA®s, and Association Members Events Calendar 2024 Trustee Board Meetings September 11 December 4 Virtual Summit September 26 & 27

2025 IARFC Financial Forum April 23-25

Ayden Charles Christensen, RFC®, FL Tina Marie Finlay, RFC®, IN Alec Lane Goldberg, RFC®, PA Don A. Jelniker, RFC®, CO Deanne L. Karbe, RFC®, FL Bradley J. Kendrick, RFA®, NC Calen R. Matsuno, RFC®, HI Susan C. O’Kelley, RFC®, CO

David M. Peters, RFC®, FL Elena Ptchelintseva, RFC®, NJ Jeffrey Philip Reardon, RFC®, CA Catherine Noelle Toone, RFC®, MI Paul Grant Truesdell, RFC®, FL Charles W. Whitlow, RFC®, TX

In Memoriam Laura C. Mickels Sr., RFC®, AL Jerry W. Michaels, RFC®, OH

Ce l e b r at i n g 4 0 Ye a r s S e r v i n g t h e M e m b e r s h i p

Order via the IARFC Store Enhance Your Visibility with

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The Register | Summer 2024

LEADERSHIP

BOARD OF TRUSTEES

CHAPTERS

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® Public Member, Kat Moore

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® 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, Paul Wharf, RFC® Secretary, Gregory Kurinec, MRFC® Director, Mike Zaino, RFC® Director, Michael Miller, RFC®

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

Article Submission

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).

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.

The Register | Summer 2024

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

Articles, comments, and letters are welcome via email to: Susan M. Cappa, editor@iarfc.org Page 5

From the EDITOR Exciting Things - Past and Present Susan M. Cappa, Editor

This issue recaps the 2024 Annual Conference held at the Biltmore Estate in Asheville, North Carolina. It was a fun and successful time – meeting with friends, hearing industry speakers, and sitting in on the National Financial Plan Competition. Pictures on pages 10-14 tell the story, especially when it comes to the next generation of financial consultants competing for honors in the Competition. Of course, once home, planning began for our Virtual Summit and the 2025 Financial Forum. As Public Relations, I sit in on the committees for both of these events.

The Virtual Summit once again will bring a well-rounded program of experienced professionals. Registration is open for the event in September and it is FREE to attend. This is the IARFC’s dedication to bringing practice management tools and techniques to the membership. A registration QR Code is available on page 9. Sign up now and get it on your calendars.

For 2025, we are planning another Conference. To represent a more defined event for years to come, we renamed the conference the IARFC Financial Forum (IFF). The planning committee feels this is a commitment to finding the best exhibitors and presenters for continuing education. Next year, the IFF will be held in Orlando, FL at the World Center Marriott - a convenient location and upscale venue to gather together. More information can be found on page 15.

Our theme for the IFF is “Empowering Futures, Strengthening Legacies”. Be on the lookout for more information in the coming months regarding the lineup of presenters. Details are changing daily.

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.

Order Your Print Subscription Now Through the IARFC Store www.store.iarfc.org

Our CEO will talk more about these two events and encourage the membership to participate and attend. Our planning committee will continue to meet and bring together inspiring and valuable presentations for all of you to enjoy and get educated.

The Register reaches 5,000 financial professionals every issue. Register advertising is an easy and cost-effective way to promote your company’s products and services to this dedicated audience.

Services and Products Consultants Offer Annuities, all types

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Precious Metals

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Retirement Plan/401(k)

Critical Illness Insurance

Life Insurance, all types

Tangible Assets

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

Advertise Page 6

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

The Register | Summer 2024

VISION

LOVE

SERVANT

INTEGRITY

INNOVATION

PROACTIVE

AUTHENTIC

RELEVANT

A Growing Global Community

From the Trustee Chair Our Three-Fold Mission Clarity of purpose and a pathway to the future are the underpinnings of the International Association of Registered Financial Consultants. Our goal is to expand our community into a total of 35 countries with an additional 20,000 members by the year end 2034. To do so we will be making basal changes and improvements outlined in our three-fold mission which is, Growth, Innovation, and Sustainability.

Growth: This is not only about increasing the numbers of the individual Chapters and Association members, but it is also about helping the financial planning industry grow. However, to make it relevant to our members or potential members, we will make it personal, by helping individual professionals develop personally, professionally, and expand their business. With increased exposure, the marks of RFA®, RFC®, and MRFC® will be more widely recognized, and the resources, concepts, and relationships will help members attract more clients and grow their bottom line.

Innovation: To have impact, grow our membership, and help members grow their business, we will be thought leaders and create concepts, tools, and training programs that will provide real value to our members and will attract people to join our community. This will be accomplished by enhancing the value of our professional designations and introducing ways to engage with and attract younger professionals from university students to those who are seeking a career change. Using simple solutions and ideas that will be attractive and practical, we will deliver real value that members and prospective members desire to possess.

Sustainability: One of the biggest challenges of the entire financial planning profession is the shrinking number of available professionals to serve a growing demand by the public. Coupled with this is the need to assist senior veteran financial consultants to exit the profession with a seamless transition to the next generation. We all know that Artificial Intelligence (AI) and technology will play a growing role in how we serve our clients, but human contact is also growing in demand.

To develop appropriate action items to fulfill this mission, we have established three strategic planning committees on growth, innovation, and sustainability. We would love to hear your ideas. Also, if you would like to participate on one of these committees, please let me know … chair@iarfc.org.

There is an exciting future ahead! We invite you to join us in this important mission to address the growing global demand for quality financial planning professionals and their services by supporting our three-fold mission.

IARFC Trustee Board 2024

Barry L. Dayley, MRFC , CFP Contact: (307) 201-8524 chair@iarfc.org www.iarfc.org ®

The Register | Summer 2024

®

L-R Bottom Row: Michelle Blair, RFC®, Leonard Simpson, RFC®, Charlotte Isbell L-R Top Row: Dr. Reuben Chen, RFC®, Barry Dayley, MRFC®, Michael Markey Jr., MRFC®, Kai Yuan Tu, RFC® (Missing: Monroe Diefendorf Jr. MRFC®)

Page 7

Being an IARFC Member is a 2-Way Street!

From the CEO Leonard Simpson, RFC®

The comment that I hear most regarding membership in the IARFC is...

“What’s the value I get for belonging?”

And rightly so, an Association must provide its membership usable benefits or why else would it be in existance?

Why else would someone want to become and stay a member?

Over and above our designations and credential, the IARFC is dedicated to providing a practice management education. We feel this is what is important - helping our consultants become more successful, thus helping their clients become financially secure.

So I ask you now though... is there an obligation for the member in belonging to the IARFC over and above adherence to our ethical code and continuing education?

I view it as a 2-way street. Our professional association doesn’t exist in a vacuum where we just give you a designation and collect your dues. We owe it to our members to provide ways to improve, advance, and learn from each other. However, members need to participate and support the efforts that are taking place to bring quality education through summits and forums.

Sure there is always a need for leaders and we have been lucky that individuals have volunteered, but what about those of you who don’t want these kinds of responsibilities?

The best way you can support the IARFC is by attending the educational opportunities that we are working hard to provide. People are giving their energy and enthusiasm to bring together quality programs from which

the membership can benefit. The least we as members can do it attend these functions.

Here are opportunities to get on board in the near future...

IARFC Virtual Summit in September We are bringing together a super lineup of industry professionals for our second virtual summit. This is a nocharge program that you can listen to just by signing up and signing in on the broadcast day.

IARFC Financial Forum in April 2025 We are encouraging our members to meet in Orlando, FL at the World Center Marriott for an inperson conference dedicated to continuing education, networking, and supporting the next generation of financial professionals during the IARFC National Financial Plan Competition. It is conveniently located travel-wise, and is close to major entertainment venues for the family too!

These are the two mainfunctions right now that I ask you as a member to fully support. When these are successful, the enthusiasm produced by the members ripples down to Association leaders and IARFC Headquarter’s staff.

It encourages us as leaders to continue to explore avenues of opportunities for the members.

You will be reading about these events in the following pages, through emails, and social media. Make it your Association give-back.

There is no magic formula here. Decide today to at minimum attend these events and support your Association.

We will do the rest to bring you the quality programs you deserve.

Page 8

The Register | Summer 2024

IARFC Virtual Practice Building Summit September 26 & 27, 2024

Our Presenter Lineup Ronnie Kaymore, RFC® Niche Marketing: Incorporating the Entire Family

Jane Blaufus Best Selling Author and President of Blaufus Group Courageous Conversations

Jim Ruta

Bhupinder Anand

School of Life Insurance Selling

Motivational Speaker in Industry for over 20 years

Nick Royer, MRFC® Nationally Syndicated Radio Show Co-Host

Jeremiah Desmerais Forbes Featured Advisorist and Financial Marketer

Pete D’Arruda, MRFC® The Power of Media - Magnify Your Greatness

Nicholas Paleveda National Pension Partners Understanding 412e3 Plans

Welcome

Join us as we bring to you the Practice Building Summit 2024. Once again, our lineup of presenters is stellar with decades of experience to support you, the consultant, with your practice.

Van Mueller Main Speaker at Naifa and MDRT

Dr. Sanjay Tolani A Living Legend in the Financial Services Industry

Register Now!

The cost is you is ZERO!

Host David Kinder, RFC®

The Register | Summer 2024

This professional program is priceless information that improves your relationships with clients, helps you market to prospects, and enhances your personal productivity.

DON’T MISS IT! Page 9

40th CELEBRATION Page 10

e m o c Wel tion p e c e R The Register | Summer 2024

CONFERENCE EMCEE Paul Wharf, RFC ®

Diana Caprices

Michael Ball

The Register | Summer 2024

Bart Berkey

Gene Goldman Page 11

AWARDS IARFC Trustee Chair, Barry Dayley, MRFC ® talks about the Loren Dunton Lifetime Achievement Award.

IARFC Trustee Kai Yung Tu, RFC ® giving a recap of China Conferences.

US Board President, Brad Maples Sr., MRFC ® presents Members Award to David Kinder, RFC ®.

Denis Walsh, RFC ® of Money Concepts, main Corporate Sponsor, congratulates Nick Tarr, 2nd place in NFPC.

IARFC Trustee Chair, Barry Dayley, MRFC ® presents Micah King his RFA® pin. (more of the story on p. 16)

Page 12

PLAN COM The Register | Summer 2024

Second Place Nick Tarr and Associate Professor Chris Tamm, Illinois State University

First Place NFPC Winner Elizabeth Bedunah and Adjunct Professor David Ragan, RFC ® University of North Texas

Third Place Team David Sun and Olivia Holt and Dr. Craig Lemoine, MRFC ® University of Illinois Urbana Champaign

First, Second, and Third Teams from the IARFC National Financial Plan Competition

MPETITION The Register | Summer 2024

IARFC Trustee Michael Markey Jr. MRFC® and Wife Vanessa portray the “fictional” couple in NFPC Finals.

Page 13

Comments from Finalists!

Dave Ragan University of North Texas Professor for First Place Recipient of 2024 Plan Competition As an adjunct professor of finance at the University of North Texas (UNT), I'm thrilled to share that Elizabeth Bedunah recently took home the top prize at the IARFC National Financial Plan Competition! This prestigious event places undergraduate financial planning students to the test, and this year, the UNT’s team truly shined, especially considering Elizabeth was a team of one!

The competition revolves around a fictional case study. Students develop a comprehensive financial plan for this family, taking into account their income, expenses, goals, and risk tolerance. What makes this competition so valuable is its real-world application. It's not just about memorizing formulas or using software; it's about applying financial knowledge to a scenario financial consultants come across on a regular basis.

Integrating the IARFC competition into my capstone class has been a wonderful experience. The case study provided by the IARFC was written in such a way that many planning opportunities can be found, if you know where to look. It's complex enough to challenge students, yet relatable enough for them to experience some of the nuances of financial planning.

For everyone’s final project, my class broke off into groups, or had the option of working it solo. They analyzed the family’s budget, assessed their retirement needs, and explored various investment options. The final product allowed the students to make recommendations. Then those recommendations needed to be substantiated during the live presentation.

Witnessing Elizabeth transform raw data, represented by a 5-6 page case study, into a comprehensive financial plan was incredibly rewarding. Her hard work and dedication really paid off when she was selected as a finalist to present her plan at the IARFC Conference. Her ability to answer complex questions from the couple and confidently explain her recommendations demonstrated the depth of her understanding.

Ultimately, her hard work was recognized and Elizabeth was declared the winner! This victory is a testament to the exceptional caliber of our Financial Planning Program led by Mark Evers, and the dedication of our students. It's also a win for the IARFC Competition, which provides an exceptional platform for preparing future financial consultants.

Elizabeth Bedunah University of North Texas 1st Place Being part of the IARFC National Financial Planning Competition was nothing short of an amazing experience. I found this competition not only encouraged me to dive deeper into the industry that I had been studying to get into for the past four years at The University of North Texas, but it also led me to meet some amazing people involved in the Association as well as strongminded students that are on the same path as me.

Through the challenging case study that led to the inperson competition, I found that every detail of the IARFC’s case study was perfectly designed to help us students really focus on creating what our ideal plan would be for the “clients.” Actually, working on a plan like this gave me the experience I was looking for before graduating and joining the world of Financial Planning. It also helped me confirm that this career path is the one for me.

I’m thankful to the IARFC for hosting and creating this competition that will help students around the globe get a more in-depth understanding of financial planning through the plan competition and in-person presentation. I will remember my experience for a lifetime and encourage any student that has the opportunity to participate in the case competition to do so!

Nick Tarr, Illinois State University - 2nd Place Thank you again for hosting the NFPC and Conference in Asheville! I learned and grew a tremendous amount through each stage of the process and truly enjoyed the opportunity to travel to North Carolina, experience the Biltmore, and present my plan live. The friendships, connections, and knowledge I gained from the conference are truly invaluable. I am also deeply appreciative of the financial award as it has helped navigate the transition from graduation to the start of my career. I look forward to what the future holds!

Page 14

The Register | Summer 2024

Get Ready for 2025 IARFC Financial Forum!

Empowering Futures, Strengthening Legacies In a rapidly changing financial landscape, the next generation faces unique challenges and opportunities. The IARFC Financial Forum is designed for financial professionals committed to guiding their clients towards sustainable wealth management while strategically growing their practice.

Through dynamic discussions, interactive workshops, and insightful presentations, attendees will gain the knowledge and tools needed to navigate the complexities of modern finance, foster intergenerational wealth transfer, and cultivate a thriving advisory practice.

Life is short. Don’t waste time learning from your own mistakes when you can learn from the best. Join us at this year’s IARFC Financial Forum in Orlando, FL, where we’ve crafted a special segment just for ambitious young financial consultants like you.

Dive into exclusive insights and practical tools to build a solid reputation, elevate your brand, and grow both your business and personal skills. Network with seasoned professionals, absorb best practices, and find new ways to strengthen your team. Every decision shapes your future which makes attending the IARFC Financial Forum the one that accelerates your career and forges lasting connections. Don’t miss this opportunity to transform your professional journey!

About the World Center Marriott – Orlando, FL

Already one of the nation’s most impressive hotels, Orlando World Center Marriott features the ultimate in comfort and style, just minutes from the city’s hottest attractions, entertainmen, and dining options including everything at Walt Disney World. The Forum will be hosted throughout the complex utilizing state-of-the-art meeting facilities and fun venue reception areas. Extend your stay, bring the family, and enjoy what the WCM has to offer!

Register Now

Special Forum Room Rates - Register & Reserve Now The Register | Summer 2024

Page 15

Celebrating 3 Generations Micah King receiving his RFA® recognition pin by Chair Barry L. Dayley, MRFC® at the IARFC Annual Conference.

Rogers Financial Group is a familyowned financial services firm founded

by Jon Rogers, MRFC®. Our firm has 800 clients and approximately $200,000,000 in assets under management. We currently have 3 advisors in the office and 4 support employees. We have 3 generations of family in our firm: Jon Rogers, myself (Jon’s son-in-law), and Micah King (Jon’s grandson and my son).

have been an IARFC member for many years and an MRFC holder.

Micah graduated from Clemson University in December 2023. He is currently doing odd jobs at the firm while he studies for his securities and insurance licenses. Micah will also be getting married July 20, 2024. Micah is an RFA member of the IARFC.

How Did We Get Here?

Jon has been in the financial services industry for over 55 years. The first part Like any journey, ours has had many of Jon’s career was as a captive agent turns along the way. Soon after Jon with a large life insurance company.

Starting as an agent, Jon quickly moved started his own firm in 1986, he saw that it had the potential to be something into management. He did this for 17 that could be generational. Jon’s natural years. The last 38 years Jon has run successor was his youngest daughter, his own financial services firm. Jon has Melissa. She would work with Jon in been a lifelong learner and advocate the summers answering phones, filing, for our industry. He has served on the and preparing mailings to attorneys Board of the IARFC for many years and accountants. Upon graduation from and has received the Dunton Lifetime Achievement Award from the IARFC for high school, she planned to attend his work in the industry. Jon and his wife, Clemson University and get a business Jeanette, have been married for 62 years degree and go to work with her dad. and have 3 daughters, 10 grandchildren, I grew up in a family of mostly and 2 great-grandchildren. manufacturing workers. My plan was to graduate high school, attend Clemson As stated earlier, I am Jon’s son-inUniversity, and obtain an engineering law. I married his youngest daughter, Melissa, and am father to five of Jon’s 10 degree. I was told that most managers grandchildren. I am a 29-year veteran in and “higher ups” in manufacturing had the financial services industry. This is the an engineering degree. only full-time job I have ever had. I am currently President and Chief Investment Melissa and I went to school together Officer of Rogers Financial Group. I run from the 8th grade through high school.

We started dating in our junior year of the day-to-day activities of our firm. I Page 16

high school. As Melissa and I continued to date, Jon and I got along well together. He had 3 girls, but now had a guy to watch football and basketball games with and to go golfing.

Off to college Melissa and I go. She was seeking a business degree, and I was seeking a degree in chemical engineering. After a little over a year in college, Melissa and I made some decisions. One is that we would get married. I proposed and she said yes.

The others were that she didn’t want to do business, and I didn’t want to do engineering. Not only did we say it, but our grades also said it. Melissa knew that she wanted to switch to education.

I on the other hand wasn’t so sure. I knew for a fact that I didn’t want to do engineering, but I didn’t know what I wanted to do. My only other real exposure to anything other than the manufacturing world was Jon. I had exposure through our discussions and his industry books and magazines that I would pick up and read while we were just hanging around the house.

Melissa had a tear-filled discussion with her dad about her desire to go into education instead of financial services.

After his listening and encouragement, she changed her major. A few weeks later, I also had a discussion with Jon. I told him that I wanted to go into his business. Again, he was encouraging, The Register | Summer 2024

and I changed my major to Financial Management. Shortly after I changed my major, Melissa and I were home from college one weekend and Jon had a gift for me. It was a 2-year calendar, Series 6 study manual, and information on the SC life insurance exam. He had planned out a calendar to get me licensed by the time that I graduated. It worked.

I was licensed before I graduated and started working with Jon in March of 1995.

Bringing Jon and I together was the easy part. Figuring out how to work together was a little more difficult. Jon grew up in the life insurance business in the 70s and 80s. The approach was recruiting a bunch of people, get them licensed, train them, and then give them a telephone book to start “smiling and dialing”. To me the approach was, “eat what you kill, and if you don’t kill you don’t eat”. Jon and I both realized quick that I was going to starve.

Jon realized that we had to come up with a different work and pay arrangement to make our relationship work. He came up with a team-based approach. We have used this approach for the last 25 years. We started working together on all our business and split everything financially. There were no more “my” clients, they were “ours”. At first, the split started small. Enough to keep me from starving, but just enough to keep me hungry. As the workload, ability, and performance increased, my share of the split increased.

That brings us to where we are today.

Micah, has recently joined us after graduating from Clemson University.

Beating the Odds According to Score.org, only 30% of family-owned businesses survive from first generation to second. Even more challenging, only 12% of family-owned businesses survive from the second generation to the third. If my math is correct, only 4% of family-owned businesses make it from first generation to the third generation.

I think that our future success will come down to me carrying on what I think has been the secret to our success so far, mentoring. Jon has invested thousands of hours in me. He has been very intentional in having discussions with me. Additionally, I learned many things that I use every day just leaning on a wing back chair in Jon’s office.

The Register | Summer 2024

Listening to conversations with clients, portfolio managers, etc. He taught me how to get generate new business, manage it, and grow it. He also taught me how to care for clients and employees as a family.

10 Member Benefit

He taught me the business by allowing me to do it. When I screwed up, he helped me clean it up. When we did well, he would tell clients that it was because of me. He gave me responsibility before I was confident that I could do it. Jon’s mentoring has been more valuable than any education that I received.

So, what does the future hold for our firm? I am not sure. We make plans and set goals and hopefully we are right more than we are wrong. Even though I don’t know what the future holds, I am excited. I see enormous opportunities for our firm, but I also see challenges.

On the opportunity side, the addition of our newest advisor, Lindsay, and Micah brings both diversity and youth to our organization. This brings the opportunity to better connect with children and grandchildren of older clients and better use of social media and technology in our business.

Adding people also brings challenges.

When it was just Jon and I, the math was easy. We split the pie two ways.

Additional people change the math.

Challenges like creating pay packages, designing roles, creating opportunities for growth, etc. These things must be done while keeping nepotism out of the equation. Micah, or any family members, need to earn their right for the business to transfer to them.

Jon is currently 82 years old and still comes to the office every week. I am 50 years old. My oldest grandchild just turned 3. Hopefully, Micah or I will be writing an article for The Register 20-30 years from now discussing how to transition to the 4th generation.

David S. King, MRFC® Rogers Financial Group (864) 250-1376

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Individual Coaching www.sidewalker.com Page 17

Member Focus Stephanie Summers, RFC® Kramer Wealth Managers

As an advisor for Kramer Wealth Managers since 2006, Stephanie focuses on creating a compelling vision with clients and initiates Kramer’s focus on woman advisors. Stephanie has been involved in finance since 1989 as an analyst for the Sallie Mae and Federal Government. Like her associates, Stephanie serves preretirees and retirees, corporate executives, business owners and not-for-profit organizations. With her warmth, humor and financial skill, she delights in helping clients truly understand their portfolio and how it functions to serve their dreams.

Stephanie has a strong desire to see more deaf women empowered to broaden their financial literacy and take charge of their personal finances. She has served as a board member for Deaf Women United and various non-profit organizations while being actively involved with other community organizations. Stephanie and her husband, Mark, are the parents of two very active twin boys.

Register: How did your financial services career begin? What drew you to a line of work that involves client financial futures?

Stephanie: When my father-in-law passed away in 1996, I saw my motherin-law lost and overwhelmed with the investment accounts he handled and never shared with her. This made me realize how vulnerable some women can be when their finances are completely handled by their spouse. I still cringe when I learn of husbands or partners who do not involve their wives or partners in the joint finances. I had a background in finance working for a corporation but in 2005, I decided I wanted a career change where I could work with both numbers and people. At the time, there were no deaf female financial advisors in the industry. I looked into licensure and joined Kramer Wealth Managers, a group of financial advisors that catered to the deaf community. At the time, they were seeking a female financial advisor to add to their team. I pursued licensure and became the first deaf woman to ever pass the Series 7 General Securities

Work Life at Kramer Wealth Managers Page 18

license. I also passed the Series 66 and Maryland Life and Health licenses. I have a strong desire to see more deaf women empowered to broaden their financial literacy and take charge of their personal finances.

Register: Did you know from the beginning that this is what you were meant to do?

Stephanie: As previously mentioned, I didn’t initially direct my career path toward financial planning. However, once I started working with clients and seeing them understand their options and realize their goals, I now can’t imagine doing anything else!

Register: Congratulations on being the very first deaf woman advisor to ever earn the Series 7. What obstacles did you face in achieving your goals?

Stephanie: In spite of it being over 30 years since the passage of the Americans With Disabilities Act, deaf people still fight for accessibility.

Providers of educational materials for designations and licenses don’t have captioned videos. Some can push back on requests for ASL interpreters for workshops and conferences.

Some people still view people with disabilities as less capable than their hearing counterparts. I have had to work extra hard to “prove” myself in this industry.

Register: Are you working with just the deaf clientele?

Stephanie: I work with both deaf and hearing clients. Some hearing clients have connections with the deaf community and others do not.

Register: In an overall rapidly advancing technical world – what technology aids you in client communication?

Stephanie: There are many tools to use with our clients to help them achieve their financial goals – not just about their money but about their needs and their experiences. I use several tools.

The most common way for deaf people to communicate over the phone is by videophones, provided by FCCsponsored Video Relay Service providers.

I also use Zoom and Facetime video calls.

Compliance-approved texting solutions also make communication easier.

Register: What are the challenges in helping deaf women (your admitted strong desire) to broaden their financial literacy?

Stephanie: There is still a significant lack of financial literacy materials available in ASL. I have been fortunate to partner with Communication Services for the Deaf (CSD) to participate in some of The Register | Summer 2024

Stephanie Summers , RFC® their financial literacy webinars and this summer, I’ll be helping out with their first ever finance camp on the campus of Gallaudet University - National Technical Institute of the Deaf. I look forward to more opportunities to spread financial knowledge within the deaf community through ASL. Register: What additional challenges does the deaf population face in general regarding financial planning?

Stephanie: There has been significant progress in serving the deaf community that followed the passing of the ADA. For the deaf investor prior to 1990, everything had to be done in writing.

They also could not request for an interpreter to be provided for meetings with hearing financial advisors. This is why many deaf people used to keep their money in banks where they could go in person to manage their accounts.

Historically, we often found deaf people relying on their family members to handle their investments, but now, with so much more information being accessible to deaf people, there is no reason why they need others to take care of their finances. This is why I believe in educating and empowering clients to take control of their finances.

Other challenges facing the deaf community are significantly higher unemployment and under-employment rates, as well as pay disparity relative to their hearing peers.

In contrast, there are some planning opportunities that are unique to deaf clients and people with disabilities that may not be available for hearing clients.

For example, deaf people can take

Family Life

advantage of tax-free savings plans like ABLE accounts or may be able to retire earlier with SSDI rather than taking a reduced early social security benefits.

Register: Tell us more about your connection with Kramer Wealth Managers? How do you embody their “Wealth Path” philosophy?

Stephanie: I am part of a team of 5 deaf advisors and 5 full-time staff serving clients all over the country. Our WealthPath philosophy emphasizes a holistic approach to wealth management, based on a long-term partnership with our clients.

Register: We appreciate your membership in the IARFC? Why did you decide to join the Association?

Stephanie: I decided to join the IARFC because I wanted to align myself with an association that prioritizes excellence, integrity, and professional growth in the financial consulting field.

Register: What is the most valuable part of having an IARFC designation (in your case, the RFC®)?

Stephanie: The most valuable part of having the RFC designation is the credibility and trust it instills in both clients and peers. This designation signifies a high standard of professionalism and commitment to ethical practices, which are crucial in building and maintaining client relationships.

Register: In what aspect can the Association better serve its membership?

Stephanie: One key area would be to expand the range of educational resources and professional development opportunities, including more webinars, workshops, and online courses on emerging trends and advanced topics in financial consulting.

Furthermore, advocating for the financial consulting profession on a larger scale can help elevate the industry’s standards and public perception. By actively engaging in policy discussions and public awareness campaigns, the IARFC can help ensure that the voices of its members are heard and that the value of our work is recognized, especially in the everchanging regulatory landscape of our industry.

Register: It’s one thing to be working for the client’s dreams? What are Stephanie’s dreams?

Stephanie: My next dream is to be the first deaf woman with a Certified Financial Planner® designation. I’m currently studying for that designation.

Register: What does your family life and recreational time look like?

With twin boys, what is the secret to staying grounded?

Stephanie: My husband and I enjoy playing pickleball, hiking, camping, traveling, gathering with friends at wineries and other events. Our twin boys are young adults now so we are empty nesters but while raising them, we encouraged our boys to be independent, have fun and participate in different activities at and outside of school.

Register: Finally, if you want to give advice for someone who has to build a career with a physical disability, what would that be?

Stephanie: No one should allow their physical or invisible disability to stop them from achieving their dreams. The sky is unlimited and soar as high as you can. Like our first deaf president of Gallaudet University, I. King Jordan quoted, “Deaf people can do anything hearing people can do, except hear”.

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

The Register | Summer 2024

Page 19

Member Benefit

2024 Finalists Teams

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

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

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

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2025

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

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

Professors may use the competition as part of their curriculum or as an extra credit activity. Students walk away with an appreciation of plan development, interacting with clients, and providing professional service.

Corporate Sponsorships Affect the Future Make an IMPACT by supporting the next generation of financial professionals!

Encouraging the NextGen of Consultants The shrinking number of financial consultants equates to a shortage of up and coming professionals. A job outlook statistic from the Bureau of Labor Statistics sees a 7% faster than average growth in job outlook for 2018-28. This becomes an important statistic when attracting the next generation to a career in financial services.

What better way to support an industry that encourages this career interest than to reach students at the collegiate level?

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

AA AA Message from Brad Maples Sr., MRFC® — US Chapter Boar Financial Services Industry. It’s an opportunity to champion those unive and the in-person phase of the Competition, I appreciate the hard w continue this viable program that reinforces to the next generation of p The Register | Summer 2024

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

As an Alumni...

Promote Your University by Sponsoring a Team in the IARFC National Financial Plan Competition

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

SPONSOR LEVELS VISIBILITY AND PROMOTIONS

Diamond

Platinum

Gold

Silver

Plan Competition Award Presenter during banquet - an impact statement to the financial services industry

X

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

X

X

Email Advertisement as Sponsor, campaign(s), videos accepted

2

General

General

General

Logo recognition featured on Plan Competition web page and Competition live promotion

X

X

X

X

full page

1/2 page

1/3 page

Personalized Message and Logo in the Register and Journal of Personal Finance during run of the Plan Competition promotion

X

X

X

Logo only

Email Announcement: Individual (personalized), General (pre-event release)

Individual

Individual

General

General

Cost

$10,000

$5,000

$2,500

$1,000

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

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

rd President “Your support of the IARFC National Financial Plan Competition is an investment in the future of the ersity-enrolled individuals who are choosing this career field. Having been witness to the journeys of the students work it takes to make it to the Finals and the “real world” experience students gain through competing. Help us professionals the impact they can make on the lives of the clients they serve.”

The Register | Summer 2024

Page 21

IARFC Chapter Connections and Updates Indonesia

LIKS (Sharia Financial Inclusion Literacy) Working Group Meeting Jakarta, 24th June 2024 In an effort to encourage synergy and effectiveness in the development of Islamic financial literacy and inclusion, the regulator, OJK, held a Meeting of the Islamic Financial Literacy and Inclusion Working Group (POKJA LIKS) as a medium for communication, information sharing, and synergy between OJK and Islamic financial stakeholders who are members of POKJA LIKS. Aidil Akbar Madjid, RFC ® as President & Chairman of IARFC Indonesia is one of the members of POKJA LIKS. POKJA LIKS has been activated through a meeting on June 24, 2024, with several inputs and recommendations related to strategies for increasing, accelerating, and equalizing Islamic financial literacy and inclusion.

Bareyn Mochaddin, RFC ® became the representative of IARFC Indonesia as the "Formulator Team" at the meeting.

IARFC Indonesia attended the RSKKNI convention in the field of Supervision of Behavior, Education, and Consumer Protection (PEPK) of Financial Services Business Actors Surabaya, 9th July 2024.

The financial industry in Indonesia is facing a number of market behavior problems such as misselling, misconduct, and so on. To improve a reliable consumer protection system, increase consumer and community empowerment, and increase awareness of financial services business actors, through the development of human resource competencies in the financial services sector. Therefore, the regulator, OJK, invites industry players, academics, and financial associations - one of which is IARFC - to prepare a number of competency standards that are mutually agreed upon and applicable nationally.

Page 22

The Register | Summer 2024

s United States

Philippines

Bradley K. Maples

Philippines Tuesday International Podcast Series

U.S. Chapter President MRFC ®, CFP ®, RICP, MBA

I would like to say a few words about our National Financial Plan Competition. It seems like every year the Competition ratchets up a notch. The universities and colleges are better preparing the students and the students are bringing their “A games” to the competition. The student participants are diving deeper into the Competition scenarios and thinking hard about the planning needed for the client’s situation, much as would be done in real world situations.

US Chapter President Brad Maples, MRFC ® giving the NFPC results during the Awards Banquet at the IARFC Annual Conference at the Biltmore in Asheville, NC.

In addition to lauding the competitors and their programs, a great deal of credit needs to be thrown to Greg Kurinec, who prepared this previous Competition’s scenario. Greg did a masterful job and is to be commended on his effort and thoroughness. Other than his choice of naming the son Ryne, when Fernando, Orel, and Shohei were available for usage, I can’t think of a more cogent and thoughtful scenario.

Also, during the conference and in the last few weeks, we have had some excellent meeting online with the Trustee leadership and in committees discussing reviews of the conference, as well as forward thinking items on the future plans of the Association and various programs and procedures and how we can improve. These items dovetail well with my mantra of always improving and getting better through education and thoughtful discussion and planning.

To all our membership, I congratulate you on where you are and cheer you on to where you are going.

IARFC Chapters Form Our Growing Global Community Every quarter, IARFC Chapters meet with representatives of the IARFC Board of Trustees and representatives from Headquarters.

From these interactions, relationships are formed that continue to spread the IARFC globally.

The Register | Summer 2024

Listen to the 2024 International Lineup.

Bill Cates

The Language of Referrals

Alan Kifer, MRFC® Long Term Care in Retirement

Paul Wharf, RFC® Building a Rapport with the Client

Jeremy Nason. RFC® Marketing Tips & Strategies to Get Started as an RFC® The International Podcast series is produced by the Philippines under the guidance of Executive Vice President Grace De Vera Escobar, RFC® and Production Manager, Bong Escobar.

Interviews are conducted by Ryan Daez, RFC®, Andre Obierez, RFC®, and Boyet Benavides, RFC®. Susan Cappa, IARFC Public Relations is the IARFC Headquarters facilitator for this project.

Page 23

Geographic Adaptability in the Insurance and Financial Industry: Keeping the Personal Touch Across Borders Is the Personal Touch Gone?

Imagine you’re trying get financial advice or buy a new insurance policy. Do you want to work with someone just because they’re nearby? How would you know if they’re really the best option for you? That’s the question that drives the concept of geographic adaptability in the insurance and financial services industry. But fear not, the personal touch isn’t gone; it’s just gone digital.

Embracing the Digital Handshake In the old days, a firm handshake and a meeting at the local diner Page 24

were staples of building client relationships. Today, we’ve traded in the diner for Zoom and the handshake for a well-timed emoji.

Technology has revolutionized how we connect with clients, making it possible to offer that personal touch even when we’re states apart.

Video calls, emails, and instant messaging platforms allow consultants to maintain strong relationships with clients, providing them with the same personalized service they would get face-to-face.

So, while you might not be able to grab a coffee together, you can still offer top-notch advice with a side of digital camaraderie.

Would You Want to Work with Someone Just Because of Locality, or Would You Want to Work with the Best?

It’s a no-brainer, right? You want the best. And sometimes the best consultant for your needs isn’t the one down the street. With advancements in technology, you can now work with top-tier consultants from across the country, bringing their unique expertise right to your living room–or rather, your screen.

Think about it. Would you rather settle for the nearest option, or choose the consultant who’s a perfect fit for your financial goals, even if they’re three time zones The Register | Summer 2024

away? With geographic adaptability, you don’t have to settle.

Tips for Conducting Business Across Borders Alright, so you’re ready to expand your horizons and work with clients nationwide. Here are some tips to help you navigate the logistics:

Understand Cultural Differences: Clients in different regions might have different expectations and preferences. Take the time to understand these nuances to provide a personalized touch that resonates.

Build a National Network: Join national industry groups and attend Get Licensed in Multiple States: conferences (virtually or in person) Just like you can’t drive in another to build relationships with other state as a resident without a resident professionals. This network can license (unless you enjoy living provide support and referrals, dangerously), you can’t offer helping you grow your business. insurance or financial services in non-resident states without the Leverage Social Media: Maintain a proper state licenses. Check each strong online presence through state’s requirements and get licensed platforms like LinkedIn, X, and even where you plan to do business.

Instagram. Regularly post updates, share valuable content, and engage Stay Compliant: Different states with your audience to establish your have different regulations. Make sure expertise and build trust with you’re up-to-date with each state’s potential clients. laws to avoid any legal hiccups. This might sound as fun as reading a Offer Flexible Meeting Times: dictionary, but it’s crucial for smooth Time zones can be tricky. Show your operations. clients that you’re accommodating by offering flexible meeting times Embrace Technology: Use video that fit their schedules, even if it conferencing tools, secure means an early morning or late messaging apps, and online evening for you. Your willingness to document signing services to adapt will not go unnoticed. streamline your processes. These tools not only make your life easier but also enhance the client experience.

Invest in High-Quality Virtual Tools: Ensure you have a reliable internet connection, a good quality webcam, and a professional-looking background for virtual meetings.

First impressions matter, especially online.

Keep Learning: The financial and insurance industries are always evolving. Stay ahead of the curve by continually educating yourself on new trends, technologies, and regulations. This will enable you to offer the best possible advice to your clients, no matter where they are.

Create a User-Friendly Website: Your website is often the first point of contact for potential clients.

Make sure it is professional, easy to navigate, and provides all the necessary information about your services. Include client testimonials, a blog with useful articles, and clear contact information.

Use Customer Relationship Management (CRM) Software: CRM tools can help you keep track of client interactions, schedule follow-ups, and manage your workflow efficiently. This ensures that no client feels neglected, regardless of how busy you are.

Addressing Challenges and Providing Solutions Challenge 1: Building Trust Remotely Building trust can be more challenging when you’re not meeting clients in person. Clients might feel wary about sharing sensitive information with someone they haven’t met face-to-face.

Solution: Establish credibility by maintaining a thorough professional online presence. Use testimonials and case studies on your website. Regularly communicate with clients through video calls to add a personal touch, and ensure your online interactions are always professional and responsive.

Challenge 2: Managing Time Zones Scheduling meetings across different time zones can be a logistical nightmare, often leading to inconvenient times for one party.

Solution: Use scheduling tools like Calendly or Doodle that automatically adjust for time zones. Be flexible and considerate when setting appointments, and offer a range of times to accommodate clients’ schedules.

Challenge 3: Navigating State Regulations Each state has its own set of rules and regulations for insurance and financial services, making it complex to operate across state lines.

Solution: Hire or consult with a compliance expert who is familiar with multi-state regulations. Regularly review and update your knowledge on state-specific requirements to ensure you remain compliant. Join professional organizations that provide resources and support for multi-state operations.

Challenge 4: Technology Gaps Not all clients may be tech-savvy or comfortable with digital tools, which can hinder effective communication and service delivery.

Solution: Provide clear instructions and support for using digital tools. Offer alternatives like Zoom, FaceTime, Google Meet, Microsoft Teams or just a plain old phone call for those less comfortable with video conferencing.

Ensure that your digital tools are user-friendly and provide a seamless experience.

The Register | Summer 2024

Page 25

Challenge 5: Maintaining Client Engagement It can be challenging to keep clients engaged and feel valued without in-person interactions.

Solution: Send personalized followup emails and messages. Create engaging content such as newsletters, blogs, and webinars.

Regularly check in with clients through brief, informal messages to show you value the relationship. A personally handwritten thank you card with a note goes a long way in adding a little “old-school” to the new.

The Future is Digital – Might as Well Embrace It! Geographic adaptability presents some challenges, but with the right strategies and tools, these can be effectively managed. And it isn’t about losing the personal touch… it’s about enhancing it through the power of technology. By leveraging digital tools and expanding your reach, you can provide exceptional service to clients – no matter where they are across the country – building relationships that are as strong as if you were sitting across the table.

So, next time you’re on a video call with a client from another state, remember: you’re not just an consultant; you’re a digital pioneer, bridging gaps and making connections in a way that was once unimaginable. And who knows?

Maybe one day, there’ll be an app for that firm handshake too.

US Chapter

Incentive Program $$$$

Members Who Refer a Prospect that Joins Receives...

1 New Member $100 Cash

2 3 or More New Members New Members $125 Cash $150 Cash

Note: Program Incentives Reset Annually IARFC Attn: Membership Services Fill out the P.O. Box 506 form below Middletown, OH 45042 & return to: Email: info@iarfc.org Fax: (513) 345-9479 Phone: (800) 532-9060

Access Fillable PDF form:

__________________________________________________________________________________________ First Name Middle Name Last Name Prefix

Mr.

Ms.

Mrs.

__________________________________________________________________________________________ Address

Mike Zaino, RFC®

Mike Zaino is an IARFC US Chapter Board Director. He’s also a Member of the Forbes Finance Council and hosts a radio show & national podcast called Money Matters with Mike. He serves 74 federal agencies as a National Retirement Counselor and hosts retirement workshops across the United States.

Page 26

__________________________________________________________________________________________ City State Zip Code __________________________________________________________________________________________ Phone Email Recruited by_______________________________________________________________________________ Phone_____________________________________________________________________________________ Email______________________________________________________________________________________

The Register | Summer 2024

Educators

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MoneyGuide makes robust financial planning fast and easy.

MoneyGuide identifies gaps, empowering clients to stress test their plans.

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

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 Register | Summer 2024

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Members Discount $300 off Pro and Elite Version Page 27

U.S. Supreme Court Connelly Decision Creates Massive Planning Consequences and Opportunities for Business Owner Succession and Estate Planning For those of us in the business owner planning space, this was a MAJOR decision that can impact anyone who has done entity buy/sell planning and estate planning for business owners.

Please note that I am not an attorney or legal expert in the areas of business succession planning and agreement drafting. Consult with your advanced sales teams at your preferred insurance companies as well as your client’s business legal counsel regarding making changes to existing buy/sell agreements.

What happened? A brief timeline of events: The Connelly brothers, (Thomas and Michael) owned Crown C Supply in St. Louis, MO. In 2001, the brothers entered into an agreement to give the surviving brother the right to buy the deceased brother’s shares of the business. If the surviving brother declined, the business entity (Crown C) would be required to regain those shares. This is a common “wait and see” buy/sell agreement.

The entity (Crown) bought $3.5 million in life insurance policies on each brother. The brothers were not 50/50 owners. When Michael passed in 2013, he owned 77% of the company stock while Thomas owned 23%.

Who was to inherit Michael’s ownership? After negotiating with Thomas (23% owner) and Michael’s son (next in line to inherit the 77% majority ownership, yet seemed to Page 28

decline that opportunity), Crown C Supply purchased Michael’s shares for $3 million and used $500,000 for operating expenses.

Now the estate tax planning comes into play. Thomas Connelly filed an estate tax return on behalf of Michael’s estate, valuing Michael’s ownership shares at $3 million. The IRS audited the estate and while they determined that Michael’s shares were worth $2,982,000, they concluded that the additional $3 million in life insurance proceeds should have been included as a non-operating asset and therefore increased the value of Crown C’s shares.

Thomas filed a lawsuit against the IRS on behalf of the estate in the Eastern District of Missouri. The District Court ruled in the IRS’s favor and the US Court of Appeals for the Eighth Circuit affirmed the decision. The U.S. Supreme Court upheld the decision on June 6, 2024 unanimously (9-0).

the business for federal estate tax purposes. That is no longer the case.

According to Tools and Techniques of Life Insurance Planning, 9th Edition, it says: “There should be no direct estate tax inclusion of the life insurance proceeds if the business (in the case of an entity redemption) is the owner and beneficiary of the policies. However, planners should check the terms of the buy/sell agreement to determine the degree to which policy proceeds are excluded from the price paid to the deceased owner’s estate. This is a major decision in drafting a buy-sell plan: if the value of insurance proceeds received under an entity redemption plan is ignored, it can be argued that the surviving owners receive a windfall at the expense of the decedent owner’s family.”

What triggered it?

As a result of this Supreme Court decision, a business entity can no longer be the beneficiary of life insurance proceeds for succession planning purposes.

Crown C’s “wait and see” buy/sell planning did not redistribute the life insurance proceeds or shares to a new majority shareholder, they retained the proceeds. When the entity had its valuation ($2,982,000) and retained the life insurance proceeds ($3 million), it grew the value of the business for estate planning valuation purposes.

What about our existing business owner clients with similar entity succession agreements? What should be done with existing life insurance where a corporation changes from a stock redemption to a cross-purchase agreement? What about NEW planning for new business owner clients?

Until this decision, the obligation to pay out the proceeds was considered a liability retained on the books that would ‘net out’ the value of

Per The Tools and Techniques of Life Insurance Planning, 9th Edition: “In the case of a corporation that switches to a cross purchase from a stock The Register | Summer 2024

redemption, planners should consider leaving currently owned corporate insurance on a reduced paid-up basis (the cash values in the policies pay future premiums but the death benefit is reduced) and using that corporate coverage as key employee insurance.

Parties to the agreement can then purchase new coverage without fear of violating the transfer for value rule.” [emphasis added] Of course, the ability to purchase new coverage will be based on the new attained age and insurability.

Repurposing existing coverage may be an option but be sure to check on the transfer for value rules and any tax consequences for doing so.

One insurance company I’m appointed with discussed opportunities for using an Insurance LLC with a cross-purchase design to simplify the purchase of life insurance on multiple owners.

Entity stock redemptions may still be an option for smaller businesses with no estate tax issue. However, this would need to be coordinated with the sunset of the Tax Cuts and Jobs Act Tax Policy that will be sunsetting on December 31, 2025. Before the TCJA, the estate tax exemption was $5.49 million for a married couple, which is much smaller than today’s possible $27 million.

Personalized Newsletter Programs Deliver a Personalized Product

This was a judicial risk which can happen with various kinds of planning.

You may need to consider changing the buy/sell design. Check with the insurance company’s advanced sales department that the client already has their policies with and find out if the policies can be re-implemented with a new agreement.

This is another reason to reach out to the business owners in your community and to ask your current business owner clients who else needs to know about this decision and the ripple effects that will come from it if it isn’t addressed.

Since these are private agreements, everyone who is a business owner should know and determine if and how this decision affects their current planning (or lack of planning).

As far as I can tell, there is no ‘waiting period’, ‘grace period’, or ‘effective date’. This is the decision, and the implications are immediate.

Have You Updated Your IARFC Member Profile Lately?

The Register | Summer 2024

Member Benefit

David H. Kinder, RFC , ChFC CLU® is known as “The Tax-Exempt Wealth Guy!” His website is www.

DavidKinderFinancial.com. He is the host for “The Financial Advocacy Podcast” at www.

FinancialAdvocacyPodcast.com. He hosted the IARFC Virtual Summit for 2023 and will repeat his role again in 2024. He is also on a committee to update and modernize the IARFC’s Business Owner Consulting Workshop curriculum to assist IARFC members to engage with business owners with their business, retirement, estate, and charitable planning ®

®

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Members Discount up to 30% Page 29

Coach Pete

Marketing is as fun and creative as you want it to be. As a Gemini, I sleep little and have time to continually stretch my marketing presence in the industry. Through multiple mediums, I have found that credibility is the ultimate goal. So in giving you my experiences, I hope you get the idea of what it takes to keep your marketing plans diverse.

Marketing Through Multiple Mediums Peter J. D’Arruda, MRFC®, RICP® When talking about marketing through multiple mediums, the first person who comes to mind is “Coach Pete” D’Arruda, MRFC ®. By his own admission, he has done everything, tried everything, and measured the results.

Here is his diverse marketing trials and successes, to help financial consultants improve their marketing strategies.

Page 30

Way Back When....

After a not so successful outcome with personal seminars, I took a chance on a more obscure radio station in NC. This blossomed into an invitation from a station in Raleigh, which today is six hours on the weekend. It is now my number one source for building credibility, gaining authority, and also getting prospects.

I have also produced TV Shows which involves a BIG budget. TV advertising is expensive and to put together a quality show takes a lot of time, effort, and money. It’s not just getting an iphone out and recording yourself, then sending it to a TV station. You never get a second change to make a good impression and that takes money.

Short ad messages seem to get the point across. These ads have just enough time to disturb prospects to get them to contact you. I find it though a challenge to get them to think about themselves to the point they are willing to make the call.

The Register | Summer 2024

It’s constant work getting my presence out there. Again, building a brand takes effort, trying new things. This is even carried through with airport ads, pricy but effective for visibility...a.k.a...credibility.

To orchestrate my marketing campaigns which come fast and furious, a good team is important.

As a “Marketing Quarterback” I need a team with an important key person who knows my style to back me up. Someone who can run with my directions without having to be micro managed. I hate that type of management style and when I have to start doing that, it is almost time to find someone else. My work way is to say it one time and not have to repeat it again. Not needing a lot of sleep had been instrumental in keeping a 90-100 hour work week at times. My brain is always going.

Although I find radio most productive, marketing efforts extend to social media. It’s a vast universe and nobody knows what it means. I have probably wasted $500,000 or more dealing with social media experts over the years with minimal results. For example, efforts on Facebook have not really panned out. Here’s one social media promotion that died... An experiment with advertising a free movie event called “The Baby Boomer Dilemma” got only 11 takers in the theatre. It is good for your ego when you see all those people click that they will show up, but a killer when you show up to your planned event and few of those people are there. When I consider the leads from Facebook, I can easily picture somebody in the middle of the night, clicking on everything they see.

Having had those kinds of let downs (and trying not to become a bit jaded) I currently am assembling a new social media department with two employees who have the authority to put together a team to get a buzz going about my videos.

The secret to social media is not to be too serious, but not to be too funny. I try to be entertaining enough for people to want to relate to me on a “real person” level, thus contact me, but serious enough for people to take me as a financial The Register | Summer 2024

professional they can trust to take care of their retirement. It seems weaving in the “organic” dreams of a financial plan along with the real dollars and cents is a good blend of keeping things interesting to clients and prospects.

Books are also part of my visibility strategy. Through my 8 books, I view my time in print as adding more legitimacy to my brand. Truthfully, it probably is a cathartic release to get thoughts down on paper and out of my head. At best, I feel proud to be a successful financial author. And they make an impressive give-a-way.

says, they do. Hence, you need to build your own flock.

Big Secret Here... find your marketing niche and exploit it. You can’t please everyone. And really, you don’t want everyone. But if you have 10-20% of people that are yours, that’s all you need to have a gigantic successful business.

Sometimes marketing terms that stick come from the simplest activities. Example: I was driving down the coast to see somebody and I put my car in cruise control.

So, I then compared that to an annuity with the term financial But back to radio... Not just for me cruise control and started using it but also for 53 other advisors on my radio show. A caller later left nationwide for whom my team builds a message saying he didn’t know radio shows. Scripts are developed what I was talking about but that his for these advisors, as I recommend wife said we need financial cruise that most advisors don’t come “off control. It was packaging a simple the cuff” with their deliveries. We term and adapting it to my encourage teleprompters to help marketing ideas. the delivery seem more natural. For myself after all these years of My advice is no matter what you try, experience, my method of working don’t try it and then stop. You have are bullet points of the things that to give people a chance to hear are top of mind. With bulleted facts, you, think about it, then maybe hear figures, and comments, I make my you again. If you abandon a media way through my radio shows. or social media strategy, someone else is going to come in and take Through the years, I have realized advantage of all the money and that marketing is correct timing – time you spent gathering all those coming up with the perfect ad or people that you had, but didn’t approach for the perfect person who know you had. The fact here is that just happens to be listening at the you are building an audience you perfect time. That is why repetition don’t even know you are building. is important.

Truth is, I get bored easily. That is I try not to get excited anymore why I have to have a marketing idea from week to week, month to month, floating around in my head ready to or even year to year otherwise I come out. Fortunately I financial would eventually get disappointed planning marketing has an artistic and give up. I try to maintain an creative side and the ideas for me even keel. are limitless and yes can be deemed crazy.

Working in multiple mediums means trying to reach people in a way they Currently I am working on a sort of can understand. Different people in a historical financial almanac. We every kind of life, reach to different are going from 1909 all the way to mediums (radio, TV, print ads, social 2024 and talk about financial issues media). Again,the secret in all this is and how they have evolved: housing to reach people on whatever level prices, inflation, interest rates, what and build credibility. a gallon of milk costs...etc. That will be a fun (or agonizing) read for us Competing with “Advisor Google” all. for advice is a fact of internet access life, but once you obtain that Final Thought... Remember you are credibility or authority, you become building your credibility through the guru. For example, Dave multiple mediums and the Ramsey’s flock – no matter what he possibilities are endless. Go be creative!

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Is the PERSONAL touch gone?

Do people want personal service anymore? Does anyone care? At a time when online shopping is growing in popularity and people want to save money by eliminating the middleman, the personal touch is alive and well. It has just moved upmarket. The personal touch is one of the biggest advantages the brings to the table.

1. The personal touch is…reaching a live person. When Chase introduced the Sapphire credit card, one of the benefits was (and still is) the ability to reach a live person when you call customer service. (1) The fee is $95/year, showing people place a value on personal service.

Consultants: When a client calls your office during business hours, they can reach you, your assistant, or the person covering your phone when the call rolls over. All these are live people. The logic is you might be calling to place an order.

That needs instant attention.

2. The personal touch is… understanding the tapestry of their lives. When you work with a dedicated consultant, they understand what you seek to accomplish. They understand your goals and dreams. Put another way, they understand why you invest.

Although many people might have similar goals, the personal lives of each client can be different. Over time, they learn if the client is pleased or disappointed with their children. They learn about the strength of their marriage.

Consultant: A good consultant gets to know their clients on a level that Page 32

cannot be reached by filling out boxes via an online form. They can tell from the client’s tone of voice if something is bothering them.

3. The personal touch is…realizing the path from point A to point B is rarely a straight line. Financial planning is great. Every investor, regardless if a dedicated consultant is involved, should go through the process. Gathering data is likely done at all firms because of the “Know Your Customer” rule (2). Firms might gather enough information to satisfy the legal requirements.

Consultant: Because of the personal relationship, the consultant is often emotionally invested in their client’s success.

Why? Because they care and are seeking a long-term relationship.

Clients sometimes suffer setbacks.

Someone in the family gets ill. A child drops out of college. The client gets laid off. The consultant knows the client views the financial plan as a dynamic document and helps them develop a “Plan B.” 4. The personal touch is… continuity. Some consultants help the same family through multiple generations. In some cases, the consultant brings their own children into the business. Although clients might tell friends they are a client of the firm (with some pride), they often have a loyalty to their consultant, following the consultant from one firm to another.

Consultant: The consultant brings something to the relationship a call center cannot. The certainty of talking with the same person or team whenever they reach out.

5. The personal touch is… stepping up when something goes wrong. We Americans are terrified of the Internal Revenue Service. If the IRS decides to audit you, the last thing you want to do is meet them 1:1. You want a qualified professional acting as your intermediary. That is a powerful reason for people to work with an accountant instead of doing their own taxes. The same logic holds for lawyers. If you are on vacation and flights get cancelled, you want to call your travel agent, asking them to sort it out.

Consultant: If you are on vacation in a foreign country and your wallet is stolen, you want someone to call who can help. You want a consultant who can make some calls, send you into a local office and walk out with a check you can cash at a local bank.

6. The personal touch is… representing your interests when you are out of the picture. We will all die someday. We might leave behind a spouse and children.

These people are heirs. They might not know “what happens next.”

There are problems they never consider, like automatic debits to pay bills from the central account.

Consultant: A good consultant represents the interests of their client, realizing the survivors are likely the primary client now. They help them sort through the paperwork, retitling assets. They do not have a hidden agenda. They want to continue the relationship.

The Register | Summer 2024

7. The personal touch is… introducing budgeting. We live in a world built around immediate gratification. Ads on TV want us to buy new cars immediately. Their objective is to make it as easy as possible. Foods that advertise on TV usually cost more than those who don’t advertise. It is easy for clients to live beyond their means. When you access account information online, you are likely to get the numerical facts, not the advice you need.

Consultant: When you work with a consultant who is aware of your spending habits, they can tell you when you are spending more than you earn and going into debt. They can have those difficult conversations you do not want to have with yourself.

8. The personal touch is…serving as a sounding, not a notice board. An online financial services relationship will report numbers. Thanks to ‘preferred partners” they might try to sell you things. Technology can determine your interests and advertise directly to you. The provider drives their own agenda.

Consultant: Many people have “what if” moments. They consider “What if” we bought a beach house? We bought an exotic car? An online service might be able to tell what you can afford in terms of a mortgage, but a live consultant can help you consider the pros and cons of the purchase you are considering? Is that the best use of your money?

9. The personal touch is…providing a reality check. When you have a couple of high earning years, it is tempting to think this is your new reality. You start spending at a level commensurate with your new lifestyle. This often raises your overhead expenses, the number you need to cover every month.

Consultant: The consultant who knows you can discuss the likelihood your good fortune will continue. They can discuss “What If” scenarios. They can make the case for delayed vs. immediate gratification. The clients should respect this input because they have been paying for it over the long term, the consultant knows the clients and has their best interests at heart.

The Register | Summer 2024

10. The personal touch is… trying to stop clients from making bad decisions. Clients have risk profiles. If an investor wants to buy a risky stock, logically they should be able to do it because “It’s their money.” Maybe the client wants to take on a different kind of risk like investing in their brother-in-law’s restaurant on the basis of a handshake.

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Consultant: A consultant with a personal relationship with their clients sees the bigger picture.

They can ask difficult questions.

They can start sentences with: “If the roles were reversed…”

11. The personal touch is… having a smaller, manageable clientele. Online businesses usually make money based on economies of scale. If you have an online investing relationship and talk with a live consultant, how many clients does that consultant have in their area of responsibility?

Consultant: The financial services industry has been moving upmarket. The idea is if a consultant works with fewer clients, they can deliver a higher level of professional service, build deeper relationships, and increase “share of wallet.” They take delivery of personal service seriously.

Personal service is not dead. It is alive and well, living upmarket.

(1) https://time. com/personal-finance/article/ chase-sapphire-preferred-benefits/ (2) https://www. dowjones. com/professional/risk/ glossary/know-your-customer/#:~:text=One%20way%20 organizations%20have%20responded,a%20current%20 or%20potential%20customer.

Bryce M. Sanders

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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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