By Bradley K. Maples Sr

Pictured above, historic Tyler Davis fountain located on Fountain Square in Downtown Cincinnati right across form the Westin Hotel.

The Board of Trustees have announced their plans for their 2021 Board Meetings and National Financial Plan Finals.

The Trustee Board and US Chapter Board will be meeting in person in April of next year in Downtown Cincinnati, OH at the Westin Hotel. At this point in time, the Westin is contracting COVID-ready meeting spaces within the Ohio state mandates.

Because of the uncertainty and potential for plans to change, the IARFC National Financial Plan Competition will be held virtually. The final three teams will be utilizing technology to present their plans. This is familiar territory for students and professors as many of their current curriculum is virtually focused.

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

Creating a Financial Roadmap

One of the ways that I approach creating a financial plan for a client or clients is to look at it like a roadmap. Where we are, is a starting point, and then we have a location that we want to reach. I need to evaluate the situation and first ask “Do we have the financial resources to get where we want to go?” and “Do we have the time necessary to get us to where we want to go?” If there is not enough time, capital, earnings, and savings potential, we might need to adjust the destination (financial goal) or look at other non-conventional avenues to achieve goals. Modifying a client’s goal(s) to make it realistic and achievable is never a pleasant or easy task, but is necessary to a solid plan.

If the destination is achievable, then we can look at different ways to achieve the goal. Sometimes a straight line to the destination may be the only alternative and not only do we have to be careful, we may need to economize further. Instead of carefree spending on the trip we may need economy lodging along the way and careful refueling to take advantage of fuel economies as we travel. This may mean cautioning a client on taking on debt, extravagant purchases, and helping in the formation of a reasonable budget. Much as a deviation on a journey can cause time delays, extra expenses, or even the inability to reach our intended destination, the same can be said for a deviation from our financial roadmap.

Sometimes the destination is not only easily within grasp, but allows for several, if not many options. We can choose a more scenic route or enjoy excursions and dalliances along the way. This is where a client has done a great job of preparing, saving, and earning up to this point. Spending a little more in the present and near future is not a problem and many avenues and options are open for investing and positioning assets. A more personalized and individualized trip (investment/retirement plan) can be afforded. There are many investments, products, services, and choices to help a client reach their goals and objectives and choosing the most appropriate options is integral to creating the financial roadmap. Just as no two families have the same circumstances or preferences when it comes to vacationing, traveling and recreation, clients come to us in the same way, with different starting points, planned destinations, and resources to achieve those goals. Not everyone gets to go to Europe or Hawaii in their lives, much less every year even if they would like to. Not everyone can achieve financial independence on the scale that they would prefer. But with careful planning, a vacation or a financial goal can be accomplished with much better results and success by setting proper goals and objectives.

You can be the client’s trusted financial travel agent, if you help them with their roadmap to achieve their financial goals and objectives. By carefully evaluating their current location and desired destination, you can find the roads, avenues, highways, byways, and vistas that will lead and guide them safely to their destinations. Just as an airplane that deviates by one small degree over a great distance can miss their target destination by a wide margin, the same goes for a financial plan missing the mark for an extended period. It can fall well short of expectations and leave clients stranded, so to speak, on their financial journey. An excellent consultant will also follow up to make sure that everything is going well and assist if for some reason the trip isn’t going according to plans. Isn’t this what we have trained, studied, and prepared to do? Then do it, and do it well!

Bradley K. Maples Sr.,

MRFC®, CFP®, RICP®, MBA, MSML In addition to being an Investment Adviser Representative®, Brad holds the FINRA series 7, 63, and 65 licenses as well as insurance licenses for Life, Property and Casualty, Life Consultant and Variable.

NEW

IARFC Ethics Exam Requirement

The IARFC continues to take the lead in promoting ethical behavior of its members. To address the public concern of ethics up front, the IARFC has developed an Ethics Exam that will be a requirement for its member consultants.

It is centered on the IARFC Code of Ethics which can be found right on the IARFC website. It involves reading and understanding the different parts of the Code which is the basis of ethical behavior supported by the IARFC Association.

The Code consists of three parts: The Canons, The Principles, and The Rules. The Principles embody the ethical and professional standards expected of IARFC designees, and credential holders. These Principles address the “substance” and not merely the “form” of service to the clients and the employers. The Principles are the guidelines of professional conduct; the same conduct that any client would expect of any professional on whom they rely — an attorney, a CPA, or a physician. The Rules serve as a description of bestpractices or IARFC Standards and outline how the Principles must be implemented in specific circumstances.

New Members Any designee or credential holder becoming a member will be required to take the exam upon application.

Renewals Those who are renewing will need to take the exam every other year.

Three easy steps to GET STARTED:

1. Download the Code of Ethics from the IARFC Website.

2.

3. Log into your membership profile on the website. There will be an icon (a justice scale system) that will take you to the Ethics Exam site.

Click “Take the Ethics Exam Today”.

It is an open book test. You have three chances to pass within a year with a day interval in between. Not passing or taking the exam will hold up your Ethics Approved Status. Results are available right away with an option to print a certificate.

Ethic Exams Facts

Each IARFC designee or credential holder must take the Ethics Exam every two years upon renewal.

25 questions based on the IARFC Code of Ethics:

Passing Score: 72%

Cost: N/C

Study Material: IARFC Code of Ethics

Starting with those whose invoice come due by January 2021.

Five Principles

1.Competency

2. Confidentiality

3. Professionalism

4. Diligence

5. Objectivity How to Take the Ethics Exam Log into your profile (you will see your designation or credential) Click on the Ethics Status and Exam Icon Click on the “Take the Ethics Exam Today”