IARFC Register Volume 23 No 3 Summer 2022

Volume 23 No 3 Summer 2022

2022

National Financial Plan Competition Results ®

Your Moral Compass

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 • • • • •

Page 1

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

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The Register | Summer 2022

In This ISSUE Front Cover

Register Profile Mary Moose Garlock, RFC® IARFC Trustee Board Member 15 Member Focus

Features Three Pillars of Success 13 By Barry Dayley

Looking to Hire Younger Consultants or Associates?

Here’s what you need to know.

14 By Dr. James Flanagan

Winning Team IARFC National Financial Plan Competition 1st Place Team - Utah Valley University Sarah Chamberlain, Andrew Mathis IARFC US Chapter President - Bradley K. Maples Sr., MRFC®

Columns 7 8 9 10

From the Trustee Chair, Your Trustees At Work From the CEO From the US Chapter President Managing Regional Director News

IARFC® News 23 Call for Corporate Sponsors 27 Loren E. Dunton Lifetime Achievement Award Nominations are Open!

31 IARFC Demographic Survey Results

Charting and Correcting the Course 18 By Bradley K. Maples Sr.

Inspiring Young Financial Professionals The path to success for young consultants

International News 21 China - 20th Anniversary 22 Hong Kong, Macau, Philippines

19 By Nathan Boyle

Mentoring and Coaching Young Trusted Consultants for Future Growth Within Our Association 25 By Dominique Vercaemert

The Opportunity for New Consultants

Departments 6 From the Editor 6 2022 Editorial Calendar 28 Strategic Alliances

29 By Jeremy Nason

The Importance of Succession Planning from a Client Perspective 33 By Bryce Sanders The Register | Summer 2022

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N e w M R F C ® s, R F C ® s, R FA ® s, and Association Members Events Calendar 2022 Trustee Board Meetings August 16 December 6 US Chapter Board Meetings October 4

RFC®, RFA®, Association Members Mia Renee Bartee, RFC®, MD Ryan A. Breedwell, RFC®, CA Terri L. Collymore, RFC®, MN Craig Alan Colson, RFC®, TX Tierney J. Gorham, RFC®, OK Bruce W. Hamrick, RFC®, NC Brian Hayden, RFC®, MS Sakeisha W. Hylick, RFA®, FL Matthew J. Ivester, RFA® Tim Lankford, RFC®, IN David D. Mehler, RFC®, NC Con J. Reha RFC®, NE Josua R. Silverman, RFC®, OH

In Memoriam

Timothy S. Bullock, RFC®, MI

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The Register | Summer 2022

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BOARD OF TRUSTEES

MRFC CERTIFICATION BOARD

Chair, H. Stephen Bailey, MRFC® Vice Chair, Michael Jay Markey Jr., MRFC® Treasurer, Monroe Diefendorf Jr., RFC® Secretary, Michelle K. Blair, RFC® Trustee, Mary T. Moose, RFC® Trustee, Barry L. Dayley, MRFC® CEO, Leonard Simpson, RFC® COO, Charlotte Isbell

Chair, Robert Lawson, MRFC® Vice Chair, Mary Anne Redmond, MRFC® Treasurer, William Peterman, MRFC® Secretary, Craig Lemoine, MRFC® Director, Julie Friend, Public Member

US BOARD OF DIRECTORS

PHILIPPINES BOARD OF DIRECTORS

Editorial Coordinator Susan M. Cappa editor@iarfc.org Editorial Advisory Committee Michelle Blair, RFC® Lemuel W. Kornegay III, RFC®

The Register is published by the

President, Bradley K. Maples Sr., MRFC® Executive VP., Lisa Ford, MRFC® Vice President, Lemuel W. Kornegay III, RFC® Treasurer, Stephanie Yates, MRFC® Secretary, Gregory Kurinec, MRFC® Director, Robert Laraia, RFC® Director, Paul Wharf, RFC®

International Association of President, Gamalielh Ariel O. Benavides, RFC® Registered Financial Consultants® 2022 Exec. Vice President, Grace De Vera Escobar, RFC® and circulated around the world.

Vice President, Ismael Melendres, Jr., RFC® Treasurer, Ma Arlene M. Baguyo, RFC® It includes articles and advice Secretary, Atty. Nicasio C. Cabaneiro, RFC® on technical subjects, economic events, Director, Cynthia Rimando, RFC® regulatory actions, and practice Director, Allan Tamayo, RFC®

INTERNATIONAL CHAPTERS

IARFC OFFICE ASSOCIATE TEAM

Greater China Chair (China, Hong Kong, Macau, & Taiwan) Liang Tien Lung, RFC®

Editorial Coordinator/Public Relations,

China Development Center CEO Kai Yuan Tu, RFC®

Membership Services, Vicki Caplinger

Hong Kong and Macau Honorary Chair Samuel W. K. Yung, RFC®

Information Technology, Randy Kriner

Hong Kong and Macau, Chair Teresa So, RFC®

WEBSITES

Hong Kong and Macau, Executive Director Allan Wan, RFC®

United States — www.iarfc.org

Taiwan Chair Kai Yuan Tu, RFC®

management.

Chief Operating Officer, Charlotte Isbell Susan M. Cappa Judi Nelson, and Rachel Gibbs

China — www.iarfc.cn Hong Kong — www.iarfc-hk.org Indonesia — www.iarfcindonesia.com

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®).

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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 2022

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

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The Register | Summer 2022

From the EDITOR Summer of Positive Change

Susan M. Cappa, Editorial Coordinator This issue we pay tribute to the participants in the IARFC National Financial Plan Competition. Utah Valley University was the focus as they took possession of the top three spots in the Finals. One of the “perks” of being the winner is to have the top spot (or cover) in the Register. This is an excellent resume item as they begin their careers.

Speaking of just starting out, NFPC Corporate Sponsor Money Concepts and their representative Barry Dayley, MRFC® speaks to these soon to be consultants as they start working with clients (P. 13). His advice as a seasoned professional resonated well with the students. Dominique Vercaemert, RFC® relates his experience in hiring and mentoring these young professionals. In the past, he has attend the Competitions and interviewed a number of members of the team (P. 25). Registration for the 2023 Competition is coming.

We are working hard to get corporate involvement for the Competition. The US Chapter Board is making a concerted effort to approach invested companies for backing. If you have a connection to an entity that you feel would be open to approach for sponsorship, please contact Vicki Caplinger, plancomp@iarfc.org.

2022 Editorial Calendar

Volume, Issue, Theme Volume 23, No 4 November ESTATE PLANNING • • • • •

What to do if the “kids” move back home.

Retirement Pros and Cons Budget review — cutting out recurring, unnecessary expenses.

How to discuss estate planning with loved ones.

Revisit after tax plan changes.

Get Published

More Connections!

Thankfully, we have found our way through Covid and things are starting to return to more in-person events. The IARFC is considering attending more conferences to connect to potential members. The Philippines Chapter is winding up their Tuesday Podcasts featuring international guests. Consultants from the US are featured during this series. And, as an inspiring milestone, the IARFC celebrates its 20th Anniversary of its connection with the China Chapter. Hong Kong and Macau are very close to launching their MRFS designation.

For all of us, it has been a summer of positive achievements!

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.

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The Register | Summer 2022

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.

Contact:

editor@iarfc.org to submit articles Page 6

From the Trustee Chair Dr. H. Stephen Bailey, MRFC®

Your Trustees at Work My appreciation goes out to our Board of Trustees who traveled to Cincinnati, OH in April for a full day, Annual Board Meeting. Unfortunately, I was not one of them and was forced to join in remotely.

To revisit the responsibilities of the Trustees, they have authority over everyone. While the Chapters focus on their Chapter business, the Trustees are the guiding force for the entire Association. All chapters report to the Trustees through quarterly reports. The Chapters have some autonomy but ultimately are accountable to the Trustees.

Annual Trustee Meeting April 2022, Cincinnati, OH

In regards to our meeting, we have a talented, forwardthinking group who are not YES people. The Board is a cohesive group who ask the right questions – thus I am feeling more and more comfortable about their ability to carry on as I transition off of the Board come 2023.

There was a comprehensive Task List that came out of our meeting. Now remains the work to address these ideas and questions which ultimately is a concentrated effort between assigned Trustee members, our CEO and COO, and the Home Office. We have a lot of unfinished projects to address and of course a laundry list of new items.

I personally see our goal is to focus on membership as always – not just acquiring numbers, but giving the current members an Association that is valuable and supportive. We need that message to be more up front – that the IARFC is behind its members and their practices. Through a progressive “Ethics Approved” verification process to the encouragement of continuing education, our members stand out as client focused consultants – hence our Mission Statement.

We need to let consultants know who we are, what we are, and how we represent an Association that is making a difference. Let that be the challenge for our Board in the months to come.

As I phase out by the end of the year, may I express what an honor it has been serving with this Trustee Board. I respect them highly as the future pacesetters for the IARFC.

L-R: Vice Chair - Michael Markey Jr., MRFC®, Barry Dayley, MRFC®, CEO - Leonard Simpson, RFC®, COO - Charlotte Isbell, Secretary - Michelle Blair, RFC®. Attended remotely: Chair - Dr. H. Stephen Bailey, MRFC®, Treasurer - Roey Diefendorf, RFC.®

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H. Stephen Bailey, Ph.D., MRFC® Contact: (704) 563-6844 chairman@iarfc.org www.iarfc.org The Register | Summer 2022

From the CEO Leonard Simpson, RFC®

Opting for Outreach What started as an in-person annual meeting with my peer Trustee members, resulted in a ambitious plan of outreach action.

Meeting the other Trustees helped me know the Board, understand who they are, connect on a more personal level, and learn what people are doing in their own personal practices. Nothing can replace sitting down face-to-face,as we have been getting complacent using Zoom or other virtual meeting software.

I relate the Board Meeting to having that initial sit down with a client – it fosters an invaluable connection.

My reaction was feeling the dedication and commitment of these Trustees – which will further the longevity of the Association.

Since our meeting was logistically scheduled at the same venue as the US Chapter Board Meeting and the IARFC National Financial Plan Competition, I spent time with the Chapter Board Members including the US Chapter President, Brad Maples – another opportunity to get acquainted.

I don’t mind admitting that most of my time is spent around consultants who have been in the business a long time so my first impression of the IARFC National Financial Plan Competition was revealing. It was refreshing to meet the next generation of consultants and get a feel for their dedication and commitment to our profession.

Obviously, the student teams had spent a lot of time on their presentations which left me impressed and encouraged that the IARFC facilitates this type of event.

The Register | Summer 2022

By far the most important take-away from my time in Cincinnati was a plan to expand our outreach. First I enlisted participation from our current members to form strategic groups. Mainly I want ideas to approach consultants under 40 to help us market to their counterparts.

Questions like... ”How do we connect with this age group and younger?”, “What benefit do they see in the Association?” and “How can we meet their needs?” come to mind.

Concurrently, a strategic group for women professionals would concentrate on specific challenges for women in the profession and how the Association can help promote their practices.

Either way it is a call to serve.

Since we are an international Association, a further outreach will be to promote and engage offshore Chapters. Not just in supporting existing alliances, but forming new ones.

I am inspired by the celebration of our relationship with China – going on 20 years. The diversity in cultures truly comes together when we have the same mission in mind – to help our clients prepare their financial future.

As I start working on my outreach plan, it becomes apparent the forming and nurturing of relationships is the key ingredient in any scenario. From the leadership, to our members, to professionals starting out, to our connections oversees, we share in the satisfaction of our calling.

So when I call you to be part of one of my strategic groups, I hope you will become part of the IARFC team!

Notice of Dues Increase Effective 10/1/22 Effective 10/1, the IARFC will increase Association dues for the RFC designation and the MRFC credential. .

Traditionally our dues have been below the fees of other Associations. However, to keep pace with current economic conditions and still bring members the benefits, services, and most importantly the use of their designation/credential, we have to initiate increases.

RFC® Designation As consideration for those who are currently RFCs, we are increasing dues minimally to $300 - as reflected in the annual renewal.

For new members, the dues will be $500, plus $100 application fee.

MRFC® Credential As consideration for those who are currently MRFCs, we are increasing dues minimally to $400 as reflected in your annual renewal.

For new members, the dues will be $600, plus $100 application fee.

(Optional IARFC membership is an additional $100).

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US Chapter Events US Chapter Board President Bradley K. Maples Sr., MRFC® The Annual Meeting for the IARFC US Chapter Board of Directors and the National Financial Plan Competition were held in person this past April in Cincinnati, OH. My feeling is that both events were extremely productive with a good deal of progress to show for our collective efforts.

US Chapter Board of Directors Meeting The US Board welcomed several new members who were integrated very effectively onto the Board as a whole, and specific Committees. The Treasurer vacancy was filled by Dr. Stephanie Yates, RFC®. Many topics were discussed – making sure the focus was on important agenda items vs spending too much time laboring on old business that had already been handled. Careful consideration was given to any major changes so as to avoid creating unintended consequences. These changes will be become part of the US Chapter “business as usual” in the near future.

National Financial Plan Competition The Plan Competition Finals was dominated by Utah Valley University from Orem, Utah, overseen by Dr. Luke Dean, Associte Professor. The teams showed off their impressive financial planning program by nabbing the three finalist spots – thus ensuring a victory for the University from the Finals outset.

They have been a powerhouse in the annual Competition for a number of years as was evident by the very close scoring results. All three teams were worthy of being Finalists. Congratulations to Utah Valley University, Dr. Luke Dean, and all of the participants.

Many thanks to the US Chapter Board for their hard work and the Home Office for facilitating both events. I look forward to great things from the group this year.

UC Chapter Board at the Annual in-person meeting in April at Cincinnati, OH L-R: Robert Laraia, RFC®, Dr. Stephanie Yates, RFC®, Bradley K. Maples Sr., MRFC®, Gregory Kurinec, MRFC®, Lisa Ford, MRFC®, Lemuel Kornegay, RFC® Note: Paul Wharf, RFC® attended remotely

IARFC US Chapter Board Elections For 2022, there is one Director up for re-election to take effect in 2023 - Robert Laraia, RFC® . Other nominations can be made by the membership to run for the Board.

Starting October 1 Suggestion can be sent by any IARFC member (via email) to the Nominating Committee Staff Liaison from those who wish to serve personally or endorsing a candidate for consideration. These nominations are welcomed from the general membership. Bio information, intent to serve, and an optional statement on their intentions to promote the Association will be collected.

Nominations close October 31.

November 1 Nominations will be sent to the Nominating Committee for the initial ballot selection.

November 14 An election is conducted by the US Chapter Board of Directors with the results being announced by December 1.

January and February Newly elected Directors will attend their first meeting virtually, in early 2023.

To Nominate If you wish to put forth your own name or nominate someone to fill a Director’s position, please contact the Nominating Committee Staff Liaison.

Vicki Caplinger vicki@iarfc.org (513) 424-5831

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The Register | Summer 2022

Help Expand the IARFC®?

Contact Dr.

Member Benefit

Constance Craig-Mason, MRFC® constance@iarfc.org (717) 527-3057

US Chapter Managing Filled Regional Director Regional Director Region 1

CT, ME, MA, NH, RI, VT

Regional Director Region 2 DE, NJ, NY, PA

Regional Director Region 3 DC, MD, VA, WV

Regional Director Region 4

Filled AL, FL, GA, NC, SC

Regional Director Region 5 IL, IN, KY, MI, OH

IA, MN, MO, ND, SD, WI

Regional Director Region 7

Regional Director Region 8

Regional Director Region 9

AR, LA, MS, TN

CO, KS, WY, NE

Regional Director Region 10 AZ, CA, HI, NV, UT

Regional Director Region 6

AK, ID, MT, OR, WA

Regional Director Region 11 NM, TX, OK

Commission-based positions available Region Directors (RD) Travels within designated region Makes presentations as needed Plans and conducts events Reports to Managing Regional Director Attends IARFC functions (Annual Association and Regional Meetings)

Compensation – commission based

Requirements

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

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

The Register | Summer 2022

Job Target Resource Center

Based in accordance to new membership and renewals that originate from the specific region of the US Chapter

Qualifications

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.

• Interviewing Everything you need to know to prepare and ace that interview: preparation, performance, and followup.

• Career Advancement Learn how to build your brand, get promoted and move your career in the direction you want.

• Navigate the Digital World Networking and Social profile • Career Coaching Connect with an expert and get coaching customized to your specific goals.

• Career Planning Get career details including projected growth and wages, daily tasks, recommended education and skills and much more.

Members Log on through the IARFC Portal Page 10

National Financial Plan Competition

The Results!

First Place:

Sarah Chamberlain & Andrew Mathis

Second Place:

Max Gledhill & Brooke Gibson

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Third Place:

Sam Jensen and Jakob Wagner

The Register | Summer 2022

NFPC 2022!

Michael M arkey, MRF C, IARFC V and Andre ice Chair d w on their rilling Sara financial p h lan

The Finalists Teams from Utah Valley Univeristy along with Dr. Luke Dean, AssociateProfessor

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Brooke G

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Bob Laraia RFC ®- Corporate Sponsor, Dr. Luke Dean - UVU, Brad Maples, MRFC ® - IARFC US Chapter Board President, Barry Dayley, MRFC ® - Corporate Sponsor

The Register | Summer 2022

Page 12

Three Pillars of Success Barry L. Dayley, MRFC®, CFP® Money Concepts Corporate Sponsor Let me share three important pillars that can help you, regardless where you are in your career, find greater success and joy.

First, have a Committed Benevolent Interest or CBI, in everyone around you. This includes your family, staff, co-workers, prospects, clients, strangers, and yes, even enemies. This is hard and takes daily practice. So, what is CBI? For the past few years in the financial services industry there has been a great deal of talk and policy implementation around the concept of ‘fiduciary’. In other words, putting the best interest of your prospect or client first. Some firms even promote it as something that seemingly sets them apart from the competition. Though fiduciary behavior is a good practice, it is not unique or special in the financial planning business. Being a fiduciary is and should be expected by every client you work with. It is nothing more than being honest and trustworthy. If you can’t do those things, you won’t last in the profession.

A Committed Benevolent Interest however, is a higher standard. It is not only having the best interest of the client in mind and putting their interest first, but it is having a true concern not only for the outcomes, but for the persons being served. In essence, CBI is love. Therefore, we should love our clients, staff, friends, and enemies. This is not romantic love, but the kind of love where you rise though levels of closeness to wisdom and eventually a union with the truth. We should love what we do while we serve others with love, who love what we do. If you approach your business and life this way, others will see and feel the difference. It is truly a way of being.

Page 13

The Second pillar is money. Yes, money is not only a means of exchange, but it is a pillar of success in life. Those who are successful in the financial planning profession understand and like money. Not to count, horde, love it, but they use money as a means to provide the financial security for their family and the individuals and families they serve.

Money can provide access to experiences and educational opportunities that will open doors in the future. Money then is a tool to provide the needs and wants of a business and family. In addition, it is a means of measuring prosperity and how you can share the principles of it with others. In essence, how many lives are better off from the work you do?

I’m sure you have asked yourself this question. What is the earning potential of a financial consultant? If over the next ten years you convince 200 people to work with you to do their financial planning, and over that same time period, they refer an additional 200 people to work with you, it is likely you will be earning in excess of a million dollars in your business annually. In our current demographic & pshycographic climate, the demand of our services and available assets to manage is growing at an unprecedented rate. It is reported that there are over 100 million people who need our services, while at the same time, the number of financial consultants is declining. Therefore, you have a bright future if you apply yourself.

If you couple the principle of CBI with money you have a powerful combination.

My Third and final pillar is, be a student of the profession. The name

of our firm is Money Concepts. Over the years, I have felt it was aptly named because we use concepts of money to help people solve many challenges and opportunities for our clients. To maintain a contemporary understanding of these concepts, you should be engaged in an ongoing learning program. Read books, take classes, attend workshops and symposiums.

I also encourage you to get involved in certification programs like the RFA®, RFC®, and MRFC®. Not only are these an indication to your clients and prospects of your commitment to the profession, but to hold these certifications, you must continue to qualify yourself through ongoing education and ethical behavior. In fact, the MRFC® has the highest continuing education requirement of any certification program in the profession.

Including the CFP®. Truthfully, you can’t really serve your client with CBI and use the best concepts of money, unless you are a student of the profession.

This is an amazing profession with literally unlimited potential for your career. I invite you to follow these three simple pillars: 1. Committed Benevolent Interest 2. Use of money to bless your family, clients, community, and business 3. Student of the profession These three pillars will accentuate your success and add joy to your life as you navigate the many challenges and opportunities you will face in this just cause we call, financial planning.

The Register | Summer 2022

Jamie A. Bosse, RFC®, CFP®, CCFC

Looking to Hire Younger Consultants or Associates?

Here’s what you need to know...

There has been a lot of talk about the Millennials in recent years, but now a new generation has entered the workforce.

Generation Z is proving to be an innovative force that may change the way we think of work. According to Pew Research Center, Gen Z includes those born between 1997-2012, so the elders of this generation are now in their mid-20’s.

I interviewed a handful of folks in the financial planning industry that ranged from recent college grads to married or engaged 20-somethings. All of them had different responses, but there were some consistent themes that emerged.

Here are the top four things that Gen Z candidates are looking for in a firm.

Flexibility

Gen Z saw the working world adapt and change as Covid-19 swept the nation.

Many companies were already offering remote or hybrid working options, but the pandemic forced financial planning firms to innovate and work with the existing technology. Gen Zer’s may never experience a job where you clock in at 9:00 and clock out at 5:01 – that just doesn’t make sense to them. Our work and personal lives have always been intertwined at some level, but Gen Z demands the flexibility to make those schedules work together. They expect their employers to trust them to work from home, take a mental health day or go on vacation without being met with resistance. Travel and experiences are important to this generation, and they want to be able to do these things while they are young and unencumbered by families and additional responsibilities. They want a firm that understands work-life balance and is looking out for their general well-being.

Mentorship

This generation does not just want a “boss” or “manager” – they want a leader who will help them learn and The Register | Summer 2022

grow. They expect mentorship and guidance from other members of the firm. They want to feel like they have a voice that will be heard and that they are a valued member of the team. They notice if a firm has high turnover and if the employees seem happy. Training programs are important to them and they want to know the path for them to learn and develop their skills. They look for a firm culture that appreciates it’s employees.

Mission

Money is important, but the mission is vital. Members of Gen Z want to know that they are making a difference. A study by Lever concluded that 42% of working-age Gen Z would rather be at a company that gives them a sense of purpose than one that pays more.

Young advisors want to be at a firm that is truly helping people, not just sales people trying to hit targets to win a free trip or new watch. They want to be a part of something bigger.

Opportunities for Growth

Young advisors are excited to work for firms that are evolving and have a growth mindset. A big turn-off is the old “eat what you kill” mentality. Associate

advisors prefer that their salary be tied to growth of the firm, not the individual business they bring in – at least in the first few years. They want to be involved in client meetings, shadowing experienced advisors, and getting feedback in order to grow professionally. They look for firms that support continuing education, being members of industry organizations, and designations.

Are you ready to bring on employees from this innovative and socially conscious generation?

Jamie A. Bosse, RFC®, CFP®, CCFC is a Principal at Aspyre Wealth Partners where she helps young families understand, manage, and improve their financial situation. She is the author of Money Boss Mom, Helping Young Parents Be The “Boss” of Their Financial Future and the Milton the Money Savvy Pup children’s book series.

References: https://www.lever.co/research/2022-internalmobility-and-employee-retention-report/?utm_ medium=pr&utm_source=news&utm_ campaign=leverbrand&utm_content=job%20 crafting%20report

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Member Focus: Mary Moose Garlock, RFC®, AIF® For over 23 years Mary Moose Garlock, RFC®, AIF® has dedicated herself to her clients. By providing warm and insightful guidance, tailored to her client’s needs, goals and dreams Mary is able to help them build a plan for the future.

She presents investment solutions to help simplify and enhance the quality of her client’s lives.

As a new member on the IARFC Board of Trustees, let’s get to know Mary better and find out about her thoughts on the Association.

Register: When did you discover your passion for helping people with their financial future and how did you pursue this interest?

Moose: It was in the late 80’s that I first started listening to motivational speakers like Zig Ziglar and Steven Covey when driving to work. The encouragement I received from these speakers led me to apply for a job with a bank where I soon became insurance licensed and securities registered. I was immediately drawn to investment and retirement planning and knew that helping people just like me, was my passion.

Register: Explain why you decided to start Victory Financial Planning.

What’s the story behind the scenes?

Moose: I wanted to go deeper with my clients, and I did not want to work in a transactional setting. I desired authentic relationships with my clients, without being constantly pushed to sell them the next great thing. I’ve always been a bit of a rebel and fiercely independent. The clear path for me was to start my own practice. When I was trying to decide what to name my company, I started seeing Vs everywhere – in the sky, trees, it was a clear sign that Victory was the name!

Being an Independent Advisor is more responsibility. The buck stops here; however, the rewards are greater than the sacrifice.

Page 15

Register: Have you had the advantage of helpful mentorship in your career? What is the importance of that resource?

Moose: I had a few mentors over the years. Having mentors to share thoughts and ideas with was, and is invaluable. I also participated in high level coaching which was pivotal point in my professional development and growth. I often feel I learn everything the hard way; however, figuring it out for myself deepens my understanding of the task at hand.

Register: You talk about the meaning of “Independence” in the financial aspect of one’s life. What does that mean to your clients?

Moose: Independence is a big word and has tremendous meaning in the financial services industry. It means not being limited by a franchise or impacted by the agendas of other’s pocketbooks. In the financial services industry, independence is gained in much the same way independence was gained by the US in 1776. Individuals with ideas and desires to be free can exercise their right to be free from the status quo, or institutions, to serve clients

without restraints. The result is an elevated relationship and level of service. It matters because clients work hard for their money. It matters because clients and their families deserve more than a transaction. It matters because clients deserve a relationship with a Financial Consultant who is free to have thoughts and ideas of how to best serve their clients’ individual needs that are independent of the status quo.

Register: Your mission statement concludes with – “If it matters to you, it matters to us. ” How does that reflect in developing a financial plan for your clients?

Moose: Financial Planning begins and ends with the client. Clients will tell me what is important to them when I ask. I will know what matters to them as I listen. In my experience, people just want to be heard and understood. I put myself in my clients’ shoes and seek to

The Register | Summer 2022

“We value relationships and work very hard every day to honor the trust placed in us. We are committed to maintaining the highest standards of integrity, professionalism, and kindness in our relationships. We endeavor to know and understand each persons’ financial situation. We provide quality, reliable advice, information, and services with the goal of helping our clients achieve their goals.” Mary T. Moose, RFC®, AIF® get to the root cause of their fears.

Then I either suggest an action place to address the fear, or shed the light on why the fear is unfounded. I care deeply for my clients and knowing what matters to them, matters to me.

Register: From your own admission, you promise “warm and insightful guidance”. Give examples of what that means to the client/consultant relationship.

Moose: About two years ago, I emailed my clients and asked them to describe me and/or our relationship by using three words. This was a humbling experience, and the response was overwhelming. The three words “Warm and Insightful Guidance” comes straight from my clients and is descriptive of the culture at Victory Financial Planning.

Register: When talking to women at conferences and workshops, what do you find are the main concerns, obstacles, and challenges to helping women prepare for their financial future?

Moose: As a woman and after observing women (and men) go through the discovery process and formation of a plan, I often find that most of us just need to get out of our own way. I find that many are intimated by the idea of just talking to a “Financial Consultant”. There is fear of the unknown, so it is easier to just push it aside. Once close to retirement or upon receiving an inheritance, evasion doesn’t work anymore. When a prospective client comes to me, they are a bit anxious at first and quickly relax when they see I am here to help.

Women value security more then men.

For most of us, the need to feel secure drives our decision making around money.

Register: Let’s explore your background in marketing. What are the key successes in addressing a target audience and what are the key objectives for the IARFC in putting a marketing plan into place?

Moose: I’ve often said I would have like dto have about three different careers.

The Register | Summer 2022

L: Mary with her daughter Megan and Grandchildren Cole and Michelle Top: Mary with Son Travis Moore

While I love being a Financial Planner, I would have also liked to have been a District Attorney, Stylist, or Marketing Executive. I never really thought what I did in marketing my practice was anything special until I attended a few conferences and realized most Financial Professionals have no idea how to market themselves. My marketing successes have come from consistent messaging to existing clients and prospects and being the expert in a niche market.

For the IARFC, I think that, with a goal of increasing membership in mind, the Association needs a fresh, new look.

IARFC has a great history and many stories to share. I would like to see these presented in a new way. As an independent woman I balk at anything that looks institutional, too traditional, or stuffy. As a woman in a male dominated field, I believe it is important that our message is that theIARFC is all inclusive.

Register: What have you learned through the pandemic about communications and how does that change your approach to clients now and in the future?

Moose: My practice is forever changed!

While I have an office a few hours away, I only go there four days a month.

During this time, I have a very full schedule. Most clients prefer Zoom, especially now with gas prices topping $5.20/gallon and the continued uncertainty about COVID. I’ve learned that I must be flexible and nimble. To quote the Marines, “I must adapt and overcome” the challenges presented.

Register: You have been a member since 2006. How has the IARFC helped you project your image to the public you serve, especially in the area of ethics?

Moose: My RFC designation confirms to the public that I am a vetted professional who did the extra work to achieve an RFC designation. It conveys that I take what I do seriously and, am committed to continuous improvement and learning. Building the trust that must exist in a client/Consultant relationship does not happen overnight.

Having the backing of the IARFC Ethics Approved status is evidence that I; a) care about ethics, and b) I’ve been found worthy for approval by IARFC for the Ethics Approved status.

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Register: Why were you interested in becoming part of the IARFC Board of Trustees?

Moose: Giving back! By serving on the Board of Trustees, I am given the opportunity to share my experience and to serve others. My hope is that I can help the IARFC evolve into its full potential. Serving on the Board of Trustees is a great honor.

Register: In your opinion, what should be the focus of the Trustees in moving the Association forward?

Moose: There are so many great things happening right now! Determining how to best serve current members while recruiting new members is Job #1.

Without our membership – we are nothing. I believe opportunities exist to enhance and deepen relationships with existing members. I also believe that there must be a laser focus on recruiting new members.

Register: Where do you see the challenges for your position and the Board in achieving their objectives?

Moose: Having only attended two Board Meetings, this is a hard question to answer. I will just say that I am excited to be a part of the leadership at the IARFC. I’ve found the Board members to be quality, highly experienced, and successful individuals who care deeply and are committed to the success of the IARFC. Register: Are you still connected to your North Carolina roots? How do you find serving clients on the opposite side of the country differs from those with a Southern background?

Moose: While there are cultural differences, at the end of the day people are people. We all have had great joy and great heartache. Most of us want the same things.

My daughter and grandchildren are near Greensboro, NC and my son and his

husband in Atlanta, GA. I am very connected to the South and go there several times a year. You can take the girl out of the South, but you can’t take the South out of the girl!

Register: How do you spend your not-at-the-office time?

Any special interest? Hobbies?

Moose: I enjoy spending time with family, friends, gardening, cooking, and romping on the beach with my Labradoodle, McKenzie and St. Berdoodle, Pickle. I also have a little Maltipoo rescue who prefers sleeping on the sofa. Most recently, I’ve invested a lot of sweat equity into a house I recently purchased on the Washington Coast. I love living in this somewhat rural coastal community. I have never seen more rainbows, eagles, or deer!

Register: What is on Mary’s still-todo-list regarding career, family, and personal goals?

Moose: My lists today look very different than they did several years ago. My priorities never change. There are three guiding forces in my life.

Those are God, Family and Friends, and caring for my clients. If I do not take care of myself, I cannot be there for anyone else, so this is my foundation.

With the last couple of years being so uncertain, I have been reticent to set big goals or make plans. I find myself in a place where I am just open. I am open to doing and being whatever God has planned for me. This is in stark contrast to my prior self who was always planning the next step, the next move, the next hire. I expect that sometime in the next year I will gear up my business and attempt to do some “live” events. I’ve had the big office with multiple employees, and it was a blast. I am not sure that is important to me at this point. I currently work with a virtual assistant and have found, that, as an RIA, with

wonderful technology at my fingertips, my business is so streamlined there is no need for additional employees.

Contractors fill in the gaps.

Register: Elaborate on the importance of being a life-long learner in the financial services industry.

Moose: I believe that forward motion is required; otherwise, I am going backward. I am well served by my curiosity and consider myself a student of Financial Planning and the industry. I always ask “why? how? what? when?”. I want to know the nitty gritty of cause and effect. As I know and understand I can help others to do the same.

Register: You recently changed your last name from Garlock to Moose? Is there some significance to that name?

Moose: Absolutely! I married a Moose in 1984 and we were married for 30 years. The Moose is the father of my two beautiful children. Following this I had a short marriage during which I changed my name from Moose to Garlock.

Now, the Moose is back!

Disclosure: Victory Financial Planning is a Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult witha qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Page 17

The Register | Summer 2022

Charting and Correcting the Course A plane traveling a great distance can totally miss its intended destination by miles, tens of miles, and even hundreds of miles if it veers even a degree off course. With winds and other factors, this can happen quite easily. A hiker traveling without visual reference points or through uneven terrain can get off course, turned around, or even travel in circles. A boat sailing the seas is acted upon by wind, waves, and currents resulting in changes of direction. Even a boat that is apparently floating in place will drift because of these issues. Minor changes or deviations in course and flight path can cause minor or major difficulties in reaching destinations. This is why pilots constantly monitor their course, hikers check their bearings and use reference points and a compass, and sailors must constantly adjust their bearings. The more distant the destination, the more critical these course corrections become. Heading across a hill, through a bay, or a flight between two close cities is not as hard, but distance will add to the difficulty of any journey.

These truths hold true in financial planning, advising, and consulting. A financial trip through time, market ups and downs, changes in the economy, interest rates, and other risks can alter the effectiveness and course of our planning. A client's health, job status, spending, and other factors can affect it as well. A sequence of returns problem, at the beginning of retirement, can drastically change the trajectory of a portfolio, no matter how well planned.

So what do we do, as planners, advisors, and consultants, to take care of these concerns? We need to constantly monitor the plan and make course corrections as needed. Much like pilots adjusting course, hikers changing direction, or sailors adjusting the wheel, we need to make these adjustments.

The Register | Summer 2022

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Sometimes, the corrections are small and almost imperceptible. Sometimes, greater changes must be made, and sometimes severe modifications will be necessary. These could include a restructure of assets, cutting expenses, changing required contributions, and/or pushing back a retirement. This could be stressful on the planner, advisor, or consultant; probably even more so for the client, but the consequences could be even more dire if not acted upon with prudence and allowed to become a problem that can’t be solved.

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As planners, advisors and consultants who care for our clients, and have a responsibility to look out for them, let’s make sure we monitor the path and progress of the plan as well as make or at least suggest course corrections as they become necessary or advisable. In this way, we help them get to their intended destination and hopefully in the time that was allocated.

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Inspiring Young Financial Professionals The path to success for young consultants...

I entered the Financial Planning world back in 2012 as a 23-year-old with very little (actually, no) experience in the industry.

Funny enough, I had in the year prior, just completed my Master’s degree in Cell & Molecular Biology, with the intent on achieving a long career in the Medical Research field. I very soon realized that field was not for me, and at the same time the opportunity came forth to work with an established Financial Consultant in my area, and I have never looked back.

Recently, I had the privilege to be a featured speaker at my Broker Dealer’s national conference talking about the path to becoming a successful young consultant. Some of the things I shared that day I wish to share with you now, because I know the path isn’t always easy, and many young professionals struggle with parts of the journey. The average age of a Financial Consultant in our country is between 51-55 years old. Not only that, but the average age of a Financial Consultant continues to increase, while the industry as a whole has shrunk as the assets available continue to grow exponentially. The opportunities for young consultants are as massive today as it has ever been, but how do you take advantage of them successfully?

I will share with you today the successes and struggles I encountered that helped me reach the top production level awarded at my Broker Dealer by 32 years old.

THE FIRST OBSTACLE... I ran into as a young consultant, and one that I think makes or breaks many who have just entered the industry, is confidence.

How do you, as a fresh-out-of-college individual, sit down with someone twice, three, or four times your age and convince them you are a professional and they should trust you? It is difficult.

But here are some things that helped me along the way: 1. Brand your firm.

Brand and leverage the experienced professionals around you that are trying to help you grow. When I would sit down in a meeting with a couple in their 60’s, and they would nicely ask why they should trust someone so young with their money, I simply let them know that I was not making decisions alone, but making them as a team with an established firm that has been around for decades.

2. Further your credentials & education.

I knew early on that if I wanted to properly service my clients as I envisioned, and portray a confident and Page 19

knowledgeable professional to my clients & prospects, I needed to be a student of my profession. A few years in, I went and passed the CFP® exam. A couple years later, I achieved my MRFC® credential. This not only shows your clients, prospects, and colleagues your dedication to your field, but it boosts your confidence as a young professional when meeting with individuals and couples that are a lot older than you. I firmly believe that we do our clients a disservice if we do not continue to educate ourselves and become students of our profession. Our industry is ever changing and involving, and we need to be on top of that.

3. Find a great mentor & leverage your experienced colleagues.

I was fortunate enough to start under a truly amazing mentor – one who thought very similarly to me and had a passion for guiding me along the way.

Some of you will have this, some of you may not, but you will meet other professionals along the way who would love to give you words of wisdom and advice. Reach out to these people often. Sit in and shadow their meetings

as often as you can, talk about their triumphs and struggles, and lean on them when you encounter issues along your personal journey. This relationship saved me a few times when my tires were spinning and I was having trouble seeing the long-term picture, it can for you as well.

THE SECOND OBSTACLE... you will encounter is finding your why – why are you in this industry, and what can you do to display this to your clients? When I’ve helped mentor other young consultants, I make sure I ask them why they are in this industry. What makes them passionate about what we do?

You will soon find a truth out in the first few years as a Financial Professional, and that is – if you try to prospect and keep clients happy solely on investment performance alone, you will never succeed. The research you do when achieving your credentials and being a student of your profession will show you that investment performance averages out for all firms over time; no one investment philosophy, strategy, or model will give you the edge you think it will over your competition. Instead, The Register | Summer 2022

focus on why you are a financial consultant, and properly display this ‘why’ to your clients. Here are some simple things you can do: 1. Write or type out your ‘why’.

Every single year, I spend a few hours writing out why I do what I do. What I’m passionate about, both professionally, and personally. And at the very end of this, I set my goals for the year. You would be shocked how helpful this process is for your motivation, passion, and goal-planning. After I write this out, I type it up and put it on a bulletin board in my office so that each day, I am seeing my goals and why I’m in this industry. Everyone has their own, personal reasons… what is yours?

2. Develop your own mission, vision, and investment process.

I do this individually, and then I take my individual version and discuss it as a firm until we nail down our firm’s mission, vision, and investment process.

These can feel a little cheesy, so I would encourage you not to make them dry and generic; focus instead on making them unique and individual to you and your firm. When we sit down with a new prospect, we cover these things. Then, when they become clients, we subtly reiterate them along the way. They aren’t going to stay with you for 30+ years because of investments, they will stay with you because you have displayed who you are and how much they mean to you, and that is how trust and a relationship grows.

3. Use your why and mission statement to develop a concrete, replicable, and truly amazing client experience.

There is a great book by Ken Blanchard & Sheldon Bowles called ‘Raving Fans’.

I suggest you read. It really illuminates that to move from just being average or good to great or outstanding in your clients’ eyes, you have to make your clients Raving Fans. You achieve this through all the above items, and then combine that with client service and attention to detail beyond their expectations. For example, one thing we do at our firm is we keep track of what our clients like; how they like their coffee, what type of wine they like, what their favorite snacks are, etc., and when we meet with them, we can have this stuff ready and waiting for them as they come in – a WOW before the meeting even begins.

The Register | Summer 2022

I’ve talked quite a bit on some of the obstacles you will encounter as a young professional in this industry, but I also wanted to talk about why I believe this profession is one of the greatest there is, and how you can create a happy, incredible, & fulfilled life doing this.

Very few professions, in my experience, offer you the chance to make unlimited income with a fairly generous, flexible schedule that also affords you the ability to make a massive difference in people’s lives – and I mean MASSIVE. I can’t tell you how many times I have sat down with a client to have them thank us for what we have done for their lives.

Studies have shown that people fear running out of money as much as, if not more, than dying. A good consultant will help alleviate this fear overtime through the realistic, honest, thoughtful, and thorough work you do.

The number of financial professionals is aging and shrinking, all while the number of asset opportunities around the country are reaching levels higher than ever before – now is the best time I can think of being a young professional in this field. It won’t always be easy. You will have to grind, you will have to sacrifice time, and you will have to lean on your mentors at times to keep moving, but it is worth it.

My last piece of advice for all of you young consultants reading this is to focus on the long-term. This was the single most important piece of advice my mentor ever gave me, and it came within the first few weeks of entering this field. When I found myself, in years 2 & 3 in this field, having my tires spin a bit because I felt I wasn’t making enough progress, these words resonated with me and kept me going, and thank God they did. Success may not come overnight, but if your ‘why’ is strong enough, and you keep at it, you will achieve more success in this field than you could ever believe. Good luck!

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IARFC International News China A 20th Anniversary Message from Liang Tien Lung, IARFC China Chair IMG, Insurance Marketing Group Since the inception of the agreement between the Insurance Marketing Group (IMG) China and IARFC US in 2002, I have been very pleased with the opportunity to promote the Registered Financial Consultant (RFC®) designation in the Greater China Area (i.e. Mainland China, Taiwan, Hong Kong, and Macau). Over the 20 years of successful collaboration, we have sincerely appreciated the support and guidance that has made the RFC® the most recognized and respected financial designation in the Greater China area.

IMG continues to support the IARFC mission and vision in the Financial Services Industry. As of today, we have trained and developed more than 20,000 distinguished members who serve their clients with professionalism and integrity. They help people wisely save, spend, invest, insure, and plan – thus making a transformational difference in their financial future.

We are looking forward to maintaining this longtime connection with the IARFC in accomplishing its mission and objectives in the coming years. We sincerely wish, through the closer relationship of IARFC and IMG, a remarkable and prosperous future for both.

Congratulations from IARFC Trustee Chair Dr. H. Stephen Bailey, MRFC ® “I have a significant milestone to applaud today – the Twentieth Anniversary of the relationship between the Insurance Marketing Group of Greater China and the IARFC, truly making us an international Association. This alliance represents the successful promotion of the Registered Financial Consultant designation in the areas of Mainland China, Taiwan, Hong Kong, and Macau.

Starting with the formation of the Chapter cultivated back in 2002 by then Chairman Ed Morrow and the Greater China Development Chair Liang Tien Lung … to today’s relationship with the current Board of Trustees… Greater China has embraced the Mission of the IARFC. With these shared goals in mind, we continue to extend the message that whatever the culture or wherever the location, the work of a financial consultant is indeed a noble calling. We serve our clients with integrity and purpose.

As I wind down my time as Trustee Chair, I am proud of the work that we have accomplished with Greater China.

Going forward, the Association will continue to support the Chapter with the backing of the Board of Trustees and the involvement of the home office. Let this be the message of our united efforts: to encourage… endorse… and celebrate our like-minded values.

I have been honored to serve as your Trustee Chair and I wish us every good fortune for the future. Congratulations on our mutual longevity and THANK YOU for being part of the IARFC!” Page 21

The Register | Summer 2022

IARFC International News Hong Kong/Macau

IARFC Philippines Tuesday Podcast

IARFC CE Workshop The IARFC Continuing Education Workshop theming “NFT and Metaverse: the next fortune making engines?” was held 17 June 2022 by online broadcast. This member-only activity attracted over 100 participants, who were impressed by the one-hour sharing of Mr. Ivan Mok, a specialist in NFT and Metaverse. On the same occasion, Dr. Teresa So, RFC®, Chairman, Hong Kong and Macau, IARFC and Mr. Eugene Lam, RFC®, Member, IARFC Member Development Committee, Hong Kong and Macau elaborated on NFT and Metaverse from the Financial Planning perspective. To kick off the workshop, Mr. Alex Shum, RFC®, Chairman, IARFC Member Development Committee, Hong Kong and Macau welcomed the participants with his warm message. Mr. Scott Chan, RFC®, dedicatedly served as the Host of the workshop. Dr. So concluded the event with her motivational words.

Nick Royer, MRFC® Dr. James Flanagan, MRFC® Dr. Constance Craig-Mason, MRFC® Leonard Simpson, RFC® Mary Moose Garlock, RFC® Bradley K. Maples Sr., MRFC®

Listen to the International Series Now Available on

IARFC Philippines Facebook Hong Kong Certificate in Financial Consulting (ExecutiveProgram) The IARFC-accredited program, Certificate in Financial Consulting (Executive Program), was completed in May 2022 with 20 enrollments. The four-day program, which was classroom-taught in spite of the pandemic, covered key elements of Financial Planning: Economics, Law and Tax, Finance and Investment, Practical Aspects of Financial Planning and Case Studies.

The program is jointly organized by IARFC Hong Kong and Macau Centre and Lingnan Institute of Further Education,the arm of Lingnan University for continuing education. Program graduates are eligible to apply for the RFC professional designation. Qualified students are entitled to government subsidies.

Dr. Teresa So, Chairman, Hong Kong and Macau, IARFC taught on Day 4 to share her rich Financial Planning experience with the students. Mr. Allan Wan, Executive Director, IARFC Hong Kong and Macau Centre kicked off the class by his warm remarks.

IARFC Hong Kong and Macau Centre and Lingnan Institute of Further Education entered into an agreement in June 2022 to extend the cooperation for a further two years.

The Register | Summer 2022

Macau Professional Certificate in Financial Consulting (Executive Program) The IARFC-accredited program, Professional Certificate in Financial Consulting (Executive Program), commenced in April 2022 with 16 enrollments. The four-day program was taught by hybrid delivery, in-person and online, due to the prohibiting coronavirus situation: Personal Financial Planning (in-person), Law and Tax (in-person), Finance and Investment (in-person), Practical Aspects of Financial Planning and Case Studies” (online) Program graduates are eligible to apply for the RFC professional designation.

Since 2014, the program is jointly organized by IARFC Hong Kong and Macau Centre and City University of Macau . The current cooperation will last till 2024 and is renewable.

Page 22

CALL FOR CORPORATE SPONSORSHIPS

2022 Finals, Cincinnati, OH

2023 IARFC NATIONAL FINANCIAL PLAN COMPETITION Corporate Sponsorship Affects the Future.

Make an IMPACT by supporting the next generation of financial professionals!

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

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?

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

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.

Encourage Does Your Alma Mater have a Financial Planning Curriculum?

As a Corporate Sponsor, consider promoting the Plan Competition to educators as a “Real World” experience for their students!

Corporate Sponsorship Levels • • • •

$10,000 - Diamond $5,000 - Platinum $2,500 - Gold $1,000 - Silver

For more information on Corporate Sponsorship, contact Vicki Caplinger (513) 424-5831 or plancomp@iarfc.org Visit https://www.iarfc.org/events/nfpc for more information on the competition itself.

A Message from Bradley K. Maples Sr., MRFC ® — US Chapter Board President “Your support of the IARFC National Financial Plan Competition is an investment in the future of the Financial Services Industry. It’s an opportunity to champion those university-enrolled individuals who are choosing this career field. Having been witness to the journeys of the students and the in-person phase of the Competition, I appreciate the hard work it takes to make it to the Finals and the “real world” experience students gain through competing. Help us continue this viable program that reinforces to the next generation of professionals the impact they can make on the lives of the clients they serve.”

AA A

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The Register | Summer 2022

IARFC INTERNATIONAL ASSOCIATION OF REGISTERED FINANCIAL CONSULTANTS

NATIONAL FINANCIAL PLAN COMPETITION 2023 Event Location TBD

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 (expenses paid) - 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

Recognition during Plan Competition - visibility and affirmation of support

X

X

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

X

X

X

Logo only

Individual

Individual

General

General

$10,000

$5,000

$2,500

$1,000

Advertisement recognition in the Register and Journal of Personal Finance, 1 time Personalized Message and Logo in the Register and Journal of Personal Finance during run of the Plan Competition promotion Media Release, Individual (personalized), General (pre-event release) Cost

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.

International Association of Registered Financial Consultants 146 N Breiel Blvd., P.O. Box 506, Middletown, OH 45042 Phone: (513) 424-5831 Fax: (513) 345-9479, Email: plancomp@iarfc. org The Register | Summer 2022

Page 24

Mentoring and Coaching Young Trusted Consultants for Future Growth Within Our Association As we all know, one of the biggest challenges in our business today is finding skilled young talent to recruit into our practices. Having started in the financial services industry in 1975, one thing I can predict with absolute certainty is that change is inevitable and constantly evolving. Imagine asking a young consultant today to join your practice and telling them that all the training and support they are going to get is a rate book and a phone book. Good luck with that, right? Well, that is how I got started.

If you have been around for a while, you know exactly what I am talking about.

So, imagine for a moment that I had planned for my business to survive multigenerations with the above-mentioned marketing plan? You guessed it, I would be out of business today. I am not trying to be funny here, but in 1975 this was my reality, and is a real reflection of how our industry has drastically changed over a 47+ year span. Our business today hardly looks anything like it did back then, and it will continue to change twice as fast into the future. The question is, are you ready for it, and if so, what are you willing to do to differentiate yourself from the crowd?

Let me share with you what we have done to do exactly that, although there are Page 25

many ways of building a successful business. In 2005, I hit a wall and totally burned out after 30+ years in the business, and as much as I loved what I did, I seriously considered shutting down my practice and getting out of the industry. Instead, I decided to once and for all build the practice that I always dreamed of and at the same time, create an environment with the intention of attracting not only the right type of clients, but also employees and consultants.

So, we totally reinvented ourselves and transformed the practice into a Values-Based Financial Planning business. We have always been a holistic financial planning firm anyway, and talked more to our clients about their quality of life than about products and transactions. I literally closed my eyes and committed to transforming the business into a fee-based practice.

That was without a doubt the best decision I ever made in my professional career. I was always scared to death to do this, and looking back on it I would have done it sooner. We then created an Ideal Client Profile and started

conducting Old World/New World conversations with our existing clients.

This was a huge success as we shared with them our new methodology whereby, we would help them align their financial choices with what was most important in their lives. Roy Disney once said that “When your values are clear, all your choices become easy”.

Unfortunately, so many people live life by default, and we were determined to help our clients and prospects live their lives on purpose. The greatest gift we give our clients is the gift of clarity, and we designed our initial discovery meeting around Abraham Maslow’s Hierarchy of Needs chart, whereby we would conduct a values conversation that begins with a person’s basic self-preservation needs, and then moving on to level two by uncovering needs about others, family and community. Ultimately the values conversation would lead into having absolute clarity about what is most important in their lives and setting a stage for designing a financial strategy to help people self-actualize their lives.

The next thing we did was to create a team of Subject Matter Experts. Our core team consisted of 2 CPA’s, 3 The Register | Summer 2022

attorneys, a senior financial planner, 7 risk managers/insurance experts and 1 wealth manager who is a CFA. The idea was to have an expert in every area of financial discipline. Although we have other experts we work with on an as needed basis such as a mortgage broker for instance, one of the unique characteristics of our team is that they collaborate together while creating the most comprehensive financial plans for our clients. They utilize a checklistdriven system of 153 items whereby they each check off on their respective checkpoints. These checkpoints are a direct reflection of our 10 deliverables platform which represent every possible area of the most comprehensive financial plan possible. We conduct dry-run prep meetings 7 to 10 days before each of the 3 Progress Meetings with our clients, the third being the Round-Table Meeting whereby the whole team gets together and makes absolutely sure the client has done everything possible to have the highest probability of achieving their goals.

As I indicated earlier, we have also implemented a very sophisticated and systemized meeting process for our clients, through which we deliver on our ten deliverables. Some deliverables are routine and reviewed at every meeting, and others are spread out throughout the year such as doing income tax returns for our clients, or meeting with the attorney once per year to review the estate plan and meeting with the CPA’s during the last meeting of the year to do some tax strategy planning to make sure there are no surprises next year come tax time. Our value proposition is to literally get the client’s full financial house in complete order and keep it that way for the rest of their lives. This way they delegate everything to our team of Subject Matter Experts so they focus on the quality of their lives.

The Register | Summer 2022

By now you must be wondering exactly what all of this has to do with recruiting young trusted consultants into the business? Well, I am sharing all of this with you because what we have learned is that the values-based financial planning methodology we use is extremely attractive to up and coming financial professionals. One of my favorite projects every year is to hire college interns who are on their summer breaks and mentor and coach them into their careers. Currently we are targeting colleges and universities in the southeastern part of the country and look for students who are majoring in finance, economics or MBA’s. Believe it or not, some universities literally have a financial planning degree. Another focus is targeting students who are majoring in social media and marketing.

The finance majors typically come in two categories; i.e. analytical or high people skills. One of the things that we do with our interns is to make sure they can visualize a long-term career track with our firm. For instance, a more analytical person might be more successful as a paraplanner with the ultimate goal being an in-house financial planner who prepares all the recommendations and financial plans for our clients. Another might be to become a true trusted consultant and coach and mentor them into building a business just like ours and structure it in such a way that it serves their lives as well based on their own values.

One of the ways that we find these interns is to post for internship positions with each individual college/university using such tools as Handshake, 12Twenty and Simplicity. They are not ads, but actual postings that the students can review and then apply.

Both internships and job opportunities are posted. We are currently looking into broader recruiting initiatives with companies such as Brazen and Yello Way Up. Brazen is one of the most comprehensive and they utilize Way Up to target universities as well. We have also had great success in recruiting young college students who competed in the IARFC’s National Financial Plan Competition as well. I was Blessed to be one of the judges on the panel evaluating the top three finalists in the country competing for the number one spot. I must tell you that I

was blown away by the competence and ability of these young students in creating comprehensive financial plans.

This has also led to some terrific finds for us in our recruiting efforts.

At the end of the day, the more things change, the more some things stay the same. It is all about creating and maintaining good relationships and people will always look for trusted consultants they really trust to help them align their financial choices with their core values. We truly believe that helping clients live their lives on purpose by helping them create an inspiring, significant and compelling financial strategy is one of the greatest things we can do for them. It is such a fulfilling way of doing business, and we teach our young consultants to think of themselves as CEO’s of their financial services business as opposed to being a producer or agent. We believe that one-man bands will continue to feel strong headwinds in the future, and it is truly in the client’s best interest to be able to address all areas of finance for them through a comprehensive planning relationship. Our trusted consultants are taught to become symphony conductors as opposed to be just the violin player, which is very attractive to them.

Hopefully, what I have shared with you will help each and everyone of you in some way. I wish you all much success in your ongoing journey in building a business that will serve your lives, so that no matter what happens in the markets, economy or the world, you will all find peace and great joy in making a difference in other people’s lives.

God Bless.

Dominique is President and CEO of VALTA, Inc. He has been in the financial services industry since 1975 and specializes in helping people gain absolute clarity about what is most important in their lives and helping them live their lives on purpose.

Dominique Vercaemert, RFC® Valta Inc. Contact: (704) 357-0088 Page 26

DUNTON

Loren E. Dunton Lifetime Achievement Award

Honoring the Recipient The Loren Dunton Lifetime Achievement Award is made, in honor of the founder of the financial planning profession, Loren Dunton, to each person who has made a substantial contribution to the financial services profession and/or the financial interests of the public.

Father of Financial Planning Loren Dunton, generally regarded as the “Father of Financial Planning”, organized financial professionals in the late sixties. In 1969 he convened a group of financial professionals in Chicago and founded an industry of outstanding service and commitment. From this event and from Dunton’s leadership and interactivity with many persons now in the IARFC would come an educational institution, the College for Financial Planning and the personal financial planning curricula now taught on over one hundred campuses.

A Very “Noble” Calling Having been a successful businessman, although never a financial consultant, his comments were from the heart.

He used his experience to frankly explain back then, what we recognize now, that...

Planning is not separate from the “sale” of insurance and investment products, but are different roots of the common tree.

Products are necessary elements in the implementation of the financial plan.

Salesmanship should be taught by

As the first editor of Financial Planning magazine Dunton the managers and trainers of the helped to publicize an emerging profession, bringing financial services industry. various practitioners together for a common cause, sharing practice and marketing techniques and The ethical sale of financial products promoting ethical conduct. That respected magazine has and the delivery of competent advice continued contributing to the profession. Two is a very noble calling. associations came initially from this effort, the International Association for Financial Planning and after the first class of Certified Financial Planners graduated in 1973, the Institute of Certified Financial Planners. These organizations have since merged to become the Financial Planning Association. Using Dunton’s model, more than forty countries have formed similar organizations.

Dunton continued to promote the value of the financial consultant as a professional whose quest for knowledge should never cease. He authored seven books that have helped to shape the careers and services of financial consultants. Dunton’s commitment to these principles was evidenced in the Institute for Consumer Financial Education that he nurtured for many years, and which earned a Presidential Citation for public service.

Criteria for the Loren E. Dunton Lifetime Achievement Award Those who are considered for the Award must currently meet or have met the following criteria: • Hold a professional designation or credential (i.e. RFC®, MRFC®, ChFC®, CFP®, CLU®, CPA/PFS, CEBS, MSFS, or Doctoral degree, etc.)

• Published articles, journals, books, etc. on financial topics • Provided outstanding service or leadership in the financial services industry • Promoted or participated in some aspect of financial education, either to the public or to members of the profession • Demonstrated effectiveness in carrying the message of responsible financial stewardship to the public • Adherence to the IARFC’s Code of Ethics and have a sound record of business integrity with no suspension or revocation of a professional license

To nominate someone for the 2023 Loren Dunton Award, visit the IARFC Website, www.iarfc.org and download a nominating form and submit to awards@iarfc.org.

(Nominations close September 30!)

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The Register | Summer 2022

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Page 28

Opportunity for New Consultants

One of my main concerns about our industry is that most of the companies, industry organizations, and trainers seem to have forgotten what this financial services industry was founded upon. Initially, it was about helping average people to spend, save, invest, insure, and plan wisely for the future to achieve financial independence! Today it is more and more about getting high-income families to make more money by investing in the stock market.

And it is leaving average people, middle and low-income families alone, to fend for themselves. The wealth gap between America’s high-income families and everyone else has reached record-high levels. There is increasing wealth for the upper-income families and no wealth growth for the middle and lower-income families.

In my opinion, there is an outstanding opportunity for our industry, agencies, and new consultants. We need to get back to helping middle-income families to find money to spend, save, invest, insure, and plan wisely for the future to achieve financial independence.

Middle-income families need and actually want help. Too many families are living from paycheck to paycheck.

And it is because there are very few people teaching the sound money management principles they need today.

The 2014 Pew Research Center analysis of wealth really spelled it out. It found the gap between America’s upperincome and middle-income families had reached its highest level on record. In 2013, the median wealth of the nation’s upper-income families ($639,400) was nearly seven times the median wealth of middle-income families ($96,500). It is the widest wealth gap seen in 30 years since the Federal Reserve began collecting these data. And America’s upper-income families now have a median net worth that is nearly 70 times that of the country’s lower-income families. This is also the widest wealth gap between these families in 30 years.

And the gaps are increasing each year.

Accordingly, as an industry, we need to be teaching new consultants how to help families to better manage their money. We need to train all agents and consultants to do a FULL fact-find with their clients to help families understand the problems they face so they will want to set better priorities. Then we need to train how to help families to find the money to reduce and eliminate debt so they can save for their future.

Outstanding Opportunity for our Industry, Agencies, and New Consultants Page 29

We need to educate families about how to accumulate wealth and protect their families, with safety and guarantees. We need to help families to better manage their debt so they can save the money they need for their family’s future.

We also need to help agents and consultants to understand the safe money concepts middle-income families need today to accumulate wealth. Middle-income families can’t afford to put their money at risk in the stock market until they have a sound financial foundation for their families.

Jeremy B. Nason, RFC® is co-founder of the Insurance Pro Shop™ – The first affordable, full-service Insurance Marketing and Sales Training Center for today’s Financial Pros! Since 1999, The Jeremy and his Team has helped 1000’s of consultant to increase their incomes exponentially, while consistently qualifying for Million Dollar Round Table, Court and Top of the Table.

Where Should Middle and Low-Income Families Save Their Money?

Do you or your clients need more life insurance to protect your family? Then is cash-value life insurance a good place for you to save your money for your retirement etc.? It might be the question of the ages!

Over the past 50 years, experts have argued about whether or not cash-value life insurance is a good or the best place for you to save your money for retirement. The main argument is that you will have a lot more money... if you save your money in the stock market and invest the difference.

However, there is much more for you to think about than just how much money you will have. How long will you need the life insurance? What do you want the money for? How long will it be before you will need that money? What will the income tax bracket be when you need that money?

In this brief article, we will just focus on the main issue! Will you have more or less money when you buy cash-value life insurance? Would you be a lot better off with some other type of investment to save for your retirement?

Compare Actual Results

So, the first question to ask is, what will you compare the cash-value life insurance to? Will you buy term and then invest the difference in mutual funds, stocks, qualified plans, municipal bonds, corporate bonds, treasury certificates, mortgage notes, CDs, etc.?

The Register | Summer 2022

Most people are told that if you invest in the stock market or mutual funds, then you will have an average return of 10%. While, if you put your money into life insurance, you will only average 4%-6%. Logically, an investment that averages 10% per year will have a lot more money than something that earns only 4% to 6% per year.

over those 40 years, and, then you subtract the annual fees of 2.5% to 4.05%, it will give you an entirely different view of investing in the market.

And, we have not considered that from 2000 through 2008, the S&P 500 Index had a total loss of -38.53%! That is an average annual loss of -5.90% over those 8 years.

However, there is a lot more for you to consider than just comparing the investment returns. There is a lot of important information that you need to sort through; such as realistic investment returns, annual fees, and expenses. Then there are withdrawal penalties, income taxes, tax deferral, tax-free income, cost of insurance, ages, health rating, smoker, male, female, etc.

These are all important points to consider when you are deciding if cash-value life insurance is right for you to save for retirement.

Now, if you add in the history of those last eight years, then the average return for the S&P 500 Index over the past 48 years is only 5.82%. If you subtract expenses of 3.0%, then the net return becomes only 2.82%. That’s only if you were lucky enough to have a mutual fund that performed as well as the S&P 500 Index did during those 48 years.

Example...

Let’s assume you are a 45-year-old male.

You need and want $250,000 of life insurance. You are a non-smoker, in good health, and have $6,000 to spend each year for the next 20 years. If 20 years ago you had purchased a 20-year term policy with $250,000 of death benefits, then the policy would have cost you about $760 per year. That would have left you with about $5,240 to invest each year. Question is, where would you have invested that money?

How about if you had saved your money in a 401(k) or IRA using growth funds for retirement – as many people do?

Let’s take a look at the past 48 years to put “growth funds” into perspective.

• In the 1960s the S&P 500 Index had an average annual return of 4.39% over those 10 years.

• During the ‘70s the S&P 500 Index had an average annual return of 1.60% over those 10 years.

• In the ‘80s the S&P 500 Index had an average annual return of 12.59% over that decade.

• In the ‘90s, we had one of the best times in history for the U.S. stock market. The S&P 500 Index had an average annual return of 15.31%.

If you had received annual returns close to those of the S&P 500 Index during those 40 years (1960 -2000), then you would have averaged 8.33% each year.

But, when you consider that the vast majority of mutual funds did not come close to matching the S&P 500 Index The Register | Summer 2022

The “2007 Dalbar Report” tracked investors’ behavior over 20 years (1987-2006). During that time the average investor only earned 4.3%, whereas the S&P 500 yielded 11.8%.

And that was during one of the best times in stock market history! What’s more, that does not include the stock market downturn of 2008.

If you had purchased a $250,000, 20-year term policy, at $760 per year, and invested the difference of $5,240 annually into a 401(k) (with no matching contribution) or IRA with an average annual return of 4.3% (per the “Dalbar Report”) (1987-2006), you would have had $167,909. All of the income you take would be taxable. So, if you were to withdraw $8,395 per year, based on a 33% state and federal tax bracket, then you would get to spend only $5,625 each year in retirement!

On the Other Hand...

However, if you had purchased a good $250,000 index universal life or whole life policy at that time, and invested the entire $6,000 a year into a policy earning 6%, then you would have $166,059. Even though you would have slightly less money, you could take $8,303 of income each year – incometax-free! That gives you about 68% more money to spend in retirement!

Just based on the numbers, it appears that cash-value life insurance can make a lot of sense for most people (if they need insurance). And, that does not consider the many other unique advantages of cash-value life insurance: • Unlike qualified plans, there are no caps (limits) on how much money you can save each year. You are only limited by the size of the policy.

• Your cash accumulates tax-deferred.

• You have a liquid “emergency fund” for life’s unexpected events.

• Cash values can be accessed income tax and penalty-free before age 59½.

• Cash-value life insurance is not attachable by creditors.

• Cash-value life insurance does not count as an asset when you apply for college financial aid.

• When you overfund a cash-value life insurance policy up to the MEC guidelines, then it can become “investment-grade life insurance”.

(Missed Fortune concept) • The cash accumulated in the policy can provide a tax-free income in retirement (taking withdrawals up to the cost basis and then borrowing the remainder).

• You will have the protection of life insurance in your retirement years to replace lost pension and SS income at your death (Pension Max concept).

• Unlike qualified plans and annuities, the death benefits and cash values are transferred income-tax-free to your beneficiaries.

• Cash-value life insurance generally bypasses probate. And it is private, no public records.

• Cash-value life insurance can be used to pay income taxes on qualified plans and your estate taxes at your death.

• Safety: All 50 states have something similar to FDIC for life insurance policies and annuities. Plus, insurance companies must, by law, cover at least 100% of their liabilities with cash reserves, hence the term “100% legal reserve life insurance company”. There are also regulations as to the percentage that can be held in certain forms of assets. This system has produced a remarkable overall record of solvency and safety.

• Guarantees: Only life insurance and annuities guarantee your principal. And then offer you a minimum growth guarantee for the life of the contract.

Do you or your client need life insurance to protect your family? If you can get returns similar to the stock market without the risks, more guarantees, tax-free income, plus many more benefits, then why wouldn’t you want to use cash-value life insurance to save money for your retirement?

The main problem with cash-value life insurance is... where do you find the money to pay for it? That is why we need to train agents and consultants on how to help families to find the money to reduce and eliminate debt so they can save for their future.

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Demographic Survey Results Thank you for participating in our recent survey. Below are the results that represent the membership polled. These stats will be evaluated and used in IARFC marketing efforts. Meanwhile, check out the facts and figures about your peer members.

Member Age Range

Assets Under Management

Practice Regions

Practice Compensation Method

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Tenure as Consultant

Type of Business

Products Offered Clients

Number of Clients

The Register | Summer 2022

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The Importance of Succession Planning from a Client’s Perspective

Many financial consultants love their jobs. They rationalize they don’t need a retirement plan because they intend to be carried out of their office feet first. If they are a one-person operation (or if they are sole practitioners at a large firm), they intend to keep working forever. These consultants who might not see the need for a succession plan yet, may be surprised to learn their loyal clients have a plan in place to replace them!

My Own Personal Story.

My wife and I have a wonderful financial consultant. She has handled our accounts since I went into management in 1995. We have been together 27 years! When together, we completed the financial planning process, she had us living to ages 100 and 107. As a point of information, I mention this whenever either of us has doctor appointments.

Here’s the issue: Our financial consultant is older than us! Not only are we “expecting” our consultant to outlive us both, we are expecting she will never retire and always be there when we call!

What Does Succession Planning Involve?

Succession planning and teaming fit together like a hand in a glove. If the consultant has structured their practice using the popular asset-based pricing and managed-money format, revenue Page 33

flows in on a regular basis. The consultant might choose semiretirement, working fewer days each week and taking longer vacations. They might choose to sell their practice or if they work at a larger firm, enter the retirement/exit program on offer. Both the sale of the practice or transitioning their practice requires the consultant to remain involved for purposes of a smooth transition and client retention.

Let us Consider a Simple Process for Succession Planning.

The senior consultant decides to form a team, bringing in one or more newer consultants plus support staff. In many cases the “new consultant” might be their own child, effectively transitioning their practice to the next generation.

The client who has known and trusted their sole practitioner consultant for years is now introduced to the team, operating under the direction of the senior consultant.

What Are the Advantages of Adding One or More Newer Consultants?

Let us return to the concept of the “client’s succession plan” mentioned earlier. The client’s loyalty might be first to the consultant, then to the firm. Why? Because they developed a personal relationship. They became close family friends. The client is loyal, to the consultant. If the consultant was no longer in the picture, they might have

already lined up a replacement consultant. Who? That charming young woman at the country club or the alumni association. When this consultant has approached them for business, they explained: “I already have a consultant and I’m very happy.”

Undaunted, she counters: “I understand completely. Here is my card. Please give me a call if anything changes.” They keep the card! (My first manager explained “They always keep the card!”)

What Are the Advantages of Forming a Team and Adding New Consultants?

1. Smith and Son. There is a de facto succession plan. If the senior consultant eventually retires, the practice continues as the next generation steps in to fill the void.

2. Prospecting improves. A wealthy older client introduces an equally older friend as a potential new client. The new guy thinks “How long will the guy be practicing before he calls it quits?

Then I need to find a new consultant. I am better off finding a younger consultant on my own.” The team aspect and the presence of younger team members confirms this is an ongoing operation.

3. Specialization. Senior consultants often get comfortable with doing The Register | Summer 2022

business a certain way. Newer consultants can cultivate a specialty, like retirement planning or financial planning. They can earn the relevant professional credentials.

4. Relating to the next generation. It is pretty obvious young people relate better with other young people. Do you remember the ad campaign: “It’s not your father’s Oldsmobile?”

Unfortunately, GM retired the old brand in 2004. There is a message there!

5. Broad spectrum of communication.

Consultants need to communicate with clients on their terms. Newer consultants are comfortable with many channels including texting, e-mail and social media. Hopefully your Compliance Department is equally comfortable.

6. Higher comfort level with new products. It is hard to believe, but when mutual funds and Certificates of Deposit were first offered by brokerage firms, there were consultants who said: “I won’t show those products to my clients.” The next wave might have been mortgages and insurance. Some consultants said: “My clients have never asked for those products, so I won’t be showing them.” Newer consultants don’t have preconceptions about limiting themselves to traditional products.

The Consultant Is Not Adopting a Child There are many benefits to bringing newer consultants into your practice. It is easy for the new guys to think they are patiently waiting to “inherit” the business when the senior consultant retires. These new team members cost money. Actually, they cost a lot of money because benefits are part of their compensation expenses. They need to pull their weight.

1. Everyone prospects. End of story.

Many consultants dislike prospecting.

Some think teaming means taking the part of the job you like least and farming it out to someone else as their sole responsibility. They wonder why their team turnover is so high. Everyone including the senior consultant is expected to prospect.

2. The Phoenix rises. Newer consultants should work to revive dormant account relationships. here are many reasons

The Register | Summer 2022

the client and consultant might have grown apart. A new face helps.

3. Share of wallet. Those new fresh faces should also be introducing current clients to new products. They may be more comfortable with them than the senior consultant.

Member Benefit

4. Teach your children well. The new team members might be licensed, but they aren’t necessarily trained in prospecting, asking the right questions, and cultivating relationships. That is what the senior consultant does best.

When I’m 100 Years Old Looking back at my own situation, it is unrealistic to expect my consultant will both be attending my 100th birthday party and rushing back to the office because she is still in production.

Fortunately, she has cultivated an excellent licensed assistant who is my primary point of contact. If my consultant retires, as long as her assistant is still in place, our long-term relationship is intact.

There are many advantages to bringing younger, fresh faces into the senior consultant’s practice.

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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.

Best of all they have arranged a special price exclusively for IARFC members.

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Contact: (215) 862-3607 brycesanders@msn.com www.perceptivebusiness.com

Member Price 70% off Page 34

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