Round Up IARFC Members and Financial Industry Experts were asked for their insight and advice on issues facing consultants in today’s economy. Note: Responses are printed in no particular order.
Q: What is the importance of the National Plan Competition? A: As the industry ages, so does the advisor. It is critical to the longevity of every financial planning firm to educate and train the next group of young professionals. The Plan Competition has some of the brightest young stars out there and it gives them each a chance to network with their soon to be peers, do practical and analytical training, and to be front and center in their presentation to the judging committee. Every student that enters a plan goes through a case from beginning to end, as a professional and veteran advisor would do. The experience and opportunity is priceless. As a judge for both the semi final and final rounds for the last 2 years, I was very impressed with the level of professionalism and education coming from these college students.
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Our next issue will ask this question Who is your mentor? What we are looking for are several sentences, although more are welcome. This may entice you to submit a short article on the current proposed Register Round Up question. These questions are sent out via email, contact us to join the list: editor@iarfc.org
Michelle Blair, RFC® Farmingville, NY A:
The Financial Plan Competition offers powerful benefits to the profession, the participating institutions, the students, and individual practitioners who wish to expand their practice. While there are many elements to financial services, the core is the personal financial plan. The Plan Competition is built around the ability to properly arrange the assets, liabilities, income and expenses for the client – now and in the projectable future. This illustrates the stress points and the shortcomings of the clients’ financial position and the direction they are headed. Faculty members can stimulate their best students with this competition – and advance their learning. The financial services profession is aging, and many practitioners are no longer aggressively adding clients – so there is an insufficient number of qualified advisors. Existing firms need a steady flow of entry level financial consultants who are ready to serve these clients, and to support the expansion needs of existing firms.
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Ed Morrow, RFC® MIddletown, OH
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The Register | July-August 2015