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he Columbus

ri aNnual -

A National Black MBA association Columbus Chapter Publication

What Makes an Effective Leader in Today’s Workplace?

Issue 5

ALSO INSIDE: What Makes an Effective Leader in Today’s Workplace? WHY YOU NEED A FINANCIAL PLANNER stress!


what a year!

Wow what a year! Despite our challenges and obstacles, we have made it. I want to thank all of our members and partners for supporting the NBMBAA Columbus Chapter. I also want to thank my board members, chairs, and organizational volunteers for all of the hard work that they have put into making this chapter great. Without each of you our exceptional events and programs would not touch so many professionals in the Columbus community and surrounding areas. Thank you. Also, I would like to say thank you to our phenomenal Leaders of Tomorrow group. Our youth are breaking down the stereotypes that plague them. These brilliant young men and women have excelled academically and have improved their social and business skills by participating in LOT. Their hard work and dedication led to the team advancing to the Talented 12 in this year’s case competition. This goes to show that our youth can be successful and productive to society. This of course could not be possible without the dedicated mentors who work tirelessly with these bright students to guide them along the right paths. Be sure to keep current on upcoming events from our chapter. I look forward to seeing you at one of our events in 2016!


Tamara Staley 1

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President NBMBAA Columbus Chapter

2015 NBMBAA Columbus Chapter Recap


Resume Workshop

Leaders of Tomorrow Night of Achievement


March Madness Social Mixer

Sponsor of the Gaddis Foundation's Jump Start U 4 College HBCU Tour


Leveraging Technology to Improve Your Brand with Sherry Sims

New Member Orientation

AUGUST NOVEMBER Cocktails and Connections

Leaders of Tomorrow Kickoff

The 37th Annual NBMBAA Conference and Exposition

The Art of Negotiating

SEPT Thank you for members, friends, sponsors, and hosts for supporting the NBMBAA Columbus Chapter in 2015. Stay tune for our upcoming professional and social events in 2016!

refelctons from 2015

Thank You for Your C


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Continued Support! 4

Contents The Importance of an Education from a Young Woman’s perspective


- by Ashley D. Randle It is important for me, as an African American woman to utilize my education in platforms that exceed far beyond the classroom.


What Makes an Effective Leader in Today’s Workplace? - by C. Jenese Bandy How is your tone when speaking to others?

Why Leaders Need Vision, Integrity & Compassion to Succeed - by Aisha Allen To be successful as a leader, one needs to communicate a


stress! understand it. manage it. leverage it - by Tasha Jefferson


compelling vision.



We should not cry wolf, doing so will take a toll on our bodies...

Why You Need a Financial Planner


25 $$$


- by Lawrence O. AdeyeyE, CFP To be successful as a leader, one needs to communicate a compelling vision.

by Lawrence Adeyeye

Be sure to visit our website at for upcoming events!

Tri-annual he Columbus

issue 5



Tasha Jefferson

Edmund Davidson

Contributing Writers

Ashley D. Randle

C. Jenese Bandy

Tasha Jefferson

Aisha Allen

Lawrence Oluwole Adeyey, CFP

NBMBAA 1 East Wacker Chicago, IL 60601 (312) 236-2622

NBMBAA Columbus Chapter P.O. Box 163575 Columbus, Ohio 43216. (614) 470-1683


We value your feedback and encourage you to share your thoughts about our magazine. Please send all emails to @Columbus_MBA

the NBMBAA. Who are we? The National Black MBA Association® (NBMBAA) was founded in 1970 at a two-day conference held at the University of Chicago, by a group of African American MBA students, faculty, advisors, and businessmen. The purposes of the Association are: the encouragement of career independence for African American business professionals; the promotion of African American intellectual and economic wealth and empowerment; and the professional advancement of African American business professionals. Comprised of African American and minority business professionals from across the world, the Association is a business force boasting U.S. and international members and corporate partners. The Association has awarded over $5 million dollars in scholarships to minority students participating in both undergraduate and graduate programs around the world. Today, the membership is over 9,000 and the Association has expanded its outreach to include 46 chapters and 28 collegiate chapters. At the NBMBAA®, empowering professionals through strategic business forces is fundamental to our character and the way we represent our members. We have created numerous ways for our members to contribute to our commitment of fostering intellectual and economic wealth for the communities in which we empower, work, and serve.


The National Black MBA Association will be the premier business organization serving Black professionals.


The National Black MBA Association leads in the creation of educational opportunities and economic growth for African-Americans. We serve to: • Provide innovative programs to stimulate their intellectual and economic growth • Build partnerships with key stakeholders who help facilitate this growth. • Increase awareness and facilitate access to graduate management education programs and career opportunities in management fields. For more information about NBMBAA go to


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Leaders of Tomorrow Since 1992, the National Black MBA Association has provided mentors who coach students on a consistent basis in college preparation, academic success, leadership, public speaking, social engagement, networking, and goal setting to develop discipline, set and achieve high academic standards, and implement ways to serve their communities. Over 8,000 minority high school students have been mentored through LOT. LOT operates in more than 30 U.S. cities, Canada, and the United Kingdom More than 95% of LOT graduates enroll in college. More than $2 million in scholarships and programming support has been provided by LOT and its partners.

Setting New Standards The hallmark of LOT is its intensity. Working with their mentors, high school students are encouraged to tackle challenges most other students wouldn’t dare even approach, regardless of socio-economic circumstances, and overcome those challenges with a high degree of excellence. At the same time, LOT students learn how to be leaders— setting goals and high standards for themselves and their peers, and motivating others to follow their lead as they make a difference in their communities.

Creating New Habits Too many students are not proficient in basic subject matter. Moreover, to be competitive in a globally interconnected marketplace, proficiency is not enough. Excellence is required. The Leaders of Tomorrow Program helps students change the way they approach achievement on an everyday basis so that striving for excellence becomes a habit.

Embracing New Opportunities LOT helps young people learn both how to prepare to take advantage of and create opportunities. They are exposed to different ways of thinking, different cultures, diverse career fields, numerous colleges, and people who have achieved greatness. In the process, future leaders discover that whatever they want to accomplish in life is within their grasp, as long as they have the discipline, courage, assertiveness, and skill to make it happen. For more information about Leaders of Tomorrow go to 8

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2015 NBMBAA Columbus Chapter Tamara Staley President

Buffie Patt Vice Presid Corporate

Tasha Jefferson Vice President Administration

Edmund D Vice Presid Marketing

Yammah Morgan Vice President Operations

Lynette Sm Vice Presid Leaders of

Anthony Wilson Vice President Finance

Deadra M Vice Presid Records

Executive Board Members

terson dent e Outreach

Davidson dent g

mith dent f Tomorrow

McIntosh dent

Buffie Patterson Immediate Past President

Past Presidents of the NBMBAA Columbus Chapter 1993 1994 1995 1996 – 2000 2000 – 2004 2004 – 2008 2009 – 2013

Carey Cheri Leslie Epps Myron Hoskins Diana Spencer David Harrison Oyauma Garrison Buffie McGee Patterson

NBMBAA Columbus Chapter Bi-Weekly

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The Importance of an Education from a

Young Woman’s Perspective by Ashley D. Randle


or as long as I can remember I have valued education and hard work. Coming from a low-to-moderate income family, I initially viewed being educated as a way to climb out of an adverse generational economic state. In one ear I can still hear my mom emphasizing how important it was to attain a degree in order to avoid hitting a glass ceiling, and in the other was my dad telling me to “love what I did so that I would never work a day in my life”. Although I took both of these generalizations to heart, where I found the most passion in pursuing higher education was simply from the ability to learn something new. I did not declare a major until my junior year during undergrad. I really wanted to take the time to explore my options and discover an area where I felt most passionate. After taking many different courses across the board, I found myself very intrigued by an introductory Women Studies course. I fell in love with the material that was introduced in the curriculum. As a woman, a minority woman at that, I was not well aware of the struggles that women faced over the centuries to attain having a voice, and showing that they too were capable of leadership. Shortly after the course ended I decided to declare Women Studies as a major, at the time I had no idea what career choice I wanted to make but I knew that I loved material and I yearned to understand more on the concepts and theories behind women’s empowerment. When I look back on that time in my life and I reminisce on the uncertainties I had in selecting a career path, what I love most about those uncertainties was that I had unlimited opportunities to chose from. I think what I love most about education is that the knowledge from it is limitless.

If I decide tomorrow that I would like to completely change career paths I am able to do so because the information on how to master the next craft is available within the universe. It is important for me, as an African American woman to utilize my education in platforms that exceed far beyond my workplace and in the classroom. I love that because of my educational background and diverse career path I am able to share knowledge and expertise when necessary in an array of areas. While receiving my MBA at The Fisher College of Business I am definitely outnumbered in terms of race and gender. Nevertheless, I do not acknowledge this diversity as a set back. Instead, I view my demographic distinctions as an opportunity to reciprocate education onto my colleagues and am able to demonstrate with them the similarities we share and differences we counter. What I love most about the MBA program opposed to my previous post-secondary educational experiences is that the coursework is assorted. Instead of just focusing on one area I am able to scratch the surface in many. Throughout my educational journey what I have learned is that the importance of education goes far beyond the ability to secure employment. Education provides the capability to interpret things in a seamless manner and apply that information in real life scenarios. Receiving an education moreover contributes to the development of specific skill-sets and administers within an individual an overall intake of responsibility, ethics and logic. As cliché as it may be, knowledge truly is power. 14


What Makes an Effective Leader in Today’s Workplace? by C. Jenese Bandy

How do we become the most effective leaders we can be? Are you a born leader? Even born leaders need to update their skills and knowledge. Have you honed your leadership skills through consistent practice and training? What have you done lately to make sure that you are operating as a true leader? What does effective leadership look like? The following is a collection of thoughts on what makes an effective leader in today’s workplace.


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ey leadership skills include selfawareness, communication, inspiring teams, rallying others around a common vision, motivating, planning, developing yourself and your team, and delegating. All of these things take practice. Know your strengths and weaknesses How authentic are you as a leader? Do you know your strengths and weaknesses? Authentic leaders are self-aware, genuine, positive people who promote openness, integrity, and their values and actions are built on an ethical foundation. Good leaders excel in many areas; however, they understand their limitations. Authentic leaders are aware of their strengths and weaknesses and they know how to utilize the strengths of their employees to get things done and fill gaps. Leaders should ask themselves, “Do I have to complete this task?” If not, “Who on my staff has the skillset to complete this task, even if it is not a part of their routine job duties?” Delegating tasks can help to develop employees and offer opportunities for them to learn something new. Effective leaders know and utilize the strengths of their employees and they take the time to help their employees develop their capabilities and talents. Where you have limits, delegate. Remember, leaders have not really shown up as leaders if they are not producing new leaders for the future. Good leaders mentor and develop their employees, not just “manage” them.

“Good leaders mentor and develop their employees, not just “manage” them.”

Learn how people perceive you


Do you have a thorough understanding of how you are perceived? Having this knowledge will enable you to communicate better and understand what qualities you should focus on in order to manage more effectively. How is your tone when speaking to others? Have you ever been told that you are abrasive? Try approaching a conversation with positive comments instead of leading with negatives. Change your tone of voice and offer more praise. When delivering difficult feedback, always start with something positive. Lastly, ask for feedback regularly. When meeting with your direct reports, ask them, “What can I do differently to help you succeed?” Observe your employees closely to hone in on their best qualities. Employees typically look for some of their best qualities in those of their leaders.

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Develop a vision and solid goals Effective leaders are forward-thinking visionaries who understand the business and the strategic priorities of the organization, and who can see the ‘big picture’. The goal of leaders should be to get others to commit to a common goal and, therefore, they focus on influence, which can only be achieved with trust and collaboration. When employees trust leadership, they will use their talents and skills to achieve the mission and vision of the organization. Effective leaders display trust-building behavior. Remember, authenticity. Collaborate with your employees to set solid goals. When you work with your employees to set measurable goals that are specific, attainable, and realistic, the result is employees who know what they are working toward. It is also important for leaders to allow their employees to have direct input into the formulation of goals that impact their work, job satisfaction, and career path

Are you a transitional leader? When leaders are executing strategy that leads to change, how can they do this successfully? Leaders must create excitement around change and exude energy and confidence that will inspire employees to rally around the change. Leaders must find the positive and communicate the change as such. When guiding change, leaders must assemble teams with energy around the change that will collaboratively support the change effort. Leaders must communicate change effectively while striving to remove obstacles to enable support and action from team members. Leaders must be able to articulate the connection between the change and organizational success as well as how the transition will look. Always communicate the vision and remember that understanding your employees’ strengths and weaknesses can help you to understand how they react to change and whether the change can potentially impact their ability to function productively.

extremely positive message to the employee, their peers, and other employees through various communication channels. Effective leaders take advantage of recognition systems in the workplace and know that recognition results in higher loyalty from employees, greater job satisfaction, and enhancement of team performance. Keep your skills and knowledge up to date

Effective leaders are always looking for ways to improve their leadership skills and should plan and implement a leadership development agenda at least annually. Enhancing leadership skills requires effort. In order to function as an effective, well-rounded leader, leaders must be good listeners and strive to be active learners. To maintain effective leadership, you must practice and grow and strengthen any weaknesses that will help you to become a better leader. Seek new information on leadership from other leaders, a mentor, and literature on leadership. Effective leaders “walk the talk”. If you are encouraging development in your employees, then you must seek to develop your own skills as an example. Leaders must be role models and Recognition, recognition, recognition set a good example for their teams. Becoming an effective leader takes practice. An effective leader knows that employee recognition is important and that appreciation Know your strengths and limitations and be selfaware. Remember, be authentic and act with is a fundamental human need. Employees integrity in order to inspire trust. Be confident, respond to appreciation of their hard work as employees will admire your confidence and want to feel valued. High-performing in times of uncertainty. Work on your skills, workplaces place a high priority on challenge yourself, and learn new things. Seek employee recognition and effective leaders feedback so you can improve. The more you pay attention and know how to identify work on becoming an effective leader, the more opportunities to recognize employees who likely you are to get there. are doing great work and adding value. Once the opportunity is identified, act on it, and recognize employees for their good work. Next, recognize the employee publicly whenever possible. This action will send an

“How is your tone when speaking to others?” 18


Why Leaders Need Vision Integrity & Compassion

to Succeed by Aisha Allen According to the Merriam Webster Dictionary, leadership is simply defined as “the power or ability to lead other people.� While we know that the definition is true, the ability to lead is impacted by various factors. 19

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eyond situational power and technical knowledge, it’s often the quality of the relationship between the leader and the team that allows leadership to drive goals and high performance. What are the key characteristics that leaders need to be successful? Have you ever been led by an inspirational leader? An inspirational leader can inspire an individual or a team to go above and beyond through creating and communicating a compelling vision. The effectiveness of the vision is determined by whether or not it creates a vivid picture of the outcomes. When your team can visualize what success looks like and understand its importance, it is more aligned to the tasks or goals that need to be accomplished. Asking a team to increase production is setting a goal. If you ask that same team to increase production so customers can have a better an experience, that is setting a vision. Establishing a vision is an essential building block for the relationship between a leader and his or her team. Creating a successful vision can also drive employee engagement. According to Gallup, employee engagement is the emotional commitment that an employee has to its organization and its goals. When an employee is engaged they use discretionary effort to achieve a task. Discretionary effort is the effort above and beyond what they would normally expend towards a task. A leader who has a compelling vision can help align their team to these goals and help create a culture where discretionary effort is the norm. With a clearly articulated vision, leaders can not only meet the goals, but can motivate their people to be committed to those goals and exceed them. To establish a connection to the vision a leader must also lead with integrity. Leading with integrity is the foundation for building trust with your

team. When a leader does not demonstrate integrity in leadership, he or she cannot align the commitment of the team to the vision. Trust can be built through effective relationships, but often it is demonstrated when a leader does what the leader says he or she will do and is personally aligned to the vision. If a leader talks to the team about cutting expenses and then takes an extravagant unnecessary business trip, the leader has demonstrated that he or she lacks integrity; essentially their words and actions do not match. If you have ever worked for someone you did not trust, you can likely recall how this impacted your work. Most likely, not only did you withhold discretionary effort, you probably completed the task with minimal effort. Leading with compassion is also an important aspect of establishing a relationship with your team. There is much more to leadership than simply giving direction. Being placed in a position to lead is a privilege. As leaders, we are entrusted with not only setting the vision to achieve performance and results, but we are also responsible for the people that are driving those outcomes. For some leaders leading with compassion comes naturally while others can find it to be a challenge. Regardless of whether or not it comes with ease, a desire to help and support your team is a key component of driving engagement and success. This can be as simple as getting to know your employees, directing their development, and creating an environment where they can succeed. As leaders, we have been given tremendous responsibility to not only deliver results, but to manage and direct the people who are delivering the results. To be successful as a leader, one needs to communicate a compelling vision, lead with integrity and demonstrate compassion to team members. These three characteristics allow leaders to achieve success in ways that are meaningful to their organizations, their teams, and to themselves. 20



any of us literally do not know what to do with ourselves. We often neglect to deeply understand and utilize the awesome human design divinely gifted to us. We possess exquisite powers that we often fail to acknowledge or activate. By keeping those powers dormant and allowing them to decay we leave ourselves in states of confusion and constantly coming up short. Let us explore stress, our bodies’ natural responses to stress, and the lessons that we can learn. For this article stress can be defined as the responses generated when people encounter situations that they believe require resources beyond the capacities that they perceive themselves to possess. Or alternatively stated, stress is what people experience when they view situations as bigger than themselves because they believe that they are insufficiently equipped to deal with

STRESS! Understand it. Manage It. Leverage It.

those situations. Some common sources of stress include deadlines and other pressures stemming from personal, peer, or societal expectations. As well as employment, family, health, or financial changes. Stress can result from both positive and negative events. Our bodies are designed to instinctually ready us to deal with stressful situations when they arise. Hormones should be released that increase activity in crisis-essential organs and decrease activity in crisis-nonessential organs. Our bodies make these shifts by tapping reserves and redistributing resources from less important areas to more important areas. More specifically hormones will send signals for heartbeat and breathing rates to quicken and for blood cells to be released, increasing blood and oxygen volume and their transport throughout our bodies. Increased oxygen-rich blood flow will permit better organ functioning and muscle responses. Blood will be redistributed away from skin to major organs. Infection fighters will be deployed to injury prone areas such as our skin. Glucose will be released increasing available energy. Fluids will be diverted away from nonessential locations

by Tasha Jefferson

Image by Quanesa Sanford


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such as our mouths. Digestion will be stalled. Our brains are crisis-essential organs that will override shut-off signals when in crisis mode. Excess available oxygen permits increased brain activity. Among which includes decreased sleepiness, increased alertness, as well as a sharpened sense of hearing, sight, smell, taste, and touch. Additionally, short-term memory will be suppressed while long-term memory will become heightened.

excitement, fear, feeling overwhelmed, or weariness then:

During times of elevated response our bodies expend much energy and focus on dealing with imminent threats while still remaining concerned with life after surviving those threats. For instance the release of glucose and infection fighters, and the redistribution of blood to major organs away from the skin are strategically beneficial in scenarios where we sustain injuries in terms of controlling swelling, preventing complications from infection, and reducing blood loss. Moreover, our minds will store information gathered during our experiences in our long-term memories versus our short-term memories, facilitating ease of recollection when confronting future perceived threats. When our bodies conclude that the threats have passed and the dangers are no longer imminent, they initiate relaxation responses to transition back to homeostasis.

We tend to get overwhelmed and irritated by these excess capacities because we do not understand what they are and what we can do with them. Understanding that emotions have purposes and managing them in constructive ways may be more beneficial and positive than lacking understanding or control. Mainly because lack of emotional understanding or control is likely to result in irrational emotional responses like behaving in erratic and unhealthy ways. This is in contrast to the more healthy, contemplative, and productive emotional responses that can be achieved through emotional understanding and control. When we are stressed we can heed direction from our emotions. Firstly, by simply acknowledging our emotions we can tune into recognizing there are matters at hand that require our attention. Secondly, by analyzing our emotions we may be able to easily conclude what actions need to be taken. For instance a sudden rise in anxiety may actually be an indication that our bodies have released stored glucose providing us

1. Our bodies are signaling us to pay attention because these are events or problems that are important and we are required to do something about them. 2. Our bodies are literally temporarily increasing our capacities to think quicker, move faster, see better, and process more information.

“We should not cry wolf, doing so will take a toll on our bodies...�

These changes described can be clearly evidenced when we face intense situations and then start to experience symptoms such as racing hearts, increased pacing and fidgeting, sweating, cold skin, feelings in the pits of our stomachs, etc‌ When we encounter situations that trigger physical responses like those aforementioned and emotional responses such as anxiety, 22


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We should not cry wolf, doing so will take a toll on our bodies. As we have explored, coping with threats require significant and highly coordinated amounts of energy and biological effort. Considering all that our bodies are subjected to in dealing with stress, it makes sense to be mindful, selective, and honest with ourselves in our choices about what to react to. It seems beneficial to train ourselves to separate real crises from recurrent situations that can be mitigated;

issue 1

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When we are stressed we can use that extra brain power to create solutions. Although while in the moment our thoughts may be cloudy because our brains are literally misinterpreting signals, our sensory awareness often becomes keener. If we make efforts to be mindful of the factors involved; of how we physically and emotionally feel at those moments; of what we see, hear, taste, and smell then we will have a wealth of sensory data for analysis. Moreover if we take time to debrief after normalcy has

resumed, and to analyze both the sensory data and the facts from events, then we can lock those lessons into our long-term memories for future encounters. If we further analyze instinctual physical responses another lesson that we can glean is to focus on the immediate but not at the sake of the long-term. Even under stress our bodies are still sustainability-minded. We should strive to behave in ways which achieve both short-term and long-term preservation.

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the extra energy required to get our tasks done. When we misinterpret our bodies’ attempts at problem-solving on our behalves, we may misuse our excess capacities. In this example we may waste energy on being hysterical instead of rallying and ceasing to procrastinate. Thirdly, by using emotions as fuel we may be able to generate initial motivation to start tasks and sustained motivation to complete tasks.

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and even more so from insignificant situations pliancy, etc. These changes can be viewed as either strengthening, weakening or simply that are simply theatrical and senseless. transforming an object from one form to another form. By taking the effort to learn methods and strategies to better recognize, analyze, and cope with intense situations, we can improve Stress may stretch us, strain us, and take something out of us. However enduring our perceptions that successful resolutions the process of being stretched, strained, are within our potentials to achieve. Thus subsequent presentations of similar situations and altered can increase our capacities and our resiliencies. Each time that we will evoke less visceral reactions. We will survive a stressful situation, we have be less likely to interpret the situations as potentially stretched our capacities to imminent threats that are insurmountable; cope, increased our perceptions of being or we will at least be able to more readily adequately equipped, added fuel to our transition to a recovery phase, reducing tanks, and added tools to our toolboxes. We stressful impacts on our bodies. can choose if we will weaken, strengthen, Tension is a synonym for stress. In many or transform and to what degrees. Most situations an object can endure tension as everything in life simplifies down to making long as the tension is removed prior to the choices. We can choose to learn how to object reaching its maximum capacity or consciously capitalize on our bodies’ visceral tensile strength. The application of tension responses. We can choose to learn how to does leave effects on an object, it alters the understand, manage, and leverage stress. object in some fashion. The object usually changes shape, size, capacity, resiliency,

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by Lawrence Adeyeye

Hindsight is 20/20, isn’t it? We all seem to see clearly after the facts! We seem to see the “what ifs” of life; how different life would have been if we had done or not done certain things! Yeah, the wise man who came up with that phrase is definitely right on- things are much clearer when we are looking back through the rear mirrors of life! How does a need for a financial planner weave into this paradigm? Let’s explore together. Come on, it will only take a few minutes of your time and you just might learn something after you finish reading this piece… 25

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o you wonder why professional teams and athletes need coaches or trainers? How did Michael Jordan become so adept or Floyd Mayweather, Jr. so technically sound that he hasn’t lost a boxing match? Why do these people who are so gifted still need somebody to coach them to perform at the highest levels? Were they seeking perfection or did they just not want to fail? Either answer you are right. Success is planned to breed more successes. Same principle, if you have goals, financial goals in this case, you probably need a financial planner or financial coach by your side whom you trust to work with you to achieve your financial goals if your expertise is in another field. You need a trusted advisor to advise, coach, and manage your financial team in an organized, methodical, comprehensive, and integrated planning process. What planning processes will a financial planner use that if you go solo may be overlooked? To achieve financial goals, there are processes a financial planner will follow to help achieve the set goals. ✔The ✔ financial planner, with you the client, will establish and define the relationship. If the client feels he or she can work with the planner, then they move to the next stage. ✔In ✔ this stage two, the planner will gather data including the client’s goals and resources. The client must be willing to share personal information at this stage to help the financial planner in the analysis and evaluation stage. ✔Next ✔ the planner will analyze and evaluate the client’s current financial status considering the goals. It is not uncommon for the planner to

let the client know if the goals are realistic or unrealistic based on the resources the client has. ✔If ✔ the analysis and the evaluation stage is agreed upon, the planner will develop and present recommendations and or alternatives. ✔With ✔ the client’s approval of the recommendations, the implementation phase will begin. The implementation stage is where investments are made and products are purchased. Some planners will send you to somebody for the products if they are not licensed to sell or if it is not part of what they do. ✔The ✔ final stage is monitoring the progress which in most cases is a shared responsibility to keep things on track. It is common for financial planners to provide written information about each party’s responsibilities in order to achieve the set goals. How do you choose a financial planner, you ask? Well, financial planners offer different services depending on a number of factors such as: ✔Areas ✔ of expertise. ✔Credentials. ✔ ✔Licenses. ✔ ✔Structure ✔ of practice; and... ✔Asset ✔ minimum requirements. Your financial planner should and must be someone you trust and feel comfortable with to understand your needs, and be ready to put your interest above his or her own at all



ed n n a l P ss is 26


times. You must be ready and willing to share sensitive personal information to help the planner succeed in developing the financial strategies to achieve your goals.

who has a financial planning designation. Those consumers within the 35-64 age group tend to place greater importance on certifications, particularly those that ... to demonstrate knowledge of breed multiple financial areas succe more sses according to the same survey.

Are financial planners all certified? Most people think all financial planners are “certified,” this is far from the truth. Anyone can use the title “financial planner.” You should look for a CFP® or Certified Financial Planner™ mark or ask if they are Board Certified as a financial planner. These trademarks are only allowed to be used by those who have gone through the rigorous examination, training and certification process administered by the Board of Standards. According to a research titled “Investor Preferences in Selecting a Financial Advisor” conducted in December 2014 by ORC and CFP Board of Standards, about 90% of respondents see advisor’s certification as important. In the same survey, 86% of respondents prefer an advisor who has passed a certification exam in addition to a rigorous education program. In a similar Financial Advisor Consumer Survey conducted in August of 2013, 87% of consumers said they would feel more confident working with an adviser


TCT| Issue 5

What should you expect from a certified/ CFP® professional, you ask? Your financial planner should place principles over personal gain to foster a good planning relationship. He or she will maintain objectivity by carefully considering your situation and then provide advice that best meets your goals. A CFP® professional has an ethical obligation to act in your best interest when he or she provides financial advice. The financial planner will clearly provide the scope of engagement of services to be provided, and at what cost when you are doing a full plan. While your planner would need a team approach with you for a successful engagement, you will need to provide relevant information which the planner will only use to conduct business on your behalf at your approval. Your financial planner should only provide advice in areas he or she is properly qualified and licensed. The planner must have intellectual honesty to refer you to other CFP® professionals to help when he or she does not have the expertise to help you. He or she must be able to discuss your goals and objectives and explain whether he or she can help you before the engagement. If you begin

the engagement and a service or product is needed to help achieve your stated goals, the planner must research the service or product thoroughly or monitor those who work under him or her closely. What does a consumer ask a financial planner before choosing one? Here are a few questions to help: ✔Ask ✔ about his or her experience. ✔What ✔ qualifications the planner haslicenses, certifications and so on. ✔What ✔ services he or she provides. ✔What ✔ approach to financial planning does the planner use, is his or her investment philosophy overly aggressive or too cautious for you? Will the planner carry out the financial recommendations or refer you to someone licensed to implement? ✔What ✔ type of clients does the planner work with- clients with a specified net-worth or certain amount of investable assets? ✔Does ✔ the planner work alone or with others? If the planner works with others, you may want to meet them as well. ✔How ✔ does the planner get paid for his or her services? Financial Planners can be paid in several ways: fees, commissions, or a combination of fees and commissions. Bottom line is you and your planner will need to discuss the method of payments and how a particular method could affect the advice the planner provides. You both must discuss issues including any conflicts of interest that may be perceived in any of the compensation methods before the engagement. This will strengthen the relationship and foster the trust needed to form a symbiotic relationship. Now more than

ever, the complexity of financial instruments and the uncertainty of today’s global economy make it more imperative for consumers to have a financial planner they trust to work with them. September 24, 2015 research conducted by Penn Schoen Berland on behalf of CFP Board of Standards found that “Americans are saying they need better guidance and are turning to financial advisors- specifically those who hold the CERTIFIED FINANCIAL PLANNER™ certifications.” By working with a CFP® professional, consumers can have confidence that they are working with a competent and ethical financial advisor who is vested in doing the right thing or risk censure, suspension, or permanent revocation of the certification they worked so hard to obtain.

Disclosure: Mr. Lawrence O. Adeyeye is a Certified Financial Planner™ with the CFP® Board of Standards. He is the founder and President of Life Moments Financial Services, LLC. Lawrence Adeyeye, CFP® can be reached at (614) 353-6048 in Columbus, Ohio. Citations: • Surveys/Research - • Household financial planning survey(by Consumer Federation of America and CFP Board of Standards, Inc.) • Consumer Guide to Financial Planning • Consumer adviser survey-ORC International Research for the CFP Board of Standards • Investor preference survey 28

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The Columbus Tri-Annual Issue 5  

The Columbus Tri-Annual Issue 5. Articles are written by members of the National Black MBA Association Columbus Chapter with topics ranging...

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