FPA of MN Newsletter – January 2017

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President's Message - January 2017

Greetings and welcome to 2017!

As the 2017 President of FPA of Minnesota I am energized by new ideas our chapter has in store for the year ahead. After planning sessions at our Strategic Planning Day and at the national OneFPA Chapter Leaders Conference, together our chapter leaders have identified three broad areas on which we will focus in 2017: engagement, education, and community.

These three area present different opportunities for each of us. Consider how you can share your expertise and passion in one or more of these areas:

Through FPA we have the opportunity to engage in our organization, in our community, with our peers. Whether your desire is to help others, support the profession, share your compassion, bring new perspectives to others, or explore your strengths - there is a place for you! Would you like to mentor a high school student? Create a community within our community by forming a study group? Provide guidance to those transitioning from homelessness? Advocate on behalf of our financial planning profession at the capitol? These are only small sample of ways you can enrich your own FPA experience. Watch for opportunities on our fpamn.org website, in your inbox, and at our chapter meetings.

Through FPA we have the chance to receive education as well as the unique opportunity to educate the public about the value of financial planning.

We consistently program quality speakers at our chapter meetings and symposium who provide continuing education necessary for our CFP® marks and other licenses. While our focus remains on continuing education, we have added specialized content for both chapter meetings and symposium as well as stand alone programs. Check out a quarterly Pro Bono Bootcamp or attend a K'Nex event.

We as FPA have the ability to create public awareness and educate the public about our profession and the value of financial planning through a number of outlets. We strive to be the go-to source for local media; you can read our members quoted in the Minneapolis StarTribune and St. Paul Pioneer Press newspapers and see their appearances on various local television news programs. In addition to reaching the public through the media we offer in-person and virtual education to the public. At the annual Twin Cities Financial Planning Day we offer planning workshops and one-on-one sessions with CFP® practitioners to the public. Through Best Prep we e-mentor high school students and give presentations on finances to high school students.

Through FPA we have a place within our profession and in our community at large.

The primary aim of FPA is "to be the community that fosters the value of financial planning and advances the practice and profession of financial planning." We can make a difference within our profession and we have an even larger opportunity to make an impact in our local community. We continue to work together to make our profession a recognized, legitimate profession. Please join us at our next Advocacy Day to experience this first hand. Now, more than ever, it is essential to build awareness and convey to the public the value of financial planning and what the CFP® marks represent.

As I reflect on the year ahead I am grateful for all who make this chapter one of the finest in the country. A heartfelt thank you to my mentors Steve Gilbertson (2016 Chair) and Jeanna Fifer (2016 President), and to Bonnie Stanley (Executive Director), Jessica Hawthorne (Executive Director Assistant), the board of directors, and committee members for their dedication and diligent work to better our chapter.

I am eager to start 2017 with you and encourage you to consider how you will be a part of engaging in our community this year. What we can accomplish together in our organization is so much more than we can do alone.

My best,
Sara Kantor, CFP®
Cornerstone Wealth Advisors, Inc.

Registration open for Career Day 2017

11th Annual FPA of MN Career Day – Friday, February 17
7:30 am – 3:00 pm
DoubleTree by Hilton, Minneapolis – Park Place

Are You Looking to Hire? Looking to be Hired?
FPA Career Day is designed to simplify the process for you! Career Day brings together established financial planning professionals and those newer to the profession with a day of speakers, workshops, discussions and interviews.

Afternoon Keynote: Sandra Zeiszler - LinkedIn Strategy Consultant, " LinkedIn Simplified - Grow Your Visibility, Credibility and Profitability"

Employers - FPA Members $225; Non-Members $275
Students / Career Changes - $10 Early Bird until January 25, $25 Final Registration from January 26-31, 2017

This event fills fast - Register Today!

2017 Programs Preview

Submitted by Aaron Hasler - Programs Committee Director

2017 is going to be a great year for our Chapter Meetings. Back by popular demand! Dr. Stephanie Kelton, fresh from a stint on the Senate Budget committee will be joining us January. February will be our economic update, which may be more interesting as we will have had a short glimpse into the Trump administration. Michael Kitces rounds out our quarter by coming in to speak in March. Be sure to sign up for a season pass, as you will want it this year. We continue through the spring with interesting meetings, including a great DOL presenter in May.

I challenge you to attend two more meetings than you did in 2016. Come for the CE, the community, and find at least 1 takeaway that you can apply to your practice that week.

Let’s Make 2017 Great

Submitted by Scott Nelson, CFA, CFP® - Professional Issues Committee Director

Welcome to 2017! I’m sure this will be an interesting year for all of us as financial professionals and as Americans. The Professional Issues Committee has some ambitious plans for 2017 that I would like to share with you.

Once again, we will be holding our annual Advocacy Day in St. Paul early in 2017. We will let you know the date very soon so you can block out a couple hours to join us. This year, we are looking to expand our outreach to state lawmakers with a communications strategy that informs them of FPAMN throughout the year. We are planning to enlist the help of the FPA MN membership to send their legislators template messages composed by the Committee. Members will simply need to print the text on their own letterhead and mail it to their legislator. We hope that we can depend on your participation in our effort to raise the awareness of FPA MN with our state and federal legislators.

The Committee is also looking to work with other FPAMN committees to bring you an educational event similar to the RIA Regulations for Breakfast event we sponsored last September with the NexGen Committee. The goal is to offer a presentation on a professional issue that has actionable insights that attendees can apply their practice and career.

Finally, the Committee has chosen technology as the professional issue of 2017. From time to time, Committee members will be writing about the challenges and opportunities that technology offers them in their practices. Is there any doubt that technological change is impacting how financial planners interact with their clients and how clients manage their finances? Technology is on a very short list of things financial professionals know they need to tweak to stay competitive.

Let me take this opportunity to invite you to join the Professional Issues Committee. The nice thing about the Professional Issues Committee is that our mission has something for everyone. If you appreciate the importance of establishing and maintaining good relations with your legislators and regulators. If you find yourself pondering all that it takes to be in compliance. If you ever want to do a deep dive into a particular issue that you find to be a challenge in your planning practice. We enjoy discussing and sharing insights at our monthly meetings. Probably the best part is that by taking an hour or so out of your month, you will be more involved in the efforts that the FPA is taking to further the financial planning profession. If you are interested in trying something new and rewarding in 2017, contact me about how you can get involved with FPA of MN’s Professional Issues Committee.

Are You Ready? Take the State of Owner Readiness Survey

Submitted by Earl Cohen - Programs Committee Member

One of the associations I participate in - The Exit Planning Institute Twin Cities Area Chapter - has combined their resources in an effort to gather information regarding the state of readiness to transition privately held small and middle market businesses in the U.S. post The Great Recession. Many of the present studies of owner readiness to transition are pre-recession studies.

The information gathered from this survey will be used to:

  • Assess owner’s perspectives regarding their state of readiness and analyze how the recession may have changed their perspectives.
  • Assess to what degree owners have considered all transition options?
  • Assess to what degree have owners begun preparing for the transition of their business?
  • Help design educational programs to better prepare owners for what could be the most significant financial event in their lifetime.
  • Improve owner/family outcomes as it relates to successful transitioning their businesses.

Survey respondents will be anonymous and individual responses will be held strictly confidential. The answers in the first part of the survey will categorize the company by identifying its key characteristics but not the company itself to protect confidentiality. The survey takes only 15 minutes to complete. No personal information is collected. If you wish to receive a complimentary copy of the research report when complete, feel free to contact me at ecohen@hjlawfirm.com or click this link for the report: https://goo.gl/j36PTK.

THIS SURVEY SHOULD BE COMPLETED BY THE OWNER OR OWNERS OF THE BUSINESS. I urge you to pass this survey link on to your small business clients and to take the survey yourself as a small business owner. Follow this link, TAKE THE SURVEY

Make Your Plans to Attend 2017 FPA Retreat!

If you’re trying to figure out what’s next in your career or want to determine how to take your practice to the next level, 2017 FPA Retreat is THE conference to attend. It’s more than a conference, it’s a multi-generational think tank dedicated to challenging you on how to “practice” financial planning. From the high-quality content to the exceptional peer-to-peer learning, 2017 FPA Retreat is the event you won’t want to miss. Register today!

Bringing the FPA Sharks to the Classroom

The week of December 12th, FPA of MN members joined other Twin Cities professionals as “Shark” volunteers, judging the annual "Shark Tank" business presentations conducted at Chaska and Chanhassen High Schools. The student teams gave a roughly 10-minute pitch to the judges that covered these areas:

  • Business opportunity, its mission and unique value proposition
  • Target market
  • Business location – and why
  • How the business will be marketed
  • How much financial resources are required
  • Leadership, managerial and staff requirements

From concepts for new coffee shops in Dinkytown to specialty grilling shops in Austin, TX, the students had some very creative and well-planned start-ups. And, while students across all grades could participate in Shark Tank, for the freshman in particular, it was often the first presentation they have made to anyone other than their peers or classroom teacher.

In a follow-up from the Chaska teacher, she noted, “My students and I are grateful to have an authentic audience for their presentations and I firmly believe it significantly impacted their learning, allowing me to provide them with meaningful feedback in a real-world scenario.”

Join FPA for an All-Member Virtual Update on February 1st!

Do you want to learn about all the great benefits and programs FPA rolled out in 2016 to help members grow and prosper? What is planned for the 2017 FPA Retreat and why is it an event you won’t want to miss? What is the FPA Member Advocacy Council (MAC) planning for 2017 to help give members a voice on regulatory and certifying body issues that matter? Join FPA staff and leaders for an FPA All-Member Virtual Update on February 1st at 2 pm ET (11 am PT). This quick 30-minute webcast will bring you up to speed on what FPA is doing for you!

Learn more and register today!

Get the FAQs on FPA

Hello fellow FPA members. Have you ever had questions about membership and didn’t know who to ask? Did these questions seem easy enough but you didn’t want to bother someone? Well here is a solution. There is a FAQs page on the OneFPA to help you with those questions. Whether you are a long standing or relatively new member, you'll find your answers there.

If you still have questions, please feel free to contact one of the local members on Member Experience Committee.

FPA and Betterment for Advisors Forge New Strategic Partnership

With an eye on helping FPA members better understand how to better integrate technology into their financial planning services, FPA and Betterment for Advisors are embarking on a new strategic partnership. The goal of the relationship is to integrate Betterment for Advisors, their content and their experts, more thoughtfully into the association to support practitioners and their clients. Learn more about this new partnership!

FPAMN - Business AdvantEdge - The-year-in-review

2016 - The-year-in-review: We added several new member benefit programs this year, here’s how they breakdown:

NEW MRO (Maintenance, Repair and Operations) Programs

  • MSC Industrial – Members Save 25% on their first purchase (min. 10% after that)
  • Lowe’s – Members save 5% + 2%
  • Sear Parts Direct – Members save 10% to 50%
  • Sunbelt Tool Rentals – Members save 10% to 20%

NEW Fuel Fleet Discount Programs

  • Exxon Mobil - Save 12 cents/gallon when you enroll by 01/15/2017.
  • Phillips 66, Conoco & 76 - Save 15 cents off every gallon.
  • Sunoco & Stripes - New accounts save 10 cents per gallon through 3/31/2017.

NEW Business Service Programs

  • Clearfly Telecomm – Members save 30% to 50% off VoIP/SIP phone costs
  • FedEx – Members save up to 54% on FedEx Services
  • Merchology – Members save 10% to 30% off top designer brands, logo’d apparel & corporate gifts

2017 Member Benefit Guide is Here! (Must be logged in to view link)

FPA Members Can Access Great Content from Kiplinger’s Personal Finance

FPA has partnered with Kiplinger to offer FPA members an extremely cost-effective subscription article program that provides members with content to better engage and support their clients, along with a private FPA-Kiplinger content store that provides members access to new resources for client marketing and educational content at special FPA rates. Learn more about this terrific program today!