FPA of MN Newsletter – November 2016

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Another Great Symposium...

626 REGISTRANTS - Symposium Attendance Record Broken!!!
Number of booth representatives - 114
Number of speakers - 33
Number of sessions - 31
Attendees earned up to 14 CE credits - CFP, MN insurance, WI insurance, CPA, CLE, CIMA

Check out the Photo Gallery

A Huge “THANK YOU” to the Partners & Exhibitors who generously contributed to Symposium 2016

Thank You to the Symposium Committee!
Director: Rachel Infante
Nick Augustin, Vice
Jim Buchanan
Charles Buck
Karen D’Aloia
Jeff Drayton
Craig Jergenson
Margaret Kruse
Art Lundgren
Trisha Qualy
Julieann Schroeder
Andy Wayt

Executive Director Bonnie Stanley
Assistants Sue Day, Katreena Mortensen, Jolene Swenson, Jessica Weronke


Keynote Speakers:
Ed Slott
Nathan Dungan
Deirdre Van Nest
Thomas Rowley
Economic Debate: David Kelly & Krishna Memani
Michael Finke
Jeff Lanza
Heather Jarvis
Weston Wellington
Breakout Speakers:
Dan Candura
Brian Edstrom
Gina Pellegrini
Jeff Lanza
Nathan Dungan
Robert Mauterstock
Anne Elizabeth Denny
John Gabriel
Matt Cosgriff
Stuart C. Bear
Brian Kostick
Deb Newman
Heather Jarvis
Kelly Hall
Michael Finke
Michael Boulette
Aaron Hasler
James Schomburg
Mary Bell Carlson
Trisha Qualy & Thomas Rippberger

Mark your calendar!
FPA of MN Annual Symposium
Monday, October 16 - Tuesday, October 17, 2017

2017 Speakers:
Mary Beth Franklin
Theresa Rose
Chris Wills
Carolyn McClanahan
Bob Keebler
Jay Mooreland

Apply Today for the Montgomery Scholarship – Deadline is 12/31

Two $1,000 scholarships will be awarded to students pursuing their CERTIFIED FINANCIAL PLANNER™ certification who are admitted to a program administered by an accredited college or university registered with the Certified Financial Planner Board of Standards, Inc. We hope the Montgomery Scholarship Fund serves as a reminder to practitioners and students of the leadership and service that was provided to our industry by the Montgomerys. An application, which outlines the rules of eligibility, is available in pdf format. Contact Megan Olson with any questions at molson@wipflihewins.com or 952-548-3321.

Save the date for Career Day 2017 – February 17, 2017!

Another round of MentorMatch is coming in 2017 – keep an eye out for more information.

It’s Been a Productive Month!

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

The past few weeks have been busy for the Professional Issues Committee and the issues that we are currently highlighting. There have been some great learning opportunities on the issues of advisor regulation and serving the needs of senior clients. To recap these events:

On September 27th, the Professional Issues Committee and the NexGen Committee jointly sponsored the RIA Regulations for Breakfast seminar. We had over 40 attendees to our discussion of RIA regulations that featured Department of Commerce Deputy Commissioner Brian Edstrom and Head Examiner Annette Minor. It was a thorough discussion with good insight into what ones needs to do to become an RIA in Minnesota. The most important take away for the state-regulated RIAs that attended was the list of deficiencies that the examiners are most interested. This list had been sent as a letter to all state-regulated RIAs recently so they had no reason to not know where to concentrate their efforts to be compliant.

MN FPA held its annual Symposium October 10th & 11th and it featured a couple of speakers who spoke of the need for advisors to improve their services for aging clients. Deputy Commissioner Brian Edstrom discussed the very serious issue of elder abuse and financial exploitation to a packed room. He described the signs of elder exploitation and what the Department of Commerce is doing to protect Minnesota’s aging population from exploitation.

Bob Mauterstock gave a good talk on the steps advisors need to start taking to protect themselves and their clients from the ravages of aging. As noted here before, Bob has written a couple books intended to help families start the conversation on how to deal with the challenges of an aging family member. Bob stressed the need for advisors to take a proactive role in getting these conversations going. He also stressed the need for advisors to get processes in place to handle the situations that are going arise as client’s age.

Finally, Keith Loveland and I were invited to a roundtable discussion hosted by Commerce Commissioner Rothman on October 14th to provide feedback on what the Commerce Department should propose for legislation in the upcoming state legislative session. The Safe Seniors Financial Protection act will again be introduced and will hopefully gain approval from the legislature seeing as similar legislation is making its way through the federal legislative chambers.

Along the lines of keeping seniors safe, I have found some good information in the book Succeed With Senior Clients: A Financial Advisor’s Guide To Best Practices by Elder Law Attorney Carolyn Rosenblatt and Psychologist Dr. Mikol Davis. The authors recommend that advisor’s develop a series of best practices and checklists to better serve their aging clients as well as protect themselves from potential liability. The takeaway, I got from the book was the authors’ recommendation to segregate clients over age 65 and create a service model that focuses on their needs. This service structure would involve more frequent meetings and communications with senior clients to stay on top of their physical and mental health. Segregation would also serve as a reminder to office staff to be more attentive in conversations with senior clients for signs of decline in physical and mental health and to keep advisors abreast of these interactions. The authors provide several checklists for warning signs of diminished capacity, signs of elder abuse, and steps to take to create a senior-centric service model.

The past few weeks have been very informative of the challenges that advisors face is doing what’s best for their senior clients and to stay regulatory compliant. The job of an advisor is all about staying informed. Informed about our clients and informed of the rules under which we operate. It’s rarely an easy job, but it can be so rewarding when one sees the important role they play in their client’s lives.

Photo Gallery

New Member
Photo Gallery: New Member Social

Pro Bono
Photo Gallery: Financial Planning Day 2016
Video: FPD 2016 - Nathan Dungan keynote
Video: FPD 2016 - FPAMN counseling