FPA of MN Newsletter – March 2016
Recap: 10th Annual Career Day
The FPA Career Development Committee hosted its 10th Annual Career Day on Friday, February 26 at The Doubletree - Minneapolis. Attendees participated in round table discussions, mock interviews and resume reviews throughout the day while participating employers conducted interviews. The keynote speaker was Jon Guyton, CFP®, Principal of Cornerstone Wealth Advisors, Inc. The lunch panel discussion comprised
of Derek Grant, Elise Huston, and Tony Haider. They shared their experiences of their first years in the profession and offered career advice.
The Career Development Committee thanks the following employers – Mindful Asset Planning, Riverbridge Partners, LLC, Clifton Larson Allen LLP, Carlson Capital Management, Capital Management Associates, Inc., Waddell & Reed, Merrill Lynch Wealth Management, MetLife Premier Client Group of the Upper Midwest, Heritage Wealth Architects, and Ameriprise Financial.
Thank you also to the following FPA member volunteers for taking time out of their day to help nurture the next generation of financial advisors.
- Jeanna Fifer, CFP®
- Nitya Malik
- Elise Huston
- Nicole Rosandich, CFP®
- Ellan Krubsack
- Ashley Murphy, CFP®
- Jenna Ecker
- Mark Brice
- The Career Development Committee
FPA All-Member Virtual Update on March 3!
What events and programs is FPA working on? What new benefits are coming out? How is your professional home supporting you and your business? Join FPA staff and leaders for an FPA All-Member Virtual Update on March 3 at 2 pm. This quick 30-minute webcast will bring you up to speed on what FPA is doing for you!
FPA Minnesota’s 2016 Advocacy Day is Wednesday, March 9th
A reminder that Wednesday, March 9th is FPA Minnesota Advocacy Day at the State Capital in St. Paul. We will be meeting at 9:00 AM in Room 500 North in the State Office Building adjacent to the State Capital. We will start the morning with a review of how to interact with your elected officials and what to tell them about FPA of MN. Officials from the Department of Commerce will be dropping by around 10 to update us on their efforts in regulating securities and advisors and what they are doing to protect consumers. We will then go meet our elected officials and remind them that FPA of MN is working to help all Minnesotans to make better investment decisions including our legislators.
Junior Achievement - 300 Classrooms - Volunteers Needed
JA has 300 classrooms in Twin Cities area schools. Volunteers can still get involved in the months of March, April and May 2016.
JA Volunteers integrate stories about their personal and professional path as they facilitate JA lessons to inspire students to dream big and provide them information about the skills needed to succeed in school and beyond. The JA lessons use fun, hands-on activities to help students better understand entrepreneurship, how to manage money and what it means to be a responsible citizen, consumer and worker. JA Volunteers work with a classroom of students in local K-12 schools.
Search for K-12 opportunities by area of town via this link.
Opportunities of special note:
JA Personal Finance classes at South High School in Minneapolis
One day/morning events with students in grades K-5 in May & early June.
Contact Karyn Thompson at JA for details 651-255-0050 or email: email@example.com
FPA MEDIA TRAINING
Become a “go to” source for journalists?
On March 31st, FPA will be hosting it's first virtual media training for 2016. Become a "go to" source for journalists looking for information and commentary on personal finance, financial planning and the profession! Any FPA member who is also a CFP® professional will also be able to then be part of FPA MediaSource – the automated media query system that sends reporter queries to qualified financial planners. Not only is media training mandatory for all CFP® members who want to receive FPA media queries, but the information will enable you to effectively approach media relations within your own business!
Each 90-minute media training program, conducted by FPA Director of Communications Ben Lewis, covers the essentials in working with journalists, including:
- How to pitch story ideas to reporters;
- What you need to do to prepare for interviews;
- How you can improve interview performance;
- The tactics for ensuring you maintain a great reputation with reporters;
- Representing FPA and the organizational messages; and much more!
Mark your calendar and register to take advantage of this member benefit.
- Thursday, March 31, 2016 from 3 to 4:30 pm CT
- Thursday, June 30, 2016 from 3 to 4:30 pm CT
- Thursday, September 29, 2016 from 3 to 4:30 pm CT
- Thursday, December 15, 2016 from 3 to 4:30 pm CT
Reason to belong to FPA
FPA Research and Practice Institute™ (RPI): Gain a competitive advantage through original research on business-centric topics and issues, including operations, personnel, human resources, marketing and technology. Detailed analysis, reports, whitepapers and resources, based on the research, will help you identify your business gaps and address them.
FPA Member Advantage Program: Access a comprehensive collection of member-only discounts on industry-leading consultants, top-notch education providers, 1st-class insurance plans, and best-of-breed software and technology from firms selected to help you take your practice to the next level. Savings on these essential business tools and resources can more than cover the cost of your annual dues.
New Allied Professional Directory - Now Available!
FPA has launched a new member benefit — the FPA Allied Professional Directory. The Directory, which is accessible on FPA Connect, lists all current FPA Allied Professional members who support the financial planning process. It’s a resource you can use in your practice to connect to FPA Allied Professional members whose professions include accountant, attorney, business coach, insurance professional, family wealth counselor, enrolled agent, mortgage specialist, actuary and much more! We hope you’ll find this new member benefit of added value in supporting your success.
Proposed Minnesota Safe Seniors Financial Protection Act
As the Professional Issues Committees reported in the January newsletter, the NASAA was considering (and has now approved) guidelines for protecting seniors from exploitation by giving advisors latitude to investigate what they suspect to be fraud on a senior client before transferring funds. For the 2016 legislative session, Minnesota's Department of Commerce under Commissioner Mike Rothman has proposed the Minnesota Safe Seniors Financial Protection Act that closely mirrors the NASAA guidelines.
The act would cover adults over age 65 as well as younger vulnerable adults. If an advisor, broker-dealer or other financial professional has reason to believe that an act of fraud is being perpetrated against a senior or vulnerable adult they are compelled to report their concerns to the Commerce Dept. and the Minnesota Adult Abuse Reporting Center. The advisor can also disclose this information to a third-party such as a designated family member.
Advisors will be then be permitted to delay a disbursement of funds. They must report to the Commerce Dept. and the Minnesota Adult Abuse Reporting Center and delay in disbursing funds with 2 business days. Within 7 days, the advisor must report on the findings of any internal review of the suspected exploitation. The delay expires in 15 days if the advisor cannot confirm during the time allowed that this is an exploitation situation.
The act protects advisors seen as acting in good faith and exercising reasonable care in delaying disbursements and reporting their concerns.
It is definitely a change in the advisor/senior client relationship that brings with it a few questions. Are advisors going to be liable for making disbursements that do turn out to be exploitation? Will regulators allow advisors to set up protocols for delaying any unusual disbursements until they have checked with the senior's/vulnerable adult's contact person?
Becoming an ElderCare Advisor
The February Issue of the Journal of Financial Planning asked 10 Questions of former advisor and author on eldercare issues, Bob Mauterstock. Mauterstock stressed the importance of advisors developing skills to deal with aging clients. Since every advisor’s goal is to have long and rewarding relationships with their clients, that inevitably means that issues are going to arise as clients grow older and their physical and mental health deteriorates. Mauterstock recommends the following for every advisor to prepare for the day when the service they provide a client focuses more on helping them manage aging rather than their portfolio.
- Become fully versed in the programs and services available to the elderly for dealing with aging as well as the Medicare and Medicaid programs.
- Build a network of eldercare experts including an elder law attorney, geriatric care manager, long-term care insurance provider and a senior real estate specialist.
- Have each client sign an agreement that specifies a third party with whom you can share financial information if the client shows sign of diminished capacity.
- Develop an office protocol to be used when it has been determined that a client’s mental capacity is slipping.
Mauterstock has written two books to help families have the conversation about dealing with the physical and mental decline of aging. He feels that advisors should take a proactive approach to facilitate these discussions in order to ensure that a plan is in place for the client’s care before problems arise.
Finally Mauterstock noted that the priority for people dealing with their own diminished capacity is to maintain some control over their lives during the decline. Then as their lives draw to a close, their primary concern shifts to defining what their legacy will be. Since the advisor’s relationship with the client is often forged with dealing with life’s changes, it seems natural that these final changes be part of the advisor/client conversation.
Academy Award® Winning Producer Joins FPA Retreat 2016
Storytelling is an important component for this year’s FPA Retreat to help you learn how to craft your story. The 2016 schedule features film Hollywood master storyteller and Academy Award® winning producer, Ed Saxon, who will present The Power of Story™ to help you learn the principles of story to develop a bond with your clients to move them into action. Session is sponsored by eMoney Advisor. Space is limited for this annual tradition. Reserve by March 18 for advance registration savings.
Simple Steps to Save Successfully During America Saves Week 2016
FPA of Minnesota is blessed with a robust network of volunteer and partner organizations in our community. These organizations support our efforts in serving the underserved in our community in a variety of ways. This month I am highlighting one of our closest national partners aimed at helping people at all levels of income and wealth to simply and successfully save more.
As you and your coworkers consult with folks from varied backgrounds, you may find it helpful to take advantage of the resources that America Saves provides their partners. If nothing else, consider sending out the article that follows as a template for conversations on getting started saving. Enjoy!
-Chris Davis, CIMA ®
Article from: Tammy Greynolds, America Saves Communications Coordinator
America Saves Week (February 22 – 27, 2016) is an annual opportunity for individuals to assess their savings and take financial action. The theme for this year’s America Saves Week is simple: Save Automatically.
Try these five simple steps during America Saves Week to help yourself save automatically – and successfully:
- Assess Your Savings.
Like your health, you should assess your savings annually to make sure your savings priorities are on the right track. Complete this simple 12-question assessment to find out your current standing and help you plan for the future.
- Evaluate your Savings Preparedness.
Check off your savings accomplishments on the Saver Checklist to further evaluate where your savings habits need strengthening for your future goals.
- Take the America Saves Pledge.
Those with a savings plan are two times as likely to save for emergencies and retirement than those without one. Join more than 450,000 American Savers who have already committed to save. When you take the pledge, you can choose to receive text message tips and reminders to help you save towards your goals.
- Share Your Savings Goal.
Take part in the 2016 #imsavingfor Photo Contest. Share a selfie that shows what you’re saving for on Facebook, Twitter, or Instagram, and enter the contest at https://americasavesweek.org/imsavingfor for a chance to win $500. Savings never looked so good.
- Make Your Savings Social.
Are you on Twitter or Facebook? Join America Saves in encouraging your friends, family, and colleagues to save this week. Better yet, join one of the many Twitter chats that America Saves will be a part of this week to get real-time savings tips and advice.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
Save The Date: FPA Advocacy Day in Washington, D.C. Coming This June
Do you want to help shape the future of your profession? If so, you need to plan on joining fellow FPA members from across the country in Washington, D.C. for the 3rd Annual FPA Advocacy Day on June 22. This will be your opportunity to meet with lawmakers who need to hear from you on those issues of importance to the financial planning profession and the public that depend on your services.
Please save the date for now. More information, including details on registering, will be sent soon!