FPA of MN Newsletter – October 2015
President’s Message – October, 2015
Greetings to all,
For those that are able to attend our monthly Chapter meetings at Golden Valley Country Club, you likely often hear me talk about the fact that we are striving to do all that we can to maximize the value of your FPA membership. I wanted to take a few moments to make you aware of some opportunities you may not yet be taking advantage of that I believe could significantly add value for your membership dollars:
1) Professional video recording of Chapter meetings – At our recent September Chapter meeting featuring Ross Levin, FPA of Minnesota recorded our first in what we hope will be a series of professionally-produced videos of our monthly chapter meetings. Available at the discounted price of $20, the video is intended to allow those who were unable to attend the session to experience the content of the meeting as well as receive CFP® and CIMA credit. For more information and to purchase the video, please visit our website. Look for more videos to come!
2) Auto-renewal program – What better way to improve the value you are receiving than to maintain your level of current benefits while paying less for them? This is exactly what the auto-renewal program provides. By enrolling in this program to automatically renew your membership, either by paying membership dues annually or monthly, you save $50/year automatically. Seems like a no-brainer to me! To enroll in this automatic renewal option, please click here and then click on Automatic Renewal on the far right side of the screen.
3) Quarterly K’Nex Program – This program, featuring practice management topics in a happy hour setting, was started in 2015 and has included topics such as effective marketing utilizing social media, succession planning, and working with Gen X and Gen Y clients. Look for information regarding our December program very soon!
As noted above, we are continually striving to increase the membership value we provide. To that end, please let me or any of our Board members know of any questions, comments, or suggestions that you have. We strive to “ask-listen-respond.”
Steve Gilbertson, CFP®
Accredited Investors, Inc.
Financial Planning Day Volunteers Needed 10-17-2015
We need your help for 4 hours Saturday, October 17th, 2015!
As a fellow member of the nation’s most active FPA chapter, I invite you to join us in helping Twin Cities residents at THE LARGEST PRO BONO EVENT of the YEAR! With just four hours commitment, the Twin Cities Financial Planning Day offers ample opportunity to help your community members in a fun and impactful way. This year we expect over 200 attendees from the public! Take a few minutes to watch our video clip.
Please Click for More Info and Register for the Twin Cities Financial Planning Day
When: October 17th, 2015, from 10:00 am to 2:00 pm
Where: The Amherst H. Wilder Foundation, 451 Lexington Parkway North, St. Paul, MN 55104
Two ways to Volunteer:
1) Financial Planner Participant: As a CFP®, you are needed…
- to consult one-on-one with consumers
- to present approved educational workshops.
- Register here and let us know how you can help www.FinancialPlanningDays.org/TwinCitiesVolunteer. Volunteers must be in good standing with CFP Board and/or FPA. Seats will be assigned on a first come first served basis.
2) Other Volunteers: Have a friend or family member to bring?
We also need several volunteers for logistics on the day of the event (helping with registration, setup/teardown, usher, take photos, etc.). These volunteers need not be members of FPA or CFP® certificants. To get more information or to register, please contact email@example.com.
Please decide to join us and other kindred spirits who believe in the value of great advice, even for those who can’t afford it. The day will fly by and be incredibly rewarding!
One Step Closer to Sixth Annual Financial Planning Day!
September kicks off autumn, which is stuffed with opportunities for our Chapter’s membership to help its community through Pro Bono contributions. On the weekend of September 12th, members of the Pro Bono Committee were invited to partner with the Minnesota Army National Guard for the first time! Members were present for the group’s Power of One Fun Run, manning a booth to support the suicide prevention month events at both Camp Ripley and the Arden Hills Army Reserve Center.
Just a couple days later, many members stayed after the monthly chapter meeting for a bonus Pro Bono session, covering the ins and outs of Debt Management. Melanie Hardie was our expert of the day. She helped the dozens of planner attendees to better address the myriad forms of debt (credit card, mortgage, medical, etc.) common in Pro Bono conversations. Attendees left charged to put these skills to work in serving the Twin Cities community in Pro Bono engagements throughout the year, either as needed for individual requests or serving the community en masse at the Twin Cities Financial Planning Day.
Every month we receive at least a few requests from community members in need of financial advice but who can’t afford it. We match that person in need with an available advisor nearest to them to schedule a one-time conversation. CFP® designees who would like to be considered for these opportunities should reach the reach the Pro Bono committee at firstname.lastname@example.org.
The biggest group Pro Bono advice opportunity of the year falls on Saturday October 17th, when our advisors will serve the community at the sixth annual Twin Cities Financial Planning Day. With over 150 attendees last year, we already expect over 200 attendees from the public this year!
The problem is we still need more CFP® advisors to volunteer to meet individually with these folks in 15-minute sessions over the course of three to four hours. It is being held at the Amherst H. Wilder Foundation on Lexington Parkway N in St. Paul. This fun, quick and helpful service is in great demand, and we really could use your help! Registration only takes a couple minutes. To get signed up, click here!
If you need more info regarding the Financial Planning day, want information on other events we do throughout the year, or would like to volunteer to help in putting them on, please reach out to the Pro Bono committee at email@example.com. We love helping our members use their skills in coaching people on finances to make our community a better place. Thanks to all for their participation thus far; we are thrilled to have you with us this fall!
Recap: NexGen K’Nex event
On Sept 23rd a NexGen K’Nex event attended by over 50 FPA members and non-members provided a window into several models for serving Gen X and Gen Y clients. It was not a presentation on theory, instead, presenters Ben Wacek, Scott Oeth, Ashley Murphy and Sophia Bera offered four specific examples of helping real life Gen X and Gen Y clients. They covered the client facts and circumstances, the recommendations and advice given and the compensation structure. While all advisors services and value propositions vary, attendees benefited from seeing how their peers are profitably serving this demographic. Stay tuned for the next NexGen K'Nex event coming up in December. Note: K'Nex events are open to all, not just NexGen members.
Fall Brings These Financial Education Volunteer Activities
As we head into the fall, it’s time to start planning for how you can bring your financial planning knowledge and expertise to bear through volunteer activities. There are many opportunities that abound in the coming weeks – take a look!
For these opportunities, please reply via email to firstname.lastname@example.org.
Gustavus Adolphus College
- Oct 20th 5-7pm. “Sustainable Financial Planning” as part of their Residential Life programming.
Tubman Center: West Location: 3111 First Ave S, Minneapolis, MN 55408
- Tuesday, Oct 6th 1-3pm “Regaining Control Over Your Money” (Credit Reports, Identity Theft, Paying Back Debts)
- Tuesday, Oct 13th 1-3pm “Making Your Money Work for You” (Money safety: utilizing banks - earning interest, Investing, Filing Taxes)
Tubman Center East Location: 1725 Monastery Way, Maplewood, MN 55109
- Tuesday, Oct 13th 1-3pm - “Let’s Talk about Money” (Budgeting 101, Stretching and Saving Money, Setting Goals)
- Tuesday, Oct 20th 1-3pm - “Regaining Control Over Your Money” (Credit Reports, Identity Theft, Paying Back Debts)
- Tuesday, Oct 27th 1-3pm - “Making Your Money Work for You” (Money safety: utilizing banks - earning interest, Investing, Filing Taxes)
For this opportunity, please reply via email to email@example.com.
Tapestry, Pregnancy and Family Resource Center: 4105 Chicago Ave, So, Minneapolis
- Thursday, November 19: 1:1 sessions with participants of the Financial Empowerment classroom series (that would have occurred each Thursday beginning October 15, finishing with 1:1 sessions).
You can find other great opportunities to volunteer on Volunteer Hub --- check it out!
Financial Advisors Volunteers Needed at Junior Achievement
Financial Advisors who are looking to give back or use their skills and expertise for the benefit of others may wish to consider volunteering their time to Junior Achievement.
Junior Achievement, or JA, is the world's largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs. In its almost 100-year history, JA has engraved its name in schools across the nation, impacting nearly 80 million young people in the United States.
In-Class Volunteer – Grades K-12
- Professional adults (like you!) are placed with students in the classroom during the school day to inspire and prepare students to succeed in school and in life by teaching K-12 students about entrepreneurship, money management, and how to be responsible workers, consumers and citizens. Multi-Visit Delivery - 5 weekly, 45 minute visits to a classroom (K-12 opportunities all over the metro)
JA in a Day
- Deliver 5 lessons back-to-back during one 5 hour classroom visit
Upcoming: Nov 2015 at Sheridan Global Arts in Mpls (K-5 only)
JA Finance Park – Grades 9-12
- Work with High School students participating in the JA Finance Park program as each develops a balanced personal budget based on different randomly assigned life scenarios.JA volunteers inspire and prepare students to succeed in school and in life by teaching K-12 students about entrepreneurship, money management, and how to be responsible workers, consumers and citizens.. Consider becoming a Junior Achievement volunteer. Next great opportunity with this older group may or may not still be open:
Thursday, Nov. 12, 2015 from 7am-1:30pm
Other programs offered by Junior Achievement include: JA BizTown and JA Titan.
For more information, or if interested in volunteering with Junior Achievement,please contact Karyn Thompson at firstname.lastname@example.org. Or call (651)255-0500.
Short-Term Mentorship Opportunity – Be a Symposium Buddy!
Are you interested in being a mentor to a student or career changer attending our annual Symposium? Consider being a Symposium Buddy to a Symposium Scholarship recipient on November 3! You’ll have the opportunity to meet your Buddy after the first session on Monday morning, enjoy lunch together, and be a friendly face in the crowd. For more information, or to volunteer, contact Ellen Fee at email@example.com.
Save the Date: November 10th - BestPrep’s Educational Forum
BestPrep is excited to announce Grammy Award winning singer, educational activist, and humanitarian Angelique Kidjo as the speaker for the Educational Forum on November 10 at the Minneapolis Convention Center. Ms. Kidjo will electrify the audience with the strength of her voice, the power of her words, and the intensity of her performance.
As a UNICEF Goodwill Ambassador, Ms. Kidjo is a strong advocate for education as the key to economic empowerment. Through her Foundation, she provides secondary education to girls across Africa and empowers the female leaders of tomorrow. For her tireless advocacy, Ms. Kidjo was presented with the Dag Hammarskjold Inspiration Award and she is acknowledged by The Guardian as one of the 100 most inspiring women in the world. In 2015, Ms. Kidjo won her second Grammy award for her album EVE.
Following the keynote address, Ms. Kidjo will have an onstage dialogue with Ken Powell, CEO of General Mills, emceed by WCCO’s Jason DeRusha. Their focus will be on educational issues such as the achievement gap, global educational initiatives and workforce readiness.
In addition to her keynote address, Ms. Kidjo will perform during the event. The Macalester College Student African Music Ensemble is also confirmed to participate in the program.
This event will kick off BestPrep’s 40th Anniversary celebration. If you are interested in attending the event please reach out to Jeanna Fifer at firstname.lastname@example.org and we will see if we can gather enough people to fill a table of FPA MN members.
Golf & Bocce Ball Event Raises Nearly $7.5k for ALS
Thanks to all of you who made the 16th Annual Golf & Bocce Ball Tournament a success. With your support FPA Minnesota delivered a contribution of $7,440 to the ALS Association. This is the second largest contribution in the history of this event.
The Member Experience Committee is working on a location and a date for next year’s event. Check back here in next month’s newsletter!
Business Continuity Planning
Submitted by: Scott Nelson, CFA, CFP® - Professional Issues Committee Director
Last week my office experienced an internet outage. For over an hour, we were without access to our CRM or portfolio management system, not to mention email or the ability to shop the World Wide Web. While I had more than enough to do offline, it got me thinking about the state of our disaster recovery plan in the ever changing internet age. With an ever increasing amount of the typical advisor’s business services being offered via the internet, have you thought lately about how that affects your business continuity plan?
The NASAA has thought about it and in April 2015 issued Model Rule 203(a)-1A requiring state regulated RIAs to adopt a“Business Continuity and Succession Plan”. This Model Rule effectively makes it the fiduciary duty of advisor to develop plans to minimize service disruptions and the resulting client harm from those disruptions. While the SEC has previously stressed business continuity plans, it is considering a similar rule for larger RIAs to provide additional guidance on what such a plan should involve.
Model Rule 203(a)-1A prescribes that a Business Continuity and Succession Plan provide for the following:
- The protection, backup, and recovery of books and records.
- Alternate means of communications with customers, key personnel, employees, vendors, service providers and regulators.
- Office relocation in the event of temporary or permanent loss of principal place of business.
- Methods for minimizing service disruptions and client harm.
The Model Rule also requires creation of a succession plan for the loss of key personnel. Items to consider when developing a business continuity plan include:
- Indicating who will be undertaking the duties of key persons in the event their death or unavailability.
- How does the death of an advisor affect investment advisory agreements?
- What will happen in the event of the loss of the manager of discretionary accounts?
- Who is responsible for dealing with creditors and vendors?
- How will the ownership and registration status of the business be affected by the death or unavailability of a key person.
It is a lot to think about. One resource I found for getting the basics down was a template for Business Continuity and Disaster Preparedness Plan created by the US government found at www.ready.gov. While this template doesn’t cover issues specific to financial advisors, it can be a useful first step.
Perhaps you created a plan when you started your firm but have you looked at it recently? Have the key personnel changed? Have your client communication channels changed? Have your vendors changed? What is your insurance for such disruption? The key to any plan is that it be relevant when needed. Ensuring that it is relevant may include testing it to see if the process works as intended. Better to find the gaps in your plan when the things are running smoothly rather when all hell is breaking loose.
While we in Minnesota, don’t have to worry about earthquakes or hurricanes causing business disruptions there are a host of events (fire, utility outage, hacker attack) that could happen anywhere. Perhaps, you did not realize it, but it is your fiduciary duty to your clients to be prepared to respond to catastrophic events in a manner that keeps your business operating and their best interests served.
Reason to belong to FPA
Business Success Partner - Peak Advisor Alliance
As a Business Success Partner, Peak Advisor Alliance provides resources, tools, and advice to FPA members. Peak Advisor Alliance is the country's largest financial advisor coaching and resources program. Based on the experience of top Barron's advisor, Ron Carson, Peak Advisor Alliance helps financial advisors build more profitable businesses, provide better client service, and live a principled and fulfilled life. Peak Advisor Alliance members receive one-on-one and group coaching support, turnkey resources, strategies, systems, and tools; and participation in an unparalleled community of top advisors.
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