FPA of MN Newsletter – October 2017
FPA Pro Bono at Minnesota National Guard’s Power of One Fun Run and Walk
Submitted by San Asato, CFP® - Director, Pro Bono Committee
Last year, Minnesota National Guard had the unfortunate record of being second in the country behind Pennsylvania for suicides. 40 soldiers felt that they had no option but to take their own lives over the last 5 years. 50 took their own lives over the course of 8 years. To help soldiers, Minnesota National Guard started an Resilience, Risk Reduction, and Suicide Prevention program training 320 Suicide Intervention Officers and resilience trainers, raising awareness with testimonial talks, videos, roundtables, and family inclusive events like Power of One Fun Run and Walk.
The annual Power of One Fun Run and Walk takes place during Suicide Prevention week to coincide with National Suicide Prevention Day. FPA Pro Bono Committee has been a part of this program since its start in 2015. FPA and other Yellow Ribbon organization are there to show support and as community based organizations available to provide financial, mental, and vocational resources.
This year’s event on Sunday, September 10th, at National Guard’s Arden Hills Training Center drew 650 soldiers, the biggest turnout ever. FPA of MN Member San Asato and his son, Chief Petty Officer Yoshi Asato (U.S. Navy Reserves) were there manning FPA resource table engaging soldiers and handing out military specific financial planning materials created by FPA Massachusetts and National.
SYMPOSIUM BREAKOUT - October 16, Chad Halbur - Proactive Strategies to Provide Added Value to Clients
Register Today... www.FPAMNSypmosium.org
Proactive Strategies to Provide Added Value to Clients
Presentation Scheduled for Monday, October 16, 2:30-3:30 pm
Approved CE: 1 CFP, 1 CIMA, 1 NASBA/CPE and 1 CLE Stnd
Having a trust company by your side while planning an estate is of utmost importance when looking to preserve the integrity of your practice over time. This presentation will focus on strategies for retaining your best clients, where we’ll be discussing the advantages of early trust planning and choosing the appropriate trust company to partner with. You will learn how to be proactive in your approach to creating the right trust strategy for your high net worth clients and how to ensure you are transitioning wealth through generations.
Presenter Chad M. Halbur is President and a shareholder of Cornerstone Private Asset Trust Company, LLC. He is responsible for establishing procedures and the development of day to day operations. Chad oversees all accounts and works with clients on strategies to help meet their financial goals and is involved in the implementation and daily management of those strategies.
SYMPOSIUM BREAKOUT - October 17 - Joy Navarre, Student Loan Forgiveness
Register Today: www.FPAMNSypmosium.org
5 Questions that Can Reduce Your Clients' Student Loan Stress and Save Them Thousands of Dollars
Presentation Scheduled for Monday, October 17, 1:50-2:40 pm
Approved CE: .75 CLE Standard, 1 CFP, 1 MN insurance, 1 NASBA/CPE, 1 CIMA
NO CE: Wisconsin
Clients with high incomes and high student loan debt feel overwhelmed and confused about how to manage repayment….and many times, so do their advisors! If your clients or their adult children have student loan debt larger than their annual income, you don’t want to miss this session.
Learn the best and worst advice you can provide clients and prospects on student loans. Dig into today's hottest and least understood topic: student loan repayment and forgiveness. In this interactive presentation, you will:
- Learn how to advise your clients on student loans by using 5 simple questions.
- Dig into student loan repayment and forgiveness options.
- Know the good, the bad and the ugly about private loan consolidation and refinance.
- Understand what the loan servicing company might not tell your clients that can hurt them.
- Discover how to create a COI referral system with student loan experts that brings in prospects and leads to higher case size with existing clients.
This interactive presentation includes case studies, stories and ample time for Q & A.
I look forward to seeing you at the FPA-MN Symposium!
FPA of MN's Michael Branham, CFP® to receive the 2017 Heart of Financial Planning Award
Michael Branham, CFP® (FPA of Minnesota) was nominated for his ongoing commitment to the future of financial planning and helping to advance aspiring CFP® professionals into the profession. Branham is a Senior Financial Planner at The Planning Center servicing both the Twin Cities and Alaska. As the youngest president of FPA in 2013, Branham was a thoughtful and articulate voice for the financial planning community and the profession. His leadership in the association is extensive, having served as Chair of the FPA Advocacy Committee, President of the FPA NexGen community, and within the FPA of Minnesota. Branham has been a passionate voice in Washington, D.C. in support of the Fiduciary Standard of Care, which requires financial advisers to act solely in the best interests of clients.
The SEC Is Getting Serious About Cybersecurity And So Is The Professional Issues Committee!
In August, the SEC Office of Compliance Inspections and Examinations (OCIE) released a risk alert titled Observations From Cybersecurity Examinations. This alert reviewed the OCIE’s findings from examinations of 75 firms that focused on their cybersecurity preparedness. The firms examined included broker-dealers, investment advisors as well as mutual funds. The examinations focused on evaluating each firms’ cybersecurity preparedness with respect to:
- Governance & risk assessment
- Access rights and controls
- Data loss prevention
- Vendor management
- Incident response
The results of the OCIE’s examinations, done in 2015, were encouraging as nearly all the firms were better prepared for a cybersecurity event than firms examined in years past. The broker-dealers had made the most progress in meeting the OCIE’s expectation but there were still a good number of investment advisors that were deficient. Among the issues that the OCIE felt still needed work were the following:
- Policies and procedures were not reasonably tailored to firm’s operational structure. Policies were found to be vague and provided only general guidance. Procedures for implementing safeguards were vague or limited in scope.
- Firm’s actual practices do not reflect policies and procedures. Activities like an annual customer protection review were being conducted less than annually. Reviews of safeguards that were supposed to be ongoing were being done annually or not at all. Safeguard procedures were contradicting other office procedures or so vague that employees just ignored them.
- Efforts to safeguard client information were lacking. Firms were cited as using outdated software that were no longer covered by security patches (time to upgrade from Windows XP people!). Slow response to fix issues after it became evident that security measures for client information were deficient was also noted.
If you had any doubts as to the SEC’s seriousness with respect to cybersecurity, let them be dispelled. When the SEC comes to your office, they are going to take a close look at how you are handling cybersecurity threats, employee cybersecurity training and safeguarding client information. The word on the street is, that it could really hurt your pocketbook if your cybersecurity efforts are found deficient.
Cybersecurity Working Group coming soon!
If the above news has your stomach churning because you can’t tell your ethernet switch from your dual-band wireless router, we have good news. The Professional Issues Committee is putting together a Cybersecurity Working Group to help FPA MN members understand what is takes to be cybersecurity compliant. We are fortunate to have seasoned compliance professionals on the committee who have implemented cybersecurity policies and procedures at their firms that meet SEC standards. They will be leading the group through the NIST cybersecurity framework that the SEC recognizes as the best way to evaluate and respond to cybersecurity threats.
We will keep you posted on when the Working Group kicks off. In the interim, you are welcome to contact the FPA office and let them know that you are interested in participating.
FPA to focus efforts on serving the needs of next generation financial planners
FPA is proud to be the home for financial planning students, young professionals and career changers who are looking to make financial planning their vocation. While several initiatives are in early development with the FPA NexGen community, we have announced a partnership with FPA member and Dallas-based financial planner Hannah Moore, CFP® to produce, market and co-brand the "You're a Financial Planner, Now What?" podcast as a critical next step in connecting the professionals of today with the professionals of tomorrow. Learn more about the partnership!
Coming soon: Journal in the Round podcast special on millennials
September's Journal in the Round, “Next Generation of Planners Shifting the Paradigm,” is a special event hosted by Hannah Moore on her weekly podcast, "You're a Financial Planner, Now What?" In this episode, Hannah visits with Journal contributors Yusuf Abugideiri and Russell Kroeger who co-wrote a cover story on their 3-step model for serving millennial clients. You will be able to listen to the episode on iTunes, Stitcher and FinancialPlannerPodcast.com starting September 26 and also on FPA's learning website.
Now Available: FPA Retreat 2017 recorded sessions and CE
FPA Retreat 2017 was a terrific event full of wonderful content, and we hope you were able to join us. Even if you missed the conference, we’re pleased to announce the Retreat session recordings are now available. Don’t miss this opportunity to access cutting edge content and earn continuing education (CE) credits. Access the FPA Retreat 2017 sessions now!
Learn something new while supporting the Foundation for Financial Planning
Forty thought leaders from the financial planning profession gathered to collaborate on The Art of Practicing and the Art of Communication in Financial Planning – a new book that provides readers with insights on how financial planning should be viewed and how professionals can engage their clients. All royalties from the sale of the book benefit the Foundation for Financial Planning and the work they are doing to make financial planning more accessible. The book is available in paperback and eBook through Amazon and bulk ordering is available through Sage Publications.
Increase your professional knowledge with the FPA Whitepaper Library
Serving clients and building a business requires financial planners to have access to the latest thinking available on both the practice and business of financial planning. The FPA Whitepaper Library is your opportunity to access whitepapers and content provided by many outstanding partners, including Vanguard, fi360, Cambridge, Commonwealth, T. Rowe Price and many others. Access this valuable content today to amplify your knowledge.