Report by Nominating Committee Liaison, Susan Cappa
Recently the IARFC recruited candidates for 3 open positions on their Board of Directors. The election process permitted any member of the Association to volunteer or a member could nominate another member for service. This year we had an unprecedented number of very high caliber candidates for the 3 positions.
Each candidate went through a vetting process and all qualified for nomination based on their qualifications, continuing education and continuous good service to their clients. The current Board of Directors then voted from the slate of candidates. The results:
- Jon Rogers of Rogers Financial Group LLC, Greenville, SC (reelected)
- Isabel Cooper of Edelman Financial Services, Ashburn, VA (reelected)
- Mayo Woodward, Ameriprise Financial Services, Inc, Birmingham, AL
As the newest member of the Board, Mayo Woodward stated: “I am thrilled to be part of such a great organization where the focus is on ethics and treating clients with the utmost respect. Being on the Board gives me the chance to continue to drive the mission of the IARFC and share it with others.”
The newly elected directors will be attending the Annual Board Meeting and taking part in the Semi-Finals judging of the National Financial Plan Competition at corporate headquarters in Middletown, OH next March. The next year will be an extremely important time for the IARFC as it goes through a complex and lengthy process of third party scrutiny. The Board will be instrumental in fulfilling this goal of accreditation.
From the Accreditation Team
The MRFC Certification Board is now in place and ready to start working on accreditation. This governing body – independent of the IARFC Board of Directors is a required component by the NCCA. It is their responsibility to oversee and maintain the accreditation from development to NCCA submission to post acceptance. It was made very clear that they are in charge.
Your newly elected board members are: Nicolas Pologeorgis, Louise Fallica, Edward Skelly, Burton Stewart and Julie Friend. On October 30th, the Board had their first meeting with the IARFC accreditation team via GoToMeeting.
The initial meeting was a basic housekeeping agenda – with details of communication protocols, terms of office and a general awareness of where the IARFC is in the accreditation process. Dr. Nicolas Pologeorgis was elected Chairman of the Board. The accreditation timeline was reviewed as to where we are with the exam process and what we need to do to meet the goals.
Board members are meeting the first Tuesday of every month and plan to have an in-person meeting once a year. They will be updating the members as they go along with this process. Any questions can be address to Amy Primeau – firstname.lastname@example.org – who is the MRFC Board Liaison.
If you have read the Register in the past year or two, you know that the IARFC has been proceeding down the Path to Accreditation. You’ve heard about the behind the scenes work the IARFC is doing in order to reach the goal.
The question we keep hearing from members is “WHY?” Why is the IARFC seeking accreditation. Why now, when the IARFC is in its 30th year, after having weathered the storm for so long.
These are questions that Amy Primeau, Domestic Membership for IARFC posed in her article in the September/October Register.
To understand why the IARFC is taking on such an ambitious project, read the entire article so you know the importance of this endeavor and how the IARFC is meeting the challenges of moving the Association forward.
This Fall brings a new issue of the Journal of Personal Finance. It is the first Journal produced by our new co-editors Wade D. Pfau, Ph.D., CFA, RFC® and Joseph A. Tomlinson, FSA, CFP™, RFC®.
This Volume 13 Issue 2 covers a variety of financial planning topics ranging from traditional survey research studies to articles in new groundbreaking areas such a optimization techniques for financial planning and neuroscience applications.
According to Dr. Pfau, “The lead article by Gordon Irlam on connecting retirement asset allocation to age and funded status has already drawn the interest from one Nobel laureate interested in retirement income, and it is just one of the many articles that could positively impact our profession”
You will find the abstracts of all the articles on the Journal website.
IARFC members will be sent an electronic copy of the Journal as part of their member benefits. Hard copies are available to members and non-members through the IARFC store.
Update September 2014…
Our first invites went out for the 2015 IARFC National Plan Competition. This time we are holding the finals in the Motor Speedway City of Charlotte, NC.
We are happy to report that 112 students from 11 different Universities have responded so far and we still have six weeks of registration to go. Great news in that the majority of the Universities interested are new. All in all it is a good showing for the first call for participants.
And sponsorship is doing well amongst the membership. If you wish to become a sponsor, please go to our website and sign on. This is a great way to give back to the industry – help those who are pursing a career in financial services.
Closing date for registration is October 31st.
Participating schools to date:
Exerts from Michelle Blair, RFC “Pearl’s” article in the September Register.
If we thought that technology was changing quickly 30 years ago, watch out for the future! Before, we would measure major change cycles in years, but today there is something new and exciting on a daily basis. For instance:
- Everyone maintains their “life” on a phone or tablet these days
- We use Skype on a daily basis
- An Outlook calendar sees “where” everyone is
- CRM maintains our database
- Financial plans are entered into software
- Branding yourself on social media is the way to go.
NEVER let the personal touch go by the wayside. People still relate to a human voice and appreciate an old fashioned phone call instead of a text or email. It’s all a case of balance!
For the entire article – check the “Pearls” article How Has Technology Affected Daily Operations in Your Business in the Last 30 Years? of the September edition of the Register.
Recently a group of subject matter experts (SMEs) convened in Middletown, OH to write the items (questions) for the exam component of the MRFC Proposed Designation.
The subject matter was determined through a survey that many of our members responded to earlier in the year. The results of this in-depth questionnaire determined a percentage blueprint of subject matter domains and their weight of exam questions. The final tally ended with 13 topics: Client Engagement Process, Retirement Planning, Insurance Planning, Education Planning, Estate Planning, Professional Conduct, Plan Development, Data Gathering, Ongoing Monitoring, Tax Planning, Investment Planning, Regulations and Compliance, and Practice Management.
The SMEs are targeting a bank of 300 items from which a test of 150 items (3 hours in length) will be compiled. By passing the exam and meeting the rest of the MRFC criteria, the consumer can be assured that their Financial Advisor has met a professional standard certified by a National Accreditation Body.
Once this exam item writing task has been completed, we will be sending out information on how you can take the exam.
Stay tuned for more news on this exciting process for the IARFC!
By Jamie Bosse, CFP® RFC®
Close your eyes and picture this: A financial planning or investment management firm in 1982. What do you see? Big, thick mahogany desks, classic artwork in gold-plated frames, gigantic file rooms full of tons (literally, tons) of paper, and perhaps some classy statues resting on doilies on every end table.
News Flash – if your office still looks like this, you may not be prepared to embrace the next generation of clients. The people who were born in 1982 are now in their 30’s, educated, and potentially on the fast track to becoming what you might call the “emerging affluent” and they are not impressed by a posh, stuffy office.
These 30-Somethings want to see modern conference rooms equipped with Wi-Fi ,video conference abilities, and a big screen that they can use to pull up information on – that is… if they want to see your office at all. They may prefer to correspond via email, video conference, Skype, or webinars. The tail end of Gen X and elder statesman of Gen Y tend to be impressed by a firm that promotes flexibility and work life balance. They want to work with advisors that are progressive, treat their employees like family, and have a life outside of the office.
For tips to help you attract your future client base be sure to check out her entire article in the July issue of the Register.
Jamie Bosse, CFP®, RFC is a Financial Planner at KHC Wealth Management in Overland Park, Kansas. She strives to help clients live the life they want by helping them identify their goals, create a plan, and take action. Jamie loves to write, travel, BBQ, and spend time playing with her husband, son, and pet corgi.
Professionals who love what they do for a living feel fortunate and look for a way to pay it forward – especially to the kids today.
For that reason, RFC Ed Skelly of Sterling Financial Partners in Ashburn, Virginia decided to travel to Las Vegas and judge the Finals of the IARFC National Plan Competition held on May 1.
As a Diamond Sponsor, Ed is encouraged by what the kids are learning in school.
“Today the presentations by the three teams were absolutely phenomenal,” commented Skelly. “I think the nine students who presented did a wonderful job.
The Final Results:
- First place – Bryant University
Smithfield RI, team members Kyle Creedon, Lauren Fayne, Jamie Pepin and their instructor Mara Derderian
- Second Place – Shepherd University
Shepherdstown WV, team members Bonnie Baily, Akhtar Khan, Avery Mendzela and their Professor Nicolas Pologeorgis
- Third Place – Bowling Green University
Bowling Green OH, team members Dana Kaufman, Elizabeth Kevorkian, Becca Smoody and their professor Matthew Garrow
The IARFC congratulates all the students and their professors on the hard work and time needed to advance to the Finals and to the Bryant University team for winning first place.
“Without question having the ability to participate and placing in the top three spots in a national competition is something to be proud of,” continues Skelly. “They will be a very good presence in the industry in the future.”
Recently the IARFC hosted the semi-finals for the National Plan Competition in Middletown, OH via web conference. Three teams of students and their professors are now making plans for Las Vegas.
When asked how worthwhile was the experience so far of competing in the Plan Competition, this is how a number of our finalists responded…
“I think this experience has been very worthwhile because I have learned a lot more about what it’s really like interacting with a client. I think the conference and the final presentation will also be a very worthwhile experience.” Jamie Pepin, Shepard University
“The experience of the competition proved to be a beneficial one. We learned a lot different facets of a financial planning business and it will help for the future. It was a great learning experience and really felt like a real-life example, as if you really wanted to help someone with their situation.” Kyle Creedon – Bryant University
“This experience has been invaluable. Our team was comprised of students in different years of schooling so we learned an immense amount from each other. We took our learning from the classroom and put it into real world application.” Bonnie Bailey – Shepherd University
“Very worthwhile. We were able to use our skills learned from class in a real life example. Being able to do so has been beneficial while preparing for our future careers.” Becca Smoody – Bowling Green State University
The teams were judged by the IARFC Board Members Isabel Cooper, Les Anderson, Nick Royer, Jon Rogers, Steve Bailey and Michelle Blair. These professionals were very pleased at the results and are looking forward to the live event in Las Vegas.
The IARFC is proud to be part of helping students in financial education curriculum broaden their experience and wish them well at the Plan Competition May 1st.