Filed under: IARFC Posts
The International Association of Registered Financial Consultants (IARFC) announces Dr. Jerry Mason of Cedar City, Utah as the 2016 recipient of the Loren Dunton Memorial. This award is to “honor a person who has made a substantial contribution to the financial services profession and/or the financial interest of the public.”
Generally regarded as the “Father of Financial Planning”, Loren Dunton organized financial professionals in the late sixties and with their help created the financial planning movement. Loren Dunton developed associations, magazines, colleges, university programs and foundations. He was able to use his experiences to frankly explain what all financial advisors now recognize – that the ethical sales of financial products and the delivery of competent advice is a noble calling. Loren Dunton was a man of vision who cared deeply about both financial consultants and consumers.In bestowing the Loren Dunton Memorial Award, the IARFC recognizes Dr. Jerry Mason’s contribution to Loren Dunton’s vision and his mission to help the public and their consultants.
“Our nominating committee reviewed Mason’s long standing career and his dedication to financial services education,” said H. Stephen Bailey, IARFC Chairman. “We felt he embodied the commitment to excellence and forward thinking that was true to Loren’s Dunton mission.”
Jerry Mason has indeed had a career of longevity – forty years involved with financial planning. He taught financial planning at Brigham Young University, Texas Tech University, the College of St. Rose and Utah Valley University. He also was the Director of Education for the International Association for Financial Planning, the Vice President of Education for NAIFA, and worked for Ric Edelman for six years. In 1983, he held a financial counseling and planning conference at Brigham Young University which launched the Association for Financial Planning and Counseling Education the following year at Iowa State. While at BYU, Bud Poduska and Jerry started the first full-time financial counseling clinic on a college campus and the first financial planning software computer lab. He created and launched the Accredited Financial Counseling (AFC) certification program. He pioneered taking students to national financial planning conferences and is probably best known for helping students find internships and jobs, having placed students in positions in 34 states and 7 foreign countries. In addition, he has partnered with other industry leaders in creating and competing in national financial plan case study competitions. Among those events was a first place finish with his team from UVU in the 2013 IARFC National Financial Plan Competition.
He earned a BS in Economics at Brigham Young University, a Masters of Business Administration at Stanford University and a PhD at the University of Missouri. Forty-eight years ago he married Joyce Hurst, and they are the parents of six children and eight grandchildren.
“I am thrilled and honored to receive the Loren Dunton award. Like most of us old timers I too consider Loren the father of financial planning and a great man in many ways,” relates Mason. “His enthusiasm for financial counseling and financial planning was contagious.”
For those of you looking for professional visibility – why not consider submitting your name for the IARFC Register Cover. Published by the IARFC, this industry recognized publication is a valuable tool in circulating your profile out to the public. It’s an impressive visual to send to prospective clients.
- Be an IARFC Member in Good Standing
- Have made contributions to the financial industry, i.e. writing articles, donations to industry events and/or continuing education programs activities.
If selected, you will be notified within 90 days of the Register publication deadline date where your profile will included. Be prepared to provide your professional resume or CV and professional hi resolution pictures.
Filed under: IARFC Posts
The MRFC Board is looking for two Association members to fill open positions on the MRFC Certification Board. The Board is responsible for the following regarding the accreditation of the new designation – Master Registered Financial Consultant:
- Determine the scope of the designation
- Review the policies and procedures relating to the designation
- Oversee exam process
- Work together as a team to better the Association
One position will fill the vacancy left by the resignation of a previous Board Member to fill the balance of the term which ends August 31, 2017 and the other is for a 3 year term beginning September 1, 2016. An email was sent out to the IARFC members asking for nominations.
- May require 1-2 hours per month availability for virtual meetings
- Additional for review and input on policies and procedures
- Must be a member in good standing of the IARFC
- Must hold the MRFC designation (once accreditation has been approved. Until then must hold the RFC designation)
- May not be a current Board Member of the IARFC
- May not provide service to IARFC prospects or members as an educator of, trainer of, or writer of material relation to designation requirements
- May not serve on the IARFC Education Committee
Per our recent emails, we have a number of members who have thrown their hat into the ring. If you are interested, please contact firstname.lastname@example.org. If not, please take the time to vote when the ballot is sent out at the beginning of June.
Filed under: IARFC Posts
By Susan Cappa, IARFC Public Relations
Last week I found myself at Charlotte Motor Speedway facilitating our National Financial Plan Competition. First let me say that the support from Speedway personnel was PHE-NO-ME-NAL. They were pros in handling any situation and I quickly warmed up to genuine North Carolina hospitality – y’all.
…consisted of CE presentations from Barry Dayley of Money Concepts – a Corporate Sponsor, IARFC President Pete D’Arruda, IARFC Vice Chairman and Event Emcee Nicholas Royer, and our Speedway host Stephanie Bailey. These presentations were geared toward our young financial professionals who were just starting their careers. As one professor told me later – he could talk to his students all day long about concepts but hearing it from experienced RFCs on hand made a big impression.
After presentations, we filmed promotional videos with professors and “Coach Pete” in the lounge of the Speedway Club. What was really impressive was just walking into the area with a ceiling to floor vista of the track – an awesome backdrop for lunch. It made me envious of those who enjoy the spectacle of racing and filled grandstands on race day. Not us however – all was quiet.
A bucket list item for racing fans would be our van tour that navigated the multiple tracks contained within the compound. We saw drag strips, dirt tracks, go carts courses and ultimately ended up on the main concourse banking around the turns with purses and cameras rolling about as our driver picked up speed. Our group ended up in the winner’s circle for photo souvenirs of a fun day. Even if you weren’t a racing aficionado – you were impressed.
…was a bit more subdued as the students prepared to be judged on their plan content and presentation. Each team had 30 minutes, followed by critique from the judges. More filming of interviews – from the students this time, lunch and then back to our feature presentation – the topic being Ethics. Who better to give that talk than the 2016 Dunton Award winner, the IARFC Treasurer Jon Rogers.
The results of this year’s competition:
The Checkered Flag and First Place Winner: Molly Funk from Bryant University in Smithfield, RI – Mara Derderian Lecturer
Second Place: Daniel Ingles and Grant Hulett from Central Michigan University, Mount Pleasant, MI – Douglas Iles Professor
Third Place: Cole Brownell and Anthony Pelaez from California State University Northridge, Northridge, CA – Inga Chira Professor.
I had wished throughout the competition that the messages given during these two days were available to all those starting out in financial services. With the added attraction of networking with some very interesting, successful and fun individuals, everyone went home enhanced in some way. If you have never had the opportunity to see the IARFC in action – the National Financial Plan Competition is a must on your agenda.
Congrats to the winner and thanks to all the IARFC Corporate and Individual Sponsors for your support!
Filed under: IARFC Posts
We recently announced a change in the requirements to qualify for membership. Chairman H. Stephen Bailey reiterated that effective immediately, a Life Insurance license will satisfy the education component needed to complete the application.
The IARFC is made up of many types of financial professionals under one Association. It was set up as an umbrella organization that accepts all financial consultants who can meet the membership requirements.
I am confident that this inclusion will be viewed as a positive growth step for the Association. With this change, we find ourselves getting back to the roots of the organization which is a Financial Consultant who addresses the total needs of planning….. Chairman, Steve Bailey
Life Insurance is a fundamental element of a financial plan and we need to be inclusive of people who specialize in this area. It brings another avenue of financial service that is part of total planning…..Treasurer, Jon Rogers
For the public – knowing that their financial consultant is an RFC® assures them that their potential insurance advisor is vetted for a high standard of ethics. Many consumers do not start out with investments or complicated strategies when putting together their financial roadmap. Insurance is a fundamental of any financial plan.
For the insurance professional – being a Registered Financial Consultant emphasizes more of a total need for planning, not just selling a product or package. It elevates the motivation, education and dedication of these professionals to be part of a larger financial community.
Holding a designation granted by the IARFC – whether the RFC® or the MRFC when accredited, means continuing education and a commitment to excellence.
I am a big proponent of including the life insurance agents and requiring continuing education. It helps our industry as a whole and the consumer is the ultimate winner…..President (Coach) Pete D’Arruda.
To become a member of the IARFC and qualify for the RFC® or MRFC designation, go to the IARFC website and review the qualifications. Application questions may be addressed to Amy Primeau, Membership Services – email@example.com.
Filed under: IARFC Posts
Have you signed up to take the MRFC Exam yet? The exam fee has been discounted from $300 to $125 during this initial test taking period.
The MRFC Exam is proctored and has to be taken on a computer in a designated testing center. You will be permitted to take scratch paper, a pencil, and a financial calculator with you (please refer to the Candidate Information Handbook for specific models); as long as the memory has been cleared.
The MRFC Exam consists of 125 multiple choice questions. Of the 125; only 100 will be scored. If you have taken any industry exams you know this is a standard practice, there are always some questions which are not scored. Of course you will not know which are scored. You will be given three hours to complete the exam. The passing score is 75.
We all know that some exams in our industry have been designed for failure. We have tried our best to make sure the MRFC Exam is not one of them. Not everyone is going to pass, but you shouldn’t leave the exam feeling as though you were tricked.
Now that you have an idea of what the exam looks like, it’s time to review the actual content on the exam and how to study for it. Understandably, the top questions the IARFC team has been asked since announcing the availability of the MRFC Exam relate to studying for the exam. Very few people want to take an exam without some preparation. While we do not currently have a formal review course for the MRFC Exam, we have provided you with a couple of key items to help you study.
The first key to exam preparation is the “Blueprint Exam Content”, located on the MRFC website, www.pathtomrfc.org under the “Get Started” tab. The Blueprint Exam Content shows the 13 main content areas the exam will cover. These areas are: 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.
Next to each content area is the percentage of the exam dedicated to this area. For example, Practice Management is 2% of the exam. Under each content area are subtopics, giving you an even better idea of what types of questions are going to be asked for each category. I encourage you to review the Blueprint Exam Content, and maybe highlight the areas you feel you need to review. At that point, it becomes a matter of personal comfort. Maybe you really aren’t familiar with the Practice Management topic, but you decide you do not want to worry about studying for it because it is only 2% of the exam. You may still want to review the material. Everyone has a different plan of attack when it comes to taking an exam, and only you know what works best for you.
The second key to preparing for the Exam is the list of Reference Materials. This is also provided on the MRFC website, in the same area as the Blueprint Exam Content. The list of reference materials is not comprehensive, but it does include many resources that were used to create questions for the exam. We feel the reference list provides a good basis for review. You are of course welcome to use any additional study material that you have.
Start the process!
Send in your MRFC Application today and help us take the Association to the next level.
Filed under: IARFC Posts
The public, on some level, realizes that designations add credibility to your qualifications and thus… your service. They may not know what each designation means, but they do understand you have made an effort. You have worked harder.
So how many designations do you need? When is enough, enough? Some consultants believe if having one is good – having multiple is better. What do you think?
Take the MRFC Exam TODAY!
Special savings$$$$ if you sign up during our initial exam taking period
Filed under: IARFC Posts
We are extremely excited to announce a change in the requirement for Association membership and the Registered Financial Consultant (RFC) designation and Master Registered Financial Consultant (MRFC). Effective immediately, a Life Insurance license will satisfy the educational component of the qualifications to become a member of the Association.
This change is part of a more involved process. When we began the path to third party accreditation, every aspect of the organization was reviewed and scrutinized to meet the strict guidelines of the National Commission for Certifying Agencies (NCCA).
With this new direction and purpose, our IARFC Board of Directors unanimously felt the membership education requirement should be re-evaluated. It will now include those professional individuals who hold an insurance license.
“As the new Chairman for the IARFC, I feel insurance agents and consultants can benefit from the RFC designation and the Master Registered Financial Consultant (MRFC) when our accreditation application is approved.” said Chairman H. Stephen Bailey. “To include this group improves our base of advisors whose products are a fundamental part of financial planning.”
For the public – knowing that their financial professional is an RFC assures them that their potential insurance advisor is vetted for a high standard of ethics. Many consumers do not start out with investments or complicated strategies when putting together their financial roadmap. Insurance is a fundamental basic of any financial plan.
For the insurance professional – being a Registered Financial Consultant emphasizes more of a total need of planning, not just selling a product or package. It elevates the motivation, education and dedication of these professionals to be part of a larger financial community.
Vice Chairman Nicholas Royer experienced the value of education and mentoring through the IARFC when he first started out as a newly graduated insurance professional years ago. “I personally think this is a positive change,” said Royer. “All of the high quality, ethical and impactful individuals in the insurance industry who want to make a difference are now able to see if they qualify for our designation and membership. This is an important step to bring the IARFC into the future and broaden the scope of the Association and its members to the public we serve.”
To become a member of the IARFC and qualify for the RFC or MRFC designation, go to the IARFC website and review the qualifications. Application questions may be addressed to Amy Primeau, Membership Services – firstname.lastname@example.org.
Filed under: IARFC Posts
The International Association of Registered Financial Consultants (IARFC) in Middletown, OH recently played host to the Association’s Annual Board Meeting. Directors spent two days judging the Semi-finals of the Financial Plan Competition and discussing the Association’s past performance and future areas of concentration.
Board Members on hand for the March Annual Meeting:
- Chairman H. Stephen Bailey
- Vice Chairman Nicholas Royer
- CEO Ed Morrow
- President Peter D’Arruda
- Treasurer Jon Roger
- Secretary Michelle Blair
- Directors Isabel Cooper, Angie Trandai and Jim Moss
As Chairman of the Board for his first meeting, Steve Bailey laid the areas of concentration for the upcoming year and where the focus of attention is going to be directed in 2016/2017.
“My goals are first to improve membership where our consultants can feel proud to be part of the Association and bring others potential members to the table,” commented Bailey. “Second is Accreditation. I want our consultants to be elevated to an elite level of respect and confidence knowing that they have been scrutinized and accepted by third party involvement.”
Increasing membership means adding value to the IARFC and its designations. All aspects of the Association are being reviewed with this end in mind. In 2016, there will be a commitment to finding out exactly what the members want and need from the Association. A redefinition and branding of the IARFC will be of major focus as the Board of Directors move forward under new leadership.
“I want all members to feel that the Board is transparent and willing to change its way of doing business,” reported Bailey. “We will operate the Board as a complete whole with consideration of all of the Directors as we move the Association in a new direction.”
One major announcement is the inclusion of an insurance license to fulfill the education requirement for membership. Previously this was not included as one of the options.
“This change acknowledges the education and experience of those consultants whose focus is insurance,” continues Bailey. “In the near future we will to reach out to this group of professionals and get them designated as RFCs. You will be hearing much more on this subject soon.”
Regarding accreditation – the Board is enthusiastically promoting the MRFC and encouraging members to support the IARFC in getting this complicated and detailed endeavor finalized. This designation when granted, will elevate the Association and its members who obtain the MRFC and enhance their stature with their peers and most importantly with consumers.
For more information on the IARFC Board or to comment on any issues concerning the outcome of the meeting, contact Chairman Steve Bailey.
Filed under: IARFC Posts
The International Association of Registered Financial Consultants (IARFC) recently selected the Finalists for its National Financial Plan Competition to be held in Charlotte, NC on April 20 & 21. Heading to the final phase of the competition to present their financial plans on April 21st are:
- Molly Funk from Bryant University in Smithfield, RI – Mara Derderian Professor
- Cole Brownell and Anthony Peleaz from California State University Northridge in Northridge, CA – Inga Chira Professor
- Daniel Ingles and Grant Hulett from Central Michigan University in Mount Pleasant, MI – Doug Iles Professor
These live presentations of plans will again take place at the Charlotte Motor Speedway Club in Charlotte, NC – the second year in a row at this popular venue. The competition is a two-day event.
“Judging this competition as a Board Member of the IARFC gives each one of us an insight to the upcoming professionals in our field,” said Jon Rogers, RFC® and treasurer of the Association. “I enjoy each phase of the competition and look forward to judging the Finals in Charlotte.”
The preceding day, April 20th features industry relevant presentations for both the experienced consultant and those just starting their careers. Featured speakers are:
- Barry L. Dayley, RFC®, Money Concepts International, Inc. in Palm Beach, FL
- Peter J. D’Arruda, RFC®, Capital Financial Advisory Group, LLC in Apex, NC
- Nicholas Royer, RFC®, Group 10 Financial, LLC in Winter Park, FL
- Stephanie Bailey RFC®, HB Financial Resources, LTD in Charlotte, NC
- Jon Rogers RFC®, Rogers Financial Group, LLC in Greenville, SC
Register here for the two day event. Obtain CE, be a judge for the Plan Competition and network with industry professionals.
Download complete agenda.