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.
Judges looking over plans before the
semi-final web presentations
The Undergraduates making the trip to Las Vegas as Finalists in the IARFC National Plan Competition on May 1 are:
Shepherd University – Shepherdstown, WV:
Bonnie Bailey, Akhtar Khan and Avery Mendzela
Professor: Nicolas Pologeorgis
Bryant University – Smithfield, RI:
Jamie Pepin, Kyle Creedon and Lauren Fayne
Professor: Mara L. Derderian
Bowling Green State University – Bowling Green, OH:
Dana Kaufman, Elizabeth Kevorkian and Becca Smoody
Professor: Matthew Garrow
Their Professors will be accompanying them as they continue in the competition presenting live in Las Vegas.
These Semi-Finalists were chosen via web conference on March 6 by the IARFC Board Directors: Nick Royer, Les Anderson, Jon Rogers, Isabel Cooper, Michelle Blair and Steve Bailey. The judges became the fictional “Brewster Family” and ultimately picked the 3 finalists whom they felt they would retain as their Financial Advisor.
If you wish to be part of the Final Judging, Go to the IARFC website and register!
Starts March 1 through May 31, 2014
Referring colleagues is rewarding with the new $75 Member-Refer-A-Member campaign. When you nominate professionals and they join the Association, the IARFC will send you $75!
You do the easy part – provide us with all the contact information. We do the hard part – follow through with them to show the benefits and advantage provided by the Association.
To send in your nominations – download our Member-Refer-A-Member application, fill it out and sent it in.
Rules: There is no limit to the number of individuals you many nominate. Members will not receive credit for any person recruited in previous years.
Note: Member-Refer-A-Member $75 is not available in conjunction with any other referral campaign and applies to US members only. By sending or nomination referrals, you are granting your permission to mention your name as our source and you will be eligible for the reward.
The IARFC has received all the entries for the National Plan Competition and has selected the Semi-Finalists for presentation on March 6th before financial professionals via web conference.
Semi-Finalists must consider these judges as a potential client for their services. The criteria for judging will be based on the following:
The names of the Finalists will be announced a week or so after the Board Meeting and plans will be made for the LIVE PRESENTATIONS in Las Vegas.
You can still be a judge for this final phase. Plan to attend the Branding Workshop the day before and make it a complete professional event.
For more information, go to event registration.
The Big Apple Superbowl venue this year is drawing all kinds of commentary with the weather getting more than its fair share.
Most of us will be sitting in front of the big screen (warm and cozy) looking forward to watching the Broncos and Seahawks in climatic comfort, and staying put during commercial breaks to critique the Superbowl ads. It makes going for drinks and munchies a challenge.
Multiple sources have reported that this year a 30 second spot is averaging $4 million. Makes one wonder how stressed advertising executives are to turn out the “memorable” half minute wonder in front of an expectant, discerning crowd. No one wants to lay the multi-million dollar goose egg on national TV.
Monday morning quarterbacking has even evolved to include commercial ratings! Websites are dedicated to listing the ads so you know who are the major players the week preceding. This is pushing one’s brand at the most expensive/visible level.
However out of reach this market is, the concept is universal and can be brought down to the financial advisor on an affordable and obtainable level. You can make an impact with your “brand” with reasonable effort. Some changes are just an attitude adjustment. Some require further education.
The IARFC is here to invite you to attend its IMPACT BRANDING workshop in Las Vegas, NV on April 30th to get your game plan going!
The IARFC is getting ready to host the annual board meeting March 7th.
Board Members from all over the US will be here to review agenda topics and make recommendations for the coming year. Those taking part are Les Anderson, Steve Bailey, Nick Royer, Jeff Rattiner, Rosilyn Overton, Jon Rogers, Hank Brock and Isabel Cooper.
On March 6th, the day before the actual Friday meeting, the Board will take part in judging the semi-finalists in the National Plan Competition. Web Conferences will be set up for 6 teams. From these 6, 2-3 finalists will be chosen to present their plans in Las Vegas on May 1.
The Board agenda topics are varied. A focus this year is accreditation. Education Director Jim Lifter will be working with the Board on forming committees (Ethics and Accreditation Board) and other items needed to move the accreditation process forward. Another item for brainstorming is increasing the membership. Reports on the past year will be given by the appropriate staff person.
We will keep members up-to-date on any important association news!
This year the IARFC is celebrating 30 years of service – a milestone that we are marking with a special section in the Register. For every issue we will be including an article call PEARLS.
You may not know this but a pearl is the traditional gift for a thirty year anniversary – thus an appropriate name for our Register section.
For the Jan/Feb issue, we asked Les Anderson, RFC President, how increased customer awareness in the past 30 years changed the way financial advisors do business? The “veil of secrecy” has been lifted. Never before has so much advice and information been available to consumers. Read Les’s first “Pearl” and see his response.
An exert from his upcoming interview in the Jan/Feb Register…
Every morning, yes every morning, I wake up and spend the first 30 to 60 minutes getting my head in the right frame of mind. I spend 10-15 minutes writing out my goals for the day. I am a big fan of technology and being paperless, but for this exercise I put pen to paper. I have a nice binder and write down my goals every single day.
Once I have all my goals written down, I start listing out what I need to do that day to meet those goals.
Then I watch or listen to motivational or inspirational information. YouTube is full of great 10 to 30 minute videos you can watch. Tony Robins also has a lot of videos on YouTube or you can buy his information online.
I do not watch market information first thing in the morning – that is the quickest way to get a negative mindset.
I want everything that happens during my morning routine to set a positive tone for the day. I want to start each day knowing that I can make a difference in people’s lives and help them reach their goals.
Micah Shilanski’s entire Register Interview will be published in the 2014 JAN/FEB Register.