Profile: Art Linkletter`s Advice to RFCs He`s an Advisor, Not an

Transcription

the
Vol. 6 No. 12 • December 2005
Official IARFC Publication
He’s an Advisor,
Not an Apprentice
in this issue
Register Letters...........2
Chairman’s Desk ........4
Advisors Sharpen
Their Blades ................5
The Unauthorized
Practice of Law ...........6
Your Estate of Mind ....8
Researching Your
Target Markets ............9
What Happens When
You Are Sued? ..........10
Consumer Focus.......12
The Dunton Award ....13
Cato Comments........14
Seven Communication
Strategies for You .....15
A New Source of
Qualified Prospects ..16
Get Your RFC
Advisor Website ........17
Financial Advisors
Forum Program.........18
The Register is
published monthly by
the International
Association of
Registered Financial
Consultants ©2005.
It includes articles and
advice on technical
subjects, economic
events, regulatory
actions and practice
management. The
IARFC makes no claim
as to accuracy and
does not guarantee or
endorse any product or
service advertised or
featured. Articles,
comments and letters
are welcomed by e-mail
to: [email protected].
ISSN 1556-4045
www.IARFC.org
Single $9 • Yearly $99
Profile:
Mark O’Dell
Mark O’Dell, RFC®, CLU, ChFC,
Executive Vice-President and
General Manager of American
International Assurance (AIA)
Company Limited, Singapore, is a
thoroughbred insurance man who
has spent his entire professional
career — 25 years and counting —
working in the financial services
industry. O’Dell has an easy-going
disposition that makes him a perfect
fit for the insurance industry.
Refreshingly candid, he calls himself
a “college dropout” who initially
wanted to become an architect, but
never got around to itbecause he got
impatient with school.
He decided to work as an insurance
agent in 1980; with no grand
ambitions whatsoever to be at the
pinnacle of the insurance industry
where he is today. He remembers
how, as a young agent, he ran into a
sales slump barely four months into
his job. “I was intimidated by the
sales process and felt nervous about
calling people. I just turned 22,
didn’t own any insurance and didn’t
have many friends who could afford
to buy policies from me,” he recalls
his beginner’s snag.
An IARFC member, Mark T. Lamkin,
Louisville-based financial advisor has
demonstrated how to gather a lot of
national attention, and excellent
experience at the same time. He
volunteered to be one of the
contestants on Donald Trump’s The
Apprentice national NBC-TV program.
You may not be a regular viewer of this
program, but you would have enjoyed
how Mark represented himself, and our
profession.
Mark Lamkin, CSA, RFC®
He really wasn’t seeking a position as an apprentice to “The Donald” but
to receive valuable experience and publicity. Mark is a member of the
Chairman’s Club of his broker/dealer, Linsco/Private Ledger, and the
president of Lamkin Wealth Management. He has a Finance Degree from
the University of Louisville and he recently completed an MBA from
Bellarmine University. In addition to being an RFC®, Mark holds the
CSA designation.
continued on page 5
Art Linkletter’s Advice to RFCs
Art Linkletter’s career includes being a movie actor, radio personality,
television star, best-selling author, ambassador and professional speaker.
Reader’s Digest reported, “Art Linkletter is one of the most beloved men
in the United States!” Currently he appears on network TV, in many
areas, with comedian Bill Cosby. This American icon has two EMMY
Awards, four EMMY nominations, one
GRAMMY Award, ten honorary doctorate
degrees, plus many other honors. He
has written 23 books. Art has served on
many corporate and philanthropic Board
of Directors and is respected for his
work as Chairman of UNICEF.
Art Linkletter
continued on page 3
Serving Financial Advisors Worldwide
Linkletter, is as famous for being a multimillionaire businessman as he is for
performing. For over 30-years Link-letter
Oil Enterprises has drilled for oil and gas
in Argentina, Peru, Venezuela, Canada,
Alaska and all parts of the USA. Art was
highly active in the start-up of the
company that is now Freeport-McMoran,
one of the leading corporations on the
New York Stock Exchange.
continued on page 5
800 532 9060
Register Letters
We welcome your comments, suggestions and ideas.
Please direct correspondence to: [email protected]
Letters may be edited for length and clarity.
Financial Planning Building
2507 North Verity Parkway
P.O. Box 42506
Middletown, OH 45042-0506
800 532 9060 • Fax 513 424 5752
www.IARFC.org
BOARD OF DIRECTORS
Edwin P. Morrow, Chairman & CEO
CLU, ChFC, CFP® , CEP, RFC®
[email protected]
Judith Fisette-Losz, Executive Director
[email protected]
H. Stephen Bailey, President
LUTCF, CEBA, CEP, CSA, RFC®
[email protected]
Jeffrey Chiew
DBA, CLU, ChFC, CFP®, RFC®
[email protected]
John E. Grable
MBA, Ph.D, CFP®, RFC®
[email protected]
Vernon D. Gwynne
CFP®, RFC®
[email protected]
Derek D. Klock
MBA, RFC®
[email protected]
Edward J. Ledford
CLU, RFC®
[email protected]
Constance O. Luttrell
RFC®
[email protected]
Ruth Lytton
MS, Ph.D., RFC®
[email protected]
James McCarty, Secretary
CLU, RHU, LUTCF, RFC®
[email protected]
Burnett Marus, Treasurer
RFC®
[email protected]
William J. Nelson
LUTCF, CEP, RFC®
[email protected]
Ruben Ruiz
ChFC, CLU, MSFS, CSA, RFC®
[email protected]
What a nice surprise to load up the new
IARFC website, which is much easier to
view and navigate. Please consider using
homepage to directly address prospects
(why and how to find us) and use
another page for why advisors should
become a RFC. I think that would be a
more effective use of search engine
optimization and more profitable for the
RFCs who would welcome new clients. I
also think the terminated RFC language
may be a bit confusing as to whether
someone just resigned on their own or
whether they were terminated for not
paying overdue membership fees.
The Financial Advisor Profile section was
very easy to update. I printed cards to
match the IARFC Ethics brochures and
stapled them to the back. Monday night
a prospective client asked me “Why
should I trust you?” I merely pulled out
the brochure and he closed himself.
It is important to me that I am promoting
a designation worth promoting, unlike my
membership in the now devalued, easily
obtained CSA. This Saturday I will be
attending the Texas NAELA chapter
meeting where I will again use the
brochure to promote the RFC designation
to the membership. Your continuing
restrictive standards and improved
website are as helpful as I had hoped
and may well be worth the $50 dollar
increase in membership fees next year
(but let’s not get too carried away). I have
been disappointed with the membership
churn at CSA and the huge drop in
membership at SFSP where I used to be
a member.
Charles Luedtke, RFC®
Mesquite, TX
Helping Keep Everything Going
Under The Big Top!
The IARFC and the Register guide
advisors who are trying to help their
clients deal with the “Circus of Life.”
I suppose we are similar to a “circus
barker” or “ring master” since we have to
coordinate so many people into getting
organized, making sure they’re on top of
the ball, and balanced on the beam, as
much as possible financially, can still
swing or reposition from time-to-time, and
have a net under them most of the time.
Also, when people have decided to eat
fire or swallow swords, we try to sooth
their ills as much as possible. And we
“hold their hands” to help get them away
from any crisis. When the animals come
running out of their cages, we try to
make sure they have enough stored food
to keep them at bay.
And last, but not least, when the
“clowns” travel out on those undersized
cycles, tiny cars, or wobble on only one
wheel unicycles waiting for an accident
to happen — we are waiting in the wings
to assist in picking up the pieces so they
can keep a smile on their faces.
This is why the public will always need
qualified financial advisors!
Constance O. Luttrell, RFC®
Franklin, TN
Available Free For IARFC Members
The Federal Reserve Bank of Atlanta
publishes a quarterly magazine titled
Economic Review. This publication is
available at no cost for IARFC members.
To receive this journal simply write and
ask to be placed on the mailing list to:
Public Affairs Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street, N.E.
Atlanta, GA 30309-4470
Keep up the good work for all the IARFC
members. See you at the Forum in May!
Lester W. Anderson, MBA, RFC®
Duluth, GA
_________________________________
Wendy M. Kennedy, Editor
[email protected]
Stephanie Langster, Administrative Assistant
[email protected]
Page 2
The Register welcomes your articles about the profession, planning techniques and
practice management. You may submit articles of 300 to 1,500 words via
e-mail, with an electronic photo and a short bio of not more than 100 words.
The Register • December 2005
continued from page 1 O’Dell Profile
From this early setback, which almost made
him quit the industry, to being a top
executive in one of the world’s most
established insurance firms overseeing one
of Southeast Asia’s most developed
insurance markets. O’Dell says that his
professional trajectory has been forged by a
belief in building and maintaining strong
personal relationships. The genial American
calls it an ‘art’ that not only got him to
where he is today, but a tool that other
companies can use to differentiate
themselves.
“Growing up in the business, I learned the
importance of proper fact-finding, getting
input on what people could commit from
their financial resources, proposing
solutions and so on. But more than that, I
think the true creativity in our business
comes from how you get people to open up
about their goals and objectives, and getting
them to realize the importance of acting
now,” he speaks from the bottom of his
heart. “The financial planning process is
merely the professional extension of what I
and others learned in selling life insurance.”
Formerly based in Ithaca, New York, O’Dell
was initially apprehensive about working in
Asia, but recalls being swayed by a speech
by public speaker Anthony Campolo at a
seminar he attended. Anthony spoke about
a survey done on a group of 90-year-olds
and most of them felt that they would enjoy
more out of life if they had taken more risks
on a personal and professional level. He
was so inspired by the survey findings that
he took the leap of faith and relocated to
Singapore in 1994, serving as AIA
Singapore’s Vice-President and Director of
Agencies. In 1996, he was posted to
Jakarta, Indonesia as the company’s Agency
Vice-President and during his five-year
tenure there, earned his promotion to Senior
Vice-President and General Manager.
Now back in Singapore after spending a
subsequent four years in Malaysia, O’Dell
feels that the Southeast Asian insurance
market, while increasingly developed and
showing sophistication, is still not as mature
as the US market. He evaluates market
maturity from the sophistication of its
products, distribution methods, and its
competitiveness. He also acknowledges
that cultural nuances have played a pivotal
role in shaping the Asian insurance market
and he demonstrates a need to understand
and work with these differences. He
elaborates, “That’s why life insurance in this
region started out from a long-term savings
angle. However, as the market developed,
competitors came in and customers now
have more options to save. Everybody
wants a piece of this action. But we have
been focusing on our true mission — which
is to offer protection. Nobody can take that
from us.”
In fact, AIA Singapore has maintained its
number one position in the country under
O’Dell’s charge, but he remains vigilant and
is mindful of the increasing competition,
especially from the banking sector. “Where
we will continue to develop will be in more
advice-driven transactions, and also as an
effective distribution channel, focusing on
the quality and experience of the delivery of
our advice,” he explains. As for future
trends, O’Dell says that there is a marked
shift towards “increased disclosure and
transparency” in the Singapore and other
Asian markets which will benefit the endconsumer. Consumers will eventually be
empowered to make the choices that they
need to make.
As for the future of AIA Singapore, he feels
that it lies in the continued development of
the agency distribution business and more
specifically, the enhancement of the
professional capabilities of its advisors. This
explains why he is so supportive of the
IARFC Singapore’s inaugural professional
course which encompasses both technical
and soft skills.
Mark believes that the scope of the
advisor’s duties has changed so
dramatically compared to 10 years ago and
one has to be mindful of the true value of
the services that are provided. Ultimately,
it’s the craft of building a rapport and
confidence with prospects to act on their
recommendations that is important. He
elaborates, “In a sophisticated market like
ours, we have to earn our keep more. We
have to demonstrate and earn that respect
by truly understanding his needs and
serving them. So what’s better than
engaging in continuing education while
staying productive and competent?”
O’Dell is one of the founding members of
IARFC Singapore and has been instrumental
in sharing its mission to qualified
professionals and generous in providing
seed funds to this progressive non-profit
organization. Other than business, he is
equally passionate about wine, golf and
Asian cuisine. Mark is also active in
community service and a council member at
the Singapore Cancer Society.
Mark O’Dell can be contacted at: 1 Robinson
Road, #13-00, AIA Tower, Singapore 048542
or e-mail: [email protected]
INTERNATIONAL
IARFC
COORDINATORS
Jeffrey Chiew
Asia Chair
DBA, CLU, ChFC, CFP®, RFC®
[email protected]
Liang Tien Lung
China Development Organization (IMM)
RFC®
Ralph Liew
Philippines Chair
RFC®
[email protected]
Joyce Manalo
Executive Assistant
[email protected]
Jerry Tan
Singapore Chair
CIAM, CMFA, RFC®
[email protected]
Zhu Xu Long
China Chair, Shanghai
RFC®
[email protected]
Samuel W. K. Yung, MH
Chair, Hong Kong and Macao Chair
CFP®, MFP, FChFP, CMFA, CIAM, RFC®
[email protected]
Dr. Teresa So
Advisor, Hong Kong and Macao
PhD, MFP, FChFP, CMFA, CIAM, RFC®
[email protected]
Allan Wan
RFC®
[email protected]
Ng Jyi Wei
Malaysia Chair
ChFC, CFP®, RFC®
[email protected]
Aidil Akbar Madjid
Indonesia Chair
MBA, RFC®
[email protected]
Lisa Soemarto
MA, RFC®
[email protected]
Jeffrey Chen
Taiwan Chair
RFC®
[email protected]
Preecha Swasdpeera
Thailand Chair
MPA, MM, RFC®
[email protected]
Page 3
From the
Chairman’s Desk...
Ending the Year. The year 2005 has been very good to the IARFC. We have
continued our growth in members, expanded operations in many countries and we
are making excellent progress in other areas. I expect to report on the successful
establishment of an RFC organization in at least 4 more countries in 2006 based on
the developments we have underway now.
RFC Course. We are working now very diligently to develop our own courses. To
some extent this will be in competition with CFP® and ChFC — but with very different
formats: We expect to offer local classes in many cities. Our course will emphasize
marketing, practice management, firm operations and plan construction as well as
the typical topics of economics finance, taxation investments and risk management.
The RFC course will include valuable software elements for the students and it will
require each student to create a comprehensive financial plan.
Where the IARFC
will be represented:
Hong Kong — RFC Classes
February 15, 2006, Hong Kong
University
MDRT Experience
February 17-19, 2006, Bangkok,
Thailand
Financial Advisors Forum
May 11-13, 2006, Middletown, Ohio
MDRT Annual Meeting
June 11-14, 2006, San Diego, CA
International Dragon Awards
August 11-13, 2006, Chengdu, China
IARFC Cruise/Conference
October 5-15, 2006, Port of
Galveston, TX
Stopping at the popular ports of
Jamaica, Grand Cayman & Cozumel
MDRT Top of Table
October 18-21, 2006, Cancun, Mexico
Heckerling Estate Conference
January, 2007, Orlando
AP finSA Conference
April 13-15, 2007, Taipei, Taiwan
Financial Advisors Forum
May, 2007, Reno, Nevada
MDRT Annual Meeting
June 10-13, 2007, Denver, CO
If you are going to attend any of
these events, please let us know.
Page 4
How Can You Help? First, it is vitally important that we continue to add new
members in the United States. There are thousand of CFPs and ChFCs who can
benefit from what the Association offers. But, we need the help of our current
members — who have always provided the best source of new member referrals.
Please take action to nominate qualified candidates. Every new member
strengthens our capacity to increase member benefits and increases the image of
the RFC designation. When you help the Association grow with high caliber financial
advisors, you increase the value of the RFC® designation for yourself.
Forum Attendance. Yes — it will really be limited based on the space available at
the Manchester Inn! So register now and reserve one of the inexpensive, but high
quality, rooms at this historic Inn.
New RFC and RFA members
Cynthia A. Aber AZ
Michael Amine MI
Ian Atherly Trinidad
Earl Eugene Bain, Jr. NC
Harrison Matthew Clement NC
Suzanna M. deBaca IA
Joseph Elgindy PA
Anthony J. Esposito FL
Charles D. Etzweiler MN
Jeanne K. Hagar MA
Edwin Hernandez NY
Ivan Hernandez NY
Christopher Hessenflow IL
Michael C. Hoffman CA
James G. Hollingsworth UT
Gali Horev CA
William Richard Infante CA
Thomas H. Judge NJ
Dr. Edward Leone Jr. CO
Robert E. Lorbeck WI
Scott Nichols UT
Douglas Clark Nickson WA
Victor K. Ray MT
Michael Reiman TX
Janet W. Ricker TX
Anthony D. Ries MI
Jason T. Rosener CO
Benjamin A. Russell VT
Micah Vincent Shilanski AK
Christopher L. Shreves MO
Wilhelm E. Silber IL
Gerald D. Snyder FL
Leonard J. Suchobrus IL
Kwan Po Tang NY
Joseph J. Vap IA
Abby A. Wood CA
Members Who Recommended
New IARFC Members
Steve Bailey
Ric Edelman
John Grable
Ed Ledford
Jim McCarty
Ed Morrow
Lew Nason
Bill Nelson
Len Pappas
David Stitt
Mark Terrett
Katherine Vessenes
continued from page 1 Mark Lamkin
While Mark, and his colleagues on The
Apprentice got vocally fired by “The
Donald” all of his associates, and
probably his clients as well, enjoyed his
participation on the program. Mark is an
experienced businessman, having owned
and sold eight successful businesses over
the past ten years. He and his wife,
Jennifer, have two children, and he is an
active board member of a local Christian
school as well as other civic organizations.
In an interview on NBC (www.NBC.com/
The_Apprentice_4/candidates) he
described his style. “My leadership style
is visionary. I have a burning desire to
help people reach their potential, both
personally and financially. I believe a
person’s level of success is determined by
the size of their dreams, or specifically,
their goals. I lead people through simple
exercises that help them define both
personal and business goals.”
Asked whether or not he considered
himself a “success” Mark replied, “I
consider myself “a success” today, but I
realize that true success is a process, not
an event….true success lies within the
journey of life, not a milestone of money,
status, or promotions.”
continued from page 1 Art Linkletter
Having been involved with several million
acres of land “Down Under,” his
pioneering work in sheep and cattle
stations in Australia is also well known.
He is Chairman of the Board of Linkletter
Enterprises, building and managing public
storage houses, office buildings, cow-calf
operations, plus ranches in Montana, New
Mexico and California. Linkletter’s real
estate developments include residential
projects in AZ, industrial land in Phoenix;
residential land in Paradise Valley, CA,
airport land at Deer Valley, CA, office
buildings in San Jose, CA, undeveloped
residential property in San Diego, CA,
condominiums in Vail, CO, and San
Antonio, TX, plus land in Las Vegas, NV,
and cattle and sheep stations in Australia.
Linkletter is a long time professional and
personal friend of Wally Cato, and has
become familiar with the IARFC and the
standards it has established for the
financial services professional.
As a reader of the IARFC Register, he was
pleased to comment on the importance of
Image to financial advisors, in an
exclusive interview, on page 14.
Advisors Sharpen Their Blades
With The “Nine Out Of Ten” Guy!
Above (Left to Right) speaker James Lange, CPA, JD, RFC®, author of the recently released
book Retire Secure, who will also be a featured speaker at the Financial Advisors Forum;
Phil Calandra, RFC®, FMM, MBA of Atlanta; Financial Planning’s Media Advocate Forrest
Wallace Cato, RFC®, RFMA, CPC, CRR of Woodstock, Georgia; Jamie McGarry, RFC®, MBA
from Indianapolis; and Lew Nason, RFC®.
For over two decades, Lew Nason, RFC®,
FMM, LUTC, creator of the industryfamous Insurance & Financial Planning
Pro Shop, (above far Right) has helped
advisors achieve long-term success by
improved sales and client service. Lew
became well known as “The nine-out-often guy!” during his thirty years as an
insurance sales agent. During those
years Lew achieved a record sales
average of closing nine-out-of-ten
presentations. He will be demonstrating
some of his powerful techniques on
motivating clients at the Financial
Advisors Forum.
Every two months, as a consultant, coach
and mentor, Lew conducts his wellattended sales improvement sessions at
the Atlanta Airport Hilton. The program
this Registered Financial Consultant
directs covers such topics as Advanced
LTCI Sales Excellence and Advanced
Annuity Sales Excellence, plus Attracting
Wealthy Prospects.
Lew Nason told The Register, “We
consider our sessions to be opportunities
for sharpening your blades and to learn
more about cutting taxes for your clients!
After our two-day meeting financial
advisors will have more and sharper
weapons to use in fighting for their clients.
This is symbolized by these financial
professionals in the photo holding various
types of blades.”
Lew’s favorite quote for advisors and
clients alike is by Benjamin Franklin, who
said, “Take the coins from your purse
and dump them into your mind. Your
mind will then fill your purse with coins
again and again!”
Lew Nason, RFC® has been helping
agents to achieve long-term success in
insurance sales for over two decades. As
a Sales Rep and
Branch Manager
for a major life
company he
continuously
qualified for their
prestigious
conferences and
became wellknown as the
“Nine out of ten
guy!” During his
tenure, he
Lew Nason, RFC®
recruited and
trained 23
inexperienced agents, and 10 years later
18 of those agents are still active in our
industry and earning six figure incomes.
His website www.insuranceproshop.com
was ranked (by Google) as the most
popular financial planner and insurance
agent support center on the Internet. His
unique perspective, on how to truly help
clients, has enabled scores of agents to
reach the top levels of their profession. If
you’d like to know more about Lew’s
workshops, you can phone Lew at
877 297 4608, or go to:
www.insuranceproshop.com.
Page 5
The Non-Attorney Financial Advisor
and the Unauthorized Practice of Law
A number of states, (i.e. Ohio, Florida, and
North Carolina, to name three) have
recently adopted statues making the
unauthorized practice of law a crime
punishable by a fine and/or imprisonment.
Charles Matthews, JD, CEP, RFC®
North Carolina and Texas, along with Ohio,
New Jersey, Washington, Pennsylvania,
and Florida are currently known as
particularly strict states in terms of their
interpretation and enforcement of the
strictures against the unauthorized
practice of law. Moreover, many other
states seem to be adopting similar “no
tolerance” positions.
That being the case, and knowing that
Registered Financial Consultants as well
as Certified Estate Planners would be
particularly interested in this subject
because of recent activities of Bar
Association Authorized Practice of Law
Committee. This topic is a terribly
important subject of vital concern to any
financial advisor.
In every state, except perhaps Arizona,
only a lawyer in good standing with his or
her state Supreme Court can:
1. Counsel with an individual client
about his need for estate planning
documents…the term “counsel” being
used in the broadest sense of the
word, meaning “advise after a
thorough consultation.”
2. Recommend that an individual client
have a will or a revocable living trust,
or any document that deals with the
client’s property or property rights.
3. Oversee, supervise, and control the
drafting, production, and assembly of
the client’s will, revocable living trust,
or any document that deals with the
client’s property or property rights.
4. In some states, not all, a lawyer must
also be present when a will or a trust
is signed, witnessed, and notarized.
Page 6
The best case law authority of that
discusses this subject in some detail is a
per curium decision of the Florida
Supreme Court that was published in
1992. If you do not have it, e-mail NICEP
and Bob Miller will see that you get a copy.
That decision basically discusses the four
guidelines set out above and guidance as
to what the non-lawyer can and cannot do.
Every advisor would be well advised to
read it.
If it is the lawyer’s sole prerogative to
counsel with the client and advise him as
to what estate planning documents he
should have, and oversee the drafting and
assembly of those documents, what is the
role of the financial advisor?
According to this same Florida Supreme
Court decision, the financial advisor can
gather the personal and financial
information from the client necessary for
any lawyer to draft a client’s estate
planning documents and, if the client
elects to write a revocable living trust,
the financial advisor can offer advice
as to the funding of the trust from a
financial standpoint.
• A will,
• A durable power of attorney for
health care,
• A durable power of attorney for
general assets,
• A living will,
• A nomination of conservator/
guardian, and perhaps,
• A Five Wishes Directive,
• A Do Not Resuscitate Order,
• An anatomical gift election, and
• A good precatory letter explaining
how some or all of these documents
are to be used and interpreted.
And, if they wish to avoid probate, they
should seriously consider a revocable
living trust.
At that same seminar the financial advisor
can tell those in attendance that if they do
not have a lawyer versed in estate
planning he can refer them to one.
3. Following a seminar, when he meets
with his clients or prospects, the
financial advisor can fill out an estate
planning workbook with the client’s
personal and financial information
that a lawyer will need to counsel
with the client as to his estate plan
and that the financial advisor will
need to advise the client as to his
financial plan.
Based on this and other materials that bar
associations in Ohio, Idaho, Wyoming, and
other states have recently published and
recent decisions of courts in New Jersey
and Texas it is apparent that the best
course for a financial advisor is to:
With the client’s permission, (which
will always be forthcoming), the
financial advisor can forward this
information to the attorney and then
enjoy the luxury of leaving the
responsibility for the legal documents
entirely to the lawyer.
1. Establish a working relationship
with a local lawyer in good
standing in his or her state who is
knowledgeable and experienced
dealing with trusts, wills, and estate
planning in general.
While the lawyer is doing his work, the
financial advisor can develop a
financial plan for the client, knowing
that he has all the information needed
to develop a truly comprehensive and
well thought out financial plan.
2. Give seminars on estate and
financial planning in which he may
say, in first amendment protected
speech, that the recent Terry Shivavo
case, the books of well known
authors, and his own experience in
dealing with his clients, his family,
and his friends is that nearly
everyone who owns real estate
and/or has an estate that exceeds
the small estate probate limit of his
state should have:
In all events, the financial advisor
must leave the legal part alone and
concentrate on what he does
best…financial planning and
financial advice.
To go on…there can be no splitting of fees
or solicitation for the lawyer on the part of
the financial advisor. Everything must be
at arm’s length.
continued on page 7
continued from page 6 Unauthorized Practice of Law
If the financial advisor is to be paid for his
services, the client must pay the financial
advisor for his advice with one check and
pay the attorney for his services with
another check. Do not permit the client to
combine both payments.
The financial advisor should never collect
the lawyer’s check. Let the lawyer collect
his own fee and generate his own
documents and stay out of the process.
Do not waste your time, endanger your
reputation, and risk your livelihood trying
to skirt around these guidelines.
Indeed it is true, and most lawyers and
judges I know would agree, that, as retiring
United States Supreme Court Justice
Sandra Day O’Conner, recently said:
“We all need to be concerned about the
increasing, and on many levels,
frightening, over legalization of everyday
life in our country today: There is little
hope of restraining the lawyers anytime
soon because these same lawyers in
many states, largely control the reform
process.”
There are a lot of good reasons why only a
lawyer can and should recommend a
document that controls a client’s property
rights and why only a lawyer can and
should oversee the production, writing,
and assembly of that document:
1. The lawyer (that you want to work with)
is trained, experienced, up to date, and
knowledgeable in this particular area of
the law.
2. He has ready access not only to the
sources of the law, but to his peers and
colleagues, and is thus in an ideal
position to keep abreast of what the
law is, and how it is actually practiced
in your state.
3. The lawyer and his practice are
regulated by some rather strict rules
backed up with tough sanctions
promulgated by his Bar Association and
his state’s Supreme Court.
4. The lawyer has (or should have)
malpractice insurance, and you have
no insurance at all that will cover you
should you make a mistake in this
area.
5. The lawyer is only representing the
legal interests of his client and is not
interested in anything else.
Who, in my experience and estimation of
NICEP members, are the lawyers with
whom financial advisors have the best
experience working with in this area?
1. General practice lawyers working solo
or in small firms, generally
knowledgeable about estate
planning, wills, and trusts, who give
great service, and who are truly
committed to serving the best
interest of their clients.
2. Stay at home mom and semi-retired
lawyers, who meet the same criteria.
Become a Certified
Estate Planner
Visit us online at
www.NICEP.org
or call 765 453 4300
for more information about
how the CEP designation will
bring knowledge and
distinction to your practice.
On the other hand who, based on
experience and estimation, are the lawyers
that financial advisors must avoid at
all costs:
1. Lawyers who want to be or who are
quite comfortable being nothing but a
rubber stamp; who do not want to
meet or consult with clients; who will
not commit to doing the things that
the Florida Supreme Court says they
should do:
2. Lawyers who are lazy; who do not
give good client service; and who do
not return telephone calls:
3. Lawyers who will not take the time to
learn the basics of estate planning;
who are interested in quantity not
quality; and who expect the financial
advisor to do all the work:
4. Lawyers affiliated with a trust mill.
And what is a trust mill? It is a sad fact
that trust mills today come in all sorts of
shapes and sizes. They can be local and
work only in your hometown; they can be
regional; and they can have a national
presence. But all of them have certain
telltale signs that give them away:
1. They overstate the difficulties of
probate and the benefits of a
revocable living trust.
lawyer to doing as little as possible
and having as little contact with the
client as possible.
4. They encourage the financial advisor
to engage in the unauthorized
practice of law with specious and oily
arguments, but offer the financial
advisor no protection should he be
hauled before a court or a regulatory
body for his activities.
5. Their business is either the production
of as many estate planning
documents as possible and/or the
sale of one size fits all high
commission paying financial products.
6. Do not be misled by the platitudes
and baseless misrepresentations of
these trust mill outfits. They have no
interest either in you or in your
clients. Their bottom line concern is
their bottom line and nothing else.
2. They overstate their qualifications,
(mis)represent to the public that they
have consulted with multitudes of
lawyers to draft their documents, and
that they consult with these lawyers
regularly to make sure their
documents are up to date and
current.
In sum, you must make it a point to work
with a local lawyer who will work with you;
who will commit to doing the things the
Florida Supreme Court says he must do;
who will counsel with the people you refer
to him; and who has a reputation for being
smart, ethical, and giving good service.
You will want to work with this lawyer
as a team.
3. They “bash” lawyers as greedy and
lazy, and try to relegate the role of the
continued on page 8
Page 7
continued from page 7 Unauthorized Practice of Law
Tell your clients, up front, that you are not
a lawyer, that if they need some estate
planning advice and they do not have a
lawyer you will be glad to refer them to a
very good local lawyer, and leave the
estate planning counseling, the document
recommendations, and the document
preparation to the lawyer.
As a qualified financial advisor, if you will
avail yourself of the education that is
available through NICEP, you will be able to
give a great seminar and answer the
questions that will be presented to you
at your seminar. This will give you
immediate credibility.
Once the client is in your office, gather the
information and proceed to do your job
and let the lawyer do his job. And, if the
lawyer does not do his job and if your
clients are not happy with the lawyer you
refer them to…find a new one who will give
good client service…it is as simple as that.
When you meet and strike up a working
relationship with a good local lawyer, show
him this article and get his input.
In this context, remember that you are not
advising the individual client. You are only
doing what Suzy Orman and many others
have done and continue to do and what is
quite legitimate in the eyes of most-as an
expression of First Amendment protected
free speech in a public forum.
If the lawyer disagrees with any part of
what has been written, follow his advice.
There are indeed isolated pockets across
the country even today where lawyers
attempt to enforce unauthorized practice
of law regulations against those who
would publish legitimate main stream
books on the subject of estate planning,
and against those offering social services
when it is admitted that lawyers cannot be
found in the community to offer those
same services.
It is in the context of meeting with
the individual client that you cannot
give legal advice, counsel, or
recommend specific documents. Your
performance, confidence, and obvious
knowledge and preparation at your
seminar will assure that most of those in
attendance will make appointments and
meet with you.
How the unauthorized practice of law is
regulated in your state and in your
hometown is something you must become
cognizant of and deal with. Your best
source for this information is a good,
reliable, ethical, knowledgeable, local
lawyer who has a reputation for giving
good service. Work with him and follow
his advice.
Your Estate of Mind
This article was prepared by Charles D.
Matthews, Executive Director of NICEP —
the National Institute of Certified Estate
Planners. NICEP offers a three day
accelerated course in estate planning the
qualifies for 24 units of CE for IARFC
members. Those who complete the
course and pass two examinations are
awarded the CEP designation.
NICEP does not give either legal or
financial advice. No one should take any
action upon anything contained in this
article until they first discuss their
individual fact situation with an attorney
licensed in their state who is in good
standing with their state’s Supreme Court
and who is knowledgeable of their
state’s law.
Charles holds both the CEP and RFC®
designations. He is the architect of the
revised CEP curriculum and the principal
instructor. He is the author of many estate
planning articles and documents. He is
past President of the Estate Plan Company
of Las Vegas. He has held political
positions, including being a former State
Representative and member of the
Arkansas General Assembly. To reach
NICEP, call 765 453 4300 or e-mail:
[email protected]
By Arthur W. Rothfuss, CEP, CSA, RFC®
Avoiding Family Lawsuits
Estate Plans are often challenged by
heirs — for a variety of reasons. Was the
deceased under influence? Is the
recorded document really the last one
executed? Are there missing
amendments or codicils? All of
these bring into question the original
plans. One of the responsibilities
of financial advisors is to help
avoid challenges.
Ray Charles (September 23, 1930 —
June 10, 2004) whose estate amounted
to an estimated $100 million left his
12 children with trusts amounting to
only $490,000 each. The bulk of his
estate went to the Robinson Foundation
for Hearing Disorders to help deaf
children. The youngest child, Corey
Robinson den Bok, is challenging
his inheritance.
The National Institute of Certified Estate
Planners (NICEP) provides education and
support to attorneys and financial consultants.
NICEP has both self-study and classroom
estate planning curriculums, granting the
CEP designation. For programs and course
information: www.NICEP.org 765 453 4300
or e-mail: [email protected]
Page 8
Only time will tell if the famous musician’s
estate plans will be upheld in court.
Perhaps the executor will have to
compromise or the bequest to the
Robinson Foundation might be voided.
But if Ray Charles had good instrument,
properly executed and supplemented by a
Video Tape, then chances are that the
Foundation will inherit — just as he
planned.
Arthur W. Rothfuss, CEP, CSA, RFC® Art is an
experienced estate planner, educator financial
advisor, and CEP “Planner of the Year” 2003.
His firm, Genesis Projects located in
Indianapolis, serves clients in twenty-nine
states. Art is one of the five national directors
of NICEP and may be contacted at:
317 872 9574 or [email protected]
Researching Your
Target Markets Online
your request (be patient, the process
takes time if a large number of results are
found). The resulting list will show
matching organizations in alphabetical
order. Click on the name of any group
listed and you’ll get a more detailed
screen containing their name, street
address, phone, and fax number. If the
organization maintains a Web site, a link
to that site will also be provided. Click on
it to go directly to the site and begin
digging into its content.
Kip Gregory
Anyone whose responsibilities include
sales, marketing or managing
relationships at some point has probably
turned to the Internet for insight on niches
they target. But at over 8 billion pages of
content and growing, finding that
information on the Web isn’t always easy.
Enter the American Society for Association
Executives’ Gateway to Associations, a
freely accessible database which can help
you quickly identify professional
organizations and trade groups that focus
on the markets you’re interested in.
The ASAE’s database includes nearly
40,000 organizations from local grass
roots to international in reach. If you’ve
been thinking about ways to raise your
visibility within a chosen group but don’t
know which ones are in your area or how
to contact them, chances are the Gateway
to Associations can tell you.
Here’s how to find out. First, visit the
ASAE’s Directories home page at
http://www.asaenet.org/
AssociationSearch.cfm?
(be sure you include the complete web
page address including the question mark
in your browser’s Address field).
Next, select the item labeled “Gateway to
Associations” and then click on “Go!” That
will bring you to the Gateway search page.
Once on that Gateway page, you’ll have
the option to search by an organization’s
name, the category they are listed under,
their city, state/province or even
country… or any combination of those
criteria. Make your selections and the site
will go to work finding groups to match
Here’s a suggestion: if you specialize in
serving or networking with a particular
type of business (accounting firms,
automobile dealers, doctors’ offices, law
firms, schools, etc.), try searching by
category first (or type in the proper term
for your group in the name field) and see
what comes up.
Alternatively, if you’re not sure what you’re
looking for, begin the process by focusing
on your state, or city and state (or
province for those in the Canadian
market) to see what groups operate in
your area (some international
organizations are also listed by country).
Next month I’ll cover step two in the
process: what to look for once you find a
site that looks promising and describe a
12-point checklist for researching who to
contact, where, when and how to find out
what they’re thinking, and how to get
yourself on their radar screen.
Go Ahead and
Impress Your Clients
Client appreciation requires tangible
actions that set you apart in the eyes of
clients as an individual who truly cares.
And that’s Boxes by Pandora’s sole
mission: To help you demonstrate client
appreciation in a noteworthy and
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memorable, to worry-free document
filing systems that will create natural
cross-selling discussions — you’ll find
them all here!
Our specialized manufacturing and
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nameplates, as well as your name and
company logo. If you’d like your VIP clients
to think positively about the services you
provide on almost a daily basis, then our
custom-made, personally imprinted client
appreciation boxes — created from select
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Kip Gregory is the author of Winning
Clients in a Wired World and one of the
country’s leading authorities on increasing
sales productivity through smarter use of
technology and the Internet.
Kip will be a featured speaker at the
Financial Advisors Forum in May, 2006.
To sign up for his free monthly e-mail
newsletter, Kip’s Tips, visit his website:
www.winningclients.com.
To learn more about his coaching and
consulting services visit him at:
www.kipgregory.com or e-mail him at
[email protected].
(© 2005 Kip Gregory, The Gregory Group.
All Rights Reserved. This material may
not be republished, copied or distributed
in any form without prior permission.)
Boxes by Pandora has special pricing
for IARFC members. For additional
information, a full brochure or
to order call: 800 232 6937 or
visit: www.BoxesByPandora.com
Page 9
What Happens When You Are Sued?
During all this, have you been fully
effective at running your business, serving
your clients, supervising your staff and
prospecting for new clients? Of course
not! You will be focused on getting the
mess behind you. Your clients, your
family, your friends and your employees
will take a back seat while you juggle the
emotional turmoil, hoping everyday that
this problem will just go away.
Ed Morrow, CLU, ChFC, CEP, CFP®, RFC®
It doesn’t matter, initially, whether or not
you have done anything wrong. After all,
everyone runs a “clean business.”
However, the majority of claims filed
against financial professionals are
groundless. You are facing about
$42,000 in costs to protect yourself. Your
broker/dealer and any life insurance
company involved will probably be brought
into the issue, since they are the “deep
pockets” people.
The Attack. Will this be a regulatory
complaint, a case for arbitration, a lawsuit
or perhaps mediation? Possibly all four!
Certainly your counsel (You do have an
attorney on retainer, don’t you?) and that
of your co-conspirators (that’s attorney
talk for your primary insurance company
and broker/dealer) will prefer arbitration.
Why? Arbitration usually limits the loss
payment, reduces the publicity and
reduces the costs. Usually.
But arbitration often results in a
compromise settlement — even if the
case is groundless. Your side will always
be pushed to pay up something, and the
former client and his or her avaricious
attorney get something less than they
initially requested. However, now you
have a dark mark on your record, and one
that must be revealed to regulators,
insurers and the public. This will most
likely harm you forever and force you to be
explaining this event for years.
Unfortunately, now you might discover that
your broker/dealer wants to distance itself
from you, and you are now shopping for a
new b/d relationship, but with a tarnished
record. The complications of a forced
broker/dealer change will only add further
stress to your life and consternation to
your clients.
Page 10
Naturally, (if you can get it and afford it)
you need to have professional Errors and
Omissions (E&O) Insurance, but the
purpose of that coverage is to defend you
and pay losses. E&O insurance does not
help you avoid problems at the outset.
E&O insurance policies also have many
exclusions, some of which are not
discovered by advisors until there’s a
problem, or until there is a claim. Then the
advisor’s interests can be pitted against
the E&O carrier as well. What are the
exclusions? They vary with every policy,
but frequently these clauses exclude
activity or advice related to alternative
investments, 1031 exchanges, some types
of fiduciary or consultancy services,
attacks from heirs and regulators.
Take Protective Action. What you should
seriously consider is to join Financial
Advisors Legal Association. FA Legal is
designed to help you prepare your practice
so you can aggressively combat the claims
made against you, at the outset. This type
of strong defense may help you avoid the
entire matter. The attorneys at FA Legal
frequently recommend mediation as the
first step, since it is a good way to test the
position of the opposing counsel and to
let them realize you are well documented
and fully prepared to rigorously defend
your actions.
Today, what you really need is litigation
prevention and defense. Prevention, of
course, is taking action to help you avoid
these problems in the first case. One of
the problems with E&O Insurance carriers
is that they frequently want to settle a
claim quickly and inexpensively. So they
are very prone to offering a quick, small
settlement. That is good cost control for
the carrier, but can be devastating to you.
Let’s take a real case example. The
customer claimed damages amounting to
$24,000 actual losses, plus $250,000 for
distress and was alleging fraud — a
serious charge. By claiming fraud they
were able to get into a local court in a very
favorable jurisdiction. The E&O carrier
negotiated a compromise — pay $16,000
and the problem would go away, and they
proposed to split that cost with the advisor.
The advisor said, “Hell No, I’ve done
nothing wrong! We’ll fight it.” The E&O
carrier’s attorney explained, “You’re going
to lose round one, which will be a jury
matter in the small rural town where the
customer now resides. If you insist on no
settlement, we’ll defend you. Then we will
offer to pay the $8,000 that we could
settle for now. You would be on your own
in the appeal — which you’d probably win,
because you have a very strong defense.
You will have to hire competent out-oftown appellate counsel and we’d guess
those fees to run $60–$75,000. And
even still you might lose.”
The advisor, very reluctantly, settled for
the $8,000 out of pocket loss and the
black mark.
What advisors need is a Litigation
Defense Manager. But where do you get
that? The solution is the eDefense
Manager offered as part of the program
of Financial Advisors Legal Association. It
provides:
Proven procedures to avoid becoming
a legal target.
Tips to prevail under a litigious attack.
A library of litigation-tested document
templates.
Client management and practice
simplification processes.
Up to 14 hours of CPE credits
(CFP, PACE, RFC and insurance) with
Real-time updates on critical issues.
To keep you and your staff focused on the
types of issues that could be raised by
scurrilous attorneys; you need to be
reading about the tribulations of other
persons. One source of information is The
Litigious Times, which is published
quarterly by F.A. Legal exclusively for their
members.
When you have the first inkling of a
problem you need instant representation
to support the actions you have been
taking to protect yourself.
How does the benefit structure of FA
Legal work? “If the advisors will practice
the proactive and preventative behaviors
embodied in eDefense Manager, they will
find most potential claims will be dismissed
before they become an emotional and
financial nightmare,” comments Jerry
Reiter, Chairman of FA Legal.
continued on page 11
continued from page 10
When You Are Sued
An Ounce of Prevention. The heart of
eDefense Manager is good record keeping,
and it has a prominent role in the defense
process — not to help an advisor defend
against a claim as much as to stop litigation
dead in its tracks. FA Legal is an advocate
of initial prompt mediation. “We want to
mediate whenever a claim is brought against
one of our members to let the opposition
know we’re ready for them, know that we
have our records (needed to refute the
claim) in order. Since many of these claims
are made on a contingency basis, when the
attorney goes back to his client, the plaintiff,
and tells him the advisor has strong
documentation and the attorney now wants
the plaintiff to pay him something up front,
the plaintiff often drops the case. In the Old
West, they used guns and bullets; we use
attorneys and money.”
How does the benefit structure of FA Legal
work? The first step is to determine
whether a claim is even covered by the
advisor’s E&O carrier. Keep in mind that
over half of all financial advisors have no
E&O coverage, and this topic might be
excluded anyway. Then you need to make a
choice. Frequently, the manner in which the
E&O carrier proposes to handle the situation
will persuade an advisor to bypass the E&O
coverage and go with FA Legal’s aggressive
defense strategy.
FA Legal has a pro-active philosophy.
Jerry Reiter, CEO, a respected industry
leader explains, “We offer unlimited phone
consultation as part of membership
because we want to talk to the advisor
when as soon as a problem is anticipated
not when a problem becomes certain.
Whereas E&O insurance does nothing to
educate the policyholder, we can mitigate a
lot of issues by showing our members how
to prepare for claims.”
Where to go for information: To learn more
about Financial Advisors Legal Association,
you can review the benefits at:
www.FALegal.com and to request more
information call: 800 261 0633
Ed is the Chairman and CEO of the
IARFC. He specializes in enabling financial
advisors to increase their sales production
and client service, by building their practices
through effective client relationship
management. For information on his
services: [email protected]
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800 666 1656 • [email protected]
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Page 11
CONSUMER
Paul Richard, RFC®
FOCUS
www.ICFE.info
Consumer Scams You and Your Clients Should Know About!
New “Jury Duty Scam” Seeks Personal
Information By Direct Phone Contact. A
new scam is underway, nationwide, to trick
people into giving out their personal
information. It is known among military
and civilian law enforcement as the “Jury
Duty Scam.” This “phishing” scam is being
utilized by credit and identity thieves to
deceive victims into revealing their
personal information.
According to a Criminal Information
Bulletin from the 31st Military Police
Detachment at Fort Campbell, KY., here is
how the scam works:
1. The scammer calls a residence or office
phone number of the victim and identifies
themselves as an officer or employee of
the local court or jurisdiction. The thief
tells the victim that he or she has failed to
report for jury duty and that a bench
warrant for their arrest has been issued
against them.
2. The victim’s reaction is one of shock
and surprise and it places the victim at an
immediate disadvantage, and much more
susceptible to the scam. The potential
victim will rightly deny knowledge of any
such claim; and that no such Jury Duty
Notice was ever received.
3. The scammer then shifts into “high gear”
and reassures the victim of the possibility
this is all “just a misunderstanding” or
“some sort of clerical error” that can be
straightened out on the phone. All the
victim needs to do is “verify” some of their
information by answering a few simple
questions. (here comes the con…)
Any reluctance on the victim’s part and the
scammer threatens that failure to provide
this information will result in the execution
of the arrest warrant.
The scammer obtains the full Names,
Social Security Number, date of birth and
will also solicit credit card or bank account
numbers claiming these will be used by
the local credit bureau to “verify” the
victim’s identity.
4. Family members who receive these
calls are especially vulnerable to coercion.
Institute of Consumer Financial Education
Page 12
Threats against the victim’s career, should
he or she be arrested would now have a
criminal record. Spouses are frightened
and a smooth-talking con artist will be very
persuasive.
5. Individual consumers, whether
employed or not, and their adult family
members must be made aware of this
threat to their personal information, credit
and identities. Legitimate court employees
would NEVER call to solicit personal
information. Official notifications would
only be sent by standard mail delivery, or
perhaps by certified mail, not phone.
6. Any person receiving such calls should
record the scammer’s phone number (if
caller ID is available) and immediately
report the contact to local law enforcement
authorities or the military police.
New credit card fraud schemes to guard
against everyday. Switch expired credit
cards for unexpired cards. This is another
new scam technique. A man went to the
local gym and placed his belongings in the
locker. After the workout and a shower, he
came out, saw the locker open, and
thought to himself, “Funny, I thought I
locked the locker.” After dressing he just
flipped the wallet open to make sure all
was in order. Everything looked okay — all
cards were in place. A few weeks later his
credit card bill came — a whopping bill of
$14,000! He called the credit card
company, saying that he did not make the
transactions. Customer care personnel
verified that there was no mistake in the
system and asked if his card had been
stolen.
rarely trigger a “warning flag.” Make sure
the credit cards in your wallet are all yours.
Check the name on the card every time
you sign for something and/or the card is
taken away for even a short period of time.
Many people just take back the credit
card without even looking at it, “assuming”
that it has to be theirs. It would be easy
for an employee at a busy restaurant to
just return a similar card, but with an
invalid name.
Using cell phones to take pictures of your
credit cards. A couple went to a local
restaurant to pick up an order that had
been called in. The customer paid by
using a Visa Check Card which, of course,
is linked directly to the holder’s checking
account. The young man behind the
counter took the card, swiped it, then laid
it flat on the counter as he waited for the
approval, which is pretty standard
procedure. Then the clerk takes a picture
of the Card with a cell phone.
He set his phone on the counter, leaving it
open. About five seconds later, the couple
heard the chime that tells that the picture
has been saved. Now, they are standing
there struggling with the fact that this clerk
just took a picture of their credit card. Yes,
the clerk played it off well, because had
the couple not had the same kind of
phone, they probably would never have
known what had just happened.
Notice who is standing near you and what
they are doing when you use your card. Be
aware of phones because many contain a
camera phone these days.
“No,” he said, but then took out his wallet,
pulled out the credit card, and a switch
had been made. An expired, yet similar,
credit card from the same bank was in the
wallet. The thief had broken into his locker
at the gym and switched cards.
When in a restaurant and the server brings
your card and receipt for you to sign, make
sure you scratch the credit card number
off. Truncation — only displaying last
four numbers of a credit card number —
is now law under the revised Fair Credit
Reporting Act/Fair and Accurate Credit
Transactions Act.
Outcome of Dispute: The credit card
issuer said since he did not report the card
missing earlier, he would have to pay the
amount owed to them. How much did he
have to pay for items he did not buy?
$9,000! Why were there no calls made to
verify the amount swiped? Small amounts
However many
establishments,
especially
restaurants, still
put the whole credit
card number on
a receipt.
619 239 1401
[email protected]
NO POSTAGE
NECESSARY
IF MAILED
IN THE
UNITED STATES
BUSINESS REPLY MAIL
FIRST-CLASS MAIL PERMIT NO. 395 MIDDLETOWN, OH
POSTAGE WILL BE PAID BY ADDRESSEE
INTERNATIONAL ASSOCIATION OF
REGISTERED FINANCIAL CONSULTANTS
THE FINANCIAL PLANNING BLDG
PO BOX 42506
MIDDLETOWN OH 45042-9981
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NECESSARY
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BUSINESS REPLY MAIL
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BUSINESS REPLY MAIL
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FINANCIAL ADVISORS LEGAL ASSOCIATION
7496 WEST LAKE MEAD BLVD STE 170
LAS VEGAS NV 89195-7194
Build Better Relationships & Communicate with Impact
I am interested in the Practice Builder system to attract
prospects and clients, build credibility and trust, connect
to client priorities, help my clients commit to action by
transforming their tasks and goals into powerful intention.
I am interested in the Plan Builder system that develops
vital comprehensive financial plans, while creating
unlimited “what-if” scenarios, including Monte Carlo
simulations, and plans with colorful charts and graphs, in
real time.
I am interested in Professional Sample Plans. Use to
Close the engagement agreement by fulfilling the client’s
need to see, touch and feel a sample of the product they
are buying: Produced with the Builder Suite system.
Name_______________________________________________________________
Firm ________________________________________________________________
Address _____________________________________________________________
City_______________________________ State________ Zip__________________
E-mail ______________________________________________________________
Phone ______________________________________________________________
Please Nominate Qualified Advisors for RFC®
Please send a complete
Registered Financial
Consultant application
kit and reference
material to the following
financial advisors.
Your Name ____________________________________________________
Your Phone____________________________________________________
Name ________________________________________________________
Name ________________________________________________________
Firm _________________________________________________________
Firm _________________________________________________________
Address ______________________________________________________
Address ______________________________________________________
City_______________________________ State________ Zip ___________
City_______________________________ State________ Zip ___________
E-mail ________________________________________________________
E-mail ________________________________________________________
Phone ________________________________________________________
Phone ________________________________________________________
Yes, I’m interested in learning more about Financial Advisors Legal Association, and how
I can redeem $200 and receive the book: The #1 Thing You Need To Do as “told by the
Financial Industry’s Top Coaches, Consultants & Industry Insiders” a $40 value! FREE!
Name ______________________________________________________________________
Street ______________________________________________________________________
City______________________________________ State_________ Zip _________________
Phone__________________________ E-mail ______________________________________
clip here
IARFC
Financial Advisor Legal Association, Inc.
800.261.0633 / email: [email protected] / Fax: 208.730.9442
Valuable IARFC Member Benefits Information Request
clip here
Note Cards, 5” x 4” dark blue with gold RFC key on the cover, Ethics on the back, imprintable, with ivory envelopes.
Consumer brochure, 8.5” x 11” four page version, full color. Do you need a Professional Financial Advisor?
Consumer brochure, 8.5” x 3.8” tri-panel version, color, for mailing. Do you need a Professional Financial Advisor?
RFC Ethics brochure, 8.5”: x 3.8” two-panel, two color brochure, dark blue and black on ivory stock.
Plastic brochure stands for use to display RFC® and other brochures in lobby display or at seminars.
Report Binders for Financial Plan, dark blue padded leatherette, with optional translucent Avery Tab Dividers.
Notepad, dark blue padded leatherette, to give to clients or prospects, includes standard 8.5” x 11” writing tablet.
Additional RFC Certificate
Framed
Men’s gold Tie Chain with RFC Key key
Unframed
Large version
Ladies gold RFC key Circle Broach
Small version
RFC gold Lapel Pin
Website for my firm, with compliance review features, text pages, calculators, quote forms, optional components.
Financial Insider — an 8 page, full color, bi-monthly newsletter for clients, prospects, and centers of influence.
The 20/20 Report — 4 page, full color newsletter, monthly or bi-monthly for clients, prospects, centers of influence.
Proposal Covers and Policy Wallets to class up your delivery of insurance policies and presentations.
Cherry wood Presentation Gift Box, 8” x 10” x 3.5” — with printed client note paper and envelopes.
Cherry wood Document Organizer box with hanging dividers and files.
Cardboard Document Organizer box.
Deluxe padded 10” x 14” Report Presentation kit, lockable leatherette box with 3 rings and tab dividers inside.
Business Reply Mail Report, Word format for customization, to create postage-paid reply cards and envelopes.
Blue Presentation folders with gold IARFC logo, die cut for your business card and dual pockets for material insertion.
Gold Foil RFC seals, 1” round. Can be used to seal envelopes or dress up your proposals.
Gold Foil 1.5” seals “Financial Planning Quality Assurance” for placement on your client Financial Plans.
Code of Ethics Wall Plaque, 13” x 10.5” on walnut base, ideal for an office waiting area.
Journal of Personal Finance, quarterly academic and professional journal, extra copies for other advisors.
The Register, monthly IARFC magazine, additional subscriptions for your staff or associates.
Continuing Education Recording Form, 4 pages, with over 70 suggested topics and Instruction Method options.
Cruise Conference, Europe
Caribbean Islands – Oct 8-15, 2006
Alaska – Sept. 12-19, 2007
Practice Builder Financial — CRM Software — Client Relationship Management, drip marketing and due diligence.
Plan Builder Financial — Software to produce Comprehensive Personal Financial Plans, Monte Carlo simulation.
Building Your Multi-Million Dollar Practice — an intensive two day Workshop for experienced advisors.
NO POSTAGE
NECESSARY
IF MAILED
IN THE
UNITED STATES
BUSINESS REPLY MAIL
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If mailing, please fold this inside and seal with tape.
Your Name ___________________________________________________________________________________________
Phone Number________________________________________________________________________________________
E-mail _______________________________________________________________________________________________
Comments ___________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
Or Fax Both Sides to: 513 424 5752
Loren Dunton Memorial Award 2006
This Award is made annually, in honor of
the founder of the financial planning
profession, Loren Dunton, to a person who
has made a substantial contribution to the
financial services profession and/or the
financial interests of the public.
Generally regarded as the father of financial
planning, Dunton organized financial
professionals in the late sixties and with
their help created the financial planning
movement — including the formation of
associations, magazines, colleges, university
programs and foundations. Some persons
believed then that “planning” was totally
separate from the “sale” of insurance and
investment products, but Dunton always
recognized that they were but different roots
of the common tree.
Dunton was able to use his experiences to
frankly explain what all of us now
recognize. Having been a successful
businessman, but never a financial advisor,
his comments were obviously from the
heart. Dunton realized and publicly
Nominations
espoused that salesmanship is taught by
the managers and trainers of the financial
services industry, and that the ethical sale
of financial products and the delivery of
competent advice is a noble calling.
In 2000, at the Financial Advisors Forum in
Dallas, the first annual Dunton award was
presented to Ben Baldwin. It has been
followed by presentations to those, who
early embraced the financial planning
process, and have written, spoken and
served widely in the financial community.
In 2004 the Award was also made to a
person outside of the U.S.
In commemoration of the founder of
financial planning, the International
Association of Registered Financial
Consultants will each year honor a
professional who has made significant
contribution to the industry and the public,
presented at the Financial Advisors Forum.
Nominations responsive to the criteria must
be made in writing and sent to IARFC by
Dunton Award
Prestigious Recipients
mail, e-mail or fax. Notice is provided to
IARFC members and other financial
organizations, outlining the qualifications
required, prior to the convening of the
Selection Committee.
Dunton Award Criteria
• Must hold a professional designation
(such as ChFC, CFP®, CLU, RFC®,
CPA/PFS, CEBS, MSFS, MSFM or
Doctoral degree).
• Must have been published on financial
topics (articles, journals, books, etc.)
• Must have provided outstanding service
or leadership in the financial services
industry.
• Must have promoted or participated in
some aspect of financial education,
either to the public or to members of the
profession.
• Must have demonstrated effectiveness in
carrying the message of responsible
financial stewardship to the public.
• Must have the highest ethical and
professional standards.
Award Nomination Form
Nominee’s Name: _____________________________________________
Address: _____________________________________________________
Jeffrey Chiew
2005
Ed Morrow
2005
____________________________________________________________
____________________________________________________________
Please comment on why this person is an appropriate candidate to
receive the Loren Dunton Award:
____________________________________________________________
Liang Tien Lung
2004
Vernon Gwynne
2004
____________________________________________________________
____________________________________________________________
____________________________________________________________
(You may attach additional comments.)
Alex Armstrong
2003
John Keeble
2002
Your name:___________________________________________________
Phone: ______________________________________________________
Please fax your nomination to IARFC:
Donald Haas
2001
Ben Baldwin
2000
513 424 5752
IARFC • P.O. Box 42506 • Middletown, OH 45042-0506
www.IARFC.org
Page 13
Cato Comments – About Your Image...
Art Linkletter, American Icon, says
“Your Image Enables You To Be Accepted Far More Quickly!”
Do you personally have a financial
planner or have you ever spoken to
financial planners?
Yes, I have a long-time relationship with a
financial planner. I have spoken often
before insurance and financial planning
groups. And I have great respect for all
Registered Financial Consultants.
Has your image been important for your
outstanding success?
Image can enable you to be accepted. Not
only that., the right image enables you to
be accepted more quickly. The correct
established image enables you to save
time and not have to work so long and so
hard to finally be understood and accepted.
My image has been the key to my success.
Image is likely to be a big part of any
RFC’s success. As a salesman for many
national companies, I have asked the
public to accept my personal guarantee
that a product they have never used before
is good, reliable and worth trying.
What were those products?
Well Wally, these include the first ever
electric blanket for GE; the first home
permanent for Toni; the first non-ink pen
for Papermate; the first cake mix for
Pillsbury; the first diet cola for RC; and the
first mail order auto insurance to be sold to
non-drinkers.
How did your image help your career?
My image was the reason that I could
persuade the Los Angeles School Board to
permit me to be the only commercial
broadcaster to take children out of school
during their daytime lessons. We did this
so they could appear on my TV show. The
school board knew that I would not exploit
the children and that the cause of
education would be enhanced. They also
knew we would adhere to proper manners,
show good taste, be responsible, and
produce programs that had class. My
image assured them the Program would
make them proud of their participation.
Consultant, because he or she is asking
clients for their trust — to believe that
honest and excellent advice will be
provided — all to serve the best interest of
the clients.
How long were you on
national television?
Do the many recent financial scandals
harm the image of the RFC?
We were on CBS-TV five days a week for 26
years. I interviewed 27,000 youngsters.
This was the basis for the book and
subsequent TV series called Kids Say the
Darndest Things. People Are Funny ran on
night-time NBC-TV and radio for 19, years.
These were two of the longest running
programs in broadcast history.
In this era where corruption, immorality,
incompetence and plain thievery has
singed our national landscape, the
obligation of any Registered Financial
Consultant is to be above criticism, above
reproach, and adhere to the high IARFC
Code of Ethics that is particularly well
drafted. The RFC professionals should not
be tarnished by these many improper acts
since the RFC professionals are not
responsible for, or even involved in any of
this. The RFC professionals are also
victims of these scandals.
Have you always made efforts to create,
establish, and maintain your desired
image within target markets?
I struggled as a performer until I
learned the importance of doing just this.
I was largely unknown until I established
my image. My image enabled me to
gain the share-of-mind that leads to
share-of-market.
This works the same way for financial
professionals. You will notice that the
more successful the financial advisor the
more established his or her image will be.
My image, not my recognition as a
performer, helped me to be appointed
Ambassador to Australia by President
Reagan. My image helped me to be
appointed to the first Drug Abuse
Education Committee by President Nixon.
My image opened the doors to another
successful career lecturing across our
country on sales and success attainment.
How important is image for the RFC?
I consider image to be equally important to
the average Registered Financial
Regulators are now unfairly hammering
independent financial advisors in
response to the abuses by giant financial
organizations. Can image enhancement
help the RFC®?
Image can help regarding anything.
Imagine is not everything. Image is
possibly the first thing on your way to
great success. I use the word ‘image’ as
the true representation of a RFC’s
character based on reputation and record.
Out here in Hollywood, images are ‘spun’
by media advocates who often conceal the
true nature of the celebrity. There’s an old
cynical joke, ‘The key to success is having a
good image. Once you can fake that, you
have got it made.’
I have enjoyed reading The IARFC Register,
and applaud what the Association is
accomplishing — for its members and for
the consumers they serve. You are making
a difference. Thank you for this opportunity
to talk with readers of The Register.
Forrest Wallace Cato, RFC®, (pictured here after recent eye surgery) has over 20-years experience as a local, regional and
multi-national media strategist and advocate serving financial professionals. For financial advisors, he creates, establishes,
and maintains, desired images within target markets. This highly proven marketing communications effort leads to
increased understanding (brought about by desired media exposures) and results in increased consumer acceptance for
the financial product or service provider! Annually he presents The Cato Award for “published writing that promotes greater
understanding for and appreciation of financial planning,” during the IARFC Financial Advisors Forum. Cato, former editor of
Financial Planning and Trusts & Estates magazines, is author of the book Sales And Success Secrets of The Great
Motivators. Cato also wrote the Introduction to the book Financial Planning As I Created It by Loren Dunton, the founder of
financial planning. Cato can be reached at: Intergroup II/Atlanta, Inc., 915 River Rock Drive, Suite 101, Woodstock, GA
30188. Phone: 770 516 9395 E-mail: [email protected]
Page 14
Seven Communication Strategies
for Doubling Your Sales in Half the Time
you identify how much time is
required, first determine how
important this communication is. Is
this a six figure deal that you have one
shot at making a great impression? Is
it a conversation with a valued
employee who has made an error that
needs correcting? The amount of time
you’ll need varies for each individual
and each situation — it may be
5 minutes to review the points you
want to cover in a meeting or several
hours rehearsing out loud, in the case
of a presentation.
Teresa Easler
The ability to get great results when
communicating with your clients,
prospects, and staff requires that:
• You have the right message for your
audience.
• Your message addresses what’s
important to them.
• You deliver the message in a powerful,
effective manner.
Over the next several months, we’ll be
introducing IARFC to seven simple
communication strategies designed to
help you and your organization always
confidently communicate the right
message to the right audience at the
right time.
Strategy #1: Always take the time
to prepare for your communication
situation.
Imagine Abraham Lincoln delivering the
Gettysburg Address without thinking it
through in advance? Or, John F. Kennedy
not rehearsing his inaugural address? The
need to prepare for communication is not
news. However, so many advisors go into
situations where the stakes are high with
little or no preparation that it requires
mention. Let me be blunt. Regardless of
whether you’re an individual planning for
a meeting, or a professional getting ready
to speak to a large group, never go into a
communication situation without taking
time to focus and prepare.
How to Prepare
1. Schedule time. This is an important
first step because it is so easy to get
caught up in day to day demands. As
2. Put it in your calendar with a start and
end time. The greatest challenge will
be making sure life’s emergencies
don’t side track your intentions. If you
have an assistant, get their support in
keeping to the schedule or enroll a
colleague to collaborate. It is always
easier to keep to a plan when you
have others to answer to.
3. Complete a Power to Connect
Worksheet. It provides you with a
simple framework that guides you in
your preparation so you achieve your
desired results. Always determine a
clear and focused objective, no more
than three key messages you want to
get across, and what action you want
your audience to take at the end of
the communication.
4. Say it out loud. Words sound different
when they are spoken than when they
are drifting around in your head. By
verbalizing your communication, you
will be able to detect places where the
tone is contrary to your intentions, like
boredom, condescension, self doubt.
Then you can easily make the
necessary adjustments.
However much time you dedicate to
preparation, it will be time well spent. It
allows you to be present and being
present provides a greater opportunity to
connect and build relationship with your
client/prospect/audience. Ultimately,
that’s what real communication is
all about.
Teresa Easler is a partner in Corporate
Vision, an organization that supports
people who have achieved a high level of
success and understand that achieving
more requires superb communication and
presentation skills.
Teresa is the creator of The Power to
Connect® workshop, author of the book, A
Guide to Breakthrough Presentations, coauthor of the book The Power to Connect®
— Creating Communication that gets
Results and co-creator of the Bravo
Presentation Coaching® program. She
has helped groom many successful
professionals to extend their speaking
capacity and has personally addressed
many associations, including the MDRT
and CAIFA. You may learn more about
their services at: www.cvcomm.com, and
you can contact her at: 416 696 2020 or
by e-mail: [email protected]
Call for Papers
Reviews, and practitioner
insights on the assessment and
measurement of financial risk
tolerance for a special issue
IARFC Quarterly Educational Publication
John Grable, Ph.D., Editor
318 Justin Hall, FSHS
Kansas State University
Manhattan, KS 66506
Phone: 785 532 1486
E-mail: [email protected]
Get Involved: We welcome the
submission of articles from IARFC
practitioners. This is a great way to
contribute to the profession.
Professional Articles: The Journal
is seeking articles by practitioners
that may deal with the application
of financial planning techniques,
marketing and practice management.
These are expected to be very high
level papers or articles.
Publicity Opportunities: Naturally, we
encourage published authors to advise
both their clients and the media of
their being published by sending a
press release.
Page 15
New Source of Qualified Prospects
Surrounding the financial planning
process with tools to improve your
efficiency, from start to finish.
The Registry has high minimum
admittance standards that protect
investors from advisors who aren’t willing
to document their competence and
integrity. Some of the requirements are:
• A minimum of five years of
experience — the average is 16 years
• College degrees and/or certifications
• RIA or IAR registration
• Clean compliance record
Plan Builder financial planning software
helps you develop comprehensive
financial plans, quickly and easily. Create
unlimited “what-if” scenarios — including
Monte Carlo simulations — then illustrate
your plans with colorful charts and
graphs. In real time.
Plan Builder contains compelling, and
easy-to-understand presentations that
help your clients see the wisdom of your
plans immediately.
Unleash the Power of your Investment in
Financial Planning Software. In response
to requests from professional users of our
software we are offering training to
enhance and expand the benefits the
system delivers to your practice.
Increase Your Fee Revenue. High quality
financial plans command greater respect,
and a greater fee, both of which increase
the likelihood that you will be selected to
implement the plans with products.
Contact us today: 800 666 1656 ext. 20
www.FinancialSoftware.com
• A willingness to work for fees —
asset-based, fixed, or hourly
Jack Waymire
The Paladin Registry was launched
in April of this year to provide investors
with a new way to select high quality
professionals who have the knowledge and
integrity to help them achieve their
financial goals. The Registry evolved
from a book, Who’s Watching Your Money?
The 17 Paladin Principles for Selecting a
Financial Advisor that was written by Jack
Wymire, the founder of
the company.
The principal Registry service is matching
investors with qualified advisors. Paladin
uses three marketing strategies to produce
large numbers of investors who are
seeking the services of financial
professionals. More than 150,000
investors have visited the Paladin website
since April and thousands have used the
Registry to find and evaluate advisors. In
addition to prospects, Paladin also
provides several free marketing tools that
are available to Registry professionals on
an exclusive basis.
The Registry process is very easy
for investors to use. Once they register,
a Paladin Coordinator screens and
pre-qualifies them before forwarding
their information to Registry
professionals — there’s no spam in this
process. Then, Paladin uses the
contact opportunity to educate investors
about selecting and working with
advisors. A large number of advisors
have said the information that was given
to their clients during the selection process
helped them develop more positive, longterm relationships.
Page 16
• Acknowledged fiduciary
Paladin believes its service solves a major
problem for investors who don’t know good
advisors from bad ones. Consequently,
they are prone to selecting advisors based
on personalities and sales skills versus
competence and integrity. The Paladin
Registry also solves a major problem for
advisors by providing an efficient, low cost
way to expand their businesses. Plus,
participating advisors can use the Registry
as a credential for all types of prospects
and referral sources.
There is no fee to be listed in the
Registry. The advisor pays a nominal
match fee ($34 to $68) when Paladin
produces prospects that the advisor
agrees are qualified. You can also
select an optional fixed fee arrangement
that would eliminate most match fees.
Paladin guarantees the quality of all
matches, so if you disqualify a match,
there is no fee.
For more information about the Paladin
Registry you can visit their website at
www.paladinregistry.com or call them at
916 780 8737. Be sure to ask for Jack
Waymire, the founder when you call.
Important Notice:
Have You Edited Your
Advisor Profile or
Added Your Photo
at IARFC.org?
Page 17
Financial Advisors Forum 2006
Financial Advisors Forum brings together financial advisors from around the world for three
action-packed days of sharing information, building knowledge, professional exchange and
networking with the leaders of financial services.
IARFC’s annual conference and exposition features educational programs for all levels
of experience. Expositions that showcase the latest financial services and products,
and fun activities where you can meet other professionals. You will gain new
business ideas, make contacts, see prospective resource providers, learn new
planning design techniques and explore ways to promote your business. If you’re
seeking to build your financial advisor practice, the knowledge can be found at the
Financial Advisors Forum.
Who Should Attend?
Financial planning professionals with all levels of experience in every area of
specialty will find that these practical educational sessions will exceed their
expectations. Industry leaders will deliver their most valuable concepts and
techniques in a collegial atmosphere. Whether you are a single practitioner,
head up a firm of advisors, or are an executive of a broker/dealer, insurance
company, bank, or a financial product provider, you will find these ideas,
contacts and leadership skills to be invaluable.
Program Schedule
The Forum 2006 opens Thursday, May 11 with six optional pre-conference
workshops at 8:30 am. All attendees will enjoy the Thursday opening night
reception to be held in the home of IARFC Chairman, Ed Morrow. Whether you
are a first time or international attendee, plan to attend the Loren Dunton Award
Dinner on Friday evening. The Forum concludes Saturday, May 13, at noon.
Activities are planned during the afternoon for those who fly out Sunday.
Other Financial Forum Highlights
Join us Friday evening for the Annual Loren Dunton Award Dinner —
an opportunity for financial advisor professionals to network and
honor Loren Dunton and congratulate the prior recipients, and
of course, the distinguished 2006 recipient of the Award —
whomever it may be.
As a renowned figure and pioneer in the industry, Dunton is widely recognized as the
father of the financial planning movement in the United States. He started the College for
Financial Planning and the International Association of Financial Planning, was the first
editor and publisher of Financial Planning magazine, and his precepts on the role of advisors
are the basis for the IARFC.
2006 attendance is limited to the first 200 who register.
Call Now! And reserve your position: 800 532 9060
Page 18
IARFC Financial Advisors Forum 2006
Thursday Morning
Six Power Workshops
- - - Thursday, May 11 - - Registration Desk Open
Six Financial Planning Workshops
Exhibition and Buffet Luncheon
8:00 -
5:00
8:30 - 11:30
11:00 -
1:00
Opening Ceremony
1:00 -
1:20
Charlie “Tremendous” Jones
1:20 -
2:10
Jim McCarty
2:10 -
3:00
3:00 -
3:20
Lew Nason
3:20 -
4:10
Jerry Tan
4:10 -
5:00
5:00 -
6:45
Refreshment Break
Exhibition Area
Reception at the Morrow Home
7:00 -
8:00
Les Anderson
8:00 -
8:50
Michael Zmistowski
8:50 -
9:40
Refreshment Break
9:40 - 10:00
Michael Zmistowski
10:00 - 10:50
Norman Levine
10:50 - 11:40
Lunch in the Exhibition Area
11:40 -
1:20
Kip Gregory
1:20 -
2:10
Robin Mills
2:10 -
3:00
2:30 -
3:20
Peter Vessenes
3:20 -
4:10
Rev. Dr. John Clements
4:10 -
5:00
5:00 -
6:30
Refreshment Break
Reception in the Exhibition Area
The Loren Dunton Award Dinner
Session A: 8:30 - 9:20
♦ Client Relationship Management
♦ Long-Term Care Choices
Session B: 9:35 - 10:25
♦ Financial Plan — Design & Delivery
♦ Clergy Planning & Marketing (RCA)
Session C: 10:40 - 11:30
♦ Legacy-Based Marketing
♦ Powerful Tie-Downs & Closings
7:00 - 10:00
- - - Friday, May 12 - - Continental Breakfast in the Exhibition Area
Schedule of Events
7:00 - 10:00
World Famous
Featured Speakers
Charlie “Tremendous” Jones
America’s No. 1 Motivational Speaker
(as rated by National Speakers Association)
Mehdi Fakharzadeh
The Legendary and Beloved Veteran
MetLife Agent and Financial Advisor
Norman Levine
The World Famous Agent & Manager
Who Built a Financial Services Giant
Rev. Dr. John Clements
Britain’s Celebrated Motivational and
Acclaimed “Right-Thinking” Specialist
- - - Saturday, May 13 - - Continental Breakfast
7:00 -
8:00
George Flack
8:00 -
8:50
James Lange
8:50 -
9:40
Refreshment Break
9:40 - 10:00
Hal Chorney
10:00 - 10:50
Mehdi Fakharzadeh
10:50 - 11:40
Box Lunch Pickup
11:40 - 11:45
Ed Morrow
11:45 - 12:30
Option #1: U.S. Air Force Museum
1:00 -
6:00
Option #2: Dayton Art Institute
1:00 -
6:00
Page 19
Charlie “Tremendous” Jones, CLU, RFC
®
Life is Tremendous!
The things that matter the most in
your life never change. Learn how to
focus now on the essential — from
the Master of Motivation, the author
of seven best selling books and the
founder of the Leadership Library.
His principles of the Seven Laws of
Leadership have mesmerized
audiences worldwide:
Put Excitement in your Work
Use It or Lose It
Production to Perfection
Give to Get
Exposure to Experience
Flexible Planning
Motivated to Motivation
Jim McCarty, CLU, RHU, LUTCF, RFC
®
The Day Mañana Came
As a national sales trainer and educator for
Ameriprise (American Express) and a Director of
the LUTC, Jim has enlightened, amazed and
entranced his audiences. From his personal
and professional experiences he will help you
communicate a strong sense of urgency to
your clients.
Lew Nason, LUTCF, RFC
®
Asking the Right Questions
Using proven questioning techniques gets
your prospect or client emotionally involved
and helps you secure 9 of 10 appointments.
Adapting the right questions will also achieve
a 9 out of 10 closing ratio for getting your
clients to accept your planning and
product recommendations.
Norman G. Levine, CLU, ChFC, CSA, RFC
®
Leadership is
Never an Accident
A great leader talks about how he
used transferable principles of
leadership to build two diversified
financial service firms, in New York
City and the other with 11 offices
from Fairbanks to Southern
California. Past national president of
NAIFA, GAMA, LUTC and recipient of
the John Newton Russell award,
Norm has been both a TOT producer,
a GAMA Master Agency builder
and 10 time MDRT speaker. His
Non-Interview technique and Joint
Work philosophy are timeless
strategies that will work effectively
for you and your associates.
Page 20
Jerry Tan, LLIF, CIAM, CMFA, RFC
®
Breakthrough Strategies
to Assure Your Success
As the leading coach, motivator, manager and
producer in Singapore, who lectures and trains
agents and financial advisors throughout Asia,
Jerry will share the techniques that have helped
propel him and his associates to Top of the
Table production as qualified financial advisors.
Les Anderson, MBA, RFC
®
Make Sure You Are The Product
When you are selling the same products at the
same prices as everyone else, how do
differentiate yourself from your competition?
Learn from the author of The Product is You his
proven process to market yourself, rather than
sell a product, thereby shifting the client’s
emphasis from product to personality.
Michael Zmistowski, RFC
®
Retirement Income Management Techniques
& Retirement Income Case Studies
Dramatically increase your “hard dollar” income by
getting the “soft facts” from the client. Smart
Retirement Income planning will determine which
services and products will be most appropriate to
meet client goals. Learn to demonstrate techniques
to maximize retirement income — and to create
certainty your clients will never run out of money.
Kip Gregory
Strategies for Growing Your Business
Faster with Technology
Let the author of Winning Clients in a Wired World,
show you how to harness the technology you own
to increase your efficiency and effectiveness. Kip
will share simple, easy-to-master strategies you can
implement immediately to reach upscale prospects
and clients and enhance the services you deliver.
Robin Mills
Why Are You More Likely to be Sued
Than Your Physician?
Financial advisors are now a better target than
doctors for predatory lawyers. How can you identify
your exposures and modify your operations to be
better protected, better prepared and live with a
greater peace of mind? If you’re not managing your
defense now, you may have major problems later!
Rev. Dr. John Clements, Th.D., FCIPD, FInstSMM, RFC
®
Featured Speakers
Peter Vessenes, RFC
®
How You Business Plan Defines Your Market
Your most desired and suitable clients should
be defined by your Business Plan and your
Vision. Learn from the co-author of Building
Your Million-Dollar Practice why and how to
restructure your marketing strategies,
differentiate your practice effectively and
attract many more class “A” prospects.
George Flack, FPNA, AFAIM, CFP , RFC
®
®
An Improved Client Service Model
Learn how to generate an increasing and
recurring income from planning and asset
management fees by expanding and segregating
your operations. George has achieved
impressive results by offering his clients a
choice of three ongoing professional service
models: standard, tailored and platinum.
James Lange, J.D., CPA, RFC
®
Unique Beneficiary and Distribution Options
Techniques for maximizing retirement and estate
values from the author of a new book entitled,
Retire Secure. Learn to use the Lange’s
Cascading Beneficiary PlanTM, an important
planning concept that has been featured in the
Wall Street Journal, Kiplingers and the Journal of
Retirement Planning.
Hal Chorney
How Can You Stay Out of Prison?
Your clients entrust you with their private
personal and family information as well as
with all of their financial assets. When
government agencies request this confidential
material how do you respect the privacy rights
of your clients — and avoid being imprisoned
as Hal was?
®
Presentation of the Cato Awards
The legendary media advocate, popular
financial writer, and early editor of
Financial Planning magazine will present
the Cato Award for Distinguished Financial
Journalism to two recipients whose literary
efforts are a major contribution to the
financial services profession.
Burnett Marus, RFC
®
Master of Ceremonies
As the IARFC board member with the
greatest tenure of service, Barney is well
positioned to introduce the Speakers and
Forum events. He is teamed in this task with
George Flack, who will help us put into
perspective what we have just learned.
You’ll enjoy this dynamic duo!
®
®
The Future of the Advisory Profession
The financial planning profession has
undergone three phases — the giant plan;
fee-based portfolio management; distributions
planning. Ed will talk about the next phase:
finally serving the mass of the market through
smaller fee-based plans delivered within a more
efficient consumer-oriented structure.
Forrest Wallace Cato, RFMA, CRR, RFC
Mehdi Fakharzadeh, RFC
Ed Morrow, CLU, ChFC, CEP, CFP , RFC
®
Fruitful Prospects – Ripe for Picking
England’s most renowned inspirational
presenter and life coach will explore your
“Appletunities.” With his best-selling
book Fruitful Prospects he excites and
enlightens audiences worldwide with
how to uncover the opportunities that
already exist. John is a popular BBC-TV
personality and in high demand as a
speaker and as a Lifewise Coach.
You will explore how to make your
most desired alternate universe a
reality. You will learn why financial
advisors are “Excellence-Seekers” who
only need a slight redirection now in
order to achieve major business and
personal results and enjoy a
heightened “Sweet Taste of Success.”
A Rich Life is a Life of Service
As an immigrant student from
Iran, Mehdi had been acquiring
degrees, but no income. Suddenly
faced with a baby on the way
and the loss of Sigrun’s earnings,
Mehdi faced real adversity!
Starting on a MetLife debit on
47th Street in New York City,
collecting dimes and nickels, he
elevated his sights to become the
all-time sales leader for MetLife.
From “premium collector” he
advanced to “problem solver”
and from agent to financial advisor.
For the man who started at the
bottom, Nothing is Impossible in his
lifetime of service.
Page 21
Client Relationship Management
Long Term Care Choices
Financial Plan — Design & Delivery
Legacy-Based Marketing Opportunities
Clergy Planning & Marketing (RCA)
Powerful Tie-Downs & Closing Techniques
Mark J. Terrett, RFC®
To maintain frequent professional contact with your
clients and prospects takes a system that can be
easily administered. Learn how CRM will turn
prospects into clients and clients into raving fans.
David M. Stitt, CLU, ChFC, CFP®, CEP, RFC®
Learn how to use your Sample Financial Plan to
close fee-based engagements by offering a formal
satisfaction guarantee — and by delivering a truly
superior comprehensive plan for implementation.
John E. Harris, CFP®, CSA, RFC®, RCA®
The clergy need special counsel for which you need
unique planning tools. The new Registered Clergy
Advisor program will escort you to these persons, and
then to the leaders of their institutions.
Dunton Award
Prestigious Recipients
Jeffrey Chiew
2005
Liang Tien Lung
2004
Alex Armstrong
2003
Donald Haas
2001
Page 22
Power Workshops
Ed Morrow
2005
Vernon Gwynne
2004
John Keeble
2002
Ben Baldwin
2000
Wilma G. Anderson, RIA, RFC®
What is the best way to cover your client’s need for Long
Term Care, based on age, income, health history, employment, financial assets, existing employee benefits,
annuities and insurance? Presented by the LTC Coach.
Brian S. Nelson, CLU, MBA, RFC®
Your best high net worth prospects are strongly
motivated to passing on their legacy of values in addition
to their wealth. Learn how to meet and serve these
people — and acquire new up-scale client relationships.
Bill J. Nelson, LUTCF, CEP, RFC®
The Master of Closing will demonstrate how he and
his associates have shifted millions of client dollars
by emphasizing the clients’ need for a unique
distribution-based financial advisory approach.
Forum Attendee Demographics
Employment Affiliation
Financial Advisory Firm .................57%
Life Insurance Agency ...................18%
Multi-line Insurance Agency ............6%
Broker/Dealer ..................................9%
Producer Group................................5%
Bank or Credit Union .......................4%
Charitable Organization...................1%
Professional Designations
6 or more designations ...................3%
5 designations ...............................18%
4 designations ...............................26%
3 designations ...............................23%
2 designations ...............................18%
1 designation .................................12%
Special Study Course ....................28%
Organizational Memberships
FPA..................................................26%
NAIFA .............................................21%
SFSP ...............................................19%
MDRT..............................................15%
AICPA.................................................8%
Bar Association ................................3%
NICEP ................................................7%
NAPFA .............................................. 1%
Industry Service
Current Instructor ............................3%
Prior Instructor ...............................31%
Regular Article Writer.......................6%
Book Author......................................7%
Radio/TV, current.............................2%
Radio/TV, prior .................................8%
Association President....................19%
Association Officer ........................82%
Investment Advisor Status
Independent RIA ............................16%
RIA Affiliate ....................................51%
No RIA capability............................15%
Not Applicable................................14%
Trustee Status ..................................4%
Licenses Held
Life Insurance ................................94%
Health Insurance ...........................88%
Securities .......................................93%
Mortgage Broker............................16%
Real Estate Broker ...........................4%
Primary Income Source
Fees and Commissions.................62%
Commissions Only ........................17%
Salary and Commissions.................7%
Salary and Bonus.............................5%
Salary Only .......................................3%
Fees Only (to firm)............................4%
Undisclosed ......................................2%
Educational Achievements
PhD, DBA ..........................................4%
JD ......................................................3%
LLM ...................................................2%
MBA...................................................7%
MSF/MSFS .......................................8%
BS/BA .............................................88%
AB......................................................8%
Registration Form
Manchester Inn and Conference Center, Middletown Ohio ♦ May 11 - 13, 2006
♦ Registrant Information (please only one attendee per form)
♦ Method of Payment
Name _________________________________________________
T Check (Please make payable to: IARFC)
First Name on Badge ____________________________________
T MasterCard
Title __________________________________________________
Card Number ___________________________________
Designations ___________________________________________
Exp. Date ______________________________________
Company ______________________________________________
Account Address (if different from above) _______________
Address _______________________________________________
______________________________________________
City_________________________ State______ Zip ____________
Signature ______________________________________
Phone_______________________ Fax ______________________
Date __________________________________________
T Visa
T Amex
T Discover
♦ Hotel Accommodations
♦ Registrant Investment
NonMember
IARFC
Member
T Very Early Bird, Before 12/31/05
$345
$295
T Early Bird, Before 2/28/06
$395
$345
T Regular Rate, after 3/1/2006
$495
$445
T Spouse/Companion Rate
$125
$125
T Financial Planning Student Rate
$ 95
$ 95
T Golf Outing, Wednesday afternoon
$ 40
$ 40
T Air Force Museum – no charge
T SunWatch Indian Village and Dayton
Art Institute, Princess Diana Exhibit
$ 30
$ 30
♦ Save on your tuition with “Sign-Up-A-Colleague”
Receive a $50 discount for one nominee who signs up for
the Financial Advisors Forum. I hereby nominate:
Name _________________________________________________
Phone_________________________________________________
How to Register Now!
Fax:
513 424 5752
E-mail:
[email protected]
Call:
800 532 9060
Mail:
P.O. Box 42506
Middletown, OH 45042-0506
Website:
www.IARFC.org
Receive special room rates by calling the Manchester
and using our group code: IARF
Manchester Inn – 800 523 9126
Reserve your room for only $64 or $74 per night.
You may extend your stay to enjoy the same low rate
for additional days. No online reservations are available
for this event.
♦ Additional Conference Information
Registration Location: Second floor at the Manchester
Inn and Conference Center.
Continuing Education Credits: Each state has different
insurance and securities CE regulations. This event has not
been pre-registered for CE. Varying credits will be available
for IARFC, CFP, PACE, and state credits, depending on
sessions attended.
Fax Registration to: 513 424 5752
E-mail _________________________________________________
Recommended Attire: Business casual is appropriate. For
your comfort, we encourage long sleeves or a light sweater
as inside temperatures can occasionally fluctuate. No
jeans, tennis shoes or T-shirts please A jacket is optional,
but recommended, for the Dunton Award Dinner held on
Friday evening.
Cancellation: A refund (less 20% administration fee) will be
made if notice of cancellation is received in writing three
weeks before the event. We regret that no refunds can be
given after this period. A substitute delegate is always
welcome at no extra charge.
Disclaimer: The program may change due to unforeseen
circumstances, and IARFC reserves the right to alter the
venue and/or speakers. IARFC accepts no responsibility for
any loss or damage to property belonging to, nor for any
personal injury incurred by attendees at our conferences,
within the conference venue.
Page 23
phone
800 532 9060
fax
513 424 5752
email
[email protected]
web
www.IARFC.org
RFC Graduation Ceremony in Kuala Lumpur
The first formal graduating ceremony of Registered Financial Consultants in Malaysia is pictured above. In the center left, with gold edges on
their gowns are Dr. Michael Cheong, RFC®, and Ralph Liew, RFC®, followed by IARFC Chairman Ed Morrow, RFC®, whose robe is edged in red.
Next to him is Dr. Jeffrey Chiew, RFC®, the Asia Chair for the IARFC, whose robe is edged in green. Next to Jeffrey are Ms. Heng Lin Meng, RFC®,
Organizing Committee, Benjamin Kan, RFC®, the IARFC Malaysia Vice Chairman and Ng Jyi Vei, RFC®, the IARFC Malaysia Chairman.
the
International Association of Registered Financial Consultants
Financial Planning Building - 2507 North Verity Parkway
P.O. Box 42506 - Middletown, Ohio 45042
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Profile: Art Linkletter`s Advice to RFCs He`s an Advisor, Not an

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