OF MINNESOTA The Heart of Financial Planning TM NEWS June 2008 “A Gold Level Chapter” The Financial Planning Association of MN presents Golden Valley Employers and Health Care Reform: June 17th - Country Club The New Challenges of 2008 7:00 am: Registration Presenter Greg Dattilo 7:30 am: Breakfast, Announcements and Program On June 17th at 7:30am Gregory Dattilo, a longtime analyst 763-732-4131 • Directions Link and commentator on the U.S. health care system, will compare and contrast health care reform options, demonstrate the likely potential effect of various current As a result of attending, option proposals and focus on the latest in reform you will be able to... negotiations. Government reforms are compared with private reforms already underway. You will be better • Grasp and apply knowledge about health prepared to educate clients and communities on the various care reform trends. Thus, they will be more ready to help clients make informed health care reform options, and apply them to effective decisions about financial plans in the health care and financial plans for their clients. context of the current and anticipated health care reform effort. Gregory Dattilo has served for more than 30 years as an employee benefits • Help evaluate new insurance and consultant and is the founder of two successful firms, offering health insurance investment products in light of best benefit coverage to thousands across the nation. A Certified Financial PlannerTM, Dattilo to their clients. earned the designation of Certified Employee Benefits Specialist (CEBS) in • Be a community resource to aid in the 1993 from the University of Pennsylvania’s Wharton School of Business. Earlier, understanding and proper use of health he received his bachelor’s degree from the University of Wisconsin—Stout, insurance plans as a way to indemnify and protect health and financial assets. Menomonie, Wis. Dattilo was named a Fellow of the International Society of JOIN NOW Certified Employee Benefits Specialists in 1995. A frequent lecturer on insurance and health care issues, Gregory is the chief executive officer of Dattilo Consulting, Inc., and ClientServ, LLC, both located in Minneapolis, Minnesota. In 2001, he created a unique WHAT’S INSIDE: insurance application form, which allows users to access an array of benefits packages, and Greg Dattilo ........................................ 1 it has since become the industry standard in Minnesota. The objective of this and many other 2008 Board ........................................ 2 Archived Presentations ...................... 2 of his innovations is to increase competition, reduce costs and improve the quality of U.S. New Members & Anniversaries ....... 3 health care. He is the founder of the Minnesota Employers’ Roundtable, which he served as Golf/Bocce Ball Outing .................... 4 president, and is a member of the National Association of Insurance and Financial Advisors, Pro Bono - Perspectives ..................... 5 May Meeting Review ......................... 5 and the National Association of Health Underwriters. Dattilo is regularly engaged in the Seven Stages Workshop .................... 6 health care policy debate as an advocate of free markets. Government Relations ........................ 7 FPA PAC ................................................ 8 Arrive in time to be seated by 7:30 am. The program ends at 10:00 am. Avoid the $15 2008 Symposium ........................ 9-10 Supporting Partners .......................... 11 last-minute registration fee by reserving your spot before 5:00 pm on Friday, June 13th. Upcoming Meetings .......................... 14 Meeting fees: Members without a Season Pass - $40; Non-Members - $55. RSVP early. The 3rd Tuesday - June 17th, 7:30 am - Golden Valley Country Club, 7001 Golden Valley Road Season Ticket Pass: (763-732-4132). If you have not already registered by clicking YES on your email invitation, you may click Register through the link in the above paragraph or call (612) 706-3060 or e-mail firstname.lastname@example.org. Anticipated credits Email Invitation include: 2 MN CEU/2 CFP Board/2 CPE. CFP® and Certified Financial Planner® are marks owned by the Non-Season Certified Financial Planner Board of Standards, Inc. (CFP Board). Course Level: Basic. There are no pre- Tickets: requisites or advanced preparation necessary for this program. Instructor Qualifications: Minimum 4-year Pay Online: degree plus 5 years practical experience. Instructional Method: Group-Live presentation. All registrations (including Season Ticket holders) called in after 5:00 pm on the Friday preceding the chapter meeting or arriving www.fpamn.org Continued on Page 2... without a registration will be assessed an additional $15. FPA is committed to pay GVCC for every reeservation made. If you cannot keep your commitment, please call 612-781-1212 to cancel. No shows who fail to Year 2008: cancel within 24 hours will not receive a refund and will be charged $40. For more information regarding Board of Directors refund, complaint and program cancellation policies, please contact our offices at 763-781-1212. The Financial Planning Association of Minnesota is registered with the National Association of State Boards Chairperson Joan Rossi, CFP®, 612-870-7414 of Accountancy (NASBA) as a sponsor of continuing professional education on the National Rossi Financial Management Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance email@example.com of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, President TN, 37219-2417. Website: www.nasba.org Shawn Jacobson, CFP®/ChFC 952-893-5568 • Legacy Financial Advisors firstname.lastname@example.org President-Elect Nate Wenner, CFP®, 952-548-3404 Thanks to our June Wipfli Hewins Investment Advisors Host & Platinum Partner email@example.com Paula Kozlowski • 612-803-4121 Secretary/Treasurer firstname.lastname@example.org Bob Eichten, CFP®, PFS 612-376-9515 • RSM McGladrey, Inc. email@example.com Director of Career Development Joe Pitzl, CFP® • 952-513-1466 Live Review GEN Financial Management firstname.lastname@example.org Keir Educational Resources if offering a Live Review prior to the CFP® Certifica- Dir. of Ethics & Government Relations tion Examination in Minnesota. The dates are as follows: Mike Shovein, CFP®, 651-452-8510 • July 2008 Exam—Review dates June 26-29 email@example.com • November 2008 Exam—Review dates October 23-26 Director of Financial Literary John Comer, CFP®, 763-540-0711 Comer Consulting, LLC The review will be held at the Courtyard by Marriott, 7800 Bloomington Avenue S, firstname.lastname@example.org Bloomington. Questions can be directed to Keir online at www.keirsucess.com or Director of Member Services Michael Branham, CFP® 800-795-5347 952-920-3900 Cornerstone Wealth Advisors, Inc. Mike@CornerstoneWealthAdvisors.com Director of Membership FPA of MN Offers Live Webcasting Lynsey Wallin, 952-358-7538 Stanton Group and Virtual Seminars email@example.com Co-Directors of Partnerships FPA of MN is dedicated to providing valuable programs to its membership each year. Todd Fierst Over the past few months, we have been testing and improving our ability to webcast 612-964-3069, CNC Mortgage our monthly chapter meetings. Our goal is to expand our reach, and provide access to firstname.lastname@example.org our monthly chapter meeting to people who may not be able to attend in person. Michelle Marquez 763-746-8297, RJF - Private Client Group Our June 17th chapter meeting, Employers and Health Care Reform: The New Challenges Marquezm@rjfagencies.com of 2008 with Greg Dattilo, will be available via webcast. Cost to attend via the web will Director of Programs & Education Nicole Rosandich, CFP®, 763-540-0711 be $50 each for members and $65 each for non-members. Once you have submitted Comer Consulting, LLC your payment, the call-in number and code will be emailed to you. To guarantee access email@example.com to the live session, you must pre-register and pay by 5:00 pm on June 13th. You will Director of Pro Bono have access to the session for a minimum of 30 days. The June webcast has been Charles Buck, CFP®, 651-330-3585 Buck Financial Advisors approved for two CFP® continuing education credits. If you wish credit, there are 20 firstname.lastname@example.org questions you will need to answer and return to the FPA of MN office. At this point, we Director of Public Relations are not yet able to offer MN CE. Bill Wixon, CFP® MBA, 763-543-1819 Wixon Financial Services Corp email@example.com Previous meetings available for viewing and CFP credit include: • Dynamic Allocation Strategies for Distribution Portfolios with David Blanchett Director of Symposium 2008 Becky Krieger, CFP® CPA • The Top Estate Planning Techniques for Use in Minnesota with Earl Cohen 952-841-2222 • Accredited Invesotrs • Delivering Quality Financial Advice to the Untapped Market with Sheryl Garrett firstname.lastname@example.org Executive Director Bonnie Stanley Email the FPA of MN office if you are interested in viewing any of the above archived 763-781-1212 • email@example.com presentations. Page 2 Membership Committee WELCOME LYNSEY WALLIN • MEMBERSHIP DIRECTOR ABOARD DEL CERNEY COMMITTEE MEMBERS: JOEL JOHNSON CAROL SCHULSTAD Dan Anderson 21ST Services LLC 2007 - 2008 Member-Get-A-Member Contest Jeanne Bailey 21st Services LLC is in the Home Stretch Cassidy Burns, CFP® Hip-Hip-Hooray!! Minnesota is in the lead with 45 referred new members! Riverbridge Partners FPA of Dallas/Fort Worth is in second place with 24 new Member-Get-A- Funmi Carew Member referrals. ABN Amro Congratulations to Michael McConnell who is currently in first place, with 13 Kenneth Cherrier, FLMI, JD referrals that became FPA members! The winning FPA member and a Woodbuury Financial Services, Inc. companion will be traveling aboard a CelebrityTM cruise ship enjoying the Fay DeBellis splendor of Alaska's famed Inside Passage this summer. For more information Smith Barney or to refer a member online, visit www.ReferFPA.org. Michael Driscoll 21st Services LLC Increase Your Knowledge Mark Eide to best serve your clients Woodbury Financial Services, Inc. Larry Ford Larry A. Ford & Associates Expand Your Network Jeremy Green, CFP®, CLU, CEBS to grow your business Carlson Capital Management Derek Hansen Manage Your Career American Funds Distributors, Inc. so you stay in control Kelly Hart Ameriprise Financial Ed Jones Promote Financial Planning- 21ST Services LLC it’s your profession Michael Junker, CFP® Smith Barney Jack Kettler 21ST Services LLC Parks LaMarche 21ST Services LLC HAPPY ANNIVERSARY Jackie Larson RBC Wealth Management 25 YEARS 15 YEARS Andy Levine Janice Monson William Robertson, CFP® CLU ChFC 21ST Services LLC CFP®, ChFC LUTCF MSFS Eric Marcus Waddell & Reed Wealth Planning Systems 21ST Services LLC Stan Jacobson Patricia Meland, CFP® 10 YEARS ING CFP®, JD Ameriprise Financial Services Michael Holsten, CFP®, ChFC Laurence Menzel, ChFC Deloitte Tax, LLP Retirement Marketing Solutions 20 YEARS Michele Newhouse Craig Jergenson, CFP® Robert Klefsaas, CFP®, AIF Coach Craig Jergenson, CFP® Wealth Enhancement Group All Star Financial Mary Pollman Robert Flynn, 5 YEARS 21ST Services LLC ChFC, MSFS, CLU Lauri Salverda, CFP®, CFA Ryan Shannon New England Financial Ameriprise Financial Services Webb Financial Group LLC Page 3 A “Summer Fun” Event for Financial Planning Professionals 9th Annual FPA of Minnesota Golf Tournament Monday, August 18, 2008 Majestic Oaks Golf Club • Ham Lake, Minnesota ou are cordially invited for a day of golf, prizes and fun to raise money for the Y continued implementation of FPA’s immediate vision and mission. Our “first-class” tournament brings the meeting room outside so you can network with other financial and business professionals from around the state of Minnesota. Majestic Oaks Golf Club Golfer’s check-in and lunch ......... 11:30 am Located just 20 minutes north of the Twin Cities, Majestic Oaks Tee-off (shot gun, scramble) ....... 12:30 pm features two 18-hole, beautifully groomed courses, an executive nine and a full-service pro shop. By hosting hundreds of corporate Bocce Ball Tournament ................. 2:45 pm functions, our club has firmly established itself as a premier Golf Clinic ....................................... 3:45 pm corporate golf facility in the Twin Cities and one of the largest Awards and Barbecue .................... 5:00 pm public courses in Minnesota. Each course boasts a unique layout designed to challenge players of all skill levels. Course If you don’t wish to participate in the Bocce Ball Tournament, architect Garrett Gill used natural hazards and terrain in his you can sign up just for the Golf Clinic. distinctive design, providing an aesthetic appeal to the surrounding landscape. Our scramble format opens the tournament up to all golfing abilities. Bring a friend or bring Contest Holes (Men and Women) your staff, just don’t bring the rain. • Closest to the Pin • Most Accurate Drive • Golfers: Mbrs - $125; Non-Mbrs - $135; includes lunch, 18 • Longest Drive • Best Ball in Circle holes of golf, golf cart, driving range practice balls, and post- • Longest Putt round BBQ. • Non-golfers: Mbrs - $50; Non-Mbrs - $60; includes 1 hour group golf clinic with PGA pro (you don’t even have to own clubs!), driving range practice balls, Bocce Ball Tournament EVERY attendee (golfers and and post-round BBQ. • Fabulous raffle (includes cash prizes!!) non-golfers) will receive a polo shirt • Hole in One Contest (win a $50,000 luxury car!) with the FPA logo! Name Special Sponsorship Opportunities Company • Beverage Cart ....................................................... $650 Phone • Putting Contest ........Sold-Mansfield Tanick & Cohen • Bocce Ball Tournament Sponsor ........................... $250 Golfer’s Check-In, Lunch, Putting Contest (11:30 am) • Hole in One: Car ................................................... $600 FPA Member - $125 Mail a check or • Hole in One: 1st Prize ............................................ $250 Non-Member - $135 pay online: www. • Hole in One: 2nd Prize. ......................................... $250 Bocce Ball & Golf Clinic (2:45 pm) fpamn.org/ store/ Members - $50 • Hole in One: 3rd Prize .......................................... $250 Shop-FPA.html Non-Members - $60 • Box Lunch Sponsor ............................................... $500 • Sign Sponsor .......................................................... $500 Register by June 15th and receive a Free Mulligan. • BBQ Dinner Sponsor ......................................... $1,000 Create your own foursome, or let us create one for you. • Out-on-Tee Greeter . Cost varies by partnership level 2. • Contest/Door /Team/Raffle Prizes ............ value varies 3. Special thanks to our Platinum, 4. Gold, Silver and Golf Partners who I wish to donate a prize for this event. graciously donate to make this event Contact me about special sponsorship opportunities. Prize a success!!! Sponsor Level Mail registration form along with payment to: by July RSVP by July 31, 2008 FPA of MN, 3900 Main Street NE, Minneapolis MN 55421 Page 4 Pro Bono Committee CHARLES BUCK, CFP® • PRO BONO DIRECTOR MELANIE HARDIE LAURI SALVERDA COMMITTEE MEMBERS: LINDA HENDERSON CHRIS MACBEAN JJ SESSIONS TOBIN JOHNSON JASON PLANK DAVID THESING An Update on FPAMN’s Partnership with Perspectives, Inc. BY LAURI SALVERDA, CFP® CFA The Pro-Bono Committee has partnered with Perspectives, Inc. (www.perspectives-family.org). Perspective’s mission for more than 30 years has been working with women and children to break the at-risk cycle. We have developed a 4 step educational program for the clients of Perspectives’ Supportive Housing Program (the “SHP”). The SHP provides permanent housing for homeless or recovering women and children. Perspectives works with these clients to provide the support and training needed to reestablish themselves as stable and productive members of the community and their families. Our educational program consists of four one-hour sessions given over a two month period. The four sessions focus on budgeting, saving, credit and how to involve the family in money issues. The clients will graduate from the program understanding their credit reports and how to work to improve them, understanding the benefits that may be available at their places of employment, setting up and sticking to a budget, how to start saving for their first home, and how to teach their children the information they have learned in order to break the dependency cycle. As we near the end of our second series of classes, we are making progress in integrating the programs with Perspectives’ other SPH programs. We have received excellent feed- back from both the clients and the staff. Additionally, Perspectives has added our classes as a requirement within their rental agreement to their clients. In April, we assisted Perspectives in applying for a grant to the Foundation for Financial Planning to fund a computer center to provide the clients access to computers to check credit reports, maintain budgets, and play finance games with their children. The clients will be able to review the presentations to assist them in their follow-up work. We are very excited by the progress made in this partnership and are looking for volunteers to assist in teaching this program. The requirement is only an hour two Wednesdays a month for two months. If you would like to volunteer or would like more information, contact Lauri Salverda at Lauri@lenanderadvisory.com, (612)877-3177, who is spearheading this great program. Education/Programs Committee NICOLE ROSANDICH, CFP® • EDUCATION/PROGRAMS DIRECTOR COMMITTEE EARL COHEN ELLEN DUBUQUE KEN KENNEDY MEMBERS: KIMBERLY WONG DOUG COZAD JEREMY GRAFF MARK REKOW Chapter Meeting Review David Blanchett - Dynamic Allocation Strategies for Distribution Portfolios Our May chapter meeting featured David Blanchett, from Unified Trust Company in Lexington, KY presenting a series of discussions focused on what has become a central question for many advisors; how do I design a portfolio to meet my client’s retirement income needs?” Blanchett, a Certified Financial Planner, who carries a host of other impressive credentials such as CFA and a Master’s degree in Financial Services, was a 2007 Financial Frontiers Silver Award winner for his Journal of Financial Planning article, “Dynamic Allocation Strategies for Distribution Portfolios” Determining the Optimal Distribution Glide Path.” David presented models (link to attendee handout - in color) which he has developed for evaluating the common notion that as a client ages, their portfolio should shift from equities to fixed income. David showed numerous simulations with varying withdrawal rates and portfolio returns. Interestingly, David found that static, non-shifting, all equity portfolios frequently turned in the best performances, but he was reluctant to recommend this as a “real world” solution due to high potential levels of volatility and dependence on a future investment world which may be unlike the past. I found that David did a good job of tempering his analysis with conventional wisdom throughout. The new location turned out to be less than ideal for a group this size and given the large amount of technical content David was trying to share, it was sometimes hard to follow, although he would thoroughly present his analytical findings, then point out counter arguments to his work as well as discussing allowances which he felt should be made for “real world” factors such as investor risk tolerance. In general, the buzz seemed to be that Mr. Blanchett was knowledgeable and that his work hit on some key retirement planning topics, but that time would be needed to review the content of his fast paced session and determine how to use it with clients. BY SCOTT OETH, CFP®, CHFC Page 5 The Financial Planning Association of MN & Kinder Institute of Life Planning presents The Seven Stages of Money MaturityTM Workshop The FPA of Minnesota is please to announce it will hold The Seven Stages of Money MaturityTM Workshop on September 17th – 18th, 2008. This will help you better understand clients’ psychological and ethical relationships with money. Seven remarkable ways of approaching every possible money dilemma let you lead clients through a financial planning process that integrates economic concerns with personal visions. During this 2-Day workshop, you will gain: • Perception: Learn how to recognize and defuse incomplete and partial childhood messages that disrupt and confuse the financial planning process. • Strategy: Guide clients into recognizing and acting upon what is most important for their lives as well as for their money. • Knowledge: Understand the developmental process that leads to mature understanding and actions in relationship to money. • Connection: Respond appropriately and effectively when client emotions surface in the course of the planning relationship. What is the desired outcome? Financial planners and advisors who attend the Seven Stages workshop will have the opportunity to experience the necessary insights around their own relationship with money that will allow them to truly serve their clientele from a place of personal experience. Financial planners and advisors will also have the opportunity to develop preliminary relationship skills necessary for working with clients in regard to the human dimension of money, whether it is in relation to painful feelings, self-sabotaging messages, lack of vigor for plan execution, or lack of clarity in regard to life goals. Date & Time: Wednesday & Thursday, September 17-18, 2008, 8:30 am to 5:30 pm Location: Hilton Minneapolis/St. Paul Airport Mall of America 3800 American Boulevard East Bloomington, MN 55425 Room Block Code “FPA of MN” Reservations must be made by 08-19-2008 to receive the $149 per night rate Phone: 952-854-2100; Lodging Reservations: 800-445-8667 Cost: $895 - Members; $995 - Non-members CFP® Credit: 9 hours of CFP® credit Registration: Online through FPA MN’s store: www.fpamn.org/store/Shop-FPA.html For additional information: OF MINNESOTA Kinder Institute Contact information The Heart of Financial Planning TM 978-486-8053, firstname.lastname@example.org Page 6 Ethics/Government Relations Committee MIKE SHOVEIN, CFP® • ETHICS/GOVERNMENT RELATIONS DIRECTOR COMMITTEE GREGORY ANDERSON STEVE FISCHER JOHN HINZ JENNIFER RAGBORG MEMBERS: ELLEN DUBUQUE RICHARD GLUCK KEITH LOVELAND ROSEMARY WARD Minnesota chapter lauded in most recent edition of Passion Statement: We want to help FPAMN members build and maintain a practice based on strong professionial ethics FPA Capitol Update for the development of a resolution by communicating clearly in the FPAMN newsletter about in response to the RAND study: legislative and regulatory matters and delivering an Ethics course that fully engages participants. We want to proactively Minnesota Chapter Weighs Chapter Weighs influence legislation that supports the mission of the FPA and we want to bring that to the community as a whole, In on RAND Study through education and dissemination of information. FPA of Minnesota has called for uniform disclosures and uniform fiduciary standards of care for anyone holding themselves out Foreign Bank and Financial as offering personal financial advice, in a resolution recently Accounts Reminder approved by the chapter’s board of directors. A special group of five chapter members recommended the resolution to the Individual, corporate or partnership clients that have a board following a review of the SEC’s RAND Report, which financial interest in or signature authority over a financial highlighted the investor confusion and differing regulations that account in a foreign country are required to file Form 90- govern financial advice. “We thought it was important for the 22.1 by June 30th if the aggregate maximum value of their chapters to be heard on an issue that’s so important to the accounts exceeded $10,000 at any time during 2007. profession,” said Mike Shovein, a member of the special group Typical accounts include bank accounts, brokerage that drafted the resolution and chair of the chapter’s Government accounts and mutual funds. This IRS Workbook provides Relations and Ethics Committee. “And we were pleased to be all of the details for complying with this requirement as able to demonstrate our support for what FPA is doing at the well as a link to the form. national level.” View the FPA of Minnesota Resolution. Since there is only about 30% compliance with this filing requirement, many taxpayers and their tax professionals Supreme Court Upholds are either unaware of or ignoring the law. Long-Standing State Tax Refer to the two attachments - Publication 4261, a one- Exemptions for Municipal Bonds page information sheet you can provide to your clients. Information for Enrolled Agents and CPAs - provides In a 7-2 ruling May 19, 2008, in a case from Kentucky, the guidance on the due diligence requirements for filing Form justices permitted states to exempt interest on their own bonds 90-22.1. from taxation while taxing residents for interest on bonds issued Provided by Resource Program Participant: by other states. 42 states exempt some or all interest on their Pat Buttweiler, IRS Field Stakeholder Liaison bonds from income taxes, while taxing interest on bonds from Phone: 651-726-1597 other states. Understanding the Tax Gap – visit this link on IRS.gov Gathering of close to 4,000 practitioners, associated professionals, resource providers, CEOs, students, FPA members and colleagues from around the globe! The educational program and registration form are online at www.FPAAnnualConference.org. Highlights of this year's annual conference, October 4-7 at the Boston Convention and Exhibition Center, include: • The opportunity to earn up to 25 continuing education credits. Continuing education is a commodity: we all need it, and it seems that everyone offers it... at a price. At FPA Boston 2008, you are guaranteed independently-presented cutting-edge education that addresses every aspect of your business needs — and carries up to 25 continuing education credits (including ethics)! • All your business needs under one roof. There are 11 educational tracks serving up 64 session options, as well as pre- conference (and one mid-conference) workshops, sponsored sessions and super sessions. There is a robust exhibit hall featuring 200+ resource providers. There is a Professional Development Pavilion where you can meet your human resources needs, leverage the staff you currently have and discover additional education and networking opportunities. The early-bird registration deadline is August 15, so register today and save $200! Page 7 Attached below is a reprint of an article from Daniel Moisand, CFP Chairman, that reviews some potentially significant regulatory changes impacting investment advisers and how you can support FPA efforts in Washington through contribution to FPA-PAC. Dear Fellow FPA Member: With calls for reform of the financial services industry restrictions compliance departments impose on your heating up in Washington, financial planners are facing attempts to be straightforward with your clients, you cannot the possibility of enormous changes in the way financial be enthusiastic about expanding FINRA’s authority. advice is delivered to the public. Indeed, the threat to our professional identity has never been greater. That is why I Fortunately, if Treasury and the SEC ultimately want an am going to ask for your financial support of FPA’s political SRO for advisers and financial planners, they cannot make action committee. But first let me give you some this radical decision alone. Congress is the ultimate background on why we need your help. decision maker. Right now Washington, D.C. is abuzz with talk of a self- In order to convince Congress that this approach is ill- regulatory organization, or SRO, taking oversight of advised, FPA must be prepared for a fight on Capitol Hill. investment advisers from the SEC. We must continue to raise our visibility in the nation’s capitol. One of the most important ways to open doors As a recent FPA member survey on this very issue wider in Washington is to support FPA-PAC.* FPA-PAC is confirms, financial planners have a lot of questions about the only political action committee representing the an SRO for financial planners. What is the registration professional interests of financial planners in Washington, cost? Will it result in redundant oversight? Will it improve D.C. FPA-PAC is an important resource in helping us open consumer protection in a meaningful way? Who will the doors in Congress more easily and making our case for regulator be? Will an SRO only muddy the distinctions professional independence. between financial planners and others? Will there be appropriate examination requirements? Whether your personal contribution is $10, $100, or even the maximum $5,000** per year, please give to FPA-PAC. FPA is not as concerned with the rumor mill inside the With your help, we can prevail. Not just in the courts in Beltway as it is with what may be a growing view in FPA v. SEC, but in the halls of Congress as we work to Washington that an SRO is inevitable. SEC Commissioner develop sensible regulation of the financial planning Paul Atkins was recently quoted as saying his opposition profession. Thank you.((To contribute, please click here to an investment adviser SRO has lessened. Separately, or go to http://www.fpanet.org/member/govt_relation/ a Treasury Department official, in turn, was quoted by fpa_pac.cfm. Investment News as saying the Financial Industry Regulatory Authority, the old NASD, should be the SRO Sincerely, for investment advisors as part of its proposal to overhaul U.S. financial regulation. Daniel Moisand, CFP® Chairman, FPA-PAC In addition to basic concerns about an SRO, I believe that allowing FINRA to oversee professional advisors would be * FPA-PAC is a political action committee. Its mission is to a huge mistake — for a whole host of reasons — and cost support candidates for the United States Senate and House of Representatives, primarily incumbents and regardless of is only one of them. FINRA, as you may be aware, lost political party, who have demonstrated previous support of significant ‘market share’ as a result of FPA’s lawsuit that issues FPA believes critical to advance the profession, or who resulted in hundreds of thousands of brokerage accounts could be supportive in the future. Contributions are strictly being transferred to the Advisers Act. While FINRA has an voluntary and you may decide not to contribute to FPA-PAC appropriate role policing the securities markets, it seems without fear of reprisal or disadvantage. Contributions to FPA- to lack a fundamental understanding of financial planning PAC must be personal, not corporate contributions and are not tax deductible. Contributions cannot be accepted from and how best to protect investors. For instance, FINRA is foreign nationals. on record opposing an advisory standard that places the client’s interests first – something that is a cornerstone of ** These amounts are only a suggestion. You may contribute every profession. Additionally, a common trait found among greater or lesser amounts, up to the maximum allowable by good financial planners is open and timely communications law. The amount you choose, or your refusal to give, will not with their clients. If you have ever been frustrated with the benefit or disadvantage you. Page 8 REGISTER A S Y SYMPOSIUM 2008 Monday, October 20 - Watch for updates - www.fpamn.org NOW! M 7:00 - 7:45 AM Registration and Continental Breakfast 7:45 - 8:00 AM Welcome P 8:00 - 9:50 AM Jack Surgent, Tax Planning Strategies O 9:50 - 10:20 AM Visit Exhibits/Network P S 9:50 - 10:20 AM Knowledge Cafe - for students and new planners I 10:20 - 11:10 AM Mary Ann Ehlert, Supplemental and Special Needs Trusts 11:10 - 11:20 AM Visit Exhibits/Network U 11:20 - 12:10 PM Rick Ferri, Exchange Traded Funds M 12:10 - 1:00 PM Lunch and Networking 1:00 - 2:50 PM Breakout: Keith Loveland & Matt Boos, Code of Ethics F 1:00 - 1:50 PM Breakout: Kathleen Dempsey, Aging Clients: Equipping Yourself with 2 Expertise - Pathfinder Care Management / Rent A DaughterTM 0 1:00 - 1:50 PM Breakout: Tom Dunck & Chad Hunt, 1031 - Triple Net Properties 0 1:50 - 2:00 PM Visit Exhibits/Network 8 2:00 - 2:50 PM Breakout: Margae Diamond & Jaclyn Schroeder, Donor-Advised Funds-Nat’l& Minnesota Regional Perspectives - Schwab Institutional & MN Community/St. Paul Foundation 2:00 - 2:50 PM Breakout: Dan Mulvaney, The Process of Selling a Business - Mulvaney & Assoc. A Huge 2:00 - 2:50 PM Mid-Career Development Panel 2:50 - 3:10 PM Visit Exhibits/Network, “THANK YOU” 3:10 - 5:00 PM Stuart Bear, Where There’s a Will, There’s a Relative; New Developments to the Sponsors & Exhibitors on an Old Topic who generously contributed to 4:00 - 4:10 PM Door Prize Give-Aways make this program possible: 5:00 - 6:30 PM FPA Reception - Socializing and Networking Tuesday, October 21 - Watch for updates - www.fpamn.org Platinum Partners 7:15 - 7:50 AM Continental Breakfast/Exhibits Open 7:50 - 8:00 AM Welcome and Announcements Don’t Delay! AdvisorNet Financial Allianz Global Investors (PIMCO Funds) 8:00 - 9:20 AM Roy Diliberto, Planning From the Inside Out Register Today! Chubb Personal Insurance 9:20 - 9:40 AM Visit Exhibits/Network 9:20 - 9:40 AM Knowledge Cafe - for students and new planners Countrywide Bank, FSB 9:40 - 11:00 AM Courtney Pullen, Complete Client Satisfaction Lincoln Financial Group 11:00 - 11:15 AM Visit Exhibits/Network Mytech Partners 11:15 - 12:05 PM Ruth Hayden, Working Effectively with Couples to Create a Financial Partnership RJF - Private Client Group, Inc. 12:05 - 12:40 PM Lunch - Nat’l Updates with Mark Johannessen, Relationships & Possibilities Schwab Institutional 12:40 - 1:35 PM Glen Salow, Top 5 Questions Planners Ask Me About Technology - Ameriprise Fin’l Sit Mutual Funds 1:35 - 1:50 PM Visit Exhibits/Network/Door Prize Give-Aways Van Kampen Investments 1:50 - 2:40 PM Doug Orton - 12 IRA Planning Mistakes to Avoid - Roadmap to Retirement 2:40 - 2:50 PM Visit Exhibits/Network Gold Partners 2:50 - 4:30 PM Financial Planning Essentials for Students and New Planners 2:50 - 4:30 PM Economist Panel: David Kelly-JP Morgan, Jerry Webman-Oppenheimer Funds, American Century and Rick Golod - Van Kampen Investments Calvert Investments 4:30 PM Closing Remarks/Evaluations/Cert Forms Comer Consulting Focus Financial Targeted 12 hours of CFPTM, MN & WI Insurance Credits, and NASBA Credits MFS Investment Management Discounted Lodging Available at The Millennium, Single $125 - Hotel Registration Link Pathfinder Care Management Wasatch Funds Symposium 2008: Planning for Success William Blair & Company October 20th - 21st, 2008 • Minneapolis Convention Center Silver Partners Name __________________________________________________ AIM Investments • American Funds Designations CFP ChFC CLU CPA JD RFC Ameriprise Financial • Artisan Funds Diamond Hill Funds • DWS Scudder Company ____________________________ Phone _______________ Distributor • Fintegra Financial Solutions Address_________________________________________________ First Eagle Funds • JP Morgan • Julius Baer Investment Management • Laserfiche City ________________________________ Zip _____________ Document Imaging • Legg Mason Institutional Email ____________________________ Fax _________________ Services • Leuthold Funds • MetLife Resources • Newman Long Term Care Check Credit Card - Go online: http://www.fpamn.org/store/Shop-FPA.html Oppenheimer Funds • Private Bank MN TD Ameritrade • Woodbury Financial Registration Rates: Take $50 Off Below Prices if Registering By July 31st Members of Minnesota FPA: ................ $300 Supporting Partners One Day Rates: Members of Other FPA Chapters: ...... $325 Business AdvantEdge Non-Members: ........................................ $375 $210 Mbrs; $255 Non-Mbrs MN Real Estate Foundation Call on Pricing for Non-Member Group Rates for 10 or more MN State University, Mankato For a refund, cancellations must be received in writing before October 3rd. MN Community / St. Paul Foundations Return to FPA of MN, 3900 Main Street NE, Columbia Heights MN 55421 Page 9 FERRI • DILIBERTO • PULLEN • BEAR • SURGENT • HAYDEN • SALOW Symposium 2008: Planning for Success OCTOBER 20 - 21 • MINNEAPOLIS CONVENTION CENTER Mark your calendars now for Monday and Mary Anne Ehlert, Financial Planning Jaclyn Schroeder and Margae Tuesday, October 20-21, Minneapolis for Families with Special Needs: How many Diamond, Donor Advised Funds: National Convention Center. This conference of your clients have family members with special and Regional Perspectives: Donor-advised features some very notable speakers, as well needs? How many have long term care plans? funds have become the fastest growing as the required CFP Code of Ethics. With a Discover benefits your clients may receive and charitable giving vehicle among American target of 12 credited hours, programs have why a Special Needs Trust is important. This philanthropists. The recent boom in popularity been designed to comply with the principles knowledge will benefit your clients when they has created a unique marketplace for national of the Certified Financial Planner Board of need it most. A financial planner with extensive and regional service providers. Panelists will Standards, the NASBA/CPE credits, MN and expertise, Mary Anne will help you understand debate these models in a balanced presentation WI Insurance Continuing Education. how to discuss special needs planning with your that will provide a valuable philanthropic clients, and provide advice for those seeking to perspective for your practice. Rick Ferri, Indexing in the 21st Century; specialize in the field. How ETFs have Changed the World is an Ruth Hayden, Donor Advised Funds: examination into the new era of indexing that Kathleen Dempsey, Aging Clients: National and Regional Perspectives: Ruth has evolved with the growth of the for Equipping Yourself with Expertise: Have L. Hayden is a nationally recognized financial exchange-traded fund (ETF) industry. The talk you heard that beginning in 2030, 1 in 4 educator and author based in St. Paul, Minn. She includes insights into ETFs that follow traditional Minnesotans will be age 65+? As your clients most trust advisor, you need to be armed with is also the president of Ruth L. Hayden and market indexes and ETFs that follow highly Associates, a financial consulting business in customized “strategy indexes” that are tools for new challenges your clients and their loved ones are facing. Receive expert its 19th year of operation. She is the author of developed to be investment products rather than How To Turn Your Money Life Around: The knowledge and guidance for all of us feeling a market indicators. An overview of the debate Money Book For Women and For Richer, Not little “sandwiched”? between popular fundamental index providers Poorer: The Money Book For Couples. Her newest and their spokespersons verses the unbiased Courtney Pullen, Complete Client book Mind Over Money: Taking Control is part of academics that have no financial interest in the Satisfaction: Understanding what motivates the Lifescapes Evolution series. success of those products. A new index affluent clients can help advisors build their classification system is introduced that maps the practice and tailor their efforts to the needs of The Power of a 1031 TIC Exchange: universe of ETFs based on their underlying index the affluent client. This workshop will help you Tom Dunck, IPX Services and Chad Hunt, rules. Finally, a look at new, actively managed to establish and maintain a meaningful Grubb & Ellis Realty Investors, will explain what ETFs that do not follow indexes. If you use ETFs relationship with your clients-including the art of a 1031 exchange is, the benefits, and why you in clients’ portfolios or are considering using really listening. The interactive workshop will should use a TIC for a 1031 exchange. ETFs, you cannot miss this presentation. explore what we know about working with affluent clients, universal principles that underlie Keith Loveland & Matt Boos, Code of Glen Salow, The Top Five Questions communicating and maintaining long term Ethics: Living Within the New Code: The Planners Ask Me About Technology: Glen relationships with clients and their families. new Code of Ethics takes effect July 1, 2008. Salow, CIO, Ameriprise Financial, provides This all-new CFP Ethics course contains answers to common technology challenges faced Stuart Bear, Where There’s a Will, interactive, interesting case scenarios and by financial planners today. Glen will address There’s a Relative: New Developments on practical guidelines for ethical decision-making. issues such as using technology to enhance the an Old Topic: This engaging presentation will The case scenarios deal with required client experience, integrating new tools into address many important estate planning issues disclosures, material elements of the personal existing platforms, and getting the most for your including useful planning strategies given the financial planning process, conflicts of interest, technology dollar. uncertainty of the estate tax law; why families suitability of recommendations, and fiduciary fight and how to avoid arguments among obligations – especially, when they apply. Jack Surgent, Tax Planning Ideas and beneficiaries; and ineligibility rules related to Strategies for Individuals: This session will asset transfers in connection with Medical Economist Panel: David Kelly, Ph.D. is a focus on the most relevant tax strategies that Assistance and asset protection planning. Managing Director and Economic Advisor at JP will apply in 2008. With a presidential election right around the corner, major year-end planning Doug Orton, 12 IRA Planning Mistakes Morgan. He develops and communicates JP will play an important role. to Avoid - Roadmap to Retirement: A seminar Morgan’s view on the economy and markets to that highlights the most commonly made IRA financial advisors serving individual investors Roy Diliberto, Planning from the Inside planning mistakes that can put clients’ retirement nationwide. Dr. Jerry Webman is a Senior Out: In this session, Roy Diliberto will plans in jeopardy and threaten client-advisor Investment Officer and Chief Economist for demonstrate with actual client examples how all relationships. This seminar covers strategies to OppenheimerFunds. In this capacity, Dr. Webman planning, including areas that many advisors help overcome these mistakes and turn them into provides strategic viewpoints on the overall approach from the exterior (estate planning, valuable contact and planning opportunities that financial and economic markets to investment educational funding, retirement withdrawal rates, will strengthen and grow your relationships with management and the financial advisor and lump sum vs. pension, etc.), need to be examined your clients. investor communities. In addition, he serves as from the interior before technical solutions are Director of Fixed Income. Richard Golod is an offered. Specific client questions and Dan Mulvaney, The Process of Selling Executive Director with Van Kampen Investments interviewing techniques will be presented that a Business: Learn how to advise clients on and a member of the Van Kampen Strategy often uncover issues that would not otherwise properly selling their businesses. Real world Group. He is responsible for analyzing global be discovered if approached with traditional examples will highlight best practices and will financial and economic trends to develop exterior questions. delineate qualified buyers in today’s marketplace. actionable investment ideas. Page 10 THANK YOU to our 2008 Partners! 2008 PLATINUM GOLD PARTNERS: Daniel May • 612-347-8622 email@example.com Scott Metz • 952-412-1027 Terry Huddle • 612-730-3074 Concetta Hall Justin Wingate • 612-860-6111 Scott.Metz@Calvert.com firstname.lastname@example.org 612-373-7425 justin.wingate@ email@example.com allianzinvestors.com John Comer • 763-540-0711 • firstname.lastname@example.org Denny Bennett, MMS/CPMS • 612-285-7300 email@example.com Chris Carlson • 651-379-3913 • firstname.lastname@example.org Jeff Pratt • 507-213-8317 Day James • 612-659-9800 email@example.com firstname.lastname@example.org Kathleen Dempsey • 612-729-9096 • email@example.com Steve Benjamin • 612-359-2554 • firstname.lastname@example.org Leslie Godfrey Brandon Fries Paula Kozlowski • 612-803-4121 800-343-2829 x52207 801-533-0777 Bruce Humphrey • 763-746-8265 paula.kozlowski@ email@example.com firstname.lastname@example.org email@example.com vankampen.com Katie Cullen • 612-375-9525 • firstname.lastname@example.org Sean Ryan • 312-364-5395 • email@example.com SILVER PARTNERS: AIM INVESTMENTS DWS SCUDDER DIST. LASERFICHE PRIVATE BANK MN Greg Prokott • 763-717-9505 Wayne Szczsponik • 630-730-5651 DOCUMENT IMAGING Vicki Turnquist • 612-305-4221 firstname.lastname@example.org email@example.com John Toledo • 562-988-1688 x209 firstname.lastname@example.org email@example.com AMERICAN FUNDS FINTEGRA FIN’L SOLUTIONS TD AMERITRADE Dan Shore • 877-421-7019 Tucker Muhrer • 763-585-0503 LEGG MASON INSTITUTIONAL Brett Waterfield firstname.lastname@example.org email@example.com Brian Galvin • 410-454-3885 800-934-6124 x62060 BTGalvin@LeggMason.com Brett.Waterfield@ AMERIPRISE FINANCIAL FIRST EAGLE FUNDS TDAmeritrade.com Gary Schwartz • 952-857-1439 Lance Stephens • 800-747-2008 LEUTHOLD FUNDS Gary.H.Schwartz@ampf.com firstname.lastname@example.org Hilary Van de Streek • 612-767-1176 WOODBURY FINANCIAL email@example.com SERVICES ARTISAN FUNDS JP MORGAN Clayton St. George Dan Greifenkampe • 800-454-1770 Chris Olson • 612-802-0502 NEWMAN LONG TERM CARE 651-739-6861 firstname.lastname@example.org email@example.com Deb Newman • 952-888-3777 clayton.stgeorge@ DIAMOND HILL FUNDS firstname.lastname@example.org woodburyfinancial.com JULIUS BAER INVESTMENT Tammi Gourley • 614-255-3349 Jeff Hensal • 212-297-3958 tgourley@diamond-Hill.com FPA MN: Exposure in all the right places. email@example.com Page 11 OF MINNESOTA The Heart of Financial Planning TM 3900 Main Street NE Minneapolis, MN 55421 Voicemail: (612) 706-3060 Direct: (763) 781-1212 email: firstname.lastname@example.org FPA OF MN VALUE STATEMENT In our interaction with one another, we are committed to honesty, integrity, and open communication. Through the spirit of service, we foster stewardship and the development of recognized knowledge and competence. 2008 CALENDAR June 17 – Employers and Health September 17-18 – 2-day workshop Care Reform: The New Challenges Seven Stages of Money Maturity of 2008, 7:30 am, GVCC: Presenter Greg Dattilo Hilton Minneapolis in Bloomington will provide a unique and informed insight into both national and state health care reform efforts and how they affect November 18 – Identifying Undervalued and employers and agents. Drawn from the two books he co- Overvalued Stock Markets, 7:30 am, GVCC: authored with Dave Racer, and ongoing intensive research, Steven Leuthold is founder & Chief Investment Officer of The Dattilo presents the most up to date, agents' perspective of Leuthold Group, LLC, an investment management and institutional how health reform is attempting to change the market - for research firm. Steve and the portfolio management/analyst team better or worse. employ quantitative historical research to develop sophisti-cated models which drive the investment management decisions. July 15 – Foreign Markets with Scott Anderson from Wells Fargo Bank, N.A., December 16 – The Financial Wisdom of 2:30 pm, GVCC: Scott Anderson holds a doctorate in Ebenezer Scrooge: Transforming your economics with an emphasis in monetary theory and Client’s Relationship with Money, 11:30 am, international trade and finance from George Washington GVCC University. He is responsible for analysis and forecasting with Presenters Rick Kahler and P. Ted Klontz of international, national and regional economic trends. His Ebenezer Scrooge would seem an unlikely source from which areas of focus include macroeconomic and interest rate financial planners could glean wisdom on how to facilitate change forecasting, financial markets, and international economics. in their clients. However, Dickens' classic tale of how Scrooge left behind his broken relationship with money and transformed August 18 – Golf & Bocce Ball Tournament into a joyful, compassionate and generous man is a powerful Majestic Oaks Golf Course model planners can benefit from today. Come join Klontz and Kahler in an enlightening presentation on how you too can transform the role of money in your clients' lives. September 16 – Life Planning with George Kinder, 7:30 am, GVCC: Allied Event – FPA of Illinois Internationally recognized as the father of the Life Planning Annual Financial Forum - June 16, 2008 movement, the Harvard-educated Kinder is the Founder of FPA of Illinois is holding their annual Financial Forum on June the Kinder Institute of Life Planning. He has been a practicing financial planner and tax advisor for nearly 30 years and 16th at Drury Lane Oak Brook. Keynote speakers include Dr. will speak on how to bring your practice alive, by delivering Burton Malkiel, David Hightower, and Tracy Beckes. Early bird transformational experiences to your clients as part and deadline is May 10th. Information and details can be found at parcel of the financial planning process. http://fpaillinois.org/default.aspx?nid=111; 847-244-3691.
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