April 2014

NEWS April 2014 The Financial Planning Association of MN presents 4 Hours of CE: April 15, 7:00 am Valley April 15th...

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NEWS

April 2014

The Financial Planning Association of MN presents

4 Hours of CE: April 15, 7:00 am

Valley April 15th - Golden Country Club

On Tuesday, April 15th join us at the Golden Valley Country Club.

7:00 am: Registration & Networking

Chapter Meeting: 7:30-10:00 am

An Estate Planning Trilogy: Digital Assets, Pets & Guns

MN CE, CPE, CFP, CIMA, CLE, CDFA-pending

763-732-4131 • Directions Link

Professor Gerry W. Beyer will discuss three types of assets which your clients may own and which require special planning but are which often overlooked. First, he will discuss planning techniques for your client’s digital assets such as their electronically stores documents, pictures, and videos, domain names, websites, and social networking postings. Second, Prof. Beyer will discuss the critical importance of planning for your client’s guns and other weapons, especially if they are governed by the National Firearms Act. Third, he will discuss how to plan for the “non-human” members of your client’s family – their beloved pets. About Gerry Beyer... Gerry Beyer joined the faculty of the Texas Tech University School of Law in June 2005 as the first holder of the Governor Preston E. Smith Regents Professorship. Previously, Prof. Beyer taught at St. Mary's University and has served as a visiting professor at several other law schools including Boston College, The Ohio State University, Southern Methodist University, the University of New Mexico, Santa Clara University, and La Trobe University (Australia). He is the recipient of dozens of outstanding and distinguished faculty awards including the Chancellor's Distinguished Teaching Award, the most prestigious university-wide teaching award at Texas Tech. Prof. Beyer was also the recipient of the 2012-2013 Outstanding Researcher Award from the Texas Tech School of Law. REGISTER

JOIN NOW WHAT’S INSIDE:

Chapter Meeting ............................. 1-3 2013 Board ........................................ 2 Message from the President ............. 4 Membership Committee .................... 5 First Year Member Social ................. 5 New Members .................................... 5 Member Discount: UPS ...................... 6 Member Services: Connect ............... 6 Chapter Meeting Review .................. 6 10 Ways to Repurpose ..................... 7 Planners in the News .......................... 7 Career Development ......................... 8 Retreat Discount .................................. 8 Financial Education ............................. 9 Anniversaries ....................................... 9 Professional Issues ..................... 10-11 Virtual Learning Seminars ............... 11 Symposium .................................. 12-14 Platinum Partner Spotlight ............... 15 Money Quotient Workshop ............. 16 The Foundation .................................. 17 Supporting Partners ................... 18-21 Strategic Framework ........................ 22 Upcoming Meetings .......................... 23

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Ethics Session: 10:15-12:15

Ethical Challenges

Ethics training doesn’t have to be dull or boring. Ethical Challenges uses interactive audience polling to keep the audience involved and learning. Teams participate in an informative and engaging session that teaches the five learning objectives for ethics training through the use of case studies involving the ethical challenges faced by five financial professionals. About Dan Candura... Dan Candura, CFP® provides financial advice and education to consumers and financial professionals. He is founder of his own education and consulting firm Candura Group, LLC. In that role he provides ethics training across the United States through inperson courses and webinars. As President of PennyTree Advisers. LLC, a Registered Continued on Page 2...

Thanks to our April Host & Platinum Partner Bruce Wain • 952-857-1429 [email protected] Pete Danilaitis • 651-702-0257 [email protected] Page 1

Year 2014: Board of Directors ®

Chairperson Jason Plank, CFP CRPC®, AAMS®, 952-841-7500 Ameriprise Financial Services [email protected]

President Julieann Schroeder, CFP®, AIF® 952-829-0000 x6166 USAdvisors Wealth Management [email protected] President-Elect Steve Gilbertson, CFP® 612-750-5237 Accredited Investors, Inc [email protected] Secretary/Treasurer Bob Eichten, CFP®, PFS 612-202-9418 [email protected] Director of Career Development Sara Kantor, 612-220-6521 [email protected] Director of Financial Education Seth Tenpenny, CFP®, 614-397-8916 Wells Fargo [email protected] Director of Member Services Jerome Patterson, CFP®, CPA 612-508-9290 Professional Fiduciary Advisers, LLC [email protected] Director of Membership Kathie Bortnem, 877-867-7293 Miles Franklin Ltd [email protected] Director of NexGen Jeanna Sabers, CFP® • 952-926-1659 Cahill Financial Advisors [email protected] Director of Partnerships Craig Jergenson, CFP®, 763-445-2784 Coach Craig Jergenson, CFP [email protected] Director of Pro Bono San Asato, CFP® 952-548-3123 McNellis & Asato, LTD [email protected] Director of Professional Issues Scott Nelson, CFP®/CFA, 952-261-8970 [email protected] Director of Programs Nicole Rosandich, CFP®, 612-723-2658 PHH Mortgage [email protected] Director of Public Relations Kristy Gusick • 651-348-6398 Professional Services Marketing [email protected]

Chapter Meeting Continued from Page 1...

Learning Objectives:

Professor Beyer is the editor of the most popular estate planning blawg in the nation which for the past four years has been named to the ABA Journal's Blawg 100. He has authored and co-authored numerous books and articles focusing on various aspects of estate planning. He has three times won awards from the American Bar Association's Probate & Property magazine for his writing and is one of the most often downloaded law authors on the Social Science Research Network.

Digital Assets:

Professor Beyer serves as a mentor to many students and various law school organizations as well participating regularly in pro bono activities. He is the advisor for the Estate Planning and Community Property Law Journal and its annual seminar.

Pets:

Professor Beyer received his J.D. from the Ohio State University and his LL.M. and J.S.D. degrees from the University of Illinois. He is a member of the Order of the Coif, an Academic Fellow of the American College of Trust and Estate Counsel, and a member of the American Law Institute.

• • • • • • • •

• • •

• •

How to identify digital assets and digital estates The importance of planning for digital assets How user policies impact the planning process How federal law impacts the planning process The methods to plan for digital assets The obstacles to planning for digital assets How fiduciaries may access digital assets What the future may hold with respect to digital asset planning Why it is important to plan for a client’s pet animals The methods to plan for an animal’s short-term care How a traditional pet trust operates and the keys factors to consider when preparing a pet trust How a statutory pet trust operates The availability of other techniques for pet planning

Guns: •

• • •

Can’t attend?



Register for the Virtual Learning Seminar.



How to plan for non-NFA weapons (traditional revolvers, pistols, rifles, and shotguns) How to identify an NFA weapon (e.g., a machine gun) About the federal laws which govern the transfer of NFA weapons How to handle an estate which contains an NFA weapon How to plan for NFA weapons using a gun trust The availability of other techniques for planning for NFA weapons

About Dan Candura...Continued from Page 1... Investment Advisory firm in Massachusetts, Dan provides personal financial planning for consumers, financial education counseling to employees in workplace settings and litigation support and forensic financial analysis services for attorneys. Dan teaches financial planning, insurance planning and retirement planning in the Sawyer School of Business at Suffolk University in Boston and is also a FINRA arbitrator. In 2010, CFP Board named Dan as the CFP® Ambassador for the Boston area – one of just seven ambassadors nationwide.

Director of Symposium Karen D’Aloia, CFP® 651-735-5878 • TruNorth [email protected]

Previously Dan provided leadership to the registered representatives of ING Financial Advisers LLC in New England. Earlier, he operated a professional financial planning practice south of Boston after serving as Vice President, Financial Planning Quality, in the Financial Advisory Services Group of American Express Financial Advisors in Minneapolis, MN.

Executive Director Bonnie Stanley Send Out Cards 763-781-1212 • [email protected]

Dan appeared as a featured expert on the 2008 PBS documentary Retirement Revolution airing nationally. He has been profiled in The Journal of Financial Planning, Wealth Page 2

Continued on Page 3...

About Dan Candura...Continued from Page 2... Manager and Ticker. He has been quoted in USA Today, The New York Times, Investment News, The Journal of Financial Planning, Wealth Manager and other publications. Dan served on the Board of Directors of The Certified Financial Planner Board of Standards, Inc. from 2004 through 2008 and is a past Chair of the Board of Professional Review. He chaired the Task Force on CE & Competency for CFP Board. He is a member of the Financial Planning Association and a NAPFA-Registered Financial Advisor. He was a founding member and Co-Chair of the Sales and Marketing Quality Council of The Conference Board. A 1971 graduate of Stonehill College, Dan entered financial services after a career as an educator and administrator. He earned a Masters Degree from Bridgewater State College in 1975 and received his certification as a CERTIFIED FINANCIAL PLANNER™ in 1987. This is an opportunity for 4 CE hours. Breakfast will be served at 7:20 am. Announcements, a partner presentation by Bruce Wain, Ameriprise Financial, and the program will start at 7:30 am. You must be presented for the full two hours and sign in before 8:00 am to receive CE. An Estate Planning Triology presentation will end at 10:00 am. Meeting fees: Members without a Season Pass - $40; Non-Members - $65. The recorded session ranges from $15 - $45 and is available through the FPA MN Virtual Learning Center.

Learning Objectives: 1. Define elements of the fiduciary standard. 2. Determine when the fiduciary standard applies in a variety of financial planning contexts and scenarios. 3. Determine if a financial professional is providing financial planning services or material elements of financial planning services. 4. Explain compensation disclosure requirements to clients and prospective clients. 5. Communicate any potential conflicts of interest to a client at the initiation of client engagement.

The Ethical Challenges presentation will begin at 10:15 am. You must be present for the full two hours and sign in before 10:15 am in order to receive credit for the Ethics course. Registration for this session is between 10:00-10:15 am. The session will begin at 10:15 am sharp and end at 12:15 pm. The Ethics course is NOT included in the Season Pass. Ethics Meeting fees: Members - $45; Non-Members - $70. This session will not be recorded. RSVP early. The meetings will be held at the Golden Valley Country Club, 7001 Golden Valley Road (763-732-4100). Avoid the $15 last-minute registration fee by reserving your spot before 5:00 pm on Friday, April 12th. The 3rd Tuesday - April 15th, 7:00 am - Golden Valley Country Club, 7001 Golden Valley Road (763-732-4132). If you have not already registered by clicking YES on your email invitation, you may click the links in the side bar on Page 1. Anticipated credits per session include: 2 MN CEU/2 CFP Board/2 CPE/2 CDFA, 2 CIMA and 2 CLE. CFP® and Certified Financial Planner® are marks owned by the Certified Financial Planner Board of Standards, Inc. (CFP Board). Course Level: Basic. There are no pre-requisites or advanced preparation necessary for this program, but you should have a basic understanding of the subject matter. See the boxed Learning Objectives for a list of anticipated expectations by the end of the session. Instructor Qualifications: Minimum 4-year 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 without a registration will be assessed an additional $15. FPA is committed to pay GVCC for every reservation made. If you cannot keep your commitment, please call 763-781-1212 to cancel. Individuals not canceling within 24 hours will not receive a refund and will be invoiced $40 (unless prepaid). Season Ticket Holders not canceling will be invoiced a $15 No Show-No Cancellation fee. The Season Ticket purchase of $240 represents a savings to you and does not cover our costs for the year. For more information regarding 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 of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Too busy with taxes and can’t stay for the Ethics session? We’ll offer 3 hours of ethics at the October 20-21 FPA of MN Annual Symposium. Page 3

Annual Golf/Bocce Ball Tournament - July 28th Brackett’s Crossing Country Club, Lakeville Charity: Alzheimer’s Association (MN - ND)

Message from the President Julieann Schroeder, CFP®, AIF®

APRIL ... the promise of Spring with rain showers to foster the blossoms of May flowers. On March 10th I celebrated my 55th birthday. Can you believe it! One of the gifts I received was a book titled “Where will you be five years from today?” It is a play book where you become reflective and intro-spective in thinking over the next 5 years, what do you really want to do? What do you really want to be? What do you really want to have? Where do you really want to go? I am not finished reducing to writing my dreams, wants, wishes, goals and desires, but it did cause me to pause and reflect on “ Where will the MN Chapter of FPA be in the next 5 years?” I was recently reading the profile of a CFP® as provided by the CFP Board. Currently MN has between 1,500 and 2,000 registered CFP® professionals. On a national basis 76.8% are male and 23.2% are female. Nationally 28.2% are ages 50–59...hmmm. Certainly the MN chapter has room to grow in terms of membership realizing that we are currently 842 members strong but over 1,500 CFP® professionals in MN! One of my 2014 initiatives is to develop current and future leaders through education and knowledge. Upon reading FPA National President, Janet Stanzak’s March article, she mentions that effective teams share these 5 attributes: focus... drive...teamwork...spirit...execution. I sincerely believe the MN chapter excels as a team. Monthly we offer professional development opportunities, networking with our peers and continuing education not only with our chapter meetings but also with the various events we sponsor and host throughout the year. The success of the MN chapter does not just happen. It is because of the passion of each member along with the commitment of their time and energy that makes it happen. Additionally, our chapter is truly blessed to have Bonnie Stanley represent us as our executive director. She truly is a gift to us and is a highly respected individual at the national level. Thank you Bonnie.

*Membership - grow, engage and retain members *Leadership - develop current and future leaders through education and knowledge *Stewardship - sustain and continue to build the vitality of the MN Chapter. Once again, I offer the invitation that if YOU are interested in becoming a leader of our chapter and wish to help shape the future of the FPA of MN Chapter there are many volunteer and committee opportunities available. Please contact me, any board member or Bonnie Stanley to discuss in more detail. My April quote to apply in your daily lives ... both personally and professionally, I offer you these words: I have always been delighted at the prospect of a new day, a fresh try, one more start, with perhaps a bit of magic waiting somewhere behind the morning. ~J. B. Priestley, author

Warmly, julieann

Julieann Schroeder President, FPA of Minnesota 952-829-0000 x6166 USAdvisors Wealth Management [email protected]

Are you a Raving Fan of FPA and FPA Minnesota? You Should Be! FPA is your One Connection™ for all you need to grow and thrive professionally. We are committed to being your One Connection™ through every stage of your career journey from getting a foothold when new to the profession through succession planning. Know a colleague who would benefit from FPA membership? Refer them to FPA. •You will receive $25 off your renewal dues for each referral who joins! •Plus, you will receive a $30 gift certificate from FPA MN good for Golf, Symposium, or one of our local meetings. Refer A Colleague.

Grow the Community. Grow the Profession. Grow FPA. Page 4

JOIN NOW

Membership Committee Kathie Bortnem • MEMBERSHIP DIRECTOR COMMITTEE MEMBERS: CHAD HALBUR-VICE BRAD BARINSKY

CRAIG DAHL JOEL JOHNSON

JOHN O’KEEFE BRAD FRANE

PATRICK REDMAN

HIGHLIGHTS FROM THE MEMBERSHIP COMMITTEE

Save the Date! May 1st

Our mission is the recruitment and integration of new members during the first year of membership.

First Year Member Social

Pazzaluna Urban Italian Restaurant & Bar 360 St. Peter Street, St. Paul MN 55102 Direct (651) 227-2749

What are the Benefits of your FPA Membership to your Business? Kelly Fischer...

PARKING--at

the Lawson Ramp, located on St. Peter & 5th Street. Pazzaluna will validate for 2 hours & it is pro-rated after that.

Upcoming Socials

Building a network of additional professionals to discuss planning and strategy ideas with as well as getting an introduction to current topics in a condensed format. With individuals being very busy servicing their clients on a daily basis the FPA Chapter meetings allow for a needed break to have discussions with other professionals, gather information on available resources and ensure that you are staying up-to-date on relevant topics.

Nicholas Augustin... I joined the FPA this past January hoping to learn more about the field of financial planning and to assist with my goal of a career change. During that short amount of time I have already benefited by meeting several extremely helpful and knowledgeable FPA-ers while learning new ideas and skills about the field I soon hope to join. FPA Connect, the FPA of Minnesota website, and FPA sponsored speaking events have all been great tools and experiences in this effort. I am excited to continue connecting through the FPA and its many resources.

July 24th – Downtown Minneapolis Sept 25th – Rojo / Southdale We invite our First Year Members to attend all of the socials. It’s a great way to network with other members and meet the Board of Directors

WELCOME NEW MEMBERS! Sarah Burdash • Maplewood, MN David Fure • Burnsville, MN Daniel Jandro • Lifelong Wealth Advisors Cally Ingebritson • AccountAbility Minnesota John McGuinness • Strategic Benefits Group Michael Nakashima • Innovate Financial, Inc. Joseph Simonett • Plymouth, MN Keith Stein • Lake Elmo, MN Daniel Wanous • Bethel University Colin Watkins • ViaForte, Inc. Zehui Wu • Minneapolis, MN

JOIN NOW Thanks for Volunteering! 2 New Chapter Guides Corey Anderson and Julieann Schroeder Page 5

Programs Committee

Member Services ®

Jerry Patterson, CFP , CPA MEMBER SERVICES DIRECTOR JIM GRUNING DREW DEWITT COMMITTEE RON EVANS BRANDON HILLMAN MEMBERS: GREG FARNAM JACK PICKLER

Nicole Rosandich, CFP® PROGRAMS DIRECTOR COMMITTEE MEMBERS: EARL COHEN JERRY BRENNAN AARON HASLER

UPS Overnight Delivery Service - Member Benefit for FPA of MN Members As a member of the Financial Planning Association of Minnesota, you are entitled to some great retail discounts through FPA and our partnership with Business AdvantEdge. By taking advantage of some of these discounts, the savings could easily cover your annual FPA membership dues! Please visit our website: www.fpamn.org, and click on Member Benefits. To Be sure to log in also be viewed on the Member Discount Benefits portion of our website. Register with Business AdvantEdge today and start saving big!

UPS OVERNIGHT DELIVERY SERVICE ... Discounts from: • 14%-28% off Next Day Air®/Next Day Air® Saver Ltr/Pkg and Worldwide ExpressSM Export/Worldwide SaverSM Export Ltr/Doc/Pkg; • 10%-21% off UPS 2nd Day Air® A.M. and 2nd Day Air® Ltr/Pkg, 3 Day SelectSM (pkg) and UPS Worldwide Expedited (Doc/Pkg) • 1%-5% off UPS Standard to Canada • 10% off UPS International Import including UPS Worldwide ExpressSM/SaverSM/ExpeditedSM/Standard to Canada. Find out the details by logging into the Members Only area and clicking on Local Member Discounts. Here you can view all of your other member discounts as well.

JASON PLANK MARK REKOW

March Chapter Meeting Review Linking Cash Flow Management and Life Planning - Presenter Amy Mullen By Aaron Hasler - Committere Member Cold March winds brought the talent of Amy Mullen from the West Coast in to our never ending Polar Vortex. Amy is an accomplished speaker and her presentation lived up to the reputation. Ms. Mullen even got frigid Minnesotans to engage in lively discussion with their tablemates over personal finances. Mullen used her humor and conversational style to present her research on human behavior and cash flow management and correlated a client’s understanding of and experiences with money to the financial planning process. How do today’s planners engage with the empathetic right-brained thinker? Information has leveled the playing field for many planners, and connecting with clients on a personal level is more important than ever. Understanding the insightful and emotional client in the “Conceptual Age” will help planners educate their clients and set goals for personal cash flow and simplify the life planning process. This connection with the client builds trust with today’s planners and differentiates your business. Mullen mixed her research and experience with helpful exercises and worksheets so planners could become familiar with the materials and gain insight from their FPA peers. The crowd was receptive in spite of the weather and Mullen’s experience was evident in her command of the room. Mullen provided advisors with practice management tools that are very applicable to today’s client and important for a planner’s service model.

REGISTER FOR WEBCAST

Build on Your Success with your Membership in the FPA!

Watch for your Invitation! FPA of MN Annual Golf & Bocce Ball Tournament

Your membership includes...

Access to FPA’s online member discussions through FPA Connect at connect.onefpa.org

July 28th Brackett’s Crossing, Country Club in Lakeville Charity: Alzheimer’s Association Page 6

Public Relations Committee Kristy Gusick • PUBLIC RELATIONS DIRECTOR

COMMITTEE MEMBERS:

LINDSAY ARDIS CHRIS DAVIS

GRANT MEYER KEVIN O’LAUGHLIN

ERIC ROGNESS NATE WENNER

CHRIS DUFFY GOFF PUBLIC PR FIRM

10 Ways to Repurpose Your Content By Kristy L. Gusick - Public Relations Director When you write an article, post a blog, or are featured in a news story, we encourage you to expand the reach of the content by promoting it at least 5-7 different ways. When you create content, you want to spend four times as much time promoting it as you did writing it. Below are ideas you can use to ‘repurpose’ your content to reach even more people. 1. Add a direct link to the story on your website – on your home page as well as the ‘news and events’ section. 2. Create a LinkedIn status update and include a link to the story on your website. 3. Post a link to the story on your company’s LinkedIn and Facebook pages. 4.

Add a link to the article on Twitter. Active Twitter users can then “retweet” your content to their followers, further expanding its reach.

5. Add a reference to the article in your website bio (for example “as featured on KSTP TV’s ‘Out and About’ segment as an expert on retirement planning”). 6. Create a blog post on the topic you were interviewed about. 7. Develop a presentation around the article topic and present it at an association meeting or offer to conduct a free “lunch and learn” for a group of referral sources. 8. Send an e-mail update to your contacts with a link to the article. 9. Feature the article in your E-newsletter. Include a brief summary with a link to the article on your website. 10. Send personal e-mails to your “A-Level” referral sources, clients and prospects before the article is published letting them know that you/your firm will be, for example, featured in Sunday’s Star Tribune business section. By repurposing your content, you proactively expand the number of people who will see your content, and will harness the power of the internet to help your thought leadership live on!

Click here to join us on Facebook

View us on YouTube

Click here to follow FPA MN on Twitter Click here to join FPA of Minnesota on LinkedIn

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PLANNERS IN THE NEWS ThinkAdvisor.com Top 5 Issues Reshaping Retirement Planning in 2014 John Comer, February 24, 2014 KMSP TV-FOX 9 Financial Planning Advice for Gen-Y'ers Sophia Bera, March 15, 2014 NYTimes.com Coping When Not Entering Retirement Together Susan Zimmerman, March 21, 2014

Seen your name in print lately? We would like the spotlight to be on YOU. If you have been quoted in any news or media article, let us know. We will post a link to the article.

Career Development Committee Sara Kantor • CAREER DEVELOPMENT DIRECTOR COMMITTEE MEMBERS:

MARK BRICE ELLEN FEE

ELLAN KRUBSACK NITYA MALIK-DAS

8th Annual Career Day By Sara Kantor, Director Thank you to all who made our recent Career Day a terrific event! Without the generous support of FPA volunteers, sponsors of students, interviewing firms, the NexGen committee and our Career Development committee we could not have had such a successful day. Our committee’s aim of Career Day is threefold – education for students/ career changers, networking between FPA members and students/career changers and the facilitation of interviews for financial planning firms with students/career changer. New to Career Day this year was the addition of a keynote speaker from outside our chapter, mock interviews, and resume review. We also had increased numbers of volunteers, student/career changer attendees, and interviewing firms. We were welcomed by Julieann Schroeder, President of FPA of Minnesota, Michael Branham, Chair of FPA National, and Jeanna Sabers, Director of FPA of Minnesota, NexGen. Keynoter Caleb Brown, MBA, CFP® of New Planner Recruiting shared his experience of transitioning from student to professional and how to get hired in financial planning with the entire group. Throughout the day were roundtable discussion, mock interviews, resume review and employer interviews. The afternoon young planners panel of Megan Olson, Brent Meyer and Kyle Moore shared their insights about their first years in the financial planning profession.

to our Student Sponsors!

A BIG Thank You

8th Annual FPA Career Day:

Our committee is already making plans for next year’s event. If you have suggestions for Career Days going forward or are interested in participating as an interviewing employer or volunteer, please be in touch with one of our committee members. Your collaboration makes this a fantastic event!

Bob Klosterman WhiteOaks Wealth - 10 students Julieann Schroeder USAdvisors Wealth Management - 2 students Joan Rossi Rossi Dubuque Breckenridge, LLC - 2 students Gregory Blaeser ING Financial Partners - 1 student Nicole Rosandich PHH Home Loans - 1 student Jeanna Sabers Cahill Financial Advisors - 1 student Jason Plank Ameriprise Financial - 1 student Page 8

MEGAN OLSON MOLLY SULLIVAN

Announcing the Recipient of the 2014 Montgomery Scholarship We are pleased to announce that the recipient of the 2014 Montgomery Scholarship is Kyle Dickinson. Kyle is in his last semester of college at the University of MNDuluth where he is the Co-Student Director of the UMD Financial Planning Program as well as part of the FPA UMD Student Chapter. He has found his passion for financial planning through his time at UMD and has had the opportunity to attend TD Ameritrade's National Conference in 2013 and 2014. Upon graduation, Kyle will join Midwest Professional Planners as a junior advisor in Duluth. He also plans on sitting for the CFP (R) exam in November. We wish him the best! Congratulations, Kyle!

FPA Retreat 2014 May 3-5 Trump National Doral Miami, Florida Join the best and the brightest in the financial planning profession at FPA Retreat 2014. • Register using special promo code CHRET14 for a $25 discount. • Non-members who register will receive a one-year complimentary FPA membership.

Financial Education Committee Seth Tenpenny, CFP® • FINANCIAL EDUCATION DIRECTOR

COMMITTEE MEMBERS: KAREN BECKER-GEMMILL

SOPHIA BERA JOHN COMER

CHRISTINE DAMICO MICHAEL ERPENBACH

JEANNA SABERS LISA SITZEL

Chris Farrell to Keynote at Jump$tart Coalition’s Annual April Event By Seth Tenpenny, CFP® - Financial Education Director The Financial Education committee is looking forward to Jump$tart Coalition’s Annual April Event. Minnesota Jump$tart is a coalition of organizations, which share a commitment to the financial education of youth. Working collaboratively, more resources and expertise are available to accomplish this task. The Minnesota Jump$tart Coalition brings together individuals and organizations to improve the personal financial literacy of Minnesota’s youth. Jump$tart is very excited to have Chris Farrell as the Event’s keynote speaker. Chris Farrell is economics editor of Marketplace Money, a nationally syndicated one-hour weekly personal finance show produced by American Public Media. Chris is also economics correspondent for Marketplace, the largest business program in broadcasting and chief economics correspondent for American RadioWorks, the largest producer of long-form documentaries in public radio. Chris Farrell is also a frequent contributor to the Star Tribune. The 2014 April Event will again be held at the Minneapolis Federal Reserve Bank. The Event will be held on Wednesday April 30 starting at 4:00 p.m. Attendees are encouraged to arrive early (3:15 p.m.) and tour the Federal Reserve. Registration is now open, but space is limited. http://www.eventbrite.com/e/mn-jumptarts-annual-event-featuringchris-farrell-tickets-10221365379

HAPPY ANNIVERSARY

http://www.jumpstart.org/states-minnesota.html to learn more about Jump$tart’s efforts and resources available to the community.

15 Years Melissa Machlitt, CRPS, CRPC JRA Financial Advisors

10 Years

FPA of MN Members Give Financial Presentations to Comcast Corp. Employees

Stacey Ackerman, CFP®, CTFA Wells Fargo Investment

By Lisa Stitzel, CFP® - Committee Member

Charles Blossom, CFP® Prestige Planning Inc

On March 15, a few FPA MN members had the opportunity to facilitate financial presentations to Comcast Corp. employees on behalf of their Employee Assistance Program provider, ComPsych. Mike Miller and Jason Plank each delivered a presentation on Managing Debt and Building Wealth, while Lisa Stitzel presented two workshops on Managing Personal Finance. In each session, there were 15-20 employees present. The service was greatly appreciated by both the HR department and employees alike as evidenced through the workshop evaluation scores and comments. Comments included: "This (session) should be mandatory for everyone." "I learned a lot." "Thank you for the information."

Michael Carpentier MRK Financial Solutions

5 Years Gerald Brennan, CIMA Robert W. Baird & Co. Sean Meadows Meadows Financial Group, LLC Roya Moltaji, CFP®, ChFC Metlife

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Professional Issues Committee Scott Nelson, CFA, CFP® • PROFESSIONAL ISSUES DIRECTOR COMMITTEE MEMBERS: TOM LUING STEVE FISCHER KEITH LOVELAND JERRY BRENNAN JEREMY LIPINSKI DONALD MCNEIL JOSH WOLBERG

Caught in Professional Crossfire By Joshua Wolberg, MBA, CFP® - Committee Member There has been much discussion around financial conflicts of interest among different business models in our profession. It is increasingly difficult to disregard the frequent implications and/or explicit public statements that most individuals with securities or insurance licenses will consistently choose products that pay them the most instead of putting the client’s best interests first. These public condemnations have come in many forms from several different groups.

A consultation with a surgeon may provide the doctor $600 of income for 1 hour of work. If no surgery is recommended there will likely be no additional income for the surgeon while recommending an 8 hour back surgery may net the surgeon another $10,000 in compensation (note: a much higher hourly rate). I think it is hard to make a case $10,000 in unequal compensation based on the professional’s recommendation is not a material financial conflict of interest.

Sources from outside the profession include authors in the DIY personal finance genre and exposés like “Pound Foolish” by Helaine Olen or “The Retirement Gamble” by PBS. It concerns me a seemingly increasing number within the profession disparage their fellow professionals based solely on a different business model. The FPA and CFP Board are both publicly business model agnostic, but statements by individual members show disunity. FPA’s standards of care expect professionals to provide advice in the client’s best interest with no mention of business model.

The discussion above was not meant to criticize the medical profession. I did NOT assert a surgeon is unable to provide appropriate and ethical advice solely because he/she can receive unequal compensation based on the treatment advice he/she gives. If financial planning can someday attain a similar level of respect and positive societal impact as other professions such as medicine, law, dentistry, engineering, etc. I would consider FPA’s long-term goal to professionalize financial advice a huge success.

FPA Standard of Care All financial planning services will be delivered in accordance with the following standard of care: • Put the client’s best interests first. • Act with due care and in utmost good faith. • Do not mislead clients. • Provide full and fair disclosure of all material facts. • Disclose and fairly manage all material conflicts of interest. In some ways these public discussions can be helpful in improving our profession; “sunlight is said to be the best of disinfectants” – Justice Louis Brandeis. In other ways, focusing on the negative may undermine the overall good our profession is currently providing and/or limit the growth of our societal impact. Does planting the seed of doubt that unethical behavior is the norm rather than the exception advance the profession? Can a Profession Exist with Conflicts? Economic biases and financial conflicts of interest are also present in more established professions, and it may be instructive to consider an example to provide some outside objective context for our burgeoning profession.

It may be impossible to eliminate a surgeon’s conflict of interests in advising a patient whether to undergo surgery even if they changed their business model. One could reasonably expect surgeons who received a flat salary would have an incentive to discourage surgery because it creates more work and stress for the surgeon without increasing his/her compensation. This may explain the large difference in wait times to have surgery in the U.S. versus many other countries with universal health care. It is hard to envision a surgeon business model where incentives do not somehow effect how care is delivered. This is likely true with personalized financial advice business models also. Differentiate Your Practice without Damaging the Profession “Nothing is more dangerous than a dogmatic worldview – nothing more constraining, more blinding to innovation, more destructive of openness to novelty.” – Stephen Jay Gould Some fee-only advisers may strongly disagree with the assertion that conflicts may exist in their business model. In an AUM model it is not in the advisor’s financial best interest to recommend a client to use some of their assets the advisor could manage in another way that may be in the client’s own best interest. Some examples include paying off their

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mortgage, buying long-term care insurance, funding an ILIT with life insurance, implementing some of Wade Pfau’s research on purchasing SPIAs for retirement income instead of systematic withdrawals, etc. The vast majority of my revenue comes from a fiduciary AUM model, but I am also securities and insurance licensed. There are situations where I would make less by recommending a brokerage product over charging a fee. If I charge 1% on AUM for more than 8 years it is very likely the client would have paid less than if the client had purchased an A share with a large up front load. Depending on how we interpret “client’s best interests”, a model where clients pay less could be considered better even though I would be is acting under a suitability instead of fiduciary standard of care. “It is difficult to get a man to understand something, when his salary depends upon his not understanding it!” – Upton Sinclair A well-known planner, for whom I have immense respect, is publically considering dropping the CFP® designation because he owns a small portion of a family business with revenue coming from commissions. This would require him to list as “fee and commission” through the CFP Board’s website rather than how he has always marketed himself as “fee-only”. While I sympathize with many of the unpleasant situations the CFP Board’s compensation disclosure requirements have caused, if fee-only planners had not criticized non fee-only models so harshly for years they might not see “fee and commission” as a scarlet letter. Here is one example among many similar social media posts implying many of our fellow FPA members do not put client’s best interests first: “Don’t confuse insurance agents, bank financial advisors, commissioned brokers with FEE-ONLY COMPREHENSIVE FINANCIAL PLANNING.” (I did not add the all caps) The U.K. and Australia have banned most

advisor commissions including trails. Several other countries are considering similar moves. I’m not proposing the U.S. should do this. However, I wouldn’t fight similar legislation because certain products might become more attractive for clients if commissions were separated from the product cost. It would also encourage financial professionals to focus on more meaningful differentiation than putting FEE-ONLY in all caps and stopping just short of accusing some of our FPA brothers and sisters of being charlatans. Unfortunately, being a legal fiduciary does not preclude an advisor from breaching that responsibility as witnessed by some recent high profile fiduciary advisors going to prison. Regardless of the regulatory standard individual professionals still have to choose to put the client’s best interests first; laws cannot ensure outcomes. If making something illegal was sufficient to eliminate immorality we would not have murders, theft, etc. Deeply held moral beliefs, voluntary pledges to others, and non criminal consequences have proven effective in other professions and human relationships. While it is not illegal for me to be unfaithful to my spouse, it isn’t in my longterm best interest. I use low cost investments with daily liquidity, but I am careful not to publicly accuse other advisors of unethical advice because they recommend hedge funds that charge two and twenty regardless if the advisor is compensated for recommending the high priced hedge fund is receiving a commission, is fee-only, or can receive some combination. There have been times when I have criticized fellow professionals and/or their business models because I believe mine is “better” for the client or I would not have chosen it. I resolve to describing how I help clients by focusing on services provided, compensation transparency, and disclosing conflicts rather than why clients should not work with other advisors. For the future of our profession, I ask you to consider doing the same.

FPA MN Virtual Learning Seminars • Challenging Conventional Thinking about Money, Deficits and Debt with Presenter Dr. Stephanie Kelton (Ranked 3.94, 2 hrs CFP CE) • Linking Cash Flow Management and Life Planning with Presenter Amy Mullen (Ranked 3.26, 2 hrs CFP CE)

Great Pricing: Members-$30 • Non-Mbrs-$45 ST Holders-$15 • Mtg Attendees-$15 Approved for CFP CE credits only.

• Retirement Income: Addressing Client Concerns with Presenter Kenn Tacchino (Ranked 3.49, 2 hrs CFP CE) • Where in the world do we invest from here? Presenter Michael Trudel (Presenting May 20th, 1 hr CFP CE) Page 11

A Huge “THANK YOU” to the Partners & Exhibitors who generously contribute to make this event affordable: Platinum Partners Ameriprise Financial BlackRock Charles Schwab Advisor Services Chubb Personal Insurance Denny Bennett Group-Bell Mortgage MarketPlace Home Mortgage Miles Franklin Panoramix Financial Sit Mutual Funds Stonebridge Capital Advisors

Gold Partners Aberdeen Asset Management American Century Investments American Funds Cole Capital Federated Investors Goldman Sachs Jensen Investment Mgmt Kaplan Education Morningstar Parnassus Investments Paydel Mutual Funds PCG Agencies PHH Home Loans Prudential Investments Wasatch Funds Weitz Investment Management

Silver Partners American Realty Capital • Calvert Investments • Cohen & Steers Davis Advisors • Deutsche Asset & Wealth Mgmt • Diamond Hill Investments • Fidelity Investments Gray Plant Mooty • Invesco J.P. Morgan • Leuthold Funds Mairs & Power Funds • Munder Capital Mgmt • Nationwide Financial OppenheimerFunds • Rainier Investment Mgmt • SEI Investments Sunbelt Business Advisors TD Ameritrade • Tradition Mortgage

Bronze Partners English Rose Suites • Hartford Funds Lord Abbett • Newman Long Term Care Regus • Schafer Richardson Send Out Cards • Vanguard Walton International Group Wells Fargo Home Mortgage

Supporting Partners BestPrep • Business AdvantEdge Financial Planning Certificate Program

SYMPOSIUM 2014

Minneapolis Convention Center - Up to 15 Targeted CE Hours Monday, October 7:00-7:45 AM 7:45-8:00 AM 8:00-9:20 AM 9:20-9:50 AM 9:20-9:50 AM 9:50-10:45 AM 9:50-10:45 AM 10:45-11:05AM 11:05-12:00PM 11:05-12:00PM 12:00-1:00PM 1:00-3:10 PM 1:00-1:50 PM 1:00-1:50 PM 1:00-1:50 PM 1:00-1:50 PM 1:50-2:10 PM 2:10-3:10 PM 2:10-3:10 PM 2:10-3:10 PM 2:10-3:10 PM 3:10-3:30 PM 3:30-3:40 PM 3:40-5:10 PM 5:00-6:30 PM

20 - Watch for updates on the web Registration and Continental Breakfast Welcome and Announcements EGISTER Carl Richards - The Behavior Gap Buddy Program Meetup NLINE Visit Exhibits and Network The NexGen Town Hall Meeting Waldean Wall - Asset Protection: Elements and strategies for safeguarding wealth Visit Exhibits and Network Mark Sellner and Earl Cohen - 2014 Year End Tax & Estate Planning Tips BO: Ethics for MN Insurance - Details coming soon Lunch and Networking with Exhibitors - Walk-n-Talk BO: Jeffrey Rattiner - Financial Planner’s Ethical Dominance Hr 1 of 2 BO: LaRhae Knatterud - Aging - Planning for the Future BO: Carl Richards - Behavior Gap Unhinged BO: Kristy Gusick - How to Get Referrals from CPAs & Attorneys BO: Alina Passarelli and Vaughn Kavlie - Real-Life Strategies with Reverse Mortgages Visit Exhibits and Network BO: Jeffrey Rattiner - Financial Planner’s Ethical Dominance Hr 2 of 2 BO: Brian Ahrens - Active Management in Investment Portfolios BO: FBI Special Agent - Identity Theft BO: Jessica Johnson & Matt Shea - When your Clients Are Not the Cleavers: Estate Planning for Non-Traditional Families Visit Exhibits and Network Minute to Shine, Door Prize Give-Aways, Announcements Andy Friedman - The Washington Update: Strategies for Investment and Retirement Planning FPA Reception in The Seasons - Socializing and Networking

R O

Tuesday, October 21 - Watch for updates on the web 7:15-7:50 AM Continental Breakfast and Networking with Exhibitors 7:50-8:00 AM Welcome and Announcements 8:00-9:40 AM Wade Pfau - Two Schools of Thought on Retirement Income 9:40-9:50 AM President Julieann Schroeder-Special Membership Announcements 9:50-10:20AM NexGen Meetup 9:50-10:20 AM Visit Exhibits and Network 10:20-11:20AM Shari Harley - How to Say Anything to Anyone: Setting Expectations for Powerful Working Relationship 11:20-11:25 AM Minute to Shine, Door Prize Give-Aways, Announcements 11:40-12:40 PM BO: Brad Schafer & Evan Richardson - Understanding Real Estate Investment Alternatives 11:40-12:40 PM BO: Mark Lanterman - Ethical Use of Evolving Technologies 11:40-12:40 PM BO: Shari Harley - Where Did My Clients Go? Get More Clients. Keep More Clients. 11:40-12:40 PM BO: Wade Pfau - Retirement Asset Allocation and Income Withdrawal Research 12:40-1:40 PM Trip Downstairs for Plated Lunch and Economist Panel 12:50-12:55 PM Special Announcements - Julieann Schroeder & Janet Stanzak 12:55-1:00PM BestPrep - Bob Kaitz 1:05-2:45 PM Economist Panel: David Kelly, Jerry Webman & Rick Golod 2:45-2:55 PM Minute to Shine, Door Prize Give-Aways, Announcements 2:50-3:15 PM Visit Exhibits and Network 3:15-4:55 PM Jack Surgent - Tax Strategies and Planning in Light of Higher Taxes 4:50-5:00 PM Closing Remarks/Evaluations/Cert Forms

Registration Rates: Members of Minnesota FPA: ................ $310 Members of Other FPA Chapters: ...... $360 Non-Members: ........................................ $410 Call on Pricing for Non-Member Group Rates for 5 or more.

JOIN NOW

ONE Day Rates: $205 Mbrs; $240 Non-Mbrs (Rates INCREASE August 1st)

Discounted Lodging Rates Available at the Millennium. Block is nearly full. Book Now.

For a refund, cancellations must be received in writing before September 16th.Return to FPA of Minnesota, 3900 Main Street NE, Columbia Heights MN 55421 Page 12

FRIEDMAN • RICHARDS • SELLNER • COHEN • RATTINER • WALL • PFAU • HARLEY

Symposium 2014: Planning for Success SURGENT • ECONOMIST PANEL: KELLY • WEBMAN • GOLOD

October 20-21 Up to 15 CEs CFP, MN-WI-ND Insurance, CIMA, CDFA, NASBA/CPE, CLE

REGISTER NOW Mark your calendars now for Monday and Tuesday, October 20-21, at the Minneapolis Convention Center. This conference features some very notable speakers, as well as the required CFP and state insurance Code of Ethics. With a target of 15 credited hours, programs have been designed to comply with the principles of the Certified Financial Planner Board of Standards, the NASBA/CPE credits, MN-WI-ND Insurance, CIMA credits, CDFA credits, and some CLE Continuing Education (Pending Approval). Check the agenda weekly for updates on approved CEs. Carl Richards, The Behavior GapDespite their best efforts to behave, people still make crazy decisions around money. As financial professionals, it can be particularly frustrating to watch clients do things we know aren’t in their best interest. In this session, Carl Richards will use a combination of the latest research and best practices to help you better understand how to counter the worst client behavior around money. Length: 1.5 hrs Carl Richards, Behavior Gap Unhinged: Behavior Gap Unhinged will continue the lessons learned in The Behavior Gap session. Many of us believe we have to prove ourselves in front of our clients with charts, graphs and fancy analysis. Truth be told, your clients don’t care. They want you to simplify their money problems into terms they can understand, with the least amount of jargon possible. In the words of Albert Einstein, “If you can’t explain it simply, you don’t understand it well enough.” Length: 1.5 hrs Waldean Wall, Asset Protection: Elements and Strategies for Safeguarding Wealth: This course will provide financial professionals a general understanding of best practices when dealing with asset protection issues. Beginning with foundational concepts, the course will explore the importance of asset protection in wealth preservation, the moral and ethical bases to asset protection strategies, and how the transfer or moving of assets can be indicators of motive. The course then highlights some basic asset protection strategies utilizing tools such as insurance

products, bankruptcy and creditor protection, state v. federal exemptions, common ownership methods, and equity stripping. The course concludes with more advanced strategies such as business entity planning, isolating high-risk business assets, and the use of asset protection trusts. Length: 1 hr Mark Sellner and Earl Cohen, 2014 Year End Planning Tips: Tax and Estate Updates: 2014 income tax and estate and gift tax planning for high income and high net worth clients is being shaped by the repercussions of 2013 tax and estate law changes, including filing status updates, the .9% increase in Medicare taxes, the new 3.8% Medicare tax on investment income, the limitations on personal exemptions and itemized deductions, and changes to Minnesota income tax, estate, and gift laws. This session will provide practical tips on 2014 year end planning, and will highlight opportunities and pitfalls in tax and estate planning. Length: 1 hr Jeffrey Rattiner, Financial Planner’s Ethical Dominance: Financial Planner’s Ethical Dominance ® provides a practical approach to learning the ethical standards of professional conduct and responsibility through the use of 21 anonymous case histories. This session will: • Review the elements of fiduciary standards and when they apply • Provide guidelines to help you determine if financial planning or materials elements of financial planning are being provided • Help you determine when to communicate potential conflicts of interest • Explain compensation disclosure requirements to clients and potential clients After this two-hour session, you will have a strong idea of the do’s and don’t’s of working with your clients ethically. Length: 2 hr LaRhae Grindal Knatterud and Dr. Mark Reese, Aging - Planning for the Future: 70 percent of those over 65 are going to need long-term care at some point in their remaining years. Still, many people do not realize this high probability and do not plan for this situation as part of their retirement planning. Making decisions about long-term care in the middle of a crisis can lead to tragic and unintended results. In the first half of this session, the current efforts of the State of Minnesota to

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help individuals create a plan for their longterm care, including how to pay for it, will be discussed, including efforts to develop more affordable and suitable products to help middle income households with these financial costs. Length: 1 hrs Kristy Gusick and Panel, How to Get Referrals from CPAs and Attorneys: As a financial advisor, it’s likely that your practice’s new business relies almost entirely on referrals for growth. In fact, statistically, professional services firms receive over 80% of their new business from referrals! Because of this, obtaining ‘A-Level’, qualified referrals from your centers of influence on a consistent basis is absolutely essential to your firm’s growth. But this can definitely be challenging! Especially if you are hoping to get referrals from some of your more conservative referral sources, like CPAs and attorneys. In this presentation, Kristy Gusick, marketing coach and partner at Professional Services Marketing, LLC will invite a panel of CPAs and Attorneys to assist her in sharing ideas on how to help you become more successful. Length: 1 hr Alina Passarelli and Vaughn Kavlie, Real Life Strategies with Reverse Mortgages: This session provides an overview of the reverse mortgage product; including the purpose and evolution of its development, consumer safe-guards, HUD’s involvement and the regulatory environment for this product. Hear some real life strategies and leave with an understanding of reverse mortgage mechanics, consumer and property qualification, funds allocation, maturity date and repayment options, along with some analytical skills to aid in utilizing this product as a retirement planning tool. Length: 1 hr Jessica Johnson and Matt Shea, When Your Clients Are Not the Cleavers: Estate Planning for Non-Traditional Families: This session will cover the estate planning considerations and issues associated with planning for families that are more complex than Ward, June, Wally, and the Beaver. Estate planning for these families is often more important than it is for traditional families because default rules (intestacy) either do not provide for loved ones or do so in a way that can cause conflict, delay, and costly court proceedings. The discussion will focus on planning for blended families, second marriage couples, unmarried partners, same-sex couples, and other nontraditional families. Topics will include premarital agreements, planning for

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FPA MN Symposium ... Continued from Page 13. incapacity, cohabitation agreements, postnuptial agreements, use of trusts and wills, coordination of beneficiary designations, asset protection planning, and much more. Length: 1 hr FBI Special Agent, Identity Theft: Learn how your personal information can be stolen and ways to protect it. An experienced presenter from the FBI will speak to our group on identity theft. In a reversal of our current culture where our names and photos are on the internet via Linked in, Facebook and other sites, we have been asked by the FBI to take the opposite approach. We are not sharing in advance the presenter’s name, bio or photo to preserve his or her ability to remain anonymous should future FBI work require it. (Thereby, protecting his or her identity...). Length: 1 hr Andy Friedman, The Washington Update: An Overview of the Political Environment, Prospective Legislation, and Strategies for Investment and Retirement Planning: Wall Street’s Tax Expert and one of the nation’s savviest Washington observers, Andy Friedman, will discuss how Washington policy affects finance. The ongoing budget battles, as well as the upcoming elections, are likely to spark more market fluctuations. Tax reform could have a significant impact on investors, as it could alter current exemptions, deductions, and preferential rates for capital gains and dividend income on which investors rely. Andy also will provide strategies that investors and financial advisors can consider to take advantage of (or protect against) changes arising from the above initiatives, including specific strategies for investment, wealth transfer, and retirement planning. Length: 1.5 hr Wade Pfau, Two Schools of Thought on Retirement Income: Wade Pfau presents “The Two Schools of Thought on Retirement Income.” The probability-based school of thought derives from the safe withdrawal rate research created primarily by financial planners since the 1990s. The contrasting school is the safety-first approach developed in academia since the 1920s, also called lifecycle finance. Detailed analysis of both schools of thought and how they can be applied to a financial planning practice are given. Length: 2 hr Wade Pfau, Retirement Asset Allocation and Income Withdrawal Research: Retirement income strategies are more complex than the baseline inflation-adjusted spending. If willing to build flexibility into their plans, it is possible to begin retirement with a higher withdrawal rate. Wade will describe rules advisors can use to frame retirement income strategies. He will focus on the broader issues related to retirement asset allocation, including research using a rising equity allocation glide path. Length: 1 hr

Shari Harley, How to Say Anything to Anyone - Setting Expectations for Powerful Working Relationships: You have a request for one of your co-workers but don’t know how to say it, so you don’t say anything. A project you worked on for six months has become a black hole. There is no information about the status. You’re frustrated, but you don’t say anything. Two employees aren’t working well together. It’s impacting the atmosphere in the office. You don’t know what to say, so you don’t say anything. Speaking up when we are frustrated is hard and, as a result, most of us don’t. Instead, either we tell other people (aka gossip) or we say nothing, and relationships become strained. You can say anything to anyone and have it be easy. You just need to lay the ground work to do so, and most of us don’t. Length: 1 hr Shari Harley, Where Did My Clients Go? Get More Clients. Keep More Clients: Clients provide us with clear feedback. They hire us, or they don’t. They return our calls, or they don’t. They refer others, or they don’t. Unfortunately when clients are dissatisfied, they don’t tell us. They vote with their feet. 99% percent of client turnover is predictable and preventable. The signs are everywhere. We just don’t know what they are, because, for the most part, clients don’t tell us. Clients leave and we never know why. Get to the heart of what your clients need and why they hire or fire you. Never get fired again and be surprised. Length: 1 hr Mark Lanterman, Ethical Use of Technologies: From cloud computing to smart phones, from social media to QR codes, from email to hacking... technology is a changing field. All financial advisors are ethically responsible for providing competent service to clients, and that includes ensuring that confidential client information is properly handled. But how do advisors ensure they are acting competently when using new technologies, such as social media, devices including (but not limited to) smartphones, and “the cloud”? The ethical touchstone is reasonableness, but what does that mean for the use of particular types of technology? Computer forensics expert Mark Lanterman will help you understand your ethical obligations when using these and related technologies. Length: 1 hr David Kelly, Jerry Webman & Rick Golod, 2014 Economic Overview: Three economists will present their economic overview. They will touch on global as well as domestic economic trends and forecasts. Items to be covered will include but not be limited to: the outlook for inflation, stock market valuations, interest rate forecasts, employment outlook and global economic growth. After the prepared presentations, the economists will answer questions from the audience. Length: 2 hrs

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Jack Surgent, Hot Tax Updates: Financial planners are called on to minimize tax consequences consistent with their client’s financial objectives. With the end of the low tax rate environment, the stakes are higher. This module examines what taxpayers can do to reduce income, AMT, net investment income, and Medicare taxes in light of current rates and proposed tax reform. Length: 2 hrs Brian Ahrens, Active Management in Investment Portfolios. Active Management has a place in most investment portfolios, but it is important to pick your spot. Led by Brian Ahrens, the Strategic Investment Research Group of analysts provides research for managed accounts business and subadvised mutual fund family, as well as variable annuity, variable life, and retirement services offerings. The group conducts high-quality research and due diligence on investment management firms and the vehicles and strategies they offer, provides insight on issues related to investments and investment consulting theory and practice, and distributes their research to agents and financial advisors to help their clients achieve their long-term financial goals. Length: 1 hr Evan Richardson, Understanding the Real Estate Investment Alternatives. Schafer Richardson will lead a discussion on the current commercial real estate investment market and the alternative investment vehicles, including Non-traded REITs, Publicly-traded REITs, Tenants-inCommon (TICs) and Delaware Statutory Trusts (DCTs), private partnerships, and direct investment. The discussion will examine the strengths and weaknesses of each investment vehicle as well as provide advisors guidance on their due diligence by highlighting key areas to evaluate when underwriting a commercial real estate sponsor or investment. The session will provide background on the commercial real estate investment climate, national market fundamentals, capital markets and emerging real estate investment strategies. Length: 1 hr NexGen Town Hall. (Breakout Option) Modeled after the national FPA Experience conference, the FPA MN Symposium will include its second NexGen Town Hall meeting. All NexGen members are invited to attend an open forum discussion and learn about plans for the recently rekindled MN NexGen group, as well as meet the new MN NexGen Director and Committee Members. Watch for other updates on the FPA of Minnesota Symposium site.

SAVE up to $150

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Platinum Partner Spotlight Kathie Bortnem • 877-867-7293 • [email protected]

Precious Metal Estate Appraisal and Liquidation Recently, in my work as a Precious Metal Specialist at Miles Franklin I have experienced a trend in clients requesting appraisals of their precious metals holdings within an estate. Often, families are unsure of where to turn when left with a portion of an estate that contains gold and silver. Where do they go for an appraisal? What if they want to liquidate? First and foremost, tell your clients to think safety. One should not invite a company or person into their home to evaluate their gold and silver holdings unless they have developed a long term business relationship with the company. If your client is considering bringing their precious metal holdings to a company location for an appraisal, they should not go alone unless they know they are stepping into a wellestablished office or shop. When it comes time to transport the metals they should be carried in discreet packaging. Another important consideration; is the company trustworthy? At Miles Franklin we always urge our clients to check out our Better Business Bureau rating, along with the ratings of other companies. Whenever possible, choose a company that not only has an exceptional rating, but is also accredited by the Better Business Bureau. There are plenty of newer “cash for gold” shops that have cropped up in Minnesota; some legitimate and some not. Recent regulations in the state of Minnesota that go into full effect in July of 2014 will further protect clients against less than honest precious metals dealers.

Miles Franklin consults with families, financial planners, and estate attorneys to determine the value of the precious metal portion of an estate. Simply send us a list of holdings and we will provide an estimate for its value. You may also schedule an appointment for an hourly consulting fee payable at the time of the appointment. If your client decides to liquidate these holdings with Miles Franklin the consulting fee will be waived. Liquidation is a simple process, and Miles Franklin prides itself in offering competitive bids. Simply call me at 877-867-7293 and I will walk you through the process. What make Miles Franklin an excellent choice for precious metal estate appraisals and liquidations? We are celebrating our 25th year in business. During that time, we have educated people on the importance of owning metals to mitigate risk of the ever-changing and uncertain times in which we live. We have consistently delivered the finest products along with the finest service in our industry. That commitment has earned us an A+ Rating with the BBB with zero complaints!

Call Kathie Bortnem at 877-867-7293 for more information.

This may seem a bit overwhelming. You may wonder, where do I turn to if my client asks about a precious metal estate appraisal?

Ads in this newsletter are paid advertisements and reach 3,000+ individuals. The newsletter and FPA MN site contain links to other web sites, resources and advertisers. FPA MN does not perform “due diligence” on these adver-tisers, speakers, or spon-sors, nor is it responsible for the availability of these external sites. FPA MN does not does endorse or take responsibility for the contents, advertising, pro-ducts or other materials made available on or through such external sites. For rates, please call 763-781-1212.

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A key objective of the Money Quotient Fundamentals training is to expand the participants’ knowledge of the M.Q. materials and to increase their understanding of how to use these tools in creating a unique and purposeful client meeting process. A “veteran” M.Q. Licensee is always in attendance to share his/her experience and insight regarding the M.Q. tools and processes.

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The feedback we receive after each training course clearly indicates that the wisdom gleaned via contributions of veteran M.Q. Licensees is highly valued by the participants.

We conducted our very first “Fundamentals of Financial Life Planning” training course in May of 2003. Since then, we have been privileged to train over 400 individuals. Without exception, each small group session has been a rich and rewarding experience for the participants and trainers alike. This Fundamentals course has evolved over the past five years as our knowledge and understanding of “what works” has grown and deepened. In addition, the insights and experiences of our Licensees continually influence and enrich the program objectives and content.

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Our Mission Founded in 1981 and reorganized in 1996, the Foundation’s mission became one of resource development and grant making and has since provided more than $5.3 million in grants to support pro bono financial planning advice. Our mission is to help people take control of their financial lives by connecting the financial planning community with people in need. We support pro bono financial planning through grants and community based organizations that work with the underserved, which includes active military, veterans, victims of disasters, low- to moderate-income families and many others.

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Delivery of pro bono financial planning enriches the lives of everyone touched by it …the recipients, the financial planning volunteers, donors and society as a whole. We believe that financial planning matters. It allows people to make better financial decisions. However, not everyone has access when they need it. The Foundation is the connector between the underserved and the financial planning profession.

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Underserved Early in 2013 the Financial Planning Association requested the Specific Foundation to manage and facilitate their pro bono outreach work Population with FPA Chapters. Our years of working with the Chapters and FPA made this a natural transition and we are now providing pro bono financial planning opportunities to a greater audience. Through this partnership, to date the Foundation has:

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FPA Retreat 2014 May 3 – 5, 2014 | Miami, Fla. | Trump National Doral

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PLANNING FOR YOUR SUCCESSION As a financial planner, you’re focused on helping clients achieve their goals and plan for the future. But it’s important to prepare for your own future and the future of your business. Succession planning is a critical part of helping protect both your personal interests and those of your clients, but developing a succession plan can be daunting with all the things you need to consider. The aspects that make your business unique have an inherent meaning to you, but how do you translate that into a practical value? Whether you’re considering retiring in five or ten years, beginning your planning now will help ease the process when you’re ready to step down.

Putting a plan in place allows:    

Growth of equity value Continuity of service for clients Efficiency when transferring business Flexibility of retirement time frame

   

Timing that can maximize value while reducing tax impact Practical, rather than emotional, decision making Security that you have helped prevent the risk of a fire sale Providing career-path opportunities to existing associates

A smart succession plan provides you with:   

Security – you’ll have peace of mind knowing that you have planned for your family, employees and clients in case of disability or death. Simplified transitioning – by planning ahead you ease the burden of getting your professional affairs in order. Protection for your heirs – planning helps protect the equity in your business and maximize the value from client relationships.

Industry Facts:   

The financial industry is aging – nearly 50% of advisors are over the age of 50 with 14% over the age of 60.¹ The industry is very “young” as it relates to transitions. Nearly 60% of advisors within 5 years of retirement have not identified a successor.²

Take the time to answer the following questions:    

What are my total assets under management? What is my revenue mix/type? What are my areas of specialization? How many clients do I have?

   

What is my average client demographic? On average, how long have my clients been with my firm? What is my client service model? How desirable is my office location?

Understanding how your practice will be valued by a prospective buyer will help you strategize areas of growth and hone in on a price you think is fair. There are multiple methods to determine value, such as discounted cash flow models, multiples of revenue calculations or by researching comparable sales. Whichever method you choose, you may want to consult with an expert –such as a lawyer or consulting firm—who can coach you through the process and provide you with sound advice. Ask yourself these questions:  

Does your firm provide personal transition support? Does your firm have a proven process for succession planning?

 

Does your firm offer resources to help you sell your practice? Does your firm provide practice acquisition financing?

If you think it’s time to start building your succession plan and want to find a broker dealer that can truly support you, see what Ameriprise has to offer. Contact Bruce Wain, Edina Branch Manager at (952) 857-1429 or Pete Danilaitis, Lake Elmo Branch Manager at (651) 702-0257. ¹The Cerulli Edge, 3rd Quarter 2010 Edition: Hire, Train or Else. ²The Cerulli Edge Advisor Edition, 3rd Quarter 2012. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Ameriprise Financial Services, Inc. is an Equal Opportunity Employer. ©2013 Ameriprise Financial, Inc. All rights reserved. 248279 A (3/13)

THANK YOU to our 2014 Partners! PLATINUM Bruce Wain • 952-857-1429 [email protected]

GOLD: Casey Gober • 215-405-5756 [email protected]

Derek Hansen • 952-546-5996 [email protected] Paula Doroff • 612-803-4121 [email protected] Jay Robinson 612-375-9525 jay.robinson@ schwab.com

Brandon Hillman • 612-373-7425 [email protected]

Terry Huddle • 612-730-3074 [email protected]

Shara Fessler • 602-228-7665 [email protected]

Chris Davis • 612-209-2838 [email protected]

Matt Wolff • 612-965-1006 [email protected] Spencer Gerke • 503-726-2059 [email protected] David Gillette • 920-857-3854 [email protected] Nick Sitzberger • 866-963-8329 [email protected]

Denny Bennett, CMPS 612-804-0488 [email protected]

Greg Brown • 213-830-4347 [email protected] Nancy Reyes • 415-778-2634 [email protected] Nicole Rosandich • 612-723-2658 [email protected]

Vaughn C. Kavlie • 952-278-4789 [email protected]

Michelle Marquez, CIC, CPCU • 651-605-2747 [email protected] Patrick Redman • 773-322-6955 [email protected]

Kathie Bortnem • 877-867-7293 [email protected] Brandon Fries • 801-533-0777 [email protected] Chris Hastings • 612-599-8549 [email protected]

Steve Benjamin • 612-359-2554 [email protected]

Robert Kincade • 800-317-1127 [email protected]

Yana Morgan • 402-391-1980 [email protected]

Thank You

to our Annual Partners Besides our absolutely fantastic Board and wonderful Volunteers, we also have our Annual Partners to thank. They provide approximately one-half of the revenue needed to run the chapter. Without our Partners’ support, your price for chapter meetings and the annual Symposium would be much higher. Plus, we wouldn’t have the support of Bonnie Stanley and the staff at Office Connection. When a Partner communicates with you, please take a few minutes out of your day to thank them and listen to what they have to offer.

Page 20

2014 SILVER:

2014 BRONZE:

AMERICAN REALTY CAPITAL Scott Gunderson • 857-350-9500 [email protected]

LEUTHOLD FUNDS Hilary Sweeney • 612-767-1176 [email protected]

ENGLISH ROSE SUITES Tiffany Gomez • 612-875-8069 [email protected]

CALVERT INVESTMENTS David McClellan • 312-543-7069 [email protected]

MAIRS & POWER FUNDS Scott Howard • 651-294-8309 [email protected]

HARTFORD FUNDS Edward Cisowski • 800-456-7526 [email protected]

COHEN & STEERS Dan Shore • 719-221-6384 [email protected]

MUNDERCAPITALMANAGEMENT Chris Burgess • 800-468-6337 x1277 [email protected]

LORD ABBETT Lindsay Ardis • 612-599-7409 [email protected]

DAVIS ADVISORS Bill Wenzel • 800-293-2007 [email protected]

NATIONWIDE FINANCIAL Stephen Lee • 651-335-6924 [email protected]

NEWMAN LONG TERM CARE Deb Newman • 952-888-3777 [email protected]

DEUTSCHE ASSET & WEALTH MGMT - Jeremy Blubaugh 612-381-7002 [email protected]

OPPENHEIMER FUNDS Tom Sabow • 800-479-1828 x30963 [email protected]

REGUS Andy Voorhees • 1-800-OFFICES [email protected]

RAINIER INVESTMENT MGMT Mark Wolff • 800-280-6111 [email protected]

SCHAFER RICHARDSON, INC. Evan Richardson • 612-371-3000 [email protected]

SEI INVESTMENTS West Durham • 610-676-4269 [email protected]

SEND OUT CARDS Bonnie Stanley • 763-208-9119 [email protected]

SUNBELT BUSINESS ADVISORS Jim Borthwick • 952-210-7783 [email protected]

VANGUARD FINL ADVISOR SERVICES Todd Swenson • 610-731-3767 [email protected]

INVESCO Greg Prokott • 612-423-1689 [email protected]

TD AMERITRADE INSTITUTIONAL Carson Booras • 312-803-3969 [email protected]

WALTON INTERNATIONAL GROUP Will Bohannan 480-286-8467 [email protected]

J.P. MORGAN Tom Parnell • 612-963-2911 [email protected]

TRADITION MORTGAGE John Zydowsky • 952-252-4664 [email protected]

WELLS FARGO HOME MORTGAGE Patti Mazzara • 612-237-6277 [email protected]

DIAMOND HILL INVESTMENTS Sean Ryan • 312-560-7300 [email protected] FIDELITY INVESTMENTS Bill Rothschild • 888-718-7835 [email protected] GRAYPLANT MOOTYLAW FIRM Jessica Johnson • 612-632-3000 [email protected]

Bonnie Stanley BRONZE PARTNER Cell: 612-670-7791 www.ConnectForLife.biz

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STRATEGIC VISION TO ACHIEVE PRIMARY AIM

Strategic Vision – Long Term Vision STEWARDSHIP ORGANIZATION:

COMPETENCE

Deliver Superior Member Value

Optimize Organizational Performance

Facilitate the success of our members and grow Optimize organizational culture, structure and the organization by providing relevant and timely human and financial resources to programs and services that meet, anticipate achieve excellence. and exceed their needs. We are a values-based membership organization. Our PRIM ARY AIM is to be the community that fosters the value of financial planning, and advances the practice and profession of financial planning.

PROFESSION:

SOCIETY:

Serve as the Credible Voice

Be the Authoritative Source Be the recognized leader for knowledge about the practice and profession of financial planning. Unify the voice, focus and resources of the financial planning community, bringing together those who champion the financial planning process. Cultivate the body of knowledge of personal financial planning.

Promote FPA and FPA members as the credible voice of financial planning. Define and effectively communicate a common understanding of the discipline of personal financial planning and the benefits of its use.

R E L AT I O N S H I P S

MEMBER:

INTEGRITY

STRATEGIC OBJECTIVE: ORGANIZATIONAL IDENTITY AND BUSINESS FOCUS To be the recognized and unquestioned professional membership resource and advocate for CFP professionals by embracing the concept of “one profession, one designation” as our sole business directive and policy filter.

OUR VALUE PROPOSITION FOUR SERVICE LINES: AREAS OF ACTIVITY PROFESSIONAL EDUCATION: Practitioner Growth & Continuing Education

BUSINESS SUCCESS: Practice Management & Business Development

COMMUNITY:

ADVOCACY

Networking & Connecting

Public Policy & the Regulation of Financial Planning

INFRASTRUCTURE: SUPPORTING THE SERVICE LINES Marketing/Communications - Executive/Administration Technology - Finance - Corporate - Chapters

ORGANIZATIONAL STRUCTURES: Governance Structure - Staff Structure - Chapter Structure Page 22

3900 Main Street NE Minneapolis, MN 55421 Voicemail: (612) 706-3060 Direct: (763) 781-1212 email: [email protected]

CALENDAR OF EVENTS

The Heart of Financial Planning.

10% discount for FPA MN Members. See Page 15. May 1, First Year Member Social, Pazzaluna Urban Italian Restaurant and Bar, 5:00-7:00 pm - Watch for your invite! May 20, Hr 1 - Where in the world do we invest from here with Presenter Michael Trudel; Hr 2 - The New Geography of Investing with Presenter David Polak followed by Social, 2:30 pm, GVCC June 17, Planning in Light of Minnesota’s Civil Marriage Law with Panelists Shane Swanson, Michelle Rehbein, and Gary Debele, 7:30 am, GVCC July 15, Responding to Elder Financial Exploitation-Financial Professionals on the Front Lines - Panel Presentation, 11:30 am, GVCC July 28, Annual Golf Outing, Brackett’s Crossing Country Club September 16, Hour 1-Rising Equity Glidepath Asset Allocation in Retirement. Hour 2 - Future of Financial Planning in the Digital Age, Presenter Michael Kitces, 7:30 am, GVCC October 20-21, Annual Symposium, Convention Center November 18, Tax Update with Presenter Tom Brinker, 7:30 am, GVCC Page 23

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