cluttered lives, empty souls - afcpeafcpe.org/assets/pdf/2013 q2.pdf · time magazine, 2010 ......
TRANSCRIPT
2nd QUARTER 2013 | VOL. 31 #2
3 LEADERSHIP: AFCPE Celebrates 30 Years
4 ACADEMIC: Partner Financial Literacy with Financial Aid
6 PRACTITIONER: Focusing on Mending Spending
8 The Massive Failure of 401(k) Education
10 4 Steps to Up Your Client’s Financial Know-How
13 BOOK REVIEW: Life at Home in the Twenty-First Century: 32 Families Open Their Doors
14 AFCPE News
Cluttered Lives, Empty SoulsUnderstanding and Treating Hoarding Disorder
By Terrence Daryl Shulman, MD, LMSW, ACSW
Continued on page 12
Unless you’ve been living on another planet,
you’ve probably noticed the ever-increasing
media coverage over the last few years
around the “latest” disorder: hoarding.
Several cable programs on hoarding have
garnered big ratings and endless fascination.
These TV programs tend to highlight the
more extreme cases of hoarding. Hoarding
is either on the rise or we’re
finally starting to come to
terms with it. While statistics
and prevalence are still
sketchy, here’s what the
latest research shows:
• Hoardingaffectsabout
6–15 million Americans—
TIME magazine, 2010
• Thereareover75U.S.
National Hoarding Taskforces—TIME
magazine, 2010
• Personalconsumptionexpenditureson
storage unit rentals increased over 20
percent since 1980—U.S. Chamber of
Commerce
I became interested in studying and
treating hoarding disorder several years
ago when many of my counseling clients
divulged their struggles with clutter and
stuff—especially my clients who were
compulsive shoppers or shoplifters. I also
recognized several family members and
friends who were packrats and, bit-by-bit,
even found my office getting disorganized.
Then, it occurred to me: my father had
been a hoarder, too! And for every hoarder
still hiding behind closed
doors, more public faces
of this disorder are coming
out, including Micahaele
Salahi, Heidi Montag
and Spencer Pratt, Lisa
Kudrow, Mariah Carey,
Kevin Federline, Celine
Dion, Marie Osmond and
ParisHilton(17dogsmight
qualify as animal hoarding).
Looking at the bigger picture, society has
encouraged super-consumerism—hoarding
often is its byproduct. When everyone
bought a home before the housing bubble
burst, we had to fill those homes up, didn’t
we? And if there wasn’t enough room in
your McMansion, have we got a storage
unit for you! Or two, or three or four!
One man’s hoard is
another man’s collection.
—Anonymous
2
Standardthe
2013 Board of Directors
Editor: Jill Anne LadouceurEmail: [email protected]
Technical Editor/Proofreader: Barbara O’Neill, CFP®, Ph.D., AFC®, CHC®
Email: [email protected]
Deadlines for The Standard are as follows: 1st Quarter—November 15 2nd Quarter—February 15 3rd Quarter—May 15 4th Quarter—August 15
The Standard (ISSN-1096). Published quarterly.
Association for Financial Counseling and Planning Education1940 Duke Street, Suite 200Alexandria, VA 22314Phone: (703) 684-4484Fax: (703) 684-4485
Co-President Barry Wilkinson, AFC®
United States Air ForceBellevue, NEEmail: Barry.l. Wilkinson@ offutt.af.mil
Co-Past PresidentRebecca Travnichek, Ph.D., AFC®
University of Missouri ExtensionSavannah, MOEmail: TravnichekR@ missouri.eduen@ comcast.net
Secretary Virginia Zuiker, Ph.D.University of MinnesotaSt. Paul, MNEmail: vzuiker@ umn.edu
TreasurerMichael Gutter, Ph.D.University of Florida Gainesville, FLEmail: [email protected]
Members-at-LargeKelli Jo Anthon, AFC®
Belvoir Federal Credit UnionWashington, D.C.Email: Anthon@ belvoirfcu.org
Maryann Barry, AFC®
Airmen and Family Readiness Center McConnell AFB, KSEmail: [email protected]
Sharon Cabeen, AFC®
TGAcworth, GAEmail: scabeen@ comcast.net
Jan Garkey, AFC®
CUNAMadison, WIEmail: jgarkey@cuna. coop
Jinhee Kim, Ph.D.University of Maryland ExtensionEmail: [email protected]
Irene Leech, Ph.D. Virginia TechBlacksburg, VAEmail: [email protected]
Dora Mays, Ph.D.MacDill Air Force Base Email: [email protected]
Syble SolomonLifewise/Money HabitudesWilmington, NCEmail: [email protected]
Michael Wood, AFC®
Army Installation and Management CommandSan Antonio, TXEmail: [email protected]
www.afcpe.org
President’s MessageBy Barry Wilkinson, AFC®
2013 AFCPE President
2013 Board of Directors
Co-President Barry Wilkinson, AFC®
United States Air ForceBellevue, NEEmail: Barry.l.Wilkinson@ offutt.af.mil
Co-PresidentRebecca Travnichek, Ph.D., AFC®
University of Missouri ExtensionSavannah, MOEmail: TravnichekR@ missouri.eduen@ comcast.net
Secretary Virginia Zuiker, Ph.D.University of MinnesotaSt. Paul, MNEmail: vzuiker@ umn.edu
TreasurerMichael Gutter, Ph.D.University of Florida Gainesville, FLEmail: [email protected]
Members-at-LargeKelli Jo Anthon, AFC®
Belvoir Federal Credit UnionWashington, D.C.Email: Anthon@belvoir fcu.org
Maryann Barry, AFC®
Airmen and Family Readiness Center McConnell AFB, KSEmail: [email protected]
Sharon Cabeen, AFC®
TGAcworth, GAEmail: scabeen@ comcast.net
Jan Garkey, AFC®
CUNAMadison, WIEmail: [email protected]
Jinhee Kim, Ph.D.University of Maryland ExtensionCollege Park, MDEmail: [email protected]
Irene Leech, Ph.D. Virginia TechBlacksburg, VAEmail: [email protected]
Dora Mays, Ph.D.MacDill Air Force BaseTampa, FL Email: [email protected]
Syble SolomonLifewise/Money HabitudesWilmington, NCEmail: [email protected]
Michael Wood, AFC®
Army Installation and Management CommandSan Antonio, TXEmail: [email protected]
www.afcpe.org
Editor: Jill Anne LadouceurEmail: [email protected]
Technical Editor/Proof Reader: Barbara O’Neill, CFP®, Ph.D., AFC®, CHC®
Email: [email protected]
Deadlines for The Standard are as follows: 1st Quarter—November 15 2nd Quarter—February 15 3rd Quarter—May 15 4th Quarter—August 15
The Standard (ISSN-1096). Published quarterly.
Association for Financial Counseling and Planning Education1940 Duke Street, Suite 200Alexandria, VA 22314Phone:(703)684-4484Fax:(703)684-4485
Dallas, Texas in January, the temperature
wasinthemid70’swhen28ofuscame
together for an AFCPE strategic planning
session. I related well to a groundhog, since
I entered the hotel in the late afternoon and
emerged two days later squinting from the
bright sunlight and seeing my shadow. How
enlightening it was to spend two days with
so many intellectuals from varied walks of
life coming together because of their love
and dedication to AFCPE.
We examined our foundation. We
revisited our purpose and values, and
discussed intently what is important to us.
Many associations have a “wait-and-see”
attitude. With uncertainty all around us,
hoping for things to return to the way they
were or remain the same may feel like a safe
thing to do; however, if we are to grow and
prosper then we must get in the driver’s
seat. If there ever has been a moment when
strategic thinking and planning mattered, it is
now. AFCPE has been Setting the Standard
for 30 years and I assure you that we will
have to work hard to continue that legacy.
We evaluated our products and services.
What type of association do we wish to
be and who is our customer? Are we a
professional organization that serves the
membership, or are we a certifying body
that provides a credentialing process for the
practitioner? AFCPE is all of those things
and we want to continue serving all. Now the
question is how do we continue to be relevant
and effective as a professional organization
and set the highest standards for our
credentials?
We examined the landscape. We
reviewed the risks associated with today’s
economics, politics, demographics,
and technology. We looked at how we
might transform these into opportunities
for our organization. People today are
more inclined than ever to learn through
technological advances. Social networking,
webinars, distance learning, and the
overarching economy are major driving
Standardthe
2nd QUARTER 2013
During the transition of our Executive Director, and with the Board of Directors
(BoD) focusing on strategic planning, the BoD wants to maintain continuity
within AFCPE. In order to proceed forward efficiently with a new business plan
the BoD decided to suspend officer elections for 2013 and have responsibilities
shared between the two presidents. Rebecca Travnichek (President 2012) and
Barry Wilkinson (President 2013) will share responsibilities as “Co-Presidents”
for this year with Barry moving into the Presidency in 2014. The AFCPE Board
of Directors sincerely appreciates the support the membership and staff
continually provide as our organization evolves.
Continued on page 14
3
Leadership
Celebrating 30 Years: AFCPE’s Anniversary Is a Time for Reflection and Inspiration
By Jill Anne Ladouceur
In 2013, AFCPE
celebrates its 30th
anniversary. As
with all milestone
events, it’s a good
time for reflection,
as well as looking
toward the future.
The Standard
visited with leaders
who have shaped
the membership
association that
you have chosen
to support, and
likewise, the
organization that
supports you. What follows is a snapshot
of our rich history.
The seed was planted in 1983 by two
visionary leaders, Jerry Mason, Ph.D.,
and Tahira Hira, Ph.D. The two attended
a conference together and talked about
the need for resources to be available
and shared amongst this budding
profession. Mason recalls, “There was
a need for a professional association
with a mission to enhance the financial
counseling profession.” From there, the
first conference was developed and held
at Brigham Young University, where Mason
taught. The invitation-only conference
attracted over 60
attendees from 30
states. It was hosted
the next year by Hira’s
Iowa State University
where AFCPE was
formally launched and
bylaws were adopted.
Mason quipps, “I
was elected Past
President—funny title
for someone who was
never the president.”
One of the cornerstone
ideas was to establish
an organization
that supported all those with an interest
in financial counseling. In the early years,
AFCPE was supported primarily by
academia, soon after joined by financial
counselors, Cooperative Extension and the
military. Tom Garman, Ph.D., was involved in
the formative years and recalls, “We wanted
to create an organization where all those
who were involved in personal financial
issues could meet, feature their work, and
be treated with respect.” He continues,
“Respecting all was critical,” and still is today.
As the need for financial counseling has
continued to grow, the membership
of AFCPE has become more diverse,
welcoming those in credit unions, financial
aid offices and credit counseling, among
others. Today, AFPCE members and
certificants are geographically dispersed.
There are 643 of your colleagues located
AFCPE Mission: “AFCPE provides professional development experiences for financial educators, practitioners, and researchers to improve the economic well being of individuals and families worldwide.”
Tahira Hira, Ph.D. Jerry Mason, Ph.D.
Continued on page 11
4
Academic
Eight Reasons Why Partnering Financial Literacy with Financial Aid Makes Sense
By Mark Mielke, MPA, CFP®
As a result of Texas legislation, Texas public
colleges and universities will be required to
offer student financial literacy training no
later than Fall 2013. Those Texas college
administrators who previously believed that
financial literacy was unnecessary are now
scurrying to establish compliant programs.
Administrators from other states are also
exploring options for effective, cost efficient
financial literacy programs.
The obvious need to establish financial
literacy training to assist students sorely
lacking in money management skills will
be with us until students receive adequate
training before entering college. This
need for starting campus financial literacy
programs comes at an inopportune time as
colleges are facing continuous pressure to
keep budgets low. The good news is that
establishing an excellent financial literacy
program need not be expensive.
There are a number of models for
establishing college financial literacy
programs and each has its own advantages
or disadvantages for personnel costs, facility
requirements and service to students. One
model which scores well on all of these
considerations is incorporating financial
literacy counseling within the financial aid
office. Here are eight reasons why it makes
sense to consider this model for your
school’s financial literacy program:
1. Finding the Right Professionals—
One of the first challenges in
establishing an effective program is
finding knowledgeable employees
capable of communicating information
on a variety of money topics. Who
possesses a more in-depth knowledge
of college student finances than
a financial aid advisor (sometimes
called counselor or officer)? Financial
aid advisors talk with students and
parents on a daily basis and are
intimately familiar with students’ money
challenges, issues and problems.
Advisors also have a pulse on their
local economies and the devastating
impact that economic downturns
can have on the financial resources
of parents and their ability to assist
children with college expenses.
2. Aware of Student Costs—Advisors
are well-informed about their schools’
Cost of Attendance (COA) estimates
which provide a useful starting point
for student budgets. A fundamental
element in establishing a budget is
estimating expected costs. Students
can add to or subtract from COA
estimates based on their specific
circumstances after performing more
detailed projections. There is not a
competent financial aid advisor who
is not able to quickly review student
budgeted costs for housing, utilities,
food, transportation and entertainment
to determine if they are reasonable.
3. Professional Judgment Authority—
One of the best parts of being a financial
aid advisor is the authority to perform
a professional judgment (PJ) when
circumstances warrant. Few people
on campus have the power to improve
a student’s financial status as much
as an advisor who determines a PJ
is justified. There are circumstances
where a student’s Expected Financial
Contribution (EFC) may be modified to
enable Pell Grant to be increased from
$0 to $5,550, as well as to enable the
student to be eligible for other grants.
Students who go to financial literacy
offices that don’t possess the knowledge
or authority to perform PJs may only
receive counseling to reduce spending.
4. Comprehensive Financial
Counseling—Offering financial literacy
advice to students as part of financial
aid provides a “one-stop shop” that
delivers exceptional customer service.
While there is additional, distinct
knowledge that financial aid advisors
will need to obtain in order to become
valuable financial literacy counselors,
most students coming in for financial
assistance don’t make the distinction
between the two money classifications.
They just need financial help.
A student may come in with a problem
that necessitates counseling on
establishing adequate budgeting
practices, decreasing the amount
of credit card debt, and explaining
financial aid options. Financial literacy
representatives who provide assistance
with budgeting and credit card debt but
who are unable to help with financial aid
information provide less than optimum
customer service. Financial aid advisors
who discuss financial aid options but
2nd QUARTER 2013Standardthe
Continued on page 5
5
Academic
Understanding Alternative Credit Data
ByLibby Vasselwho are unable to help with budgeting
or credit card debt issues provide a
similar sub-optimum customer service.
Trained financial aid advisors who are
able to help with all three of these
topics, as well as other issues that
may arise, are providing the first-rate
customer service students deserve.
5. Access to More Students—Financial
aid advisors are able to identify and
counsel students on financial literacy
topics who may never go to visit with
a financial literacy counselor. Financial
literacy counselors who are separate from
financial aid offices have commented to
me that they don’t have a large number
of students seeking individual counseling.
Perhaps that is because students don’t
see the value of their counseling.
Financial aid offices don’t have a
shortage of students seeking financial
assistance. Financial aid advisors who
carefully listen to the large number of
students with whom they meet can
identify financial literacy problems
and assist students in resolving these
problems. Financial aid advisors can
even require student action before
enabling them to receive their financial
aid. An example might be a student who
is required to bring in a realistic budget
or attend a credit card workshop before
a Satisfactory Academic Progress (SAP)
appeal is approved.
6. Knowledgeable About Fighting
Against Student Debt—Financial aid
advisors who possess financial literacy
knowledge are among the most valuable
members in the fight against high student
loan debt. Soaring student loan default
rates have been identified by some as
the next credit bubble. Many financial
aid offices have programs to lower
student loan default rates for students
at their schools. Increasing financial
literacy knowledge will help advisors
in educating students about keeping
their student loans as low as possible
and establishing successful repayment
strategies. In talking with financial literacy
representatives not part of financial aid,
many don’t know their specific school’s
student loan default rate, and some had
no idea that the default rate is measured.
All financial literacy representatives need
to be part of an active campus team with
the goal of keeping default rates as low
as possible.
7. Skilled Advisors—With the sound
money and counseling foundation
most financial aid advisors possess,
increasing their financial literacy
knowledge should not be expensive.
Advisors are skilled in working with tax
returns when completing verifications
as well as adroitly making numerous
calculations when completing
aggregate loan determinations and PJs.
Advisors usually are able to easily learn
financial literacy information to allow
them to provide counseling and present
workshops. In addition, there is a large
amount of workshop information on
many financial literacy topics that is free
to anyone who asks. Some organizations
allowing use of their workshop slides
and handouts ask that their logo remain
on the slides, along with the school logo
of the presenter. Others, such as the
Money Wise Aggie, freely provide use of
their independently developed slides and
handouts with no restrictions. Almost
all financial literacy programs want to
share their information so that students
from all schools can receive useful
financial literacy training. With the sharing
attitude of schools with active financial
literacy programs, there is no reason that
schools initiating workshops will have to
start from scratch.
8. Low or No Increase in Personnel
Costs—Since schools using this model
are training financial aid advisors for their
financial literacy programs, there are
normally little or no increases in personnel
and facility costs. Certainly the costs of
training advisors already on the payroll
would be less than hiring new staff and
finding building space for them.
The eight reasons for integrating financial
literacy into the financial aid office provide
a logical option for schools seeking to
establish robust financial literacy programs
at a reasonable price.
Mark Mielke, MPA, CFP®, is an advisor and
Money Wise Aggie Coordinator, Scholarships &
Financial Aid at Texas A&M University. He can
be reached at (979) 458-5325 or visit https://
moneywise.tamu.edu for more information.
“This need for starting campus financial literacy programs comes at an inopportune
time as colleges are facing continuous pressure to keep budgets low.”
Partner Financial LiteracyContinued from page 4
6
You and your clients are frustrated!
Encouraging them to save more often
seems to be met with resistance, anger and
hopelessness. Saving seems so unrealistic
when your client is living from paycheck to
paycheck. Where will they get the money to
save? The answer: spend differently.
When you make spending a separate subject
matter and provide new techniques, you
enable people to be better consumers so
they get more value for their dollar. Once
they take control of their spending they are
ready to save. Taking control of everyday
spending decisions is the key. Research tells
us that having more money isn’t necessarily
the answer. Typically when people have more
money but don’t mend their spending, they
continue to have the same money challenges!
How can you help them focus on spending
to get the most mileage from the money
they do have? Try these eight ideas to
promote successful spending strategies.
1. Find options for impulsive or convenience spendingConvenience is cited as a main reason for
impulsive spending. People surveyed say it
prompts spending without much forethought
or research regarding whether or not the
purchase is necessary or a good value.
Anything that seems to make life easier
falls into this category, for example, eating
out or buying prepared or fast food. Other
examples of convenience purchases include
going over their cell phone limit for calls and
text messages, shopping at convenience
marts or expensive nearby stores instead of
at lower priced supermarket or department
stores, or using any ATM instead of their
own bank’s resulting in extra charges. How
can you help your clients explore new ways
to plan their routes, time, meals or record
keeping so they don’t have to sacrifice
convenience to save money?
2. Identify when people are more vulnerable to impulsive spending When people are feeling tired, hungry, angry,
lonely or fearful they are vulnerable to making
choices they will later regret. Help people
recognize those feelings and encourage
them to avoid spending or making financial
decisions at those times when possible.
Tips that could make a difference are: eat
something before shopping, have a shopping
list and stick to it, shop less frequently (and
without children) and shop at a different time
of day or different day of the week when
there are fewer stressors. Also, once your
clients recognize these feelings, they can
train themselves to stop before going to the
register, then go through their cart to remove
items by asking themselves these questions:
• How much time will I have to work to pay
for this item? Is it worth it?
Focus on Mending Spending to Increase Savings
By Paul Richard
2nd QUARTER 2013Standardthe Practitioner
Continued on page 7
7
• What are three other things I could do/
buy with that money? Would that have
more value for me?
• Will I think this was a good choice when I
look back in a month?
It could also be helpful to not purchase
anything unplanned that costs above a
certain amount of money (maybe $50?)
without waiting a day, week or month.
3. Differentiate between quality and brand namesMarketing, peer pressure, status and the
fleeting moment of feeling good are often
the cause for buying more expensive items
when comparable items are available for
less. For some people that means replacing
their perfectly serviceable items with the
latest model at a higher cost. Technology is
the biggest culprit here as people are buying
expensive new cell phones, tablets and
computers and then spending more on brand-
name accessories for them. Other examples
include buying bottled water and designer
drinks, automatically having cars serviced at
the dealership, buying flowers and plants at a
florist, buying brand name clothing and only
shopping in the “right” stores.
4. Provide comparison shopping educationOne of the easiest steps to increase
the value of every dollar spent is to do
comparison shopping before spending.
Besides teaching how to research big-
ticket items and ask the right questions,
suggest a separate shopping trip just to
get information without buying anything.
That means the person does not carry
credit cards or a checkbook and is only
comparing prices, value, repair history,
warranties, etc. This not only helps educate
the buyer to make the best choice, it also
eliminates the possibility of a persuasive
salesperson influencing a quick (and
potentially bad) decision.
5. Increase awareness of marketing strategiesHelp people recognize common marketing
strategies that are very successful. For
example, salespeople and advertisements
will break down an expensive item into “ten
easy payments of only ....,” so the total
cost plus interest is never mentioned. Ads
that appeal to making your life easier will
distract the customer from considering
the price. Common phrases are shop at
home,ouragentsareavailable24/7,and
delivered to your door. Be aware of ads
and salespeople who provide incentives
if you immediately commit to purchase
something. Common phrases are special
gifts for the first ten callers, discounted
price if purchased today, and 15 percent
discount on all your items if you apply for
this credit card today.
Other common marketing strategies
in grocery stores are: placing the least
expensive brands on the bottom or top
shelves and the most expensive items at
eye level; placing items at the end of aisles;
and placing individual pieces of produce
by the pound in the front of the store and
produce packaged in multiple pound bags
at a discounted rate further back.
6. Share good spending practicesGreat practices to establish are to wait
for sales, use coupons, take advantage
of group buying, use rebates and be
aware of what are the best months to buy
certain products. Another important habit
is to save up to buy something instead
of buying on credit. If you’re working with
groups, participants generally are more
open to interactive discussions when other
members of the group share their personal
suggestions, experiences and successes.
7.Providehands-onlearningInformation is more dynamic when there
are opportunities for practical applications.
Do group shopping trips for comparison-
shopping with people sharing their
findings at the end. Work on spending
projects, play games that include financial
choices, role play different scenarios
and work out the real cost of buying on
credit. Discussions and activities are more
motivating, engaging and reinforcing than
lectures and PowerPoint presentations.
8. Get beyond dollars and centsConsider self-evaluation tools that will help
consumers understand themselves better and
how that influences their spending patterns.
• What money messages did they learn or
inherit growing up?
• Does how they spend their money reflect
their values?
• What is their money personality?
• How does their spending affect their
relationships?
Poor spending habits and choices result
in about 80 percent of American adults
feeling they cannot save enough, build net
worth or attain a good credit score. Helping
consumers spend wisely can make the
difference! While a single class on spending
issues can be helpful, focusing on spending
throughout a more comprehensive program
lasting weeks or months will have a greater
chance of fostering positive changes in a
person’s life.
Paul Richard is executive director of the Institute
of Consumer Financial Education, (ICFE) a
nonprofit, educational foundation, established
in 1982. He is a bankruptcy reform advocate,
author of books/articles, educator, savings
advocate, and public speaker. He can be
reached at [email protected].
Practitioner
Mending SpendingContinued from page 6
8
2nd QUARTER 2013Standardthe
The Massive Failure of 401(k) Education
By Dennis Ackley
Lots of hard work and great intentions have
gone into the retirement aspects of personal
financial education. Yet sadly, 401(k)
education is the largest failure ever of adult
education. What does the failure look like?
At best, $400 a month. That’s the
expected lifetime income when all 401(k)
and IRA accounts are combined in typical
households headed by employees age
55–641. The median total balance in those
households is $120,000. Using the 4
percent a year lifetime withdrawal guideline
that many financial planners follow,2 it
amounts to $400 a month ($120,000 ×
4-percent ÷12 months). Looking at 401(k)
accounts alone, it’s around $200 a month
for life for typical employees age 55–64
(using the 4 percent guideline). Their median
401(k) balance is about
$62,000.3
Most of the content
and techniques used
in today’s 401(k)
education came from
1980s mutual fund
sales presentations.
They were designed
for financially aware
people who were
interested in mutual
funds to supplement
their traditional pension
plans. Does that sound
like today’s typical
company employee?
There was no sinister
motive. It was just easy
and inexpensive for the mutual fund industry
to change the name of the sales materials to
“401(k) education.” But it was:
• Not pilot tested
• Not modeled after successful voluntary
retirement ed programs
• Not designed using adult-education
principles
• Not based on competencies employees
need to begin using 401(k)s successfully
• Not equipped with successful testing tools
In 30 years, about the only change is that
some content is now delivered via websites,
emails and Twitter.
Test it yourself. Ask 401(k) education
providers, “What specific skills and
knowledge must beginning 401(k) participants
have to be successful? And how do you
measure the results of your education to
ensure employees know what to do and
how to do it?” Unfortunately, many providers
don’t have the answers. So how can they
determine what should be in or out of a basic
401(k) curriculum?
No well-run organization would allow
drill-press trainers to teach new operators
without a clear description of the required
competencies and without success
measures. Why is that allowed in educating
new 401(k) operators?
Cruelest ConsequenceAsk some employees how much money
they would need in an account to afford the
retirement they want. Most will have no idea.
Yet, it will be the most expensive “purchase”
most people will ever make. (Back in the
day, we were told it was a house—we were
told wrong.)
Research shows only four in ten employees
say they’ve tried to calculate how much
they’ll need in retirement. Even about half
the workers age 50–65 don’t know.4 This
is tantamount to intending to start a new
career and having no idea how much it will
pay or where the money will come from.
Why is the realistic cost of retirement a
mystery? It could be because the 1980s
mutual fund presentations didn’t address it,
so it’s still not covered in 401(k) education.
The retirement industry has had an odd
practice of “benchmarking” retirement plan
Continued on page 9
9
features—not plan outcomes. Today, fewer
than 5 percent of plan sponsors focus on
retirement income as a success measure of
their 401(k) retirement plans.5 If retirement
income is not the main purpose of a
retirement plan, what is?
No Target, No SuccessEvery beginning 401(k) user needs a
personally meaningful, realistic target account
balance. Research shows that employees
who know how much they need are not
discouraged. In fact, they save more.6 It’s
illogical to expect employees to reach a
target that is unknown to them or they have
not personally set … especially one that
requires substantial financial contributions.
Here’s a simple approach. Imagine you are
age 65 today and it’s your last day of full-time
work. You have $100,000 and you expect
to spend it over 25 years to age 90. And
say you’ve put it in bank CDs (a favorite of
retirees), and the CD and inflation rates are
the same. If you divide $100,000 by 25 years,
how much is that each year? Is it really only
about $4,000 worth of buying power a year—
$333 a month—before the account runs out?
Is this realistic? Is it meaningful? Coincidentally,
this example reinforces the 4 percent guideline
that a $100,000 account provides around
$4,000 in buying power a year.
Questions Fuel MotivationMost 401(k) education delivery is based on
the old sales presentation model of having
an expert tell employees what to do. But for
people who are not yet motivated to learn
about retirement—i.e., most young adults—
telling isn’t teaching.
Clay Christensen, a widely admired
Harvard professor, paints a vivid image of
how adults learn. “Questions are places
in your mind where answers fit. If you
haven’t asked the question, the answer has
nowhere to go. You have to want to know
the answer.” Telling unmotivated adults to
save and giving them advice they haven’t
sought are wasted efforts.7
Rather than tell employees what to do, an
effective 401(k) education program should
help them imagine their future lives and
dreams. The curriculum could be designed
to get employees to ask themselves, “On
top of income from Social Security, personal
assets and part-time work, how many
$100,000 accounts would I need to support
the retirement lifestyle I want?”
Shouldn’t employees discover in their 20s
—and not in their 60s—that every $1,000
a month will take around three $100,000
accounts? Not knowing the cost from the
start of their careers steals the time they
need to accumulate the account balances
they’ll want. Starting early and making
substantial contributions are essential for
success using 401(k)s.
Helping young employees discover a
realistic idea of the cost is just the start.
It’s intended to turn them into motivated
learners who will want to learn much more
and obtain sophisticated advice from
financial professionals. Getting a good
start early in their careers is something
employees need, but most do not get.
Nudging to SuccessSome prominent behavioral economists
have a well-intended theory of nudging
employees through automatic enrollment
and escalating contributions so employees
will accumulate several hundred thousand
dollars for retirement. That’s fine as long as
it’s done along with education so employees
know, among other things, the realistic cost
of the retirement they want.
To believe automatic provisions will work
without effective education, you must also
believe that employees will never take the
401(k) money out when they change jobs,
buy a house or encounter a hardship. And,
they will never reduce their contribution
rate, even though they have no idea
how much the retirement they’ll want will
cost. What are the chances of all that
happening?
If organizations want employees to be
successful using voluntary retirement
plans—401(k)s,403(b)s,and457s—they
must make sure employees know how to
use the plans to provide the retirement
income they want. American workers
deserve a retirement education that works
… or retirement plans that don’t require
knowledgeable users.
Dennis Ackley is an advocate for clarity and
accountability in 401(k) education—helping
workers gain the basic knowledge needed to
begin achieving the financial future they want.
Early in his career, Dennis spent six years in
educational research and instructional design.
For the next 30 years, he worked in retirement
administration and communication consulting.
For more of his ideas regarding retirement
education, see his speeches and articles at
dennisackley.com.
© Copyright 2012 Dennis Ackley
Endnotes1. 2010 Survey of Consumer Finances,
Federal Reserve System, June 2012.
2. Revisiting the ‘4% Spending Rule,’ The Vanguard Group, August 2012.
3. How America Saves 2012, The Vanguard Group, June 2012.
4. Financial Literacy and Retirement Planning in the United States, Lusardi and Mitchell, February 2011, Netspar.
5. Looking Into the Stars, Plansponsor Magazine, November 2012.
6. The 2011 Retirement Confidence Survey, ebri.org, Issue Brief, March 2011.
7. Asking for Help: Survey and Experimental Evidence of Financial Advice and Behavior Change, Hung and Yoong, RAND Corporation, January 2010.
401(k) EducationContinued from page 8
10
Standardthe
Financial Literacy is an important factor
for consumers to improve their basic
understanding on how to handle money
and to make smart decisions concerning
their personal finances. Having a basic
understanding of how to better manage
money and the opportunity to enhance that
knowledge can save your clients hundreds
of dollars each month and thousands
of dollars per year. A basic definition of
financial literacy is the ability to understand
how money works.
Regardless of your clients’ age, they should
take a few minutes a day to improve their
basic financial management skills to become
better educated on consumer matters,
improve their awareness of bottom line
figures before signing documents, and
most importantly, to implement preventive
measures to help them avoid the pitfalls of
predatory practices. Note that predatory
practices are not just known for high-interest
loans from predatory lending, rent-to-own or
take-it-home (no down payment necessary)
establishments, but insurance fraud and
investment scams are also known for
predatory practices and are on the uprise.
Many experts agree that financial literacy
empowers your clients to make smart
financial decisions. Here are three areas that
can improve your clients’ financial well-being.
1. Credit Score Impact—Your clients
should know their credit score. It can save
thousands of dollars in getting the best
annual percentage rate (APR) for consumer
loans. For example: If Consumer A has a
currentcreditscoreof720points,Consumer
A could possible qualify for $15,000 auto
loan at an APR of 6 percent. If Consumer
B has a current credit score of 620 points,
Consumer B could possibly qualify for an
APR of 18 percent or higher. Please see the
charts above to illustrate the computations.
Consumer B would pay $5,454.56 more
in interest payments for the same time
frame of the loan without any additional late
charges or penalty assessment fees. This
consumer lesson illustrates that a higher
credit score will yield lower interest rates,
therefore your client saves money.
2. Track Expenses—Maintaining a monthly
budget and tracking monthly expenditures
are not as difficult as perceived. Your clients
can start by tracking their daily expenses. It
should be no surprise that small purchases
on weekdays could add up to more than
one large purchase on a weekend. Most
large purchases are planned, but small
purchases are often taken for granted. A
snapshot for comparison is illustrated in the
chart on page 11. Compare that to a large
purchase of an iPad Mini at $329.
3. Legislation/Agency that Protects
Consumers—In July 2010, the United
States Congress passed into law the Dodd-
Frank Wall Street Reform and Consumer
Protection Act. The Dodd-Frank Act
implemented significant changes to financial
regulation in the United States to implement
preventive measures for unfair practices in
the financial industry.
Another piece of legislation that consumers
should be aware of is the Credit Card Act of
2009. In brief, the Credit Card Act of 2009
required financial institutions (card issuers)
to provide a notification to consumers for
4 Steps to Up Your Client’s Financial Know-How
By Eugene A. Woods, AFC®
Standardthe
2nd QUARTER 2013
Continued on page 11
Consumer A Loan Information (Credit Score 720 points)
Amount Financed $ 15,000.00
Total Amount Paid $17,399.52
APR (%) 6%
Total Interest $ 2,399.52
Length (years) 5
Paid/Borrowed 1.16
Consumer B Loan Information (Credit Score 620 points)
Amount Financed $ 15,000.00
Total Amount Paid $ 22,854.08
APR (%) 18%
Total Interest $7,854.08
Length (years) 5
Paid/Borrowed 1.52
11
major changes such as an increase in the
APR. Consumers would be allowed to “Opt
– In” or “Opt – Out” of the changes and
agreement of the new terms and conditions.
An important federal agency for consumers
to become more aware of is the Consumer
Financial Protection Bureau (CFPB). One
of the primary responsibilities of the CFPB
is to provide guidance for regulating the
rights of consumers with regards to financial
products and services in the United States.
4. Take Control—Reversing the bad habits
of learned financial behavior is simply a
matter of taking control of the monthly
budget. Tracking when and where your
clients’ daily and monthly expenditures occur
help to stay in charge. Being conscious
of the amount of money spent provides
the safety net and precautions from over
spending. Using a credit or debit card is too
easy to swipe. Spending actual currency
(cash) can make it difficult or very unpleasant
to spend. A budget may not be written down
on paper or maintained with the use of an
excel spreadsheet, but it is important to
realize budget procedures are implemented
every time income or a daily transaction for
purchases or services occurs.
Small steps in the right direction will
improve your clients’ well being, overall
morale, and move them toward financial
success. Have your clients review their
credit report at least once a year and take
the time to learn about their consumer
rights before making a large purchase for
a car or home or applying for a consumer
loan. Have them track their daily and
monthly expenditures to stay in line with
their overall goals. Keep the ball in your
clients’ court to help them stay in control.
Eugene A. Woods, AFC®, is Personal Financial
Counselor, ACS/Financial Readiness Specialist. He
can be reached at [email protected] or
in every state within the United States.
Therearealso72membersandcertificants
located in Armed Forces Europe and Armed
Forces Asia area, as well as 82 members
and certificants in Canada, and there is one
member in Hong Kong.
In the 1980’s, AFCPE leadership recognized
the need for a professional journal that
addressed the specialized content needs of
financial counseling and planning education.
Sherman Hanna launched the journal,
now known as The Journal of Financial
Counseling and Planning, and remained
editor until 2002.
Later in the 1980s, a certification
committee was established which was
chaired by Mary Stephenson. In 1992
Mason was called on again to spearhead
the creation of a certication program
working from a spare bedroom in his
home. Ike Templeton, ACS Financial
Readiness program manager in Community
and Family Support Center’s Family
Programs directorate was instrumental
in gaining the support of the U.S. Army.
Mason remembers, “The reader needs to
understand that this committee had no
money. However, Ike Templeton said he
would get the U.S. Army to make advance
payments to buy courses to launch the
program. Thanks to the Army’s rescue,
we had a little support to launch AFCPE’s
certification programs.”
In 2001, AFCPE established the vision,
“AFCPE provides professional development
experiences for financial educators,
practitioners, and researchers to improve
the economic well being of individuals and
families worldwide.” The vision of AFCPE
leaders is to be internationally recognized
for these efforts, including its certification
programs, research journal, newsletter and
annual conference.
In 2003, at our 20th anniversary celebration,
Karrol Kitt , Ph.D., and the late Celia
Hayhoe, Ph.D., remarked that, “The pie-
in-the sky vision for the future includes a
new profession of financial counselors with
AFCPE as its steward.” I think Celia would
be very pleased to know that vision wasn’t
pie-in-the-sky at all—it is reality.
Thank you to the many, many leaders who
have shaped the financial counseling and
planning education field. Your hard work
has left a lasting imprint and benefited the
lives of consumers worldwide. Your work
makes a difference.
Up Your Client’s Know-HowContinued from page 10
AFCPE 30th AnniversaryContinued from page 3
Small Purchases Add Up
Small Purchase Frequency Amount Spent
$5.62 (Breakfast) + $9.35 (Lunch) 5 x per week $74.85
$5.62 (Breakfast) + $9.35 (Lunch) 20 x per month $299.40
Compared to iPad Mini $329.00
12
the
2nd QUARTER 2013
HoardingContinued from page 1
Standard
But what, actually, is hoarding? Compulsive
hoarding (a.k.a. pathological hoarding or
disposophobia) is a hard condition to pin
down. The latest edition of the American
Psychiatric Association’s Diagnostic and
Statistical Manual of Mental Disorders (Volume
5) will separate hoarding and obsessive-
compulsive disorder. Hoarding disorder will be
defined as ‘persistent difficulty discarding or
parting with possessions, regardless of their
actual value. Certain defining features have
been identified by researchers in dealing with
chronic hoarders. These criteria include:
• Theacquisitionofandfailuretodiscarda
large number of possessions that appear
to be useless or of limited value
• Livingspacessufficientlyclutteredso
as to preclude activities for which those
spaces were designed
• Significantdistressorimpairmentin
function by hoarding
• Reluctanceorinabilitytoreturnborrowed
items. As boundaries blur, impulsive
tendencies could sometimes lead to
stealing or kleptomania
There are different degrees of hoarding—
from Level I to Level V—and there are
different things that people hoard, including:
• Newlypurchaseditems
• Useditems(fromgaragesales,flea
markets, discount stores)
• Freebiesandjunk(pickedoutofgarbage,
the side of the road, etc…)
• Food
• Animals
• Newspapers,magazines,bills,and/or
other papers
• Scrapsorpartsforartisticorutilitarian
projects
• Intangibles(email,DVRrecordings,etc.)
Hoarding can lead to many negative
consequences, including loss of money,
loss of time, loss of relationships, shame/
embarrassment/isolation, arguments with
loved ones, germs/disease, accidents/
injuries, loss of freedom/loss of movement,
and, increased mental illness, especially
depression, anxiety and obsessive-compulsive
disorder, and legal consequences.
Why Do People Hoard?While pioneers and experts in the field of
hoarding are still unlocking the puzzle of what
causes hoarding, it’s believed that hoarding
has both genetic and socialized components
(nature and nurture). Hoarding has been
related to obsessive-compulsive disorder
and anxiety disorder, but it is distinct in itself.
Theories about what causes hoarding include:
• Gettingahighfromaccumulatingand
feel pain/anxiety when discarding
• Reactiontochange,trauma,loss,
stress—lack of control over little things
• Socialanxiety/phobia,isolation/
protection
• Shakysenseofselfandover-
identification with objects
• Problemswithattention/organization
• Problemsprocessinginformation/
categorizing
• Problemsmakingdecisions
• Problemswithmemory(toomuch/toolittle)
• Attemptstoexperiencesafety,security,
control
Hoarding is a difficult and highly
emotionally-charged problem. If you
suspect your client is in trouble, it is best to
refer them to a specailist.
Terrence Daryl Shulman, JD, LMSW, ACSW,
CAADC, CPC is the Founder/Director of The
Shulman Center for Compulsive Theft, Spending
& Hoarding in Franklin/Southfield, Michigan.
He has authored four books, including the
recently published Cluttered Lives, Empty Souls:
Compulsive Stealing, Spending & Hoarding
(2011, Infinity Publishing, see www.clutteredlives.
com). He offers specialized counseling and
consulting in person, by phone and via Skype.
He can be reached at (248) 358-8508 or
[email protected]. His
websites include www.theshulmancenter.com
and www.hoardingtherapy.com.
Tips for Your Clients Who Hoard
If you or someone you know may have
a hoarding problem, take The Shulman
Center 20-Question assessment available
at www.hoardersanonymous.org.
• Admityouhaveaproblemandneed
help
• Seekprofessional,specialized
counseling/therapy
• Readbooks/watchTVprogramson
this subject
• Visitthewebsiteswww.hoarding
therapy.com and www.hoarders
anonymous.org
• Seesupportgroups(Messies
Anonymous, Clutterers Anonymous)
• Hireaprofessionalorganizer
• Setatimertocleanacertainamount
of time per day
• Ifyouaretryingtohelpahoarder,
don’t move or throw out their
possessions
• Seekhelpcategorizingthings:trash,
keepers, recycling, gifts, for sale
• Maintainorderandcleanliness
through ongoing support/
accountability
We are hoarding
potentials so great
they are just about
unimaginable.—
Jack Schwartz
“Beauty is Nature’s coin, must not
be hoarded, must be current.”
—John Milton
13
Book Review
Life at Home in the Twenty-First Century: 32 Families Open Their Doors
Written by Jeanne E. Arnold, Anthony P. Graesch, Enzo Ragazzini, and Elinor Ochs
Reviewed by Barbara O’Neill, Ph.D., CFP®, Rutgers University
As Book Review Editor for the Journal
of Financial Counseling and Planning, I
frequently receive marketing materials for
new books. When I received a publisher’s
summary of Life at Home in the Twenty-First
Century: 32 Families Open Their Doors,
the topic intrigued me. The book “presents
a visual ethnography of middle-class
households” in southern California. The
authors, archeologists and anthropologists
from UCLA and a world renowned
photographer, used a multi-year systematic
observation and interview process with a
diverse sample of two-earner families with
children to present “an unvarnished view of
the home lives of contemporary families and
their material possessions” (p. 3).
Part research summary and part coffee table
book,this171-pagehardcoverpublication
contains hundreds of photos of the contents
of the subjects’ homes. According to the
authors, while the sample of 32 households
seems small, the collection of detailed
information about their everyday interactions
and behavior and “material assemblages
for dozens of houses” is very rare. The
researchers spent a week in the homes of
each of the 32 households between late
2001 and early 2005, took pictures of their
possessions, and observed and recorded
the activities of every family member.
While not a personal finance book per se,
Life at Home in the Twenty-First Century
provides valuable insights into American’s
time-use and spending habits. It is
organized into nine chapters covering topics
such as material saturation; vanishing leisure
time; food preparation patterns; kitchen,
bathroom, and master bedroom use; and
subjects’ personalization of their homes
and use of electronic devices. Financial
practitioners who teach about needs versus
wants, materialism, and the concepts of
“enough” and “affluenza” will especially
find this book useful. Following are some
interesting facts and findings:
Materialism has significant costs beyond
overspending and depletion of family
paychecks. Many families amass more
possessions than their houses can hold.
This can result in psychological stress
associated with clutter and disarray, not to
mention financial anxiety due to mounting
debt. Many two-income families report not
having time to organize their possessions
and create order.
U.S. families have trouble getting rid of
possessions and struggle to cope with
stored clutter. Cars have been banished
from75percentofgaragestomakeway
for accumulated “stuff.” The U.S. has
3.1 percent of the world’s children and
“buys more than 40 percent of total toys
consumed globally.” (p. 36).
U.S. families exhibit a strong propensity to
stockpile food with long shelf lives and bulk-
rate prices. This minimizes the number of
times they need to shop for food. About 25
percent of evening meals involve no home
labor and are obtained through carry out,
delivery, or restaurants.
A striking observation was that sampled
households rarely engaged in outdoor
leisurely activities and rarely use furnished
outdoor spaces despite California’s mild
climate. Over two-thirds of parents’
activities were non-interactive and indoors.
A gender gap in leisure time was “quite
pronounced in the father’s favor.” Kitchens
were found to be “command centers”
where families maintained an average of
5.2 activity calendars to keep track of
members’ schedules.
The Los Angeles study documented
a number of downsides resulting from
material affluence including comfort lost if
possessions overly crowd a home, waning
leisure time, and reduced social interaction
at mealtimes. The book does not offer
any prescriptive solutions, however. Its
purpose is simply to describe behavioral
and material characteristics of early 21st
century families.
Life at Home in the Twenty-First Century
is a fast, insightful read. The photographs,
as expected, are “ordinary” and reveal
the clutter present in many homes. The
time lag between final data collection in
2005 and the book’s publication in 2012
was not explained. Perhaps it simply
took the authors that long to categorize
and interpret the data. In the meantime,
new products to buy (e.g., big screen
televisions) and ways to spend time (e.g.,
Twitter) have come along that are not
reflected in the book’s content.
14
Standardthe
Notes from the Executive DirectorBy Rebecca Wiggins | AFCPE Executive Director
2nd QUARTER 2013
Evolutionary InnovationThe New Year brings much more than
empty resolutions. It provides an opportunity
to reflect, recharge and recommit. As
we prepare to celebrate AFCPE®’s 30th
Anniversary this fall, it seems fitting to look
back on an organization that is rich in history
and built on a foundation of research,
expertise and vision. This is our springboard
for the future.
Over the years, AFCPE has matured into
a well-respected leading authority in the
field of financial counseling and education
through its rigorous certification programs,
quality publications, relevant educational
offerings and engaging conference sessions.
But, to properly support our mission and
meet the needs of the changing landscape,
we must continue forward on a path of
evolutionary innovation.
In order to effectively prepare for the
important journey ahead, a group convened
in January for an intensive strategic planning
retreat. The 28 participants consisted of
founding members of AFCPE, previous and
current Board members, representatives
for AFCPE constituencies, AFCPE staff and
thought-leaders in the field. The experience
created a collaborative vision for the future
of the financial counseling field and shared
passion for a strategic direction for AFCPE
that honors the past, recognizes the present
and shapes the future for our organization
and the field.
This strategic planning retreat was just the
beginning of a dynamic process that will
allow us to respond to the changing trends
and needs of the financial counseling field
in a collaborative way. Throughout the
coming months, we will seek your input and
feedback on new ideas and initiatives as
we seek to enhance AFCPE and remain a
leader in this field.
Ways to Get InvolvedCommunities of Practice. AFCPE
would like to feature the work you
and your colleagues are doing across
constituencies or in your regions, to impact
your communities. Please provide a brief
synopsis to [email protected].
AFCPE Vision for the Future. Help us
shape the future of this organization!
• Share some ideas on the two or three
most important challenges you face in
your profession.
• What programs/services could we
provide that would enhance your
knowledge and skills?
• Was there a recent learning opportunity
that you thought was wonderful, and if
so, why?
• What are some topics that you would like
to discuss with your colleagues?
Your input is extremely important to us and
will help inform program planning. Please
email [email protected] with your ideas.
President’s MessageContinued from page 3
factors in the way associations need
to conduct business today. We should
have an “AFCPE App” on every smart
phone! AFCPE should be the first hit on
Google for financial counseling. Every
bank, credit union, school, university,
social services agency, and employee
assistance program should know our
name. Our certifications should be as
common as Coca Cola to those who
seek a financial counselor/educator.
Celebrating our 30th Anniversary
this year is recognition of AFCPE
and the strides we have made over
the years. We also celebrate the
design of our strategic map which
will guide us into the future. We will
maximize the potential of AFCPE by
streamlining processes, eliminating
useless and costly practices, taking
advantage of today’s technology,
and insuring that we are using every
social network and marketing avenue
to our advantage. However, most
importantly, we will maintain open
communication, continually evaluate
the needs of our customer, use the
latest and greatest technology, and
always think strategically. There is an
old saying around the military, “either
lead, follow, or get out of the way” We
choose to lead.
15
Congratulations New Certificants
AFCPE Accredited Financial Counselor®
Graduates (11/19/12 – 2/25/13)
Thank you to this issue’s contributors:
Dennis Ackley
Michael Mielke, MPA,CFP®
Dean Obenauer, MPA, AFC®
Barbara O’Neill, Ph.D.,CFP®
Paul Richard
Terrance Daryl Shulman, MD,
LMSW, ACSW
Rebecca Wiggins
Barry Wilkinson, AFC®
Eugene A. Woods, AFC®
Bone, Silke
Edey, Lorraine
England, Nicole
Froelich, Mary
Gette, Gayle
Grimes, Rachel
Hafley, Victoria
Miller, Mark
Roth, Julie
Stueve, Cherie
Tomaneng, Jeffrey
Young, Shinae
AFCPE Accredited Credit Counselor®
Graduates (11/19/12 – 2/25/13)
Chairez, Maritza
Munster, Richard
AFCPE Accredited Financial Counsellor®
Canada Graduates (11/19/12 – 2/25/13)
Westenberger, Nova
Whittle, Delima
Are You in the Conversation?
www.afcpe.org/blog
Why Community Is So Important in this Profession
By Dean Obenauer, MPA, AFC®
Just for the heck of it, I googled the Webster
definition of community and highlighted
some key words that describe AFCPE:
• A unified body of individuals
• People with common interests
• An interacting population of various
kinds of individuals in a common
location
• A group linked by a common policy
• A body of persons having a common
history or common social, professional,
economic, or political interests
AFCPE is all about working together to
provide the best financial resources for
those we serve. The AFCPE conference
in St. Louis last November opened with a
“Communities of Practice” session. This
was a great opportunity for participants
to take another look at why we are in this
business to serve, and the access we
have to a tremendous wealth of expertise
through our shared membership in AFCPE.
The general session was immediately
followed by regional breakout sessions,
which provided another opportunity for
participants to come together in a more
informal setting. The breakouts started with
a fun and informative ice breaker activity,
which was well received. For many, it was
a first time meeting with colleagues from
their own backyard. Engaging, thought
provoking conversation, exchange of
contact information, and lots of smiles were
common observations.
The breakouts provided a backdrop to
continue meeting, networking, sharing
ideas and collaborating throughout
the entire conference. Feedback from
participants showed that this was a
worthwhile activity.
The breakouts were indeed a bonding
event, but we need to keep the momentum
going through local, state, and regional
involvement. Simply put, AFCPE needs
you! Are you willing to volunteer to start
a listserv, blog, online activity, news brief,
or any type of communication activity?
Please contact Rebecca Wiggins,
executive director, at [email protected]
with your great ideas today!
Dean Obenauer, MPA, AFC®, is Assistant
Director of Financial Aid for Financial Literacy
at Creighton University. He can be reached at
Association for Financial Counseling and Planning Education1940 Duke Street, Suite 200Alexandria, VA 22314
We believe…
Everyone has financial desires that affect their lives
every day.
Better financial decisions lead to a better quality of
life.
People can make better decisions when they are
supported by a trained professional.
Academics, research, and practical experience
inform professional financial counselors and
educators.
Setting the standard for performance and a forum
for learning will provide a consistently higher level of
service.
Purpose…
To advance the profession of Personal Finance
by promoting and supporting the field of personal
financial counseling and education.
Mark Your Calendar for the 2013 Annual ConferenceNovember 20–22, 2013
Hyatt Regency Greenville, SC
www.afcpe.org/conference/
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