rfc designation 2008 marketing approved for ce 13 quick ... · brian e. glickman, cpa, rfc®...

Serving Financial Advisors Worldwide

the

Vol. 9 No. 2 • February 2008 Official IARFC Publication www.IARFC.org

RFC® DesignationApproved by Nebraska ... 8

RFC® Course Approved for CE ... 13

2008 Marketing Quick Start ... 17

Your $149* Full-Conference Admission Entitles You to:

Attend & Meet Top Experts • Receive CE Credits!

� Meet face to face with top experts – expand your understanding ofinternational markets, as well as effective client acquisition and retentioncampaigns, in sessions presented by the leading experts in their fields.

� Acquire a global market perspective – hear varying viewpoints onmarkets around the world; top-performing ETFs, funds, and stocks; andwhere the best places are to invest in now.

� Discuss ideas with your peers – great investment and prospecting ideasoften come from other advisors. There’s no better time or place to see whatyour colleagues are doing, assess your strategies, and hone your focus.

� Explore the latest resources – representatives from over 80 of the topfirms servicing the financial advisor industry are all under one roof toanswer your questions and help you grow your business.

� Earn valuable CE credits – many sessions qualify for continuingeducation credits from the CFP Board of Standards.

and much more…

2 0 0 81 9 7 8

3 0 Y e a r s

C e l e b r a t i n g

A Production of InterShow • Githler Center • 1258 North Palm Avenue • Sarasota, FL 34236-5604 • 800/970-4355 • www.InterShow.com

For Complete Details on Free Limited Access Pass or to Register Call 800/970-4355 orVisit www.FinancialAdvisorSymposium.com.

*$199 regular price after April 2, 2008 • Please mention priority code 010604 • For exhibiting information, call 800/822-1134

JohnRutledge

NickMurray

HannahGrove

MarkTibergien

JohnConnor

SteveGresham

EdmundHarriss

RogerNusbaum

MarieSwift

Las Vegas, NevadaApril 16-18, 2008

Mandalay Bay Resort & Casino

The Age of Globalization: What ItMeans for Advisors and Their Clients

Media PartnersSponsors

Jeffrey Chiew DBA, CLU, ChFC, CFP®, RFC®

Asia [email protected]

Liang Tien Lung, RFC®

China Development Organization (IMM)(Taiwan, China, Hong Kong & Macao)

[email protected]

George Flack, CFP®, FPNA, AFAIM, RFC®

Australia and New Zealand [email protected]

Janet MundySecretary

[email protected] Kippen

[email protected]

Antony Francis, RFC®

Bermuda [email protected]

Jeffrey Eshun, Ph.D., RFC®

Canada [email protected]

Roger T. Blair, Sr. RFC®

Vice [email protected]

Bernadette Bowman, MBA, RFC®

Vice [email protected]

Choo Siak Leong, RFC®

China ChairBeijing, Dailan, Guangzhou, Shanghai

[email protected] Senyuan

Executive Secretary

Demetre KatsabekisMBA, Ph.D, CiC, CiM, RFC®

Greece [email protected]

Nick TessaromatisPh.D, CiC, CiM, RFC®

[email protected]

Samuel W. K. Yung, MHCFP®, MFP, FChFP, CMFA, CIAM, RFC®

Hong Kong and Macao [email protected]

Teresa SoPh.D., MFP, RFP, FChFP, CMFA,

CIAM, EDAM, RFC®

Adviser, Hong Kong and [email protected]

Alan Wan, RFC®

Executive [email protected]

George Oommen, RFC®

India Chair

Laazarus Dias, RFC®

Mumbai Chapter [email protected]

Aidil Akbar Madjid, MBA, RFC®

Indonesia [email protected] Soemarto, MA, RFC®

[email protected]

Ng Jyi Vei, ChFC, CFP®, RFC®

Malaysia [email protected]

Mabel [email protected]

Ms. [email protected]

Zahid Khan, RFC®

Pakistan [email protected]

Ralph Liew, RFC®

Philippines [email protected]

Tony BalmoriExecutive Assistant

[email protected]

Jerry Tan, LLIF, CIAM, CMFA, RFC®

Singapore [email protected]

Serene NgAdmin Assistant

[email protected] Ang

Admin [email protected]

Richard Wu, RFC®

Taiwan [email protected]

Nora Hsu, RFC®

[email protected]

Justina ChouPromotion & [email protected]

Preecha Swasdpeera, MPA, MM, RFC®

Thailand [email protected]

Nigel Salina, BA Hons Mgt, MABE, RFC®

Trinidad [email protected]

Inshan Meahjohn, RFC®

[email protected] Brennan, BA

[email protected]

IARFC International Directory

Edwin P. Morrow, CLU, ChFC, CFP®, CEP, RFC®

CEO & Editor-in-Chief [email protected]

513 424 6395 ext 11

Emma BallingerMembership Accounting

[email protected] 424 6395 ext. 23

Barb Chasteen Mailing and Shipping


Wendy M. Kennedy Executive Assistant & Managing Editor


James Lifter, MBA, RFC®

Educational Director [email protected]

513 424 6395 ext. 18

Kathleen OurantInternational Membership Services


Amy PrimeauDomestic Membership Services


David M. Stitt, ChFC, CFP®, RFC®

Software [email protected]

513 424 1656 ext. 12

Mark Terrett, RFC®

Operations [email protected]

513 424 1656 ext. 10

Nida ThompsonMailing and Shipping


The Register • February 2008 Page 1

The Register • February 2008

Register LettersWe welcome all your comments, suggestions ideas and articles. Please direct correspondence to:[email protected] may be edited for length and clarity.

First I just want to say thank you for HeshReinfield’s IARFC article in the Registerlast month; the one about taking a nap. Ithink I need to laminate it and hang it onmy wall as a reminder that I’m not crazy. Ican’t tell you how many times I havescrewed up my business plan and wentoff the deep end instead of just taking anap and waiting for business to comeback around in my already successfulmarketing plan.

It’s just nice to know that I am not theonly one who goes off in the wrongdirection instead of maybe just tweakingmy plan or maybe just hanging in thereuntil it works.

Antonio Filippone, RFC®

Lovas Park, IL

The article by Wally Cato that appeared in the January 2008 edition is one of the greatest stories ever told. I thank God for bringing him to help ourprofession. He has contributed so muchto financial planning. And Cato is noteven a financial planner.

If my health holds up, I plan to do onemore speaking world tour, from Aprilthrough May 11, 2008. I hope to seemany of my RFC friends at some of these events, and at future meetings ofthe association.

Charles “Tremendous” Jones, RFC®

Mechanicsburg, PA

We Have a Responsibility To ReportUnsuitable Practices!

Phil Calandra’s article on page 12 of theDecember edition of our Register, entitled“Free” Senior Seminars Present MajorProblems, should remind every RFC thatwe, as planners, have the expertise toidentify unsuitable practices and we havea responsibility to the profession and toour clients to uphold ethical behavior.

During the past five years I have attendedvarious financial seminars whichpromised all sorts of outcomes forprospects. On several occasions, I foundfirms making false statements and

accusations, or not operating under aproper business license or businessname. One of the firms making falseclaims in Las Vegas had a home office inCalifornia that was shut down by theCalifornia Department of Corporations.This same firm was operating in LasVegas under the same premise. I broughtthis to the attention of the NevadaSecurities Division which later shut downthe business in Nevada.

I understand the difference betweenthose financial advisors that Cato calls“clowns” and those that state and federalregulators call criminals. We may have totolerate the “clowns.” But we do not haveto tolerate the “criminals.”

We as financial planners and advisor’sneed to make sure that members of ourindustry are performing in a legal andproper manner and report the violators tothe appropriate authorities.

Geoffrey A. VanderPal, CFP®, CLU, MBA, PhD, RFC®

Las Vegas, Nevada

I read your From the Chairman’s Desk andfound you to be totally on point in everyparagraph. Our leaders in Washington arein total disconnect with the country as awhole. One of my favorite movies that isso on point to this is The AmericanPresident in which Michael Douglas givesan excellent response in the last tenminutes of the movie. No longer are ourelected officials interested in doing theirjob for the people who elected them, theyare in Washington to feather their ownnests and damn the people they arerepresenting. Washington bemoans thelack of saving by the general populationyet thinks nothing of spending six dollarsfor every five tax dollars they collect

I speak with clients of different economic,age and political persuasions and allseem to agree that no matter who getselected as a whole the middle class isgoing to get taken for a ride once more.The middle class which now encompassesincomes from $50,000 to $250,000 areseeing the American dream disappearing.

On Long Island in particular where realestate taxes average in excess of

$10,000 a year or more, people arebarely paying their bills making $100,000. That is the equivalent toprobably $60,000 in your area when youfactor in the cost of living in the New YorkMetropolitan area. The AlternativeMinimum Tax is a crusher for my clients.Prior to the December change one clientwould have seen his tax bill without outany increase in income jump from$11,000 for 2006 to $16,000 for 2007.

College costs are increasing at doubleinflation where many famous schools areforcing the middle class out. This leavesthe extremely rich and dirt poor able toattend there. This new social engineeringis making the middle class more andmore disenchanted with government. You may not be familiar with New Yorkpolitics but our state is run by threeindividuals in Albany.

In conclusion, Ed, I do apologize forrambling on but I firmly believe that ifthere were five hundred and thirty sevenindividuals in Washington that each hadrun a small business, we would have asurplus of monies instead of owing nearlya $100,000 per every man, woman andchild in this country and beholding toevery country to bail us out. By the timeour Washington people figure it out wewon’t be a third world country, we will be afourth world country instead.

Brian E. Glickman, CPA, RFC®

Smithtown, NY

Register correction: It has come to ourattention that Vol. 9 No. 1 page 12, articleby Dirk Dixon included the incorrectcontact phone number: Please contact: 515 285 5546

The IARFC is proud of our membersand in reverence we would like toremember our passing members:Edwin F. Comunal, RFC®, KingsPark, NY, Edward K. Fazekas, RFC®,Chesterland, OH

The Register is published monthly by the International Association of Registered FinancialConsultants ©2007, 2507 North Verity Parkway, Middletown, Ohio 45042-0506. It includesarticles and advice on technical subjects, economic events, regulatory actions and practicemanagement. The IARFC makes no claim as to accuracy and does not guarantee or endorse anyproduct or service that is advertised or featured. Articles, comments and letters are welcomed bye-mail to: Wendy M. Kennedy, Editorial Coordinator, [email protected] ISSN 1556-4045 Periodicals Postage Paid at Mansfield, Ohio.

POSTMASTER: Send address changes to: P.O. Box 42506, Middletown, Ohio 45042-0506

Financial Planning Building2507 North Verity Parkway

P.O. Box 42506Middletown, OH 45042-0506

800 532 9060 • Fax 513 424 5752www.IARFC.org

BOARD OF DIRECTORS

Edwin P. Morrow, Chairman & CEOCLU, ChFC, CFP®, CEP, RFC®

[email protected]

Lester W. Anderson, V.P. MBA, RFC®

[email protected]

Wilma G. AndersonRFC®

[email protected]

H. Stephen Bailey, PresidentLUTCF, CEBA, CEP, CSA, RFC®

[email protected]

Antoinette Francis BoldenCA, MBA, RFC®

[email protected]

Jeffrey ChiewDBA, CLU, ChFC, CFP®, RFC®

[email protected]

Vernon D. GwynneCFP®, RFC®

[email protected]

Derek D. KlockMBA, RFC®

[email protected]

Edward J. Ledford, V.P.CLU, RFC®

[email protected]

Ruth Lytton, V.P.MS, Ph.D., RFC®

[email protected]

James McCarty, SecretaryCLU, RHU, LUTCF, RFC®

[email protected]

William L. MoorePharm D., CLU, ChFC, FIC, RFC®

[email protected]

Rosilyn H. OvertonMS, Ph.D., CFP®, RFC®

[email protected]

Ruben Ruiz, TreasurerChFC, CLU, MSFS, CSA, RFC®

[email protected]

in this issue1 IARFC Staff and International Coordinators

2 Register Letters

4 The Register Interviews Jim McCarty — the Master Trainer

5 Calendar of IARFC Events

7 From the Chairman’s Desk

8 RFC® Designation Approved by Nebraska

8 Compliance Review Procedures for the RFC® Designation

9 Plan Now for LTC Sales Successby Wilma Anderson

10 The New Year Embraced ‘Benonomics’by Barry Ferguson

13 RFC® Course Approved for CEby Jim Lifter

14 Stepping Into Our Client’s Financial Shoes… by Christopher Hill

16 Recession… ‘Decide NOT To Participate’by Lew Nason

17 2008 Marketing Quick Startby Ed Morrow

19 Classic RFC Gold Key Note Cards Order Form

20 Consumer FocusIncrease Client Awareness on Identity Theft Risksby Paul Richard

22 Cato Comments — About Your Image...One Trip to the Men’s Roomby Forrest Wallace Cato

24 Think Right — Advice from Kinder Brothers Internationalby Bill Moore

24 Passing of a Pioneer Jerry L. Reiter

25 Compliance-Friendly MarketingTrouble in the Workplaceby Katherine Vessenes

28 Business Mirrors Life Need an Explanation of the Subprime Mess? Not Here!by Hesh Reinfeld


Jim McCarty — The Master Trainer

Page 4 The Register • February 2008

come to work with me and selllife and disability products. I willgive you 50 cents for every dollaryou bring in the door.” I couldn’tbelieve my ears! So, I quicklysigned on!

It was my own insurance agent,Bob Gallivan, Jr., who exposedme to this exceptionallyrewarding opportunity. Anopportunity that opened the doorto a highly profitable thirty-eightyear career in the financialservices industry.

What jobs did you hold prior tothis?

I graduated from a military prepschool at the age of 17 andimmediately entered the UnitedStates Marine Corps. Frankly, Ithrived on the discipline and

proudly served for six years. My decisionto join the Marines was one of the bestdecisions I ever made. In the Corps Ilearned a valuable lesson, one that I carrywith me to this very day. The lesson? Do the things that must be done, whenthey must be done, whether you likethem or not.

Upon my discharge I spent the followingthree years selling electronics, as we havepreviously discussed, and then enteredthe financial services business as a fulltime life insurance agent.

How did your insurance career move forward?

Success came and went quickly. I workedmy “natural market” of corporate buyersand electronic engineers, who I previously did business with and with whom Ienjoyed a good repertoire.

We did two interview programming backthen, which was a precursor to our financialplanning today. Of course it was not nearlyas effective as the more comprehensiveplans of today but it was a good beginning.With my clients, I discussed how SocialSecurity provided only a base of death,disability and retirement benefits and soldlife insurance to fill the gaps around the“widow’s blackout period” etc. I sold lifeinsurance to pay off mortgages, fundeducation and provide income to survivors.

In addition, I encouraged wills/trusts andco-coordinated veteran and employer

benefits. I even managed to sell a fewannuities along the way. All this wasaccomplished with the aid of a three ringbinder that included planning concepts.Prospects seemed to “beat a path to mydoor” but my prosperity soon came to aclose after about nine months because Inever asked for, and never receivedreferrals. The pipeline was dry and Iseriously considered leaving the businessand returning to the world of electroniccomponent sales. My activity level fell,and so did my income, my attitude and my pride.

Because of his concern for me and mysuccess, my General Agent, Norb,suggested an activity that reversed myfaltering direction. Norb invited me to joinhim at the September luncheon meetingof the St. Paul Life UnderwritersAssociation where I was exposed to adynamic speaker who shared a very basicand easily transferable sales idea. I leftthe meeting and used the presenter’stechnique with my next three prospectsand sold all three. The excitement wasback! The speaker was none other thanthe now industry famous, Tom Wolfe, Sr.,and the idea that turned me around washis well known “Funnel Talk.” (Often calledFinancial Planning 101.)

I relate this story to stress the value ofbelonging to a professional associationsuch as the IARFC. I caution, however,that the value doesn’t come from merelypaying the dues. The true value comesfrom being actively involved andpersonally interacting with the otherassociation members.

What association activities have been ofgreatest value to you?

During my career, I held several industryexecutive offices including President ofthe Houston Association of LifeUnderwriters, Regional Director of theTexas Association of Life Underwriters,and President of both the St. Paul HealthUnderwriters and the MinnesotaAssociation of Health Underwriters. Inaddition, I served three years as anational Trustee of the Life UnderwriterTraining Council (LUTC). Frankly, I gotback more than I ever gave.

One huge dividend came when, becauseof my industry involvement, I wasintroduced to Ed Morrow. Ed was

continued on page 5

How did you first enter financial services?

In 1969, I was selling electroniccomponents in St. Paul, Minnesota when I was recruited into the lifeinsurance business by Robert J. Gallivan,Jr., a successful agent with the MinnesotaMutual Life Insurance Company. I metBob when my father died, and because ofhis outgoing personality and helpfulnessduring my time of need, we became goodfriends. Eventually, I became Bob’s clientand he became my personal lifeinsurance agent.

Bob and I frequently enjoyed 6:00 a.m.breakfasts together at a downtown St.Paul restaurant. Bob always had a proveninsurance concept or sales techniquewhich he eagerly demonstrated eachmorning on the back side of the paperplace mat before him. I didn’t realize it atthe time, but my sales skills were beingdeveloped on a weekly basis by a mastertrainer. A master who constantly remindedme that “until they buy into the concept,Jim, they will never buy into the details.”

One day, Bob introduced me to NorbWinter, Jr., a prosperous general agentwith Minnesota Mutual. Norb asked meseveral probing questions concerning mysales position at the electronics firm andlistened intently as I shared myexperiences. I enjoyed my job but wasoften “miffed” at the low commission Ireceived on each sale. Frequently onlytwo or three percent. When I finished mydiscussion Norb suddenly said, “Jim,

Jim as Master of Ceremony at the 2007 Financial Advisors Forum

continued from page 4 Jim McCarty Interview

today, except for the people you meet andthe books that you read.” Bottom line?Successful people read a lot! My finalsuggestion for neophytes is to get out oftheir offices and network. No amount oftechnology or online education will evertake the place of the good old fashioned“schmooze”. See Executivebooks.com

Where will the economy be moving in thenext 3-5 years and what should financialadvisors be doing NOW about it?

I am an eternal optimist, and strongly feelthe economy during the next 5 years willbe bigger and stronger than it is today.Frankly, the state of the economy is all inhow an individual chooses to look at it.Financial consultants will prosper in thefuture, but they must take certain stepsnow to make it happen.

Specifically, RFCs must learn to thinkbigger and in turn motivate their clients todo the same. An example might be foundin advice given on education. As it standstoday most financial consultants do notmeasure the full impact of futureeducation costs when doing their plans.According to the education C.P.I., collegetuitions are increasing at the rate of 7%per year. And, according to the rule of115, in order to fund education for acurrent two year old, three times today’scosts will be needed when the child turnseighteen and is ready for school. If highereducation costs $30,000 per year, today,it will cost $90,000 per year sixteen yearsfrom today. Think Big! Think Bigger!

In addition, advisors today must developand expand their creativity — withincompliance and regulatory guidelines ofcourse. There are many purveyors ofproducts and services in the marketplace.But the one thing that sets us all apartfrom each other is the creativity which isreflected in our plans and in ourrecommendations. Clients will come toconsultants five years from now, like theydo today, seeking creative solutions totheir complex financial problems.Regardless of the planning tools we use,we must forget the “one size fits all”approach. I am proud to say the RFCcurriculum encourages this creativity andtrue personalization of the plans.

While on the subject, to prosper in thisprofession five years from now, advisorsmust overcome the fear of self promotionthat seems to permeate producers today.If financial advisors have a proven trackrecord and are proficient at what they do,the world should know about it. We, as

IARFC members are blessed with some ofthe finest minds anywhere to teach us theart of self promotion. The names of WallyCato, Hesh Reinfeld and KatherineVessenes come to mind. “He who has athing to sell and hides it safely in a well,will never earn as many dollars as he whoclimbs a tree and hollers.” Thinking big,being creative and constantly promotingoneself, are three keys to an advisor’sfuture success.

What will be the impact of technology onthe practice of financial advisors?

Technology issues are quiteencompassing. I will comment on onlyone facet, Systems. Unless financialservices companies solve their systemsissues, financial advisors’ businesses will suffer. It seems that “since the earth cooled” no company has been able to effectively keep up with thedemands of clients and producers. All advisors want faster, accurate, andmore simplified trades, betterunderwriting and quicker problemresolution. No company, at present,seems to have all the answers.

There is some light at the end of thetunnel, however, and it seems to becoming from an unlikely source; the direct marketing companies. Thesecompanies who support on line insurancesales are able to process tens orthousands of fully underwritten lifeinsurance applications each month inrecord time. How are they accomplishingthis feat? Why is their policy issue somuch faster than traditional companies?

State of the art systems is the answer.Maybe some of their expertise willeventually spill over into other aspects ofour business. Rapid, effective, technologysystems are a must if we are to continueto grow and prosper.

As a national board member of the Life Underwriter Training Council what has been your impression of that program?

When it was originally offered, LUTC was alocal course, with weekly classes. It wasorganized by Life Underwriter Associationsand the instructors were always leadinglocal producers.

LUTC was training, not just an academicstudy program. Every week agents were given practical assignments. They

recognized worldwide as a totallycommitted proponent of financialplanning at the time, and remains sotoday. In his friendly, compelling way, Edasked that I earn the Registered FinancialConsultant designation (RFC), join theassociation and, if elected, serve on theboard of directors. And so I happily did.After all, who can say “No” to Ed?

Frankly, I knew that if I became successfulin my career, due in part to the effort ofothers, I owed it to others to help thembecome successful as well. Ed gave meone more opportunity to give back to thefinancial services industry, and I gladlyshouldered the yoke. Several years ago,when I joined the IARFC, financialplanning was a common theme. Everyonecalled themselves financial planners oradvisors and even charged fees, but fewwere actually doing a plan.

While many producers sought andreceived financial designations at thetime, by merely taking correspondencecourses and passing an exam, none wererequired to demonstrate any level ofproficiency. They were advisors andconsultants in name only. Many have still never learned how to produce a plan. In addition to Ed’s influence, myattraction to the IARFC was due, in part, to the fact that to earn the coveted (RFC)designation, not only did the applicanthave to complete a rigorous course ofstudy, but also had to demonstrate his orher proficiency by actually producing acomprehensive written financial plan.

As time went on, I was elected to a threeyear term as Director of the Associationand presently serve in the capacity ofcorporate Secretary for the IARFC.

What one or two items did you do, or wishyou had done early in your career that youwould suggest for other new entrants?

Looking back I wish I had realized soonerthat no one ever accomplishes anythingworthwhile in life alone. In their quest forsuccess, I would suggest that newentrants to our industry solicit and accept help from other professionals.They should also read a lot. Not onlyacademic material. Rather, they shouldconcentrate their efforts on self helpbooks such as “The Magic of ThinkingBig” by David Schwartz.

Noted author, speaker and IARFCmember, Charlie “Tremendous” Jones, isoften quoted as saying “You will be thesame five years from now as you areThe Register • February 2008 Page 5

continued on page 6

continued from page 5 Jim McCarty Interview

This is why I applaud the intent of theIARFC to include software into the newRFC curriculum. The new FinancialPlanning Process™ course must bothtrain and equip the new RFC how toperform their job effectively.

What would you personally like to see forthe association in the next five years?

Frankly, I want to see us triple the size of our United States membership.We are truly an international association,but, our compliment of US members isn’t nearly where it should be. We must get the word out, here at home, that the IARFC is the premier financialplanning association and that theRegistered Financial Consultantdesignation (RFC) conveysprofessionalism and dedication to the industry and to our clientele.

Tell us about your current position:

After ten years conducting intensive|sales coaching with financial advisorsnationwide, I decided to “retire” onJanuary 3rd, 2007. At the time I held theposition of National Life Insurance Sales

Spokesperson for a major financialplanning firm which had approximately10,000 advisors across the country.

My responsibilities included speaking at company sales conventions, clientappreciation meetings and awardbanquets. In addition I conducted classes for advisors on sales skill building which included self promotion,prospecting, plan design, closing,motivation and inspiration. It was bothchallenging and very rewarding. But it was time to move on….

Now I am the founder, president and CEOof a company called Showbiz Selling.Showbiz Selling teaches the art ofemploying glitz, glamour, entertainmentand charm to present a person, product,or an idea, in such a way as to inspiretargeted prospects to hire that person,purchase that product, or implement thatidea without delay.

The results oriented curriculum, which ispacked with fun, is designed for financialadvisors and all other professionals whowant to become more effective andincrease their income dramatically.

What is your perspective now on our profession?

Looking back over the past 38 years I must say I have been blessed with a very rewarding career. I have given over5,000 major speeches throughout theUnited States, Canada and Australia. Ihave published five books on effectiveselling. I have also authored hundreds ofsales achievement articles, receivednumerous industry awards and haveearned constant recognition. In addition Ihave been bestowed with top honors fromtwo state Governors. They havecommissioned me to the rank of Admiral inthe Texas Navy and awarded me the rankof Colonel in the Commonwealth ofKentucky. Wow! What a ride! And if allthis isn’t enough, I have now have beeninterviewed by one of the most prestigiouspublications in the financial servicesindustry today; the IARFC Register!

Thank you so much for the interest youhave shown in me and my career. Thankyou also for your advocacy and constantsupport for professionalism in ourindustry. Continue the march! I will behappy you did!

Contact: 386 304 [email protected]

went out in their community, performedthose assignments, and returned the nextweek to LUTC class for critique.

And it worked! Many great producers oflife insurance, now financial planners,were both LUTC students and instructors.However, the LUTC as an independenttraining organization collapsed notbecause of lack of need, but because itdid not embrace the transition frominsurance products selling to financialadvice. The course transferred to theAmerican College — where it is nowprimarily a distance learning self-studycourse. It has now “morphed” into the Financial Services Specialist (FSS)program, but remains primarily a distancelearning academic program.

What can IARFC learn from LUTC?

The old program, which was phenomenallysuccessful, equipped life agents to preparerudimentary plans — Income Needs andother illustrations. Today, financialplanning requires software — forpresentation and the development of theanalysis and recommendations — it cannotbe done without a computerization.Page 6 The Register • February 2008

IARFC CEO Ed Morrow, Secretary Jim McCarty and President Steve Bailey.

Jim and Ben Baldwin, Dunton Award Recipient

Building relationships: Thomas Holt, Jerry Suver, Jim McCarty, and Dick Norton

Important Compliance News. Please see the article on page 8 that indicates the RFC®

designation has been reviewed and approved by the Nebraska Department of Bankingand Finance. Nebraska is the first state, but it will certainly be followed by others, tointroduce a procedure for the review and approval of financial services designations.

RFC® Compliance Procedures. Also on page 8 is the process we go through when welearn that an organization is reviewing financial services designations. We have acomplete package and a series of letters and phone calls that are all carefully definedand being implemented.

We Need Your Help. If the organization you are doing business with has alreadyapproved the use of the RFC® designation, we need to add it to our growing list. If anyorganization has a review process in place, we need your help in getting our package tothe correct person. Please follow the procedures on page 8.

Cooperation with €FPA. Following my presentation at the recent meeting of theEuropean Financial Planning Association, I spoke with their Board of Directors. They haveexpressed interest in working cooperatively with the IARFC on several important issues. Iwill be coordinating with their Executive Director, Michael Fawcett. And I believe we willhave important news to report later this year. €FPA is a fine organization, and has thestrong support of the European Union.

RFC® Classes. We are completing the materials, and making enhancements as result of the first full class held in Northern Kentucky in December. IARFC Education Director,Jim Lifter, is now beginning to schedule the offering of classes across the country. We are firming up dates and plans now. Would you like to be an Instructor? Naturallythere is compensation, but the greatest value will be that of making a contribution to theprofession. See the interview of a great trainer, Jim McCarty, who has pledged to help usas a co-instructor. If you are interested, send an email directly to: [email protected]

CE Approval for RFC® Class. The Ohio Department of Insurance has already approvedthe course for 20 Units — the maximum. Before scheduling the course in other cities, wewill file for CE approval for insurance and securities, if applicable.

Membership Eligibility. This is a gradually evolving topic. At some point, when the newcourse is available on a widespread basis, the only avenue to the designation will be forthose who complete the Course. We will offer attendance for existing members and theirstaff at very reduced rates, but it will not be required of those having being approvedbefore the course.

Get Your CE at Sea™. We have a marvelous cruise lined up for this summer. You shouldplan to join us, and get a few business deductions for the educational component. MoreBusiness deductions is always good, but so is rubbing shoulders with the giants of thefinancial services industry. (Now that I am no longer giant-sized I can use that phrase.)

Ethics in Action. All of you are very aware of the IARFC Code of Ethics, and we havebeen delighted at how many members have purchased the walnut plaques and mountedthe Code in their office. The public and the media are more aware of this topic. A classwill not make someone ethical. Most serious violations of Ethics are persons committingcriminal actions. But there are some gray areas, and that is where we might be of serviceto our members and to the public.

We Need Your Ethics Input! We are considering an Ethics CE requirement. It would not be every year — perhaps every other year or every three years. The CE requirementcould be fulfilled on line, or at a conference, or in writing for those who prefer paper to electronic viewing. What do you think? We would like to hear from you. Do you like the idea? Do you think it would be a wasted expense? Would it be a greatinconvenience? For those already subject to the CFP® Ethics CE requirement we would accept any of their approved courses, so there would be no duplication for dually designated persons. Please send your email to: [email protected] please put Ethics in the subject line.

From theChairman’s Desk...

Calendar of IARFC Events

Critical Illness Insurance ConferenceMarch 12-14, 2008, Toronto, Canada

Financial Planning ExpoMarch 20, 2008, Tampa

MDRT Experience 2008April 11-13, 2008, Chiba, Japan

Financial Advisors SymposiumApril 16-18, 2008, Las Vegas

IARFC Accelerated Course — TrinidadApril 28 – May 2, 2008, Port of Spain

MDRT Annual MeetingJune 22-25, 2008, Toronto, Canada

CE at SeaTM Cruise/ConferenceAugust 16-23, 2008, Mediterranean

Worldwide Chinese Life Insurance ConferenceSeptember 4-7, 2008, Singapore

NAIFA Annual MeetingSeptember 6-10, 2008, San Diego, CA

IARFC Accelerated Course — TrinidadOctober 4-8, 2008, Port of Spain

Financial Advisors SymposiumOctober 13-15, 2008, Chicago

MDRT Top of the TableOctober 22-25, 2008, Austin, TX

World Financial Services ForumOctober 20-31, 2008, Beijing, China

SFSP ForumNovember 30 – December 3, 2008Las Vegas, NV

We welcome IARFC Members to visitus at IARFC exhibit booths. Pleasecontact us for booth numbers anddates of exhibiting for the conferenceyou plan on attending. 800 532 9060or [email protected]


The first state to establish an approvalprocess for financial servicesdesignations, Nebraska, has recentlyreviewed and approved the RegisteredFinancial Consultant designation. TheBureau of Securities, within theDepartment of Banking and Finance haspublished a list of 29 designations that ithas approved for use. There areapproximately 200 designations in usewithin the U.S. and the members of thisassociation are well aware that they rangesignificantly in terms of the qualificationsof the holders of the designation.

The Nebraska “Department takes theposition that the use of a certification ordesignation on business cards, stationeryand in advertising materials confers animpression with potential clients that theadviser or agent has special qualificationsin a certain area of finance or financialplanning. The requirements to obtaincertifications and designations varygreatly, as can the processes formonitoring compliance with any code ofconduct adopted by the organization whichawards the certification or designation.”

In reviewing specific certifications anddesignations, the Nebraska Departmentconsidered the following factors:

1. The history and reputation of theissuing organization.

2. The experience and/or educationalrequirements, including the materialand content of the requiredcoursework to obtain the certificationor designation.

3. The type of examination required, thecomplexity and length of theexamination and the method ofexamination delivery.

4. The time period for completing thecourse work and achieving thecertification or designation.

5. The continuing educationrequirements.

6. The ethical standards or code of ethicsof the designation or certification.

7. The process, if any, by which thedesignation may be revoked forviolations of the ethical or otherstandards for the designation.

The Department does not endorse theuse of any particular certification ordesignation or any registrant holding such

certification or designation. ItsInterpretative Opinion No. 26 is not adetermination concerning thequalifications of any person holding acertification or designation.

Verification: The Interpretative Opinionissued by the Nebraska Department ofBanking and Finance, Bureau ofSecurities can be found at:

http://www.ndbf.org/forms/IO_No_26_12-2007.pdf

Other States. While other states havetaken an interest in the matter of financialdesignations, the first to issue an approvallist is Nebraska. Such a review could beconducted within a Securities Departmentor an Insurance Department, or someother agency of a state.

Members Can Help. If you have reason to believe that any agency in your state is considering a similardesignation review/approval, we wouldlike to submit an information package tothem immediately.

Contact: 800 532 9060 ext. [email protected] www.IARFC.org

RFC® Designation Approved by Nebraska

The Compliance Departments of manyinsurance companies and broker dealersare taking a strong interest in the matterof the qualifications that are claimed bytheir representatives. We feel that this isa very healthy activity, and one that canonly be beneficial to the public and to thefinancial services profession.

The IARFC has a well defined procedure forproviding information for any organizationwishing to review the RFC designation. Ourmembers can help in this matter, and weare soliciting your support.

1. A member advises us that his or herCompliance Department is reviewingdesignations and certifications. The member sends the IARFC anemail message providing us with the critical information necessary forus to respond:

• Reviewer’s Name and title• Corporate Department

• Mailing address• Phone number• Any related bulletin

2. We call the compliance person and verify the information, and inquire as to whether they have any special form or information thatthey are seeking.

3. The IARFC sends a substantial packetof information, including copies of ourpublications and a three page specialmemorandum that addresses theconcerns expressed to us by thedepartments we have already been incontact with. This includes a personalletter to the Reviewer.

4. A copy of this first contact letter is sentto the IARFC member.

5. We place the Reviewer into ourPractice Builder CRM system, andinitiate the Compliance Sequence,

which will trigger a series of additionalfollow-up letters and phone calls.

6. Each follow-up letter is accompaniedby some brochure of the IARFC and a message that relates to our desire as a professional association to assist in the compliant behavior of our members.

7. When the Compliance review has beencompleted, we notify the member ofthe action.

At this point the RFC designation has not been disapproved by any ComplianceDepartment. We have about 25 reviewsin process at this time, and each one has recently been sent additionalinformation, including a copy of the recent approval by Nebraska.

Contact: 800 532 9060 ext. [email protected] www.IARFC.org

Compliance Review Procedures for the RFC® Designation


You’re looking for prospects, more clients,a mailing list, a lead generating program,any or all of the above! Let’s review howyou can better market your services andproducts to Retirees & Boomers in 2008.

Use Direct Mail. Drop your first LTCmailing in February or early March. Planto mail the same lead piece for at leastthree separate mailings to the same folksevery 6 weeks this year. Target yourprospects by age, zip code, and income.Don’t stop with just one mailing:Someone usually has to see or hear abouta product at least three times beforebuying it. By consistently mailing thesame lead piece in the same zip codes forten years, I now get a consistent 4%response — and you can too.

Should You Deliver Seminars?Absolutely, if you plan to be a BigProducer. Seminars don’t have to justattract the plate-lickers who are lookingfor another lunch or dinner paid for by ourgenerosity. No, you can set up yourSeminars as an educational workshop. Icall mine ‘Coffee With the Coach’ andprovide a series of workshops geared totopics of interest for Seniors, and thenother topics that will attract Boomers.Another workshop that serves both groupswell is one given by an FBI Agent onIdentity Theft.

On the day of your workshop havewater on the table, coffee in theback of the room, and arrangeyour tables classroom-style. Myprospects and clients get anoverview hand-out of the workshop provided to them whenthey take a seat, receive pencils,and they feel like it’s a continuingeducation course.

Tombstone Ads. Take out a 3” x 3” ad in the professionaljournals of your state dental andmedical societies. My ad just says“Has anyone told you about CriticalIllness protection? Call for moreinformation.” Simple, concise, anddon’t try to educate anyone abouta product. All your ad should do iscreate interest and solicitationresponse. You can educate theprospect when you call them back and meet them in their office or yours.

Free Publicity. Do some researchto find out who the Editors are inyour local newspapers ormagazines. Send them regular

announcements and press releases aboutchanges in your company, comments ontopics that are affecting their readers,such as Medicare, insurance, annuitybenefits, LTC and Medicaid, whatever youfeel is important. Sooner or later they willcall you for a comment. But don’t be aPEST and expect the Editors to printeverything you send to them. Positionyourself as an advisor with knowledge.That’s all you need.

Referral Development. You can create abevy of referrals from attorneys and CPAs,but it might take awhile. I take oneattorney or CPA for breakfast every week.They get a copy of my press releases sentto them three days after the Editors of thenewspapers receive them. Doing this willkeep your name in the forefront on theirdesk and when their clients come to seethem, guess what? When you have beensupplying them with consistentinformation and they will tell their clientsto call you.

If you want referrals from your clients,ask for them. I ask for a referral wheneverI deliver a policy. Some advisors or agentsask for referrals when they first meet aclient. Do whatever feels best for you.

Keep in Touch. Send birthdays cards.Send flowers on a golden anniversary.

Watch the papers for announcementsabout the community leaders. If yourclient is one of them, or gets an award oris mentioned, send them a congratulationsnote or handwritten message.

Have a Client Appreciation Event twice ayear. They’ll love the event and they canbring friends because they appreciate thecare and service you give, and best of all,they’ll remember you when one of theirfriends is asking about LTC, investments,life insurance, whatever your specialty is.

No matter what products we sell or how we choose to market our services,the BEST program for results is anintegrated program. Make sure toapproach your market with a blanket, nota one-shot arrow. You’ll acquire moreclients and sell more products in 2008with just these few additions to yourmarketing campaign!

Wilma Anderson, RFC®, has been knownas The LTC Coach, one of America’sleading LTCI sales trainers and apracticing producer who sells 400 LTCpolicies a year. Continuing to expand herservices, she now supports the rapidlyexpanding market as the Critical IllnessCoach. She offers personalized tele-coaching sessions, workshops, speechesand several sales tools to help Advisorslearn how to master the LTCI sale. Wilmais a widely published author and frequentspeaker at conferences and salesseminars, including this year’s ForumWatch for a series of products coming tohelp you learn how to sell Critical IllnessInsurance too!


Plan Now for LTC Sales Success


Wilma G. Anderson, RFC®

Let me first give credit where credit isdue. The ‘Benonomics’ came from mywife. See — I’m getting help fromeveryone in defining the ‘new era’economics. It is becoming more andmore obvious even to non stock marketobservers that the Fed Chairman hastaken over our stock market, oureconomy, our country. The only weaponthat Ben has used is that monetaryprinting press and the general populaceignorance (aside from readers of thispublication). He just keeps ‘injecting’‘billions and billions’ of Federal ReserveNotes. Most people erroneously refer to those pieces of paper in our wallet and bank account as ‘dollars’ but readthe top of the paper. It says, ‘FederalReserve Note’.

Why is it significant? Because we nowhave a true ‘fiat’ currency — the same asevery other third world country. Ain’t itgreat? That means our currency hasnothing behind it except ink and paper.This is part of ‘Benonomics’. It is the way things will be run from now on. Get used to it. There are no doubt billionsand billions more coming down theinjection pipeline.

But let’s give our new leader, Ben, somecredit. Had the stock market andeconomy, …uh, I’m sorry — the ‘Benonomy’— not experienced cash injection aftercash injection in 2007, where would wehave ended? Most likely, the hundreds ofbillions of injected cash buoyed the stockmarket to a positive year. Much like acritically injured patient, we have at leastmade it to the emergency room. Albeit,Ben is still on the patient’s chest thumpingaway with his CPR regimen. We allbreathe a sign of relief that yet again thestock market finished a year in positiveterritory. Never mind how it got there. Itgot there! Whew!!

2007 saw three very distinct marketswoons of about 10% or so for the indexformally known as the ‘Dow’. We shouldnow call it the ‘Ben’. It is his baby now.This same year also enjoyed the greatestoptions volume of all time. Gee, I wonderwho traded all those options?

Anyway, we also suffered the most severehousing slowdown in a generation alongwith the most severe financial crisis ourfinancial system has ever experienced thisside of the Great Depression. Thefinancial crisis was of course obscured byesoteric financial and accountinginventions like CDOs, CMOs, and SIVs.

Needless to say, the money printers of theworld would never have needed to pumptrillions into the world banking systemunless it was out of money. Here is agreat quote from the last week inDecember that basically surmises theentire state of affairs. Chrysler, thenumber 3 US automaker, warned that itwas facing a serious cash crunch and wasselling assets. (Yeah, and so is everyother US corporation.) When the companyPresident was asked if they werebankrupt, he replied, “Technically no.Operationally yes”.

Defibrillators! Clear! Pow! Inject, inject,inject!!! Hurry, Ben!!! In other words, thepatient is technically not dead becauseoperationally, they are still on life support!Why are you still reading this newsletter?Shouldn’t you be out buying stocks like amadman because our government claimseverything is nirvana!!

Housing, or more specifically, homebuilding, turned south and as the yearcame to a close, only got worse. Everymajor US home builder had the samerefrain as Ara Hovnanian, the CEO ofHovnanian Enterprises so eloquentlyconveyed, “It sucks”.

The money evaporated, subprime melteddown, potential buyers disappeared, and the builders were all left with inventoriesthat will likely have to be bulldozed toeffect real recovery. That’s one sector ofthe ‘Benonomy’ that has been dissolved.And worse, it is not likely to recover in thecoming year either.

The financial sector piggy-backed with thehousing sector to spook the Fed into all-out desperation. The hundreds of billions(in affect, trillions) of dollars injected by

continued on page 11Page 10 The Register • February 2008

The New Year Embraced ‘Benonomics”

continued from page 10 The New Year Embraced ‘Benonomics’

temporarily rules the day. First of all,inflation erodes the purchasing power ofthe currency and rising inflation serves askryptonite for currency valuations.Inflation is up and so is the value of thedollar? This is not normalcy. As the dollar declines, so too does the value of our assets. As in the corporate world, that makes it easier for everyoneelse to buy us. But, with a negative savingrate and a national almost trillion dollarcredit card debt on our backs, we aredesperate. We will accept an offer fromanyone, anywhere. America is now forsale! Only the ‘For Sale’ sign is no doubtmade in China and shipped to the US onKorean made cargo ships and unloadedby illegal immigrants!

I don’t mean to be too pessimistic. After all, our stock market indices climbed higher for the year. The market has beenblatantly manipulated all year by government data sorcerers and the Plunge Protection Team. One way to play the modern market of the new era is to scan the financialnews for word of Federal Reserve‘injections’. Wait two days and buy like crazy as hundreds of billions of dollars hit the shore of the NYSE. As wemove into the New Year, keep in mind thatBen already has a couple of C130sstuffed full of cash and ready for takeoffin mid-January. He looks to be a busyman in 2008.

Also, consider the ‘requests’ that the Fed gets from the market. Early inDecember, market analysts were all inagreement that the S&P 500 index had to march higher than 1490 to turnthe bearish chart into a bullish chart.Granted. And, in an effort to improve their service, the Fed and the market

manipulators turned the trick in less than a week! I would like to state publicly, right now, that I would turn verybullish if the Dow gained 1,000 points inthe month of January.

The Nasdaq was even more interesting.Analysts wanted this index to stay above its 200-day moving average. Intechnical circles, the 200-day movingaverage is a drop dead absolute line thatan average must stay above for the bullmarket to be in place. The Nasdaq hadviolated this line three times this yearafter touching it in February. Once at ‘THE BOTTOM’ on August 16, once inNovember, and once again in December. Granted. Late Decemberenjoyed a nice Nasdaq rally above the 200-day moving average right onqueue. Interestingly, since the magicalyear of 2003, the Nasdaq has dippedbelow this line eight times only to have rallies ignite. It is almost as if we can all become very mechanical in our investing now that Ben is on ourside. We just have to know whatinstigates his ‘intervention’.

As for the data sorcerers, I just had toinclude this to wrap up the year. I saw atable the other day on the Internet withgovernment ‘data’ such as payrolls, CPI,durable goods, and so on. One columnlisted ‘Expected’. The title of the othercolumn was ‘Actual’. It had an asteriskbeside it. At the bottom of the table theasterisk was identified as meaning‘Subject to revision’.

That means to me that the information is not really ‘actual’. It is more like‘estimated’. Or better yet, since it came from our government, it wasprobably ‘just made up’. Or, as we used to say, the data is just a SWAG —Scientific Wild #%! Guess. Of course, theguess is always fantastic and wonderfullyebullient. That always gives the stockmarket a reason to rally. Oh what theheck, even if bad news leaks out, themarket rallies anyway!

So the very interesting year of 2007comes to a close. But wait — on the last day of the year Bernanke injectedanother $18 billion or so, our financialinstitutions have their hand out to the rest of the world for more cash infusions,and existing home sales increased over the previous month. Well, of course they did! What would you expectto hear — the truth????

central bankers and foreign governmentshave allowed us all to get down to Wal-mart to spend more money than we haveat least for another day. Why? Becausethat keeps the Chinese happy. And, wehave to keep them happy because theynow own so much of our currency anddebt they are in effect, becoming ourlandlord. We spend-a-holics of the worldhave spent everything we have, borrowedfrom our inheritance, and then borrowedfrom the rest of the world to keep going.And to keep the party going, the entireworld stands ready to swap out an empty keg of money for a fresh one fasterthan a NASCAR pit crew can change a setof tires.

For instance, on 12/24/07, The European Central Bank injected $500billion. About in this same time frame, China Investment Corp. announced that it now owns 9.9% ofMorgan Stanley stock. Citigroup lastmonth got injections of $7 billion from anAbu Dhabi fund and $11 billion fromSingapore (9.9% of its shares). MerrillLynch is getting $6.2 billion fromSingapore (They get to buy Merrill at $45 a share while at the time of the deal, the stock was trading at about $55.What are they doing — having a yard saleof their company?)

And most importantly, the Fed pledged to‘inject’ forever if necessary. This isabsolutely extraordinary! This is America!It is pathetic but we have been‘Greenspanned’ to the point that we arenow dependant on bailouts and lifepreservers thrown to us from all over theworld. And yet, most citizens spent theirDecembers merrily shopping forChristmas presents. Many shoppersspent money that they no doubt don’thave. Many lenders no doubt lent themthe money that they will no doubt neversee again. Quick, someone call theChinese so we don’t have to declarebankruptcy! At the very least, dial up Ben so he can throw some more money atthe market!

Of course, printing money devalues thecurrency under normal laws of nature, but never mind. This is the ‘new era’.This headline came from an Internet site on 12/14/07: Dollar gains mostsince May 2005 versus Euro as inflation rises. Sure, this is a one day or a one week event that does not really change the longer term trend. And, that trend is for the dollar tocontinue to weaken. And yes, as the headline indicates, insanityThe Register • February 2008 Page 11

continued on page 12

Ben Bernanke, Chairman of the U.S. Federal Reserve System

continued from page 10 The New Year Embraced ‘Benonomics’

broader indexes like the S&P 500 or theWilshire 5000? The S&P is 500 stocksand the Wilshire is actually over 6,000stocks. They were both up only about 3%.I guess it is a little tougher to manipulatethat many stocks at one time. Oh, butwhat about the Russell 2000? Youremember the index of supposed smallstocks that everyone had their eyes onover the past few years. Well, it wasactually down a few percentage points.

Here is the point of money management.Money management, at least in my case,takes a target and sticks with that target.We don’t drift. If your goal over the pastfew years was to match the Russell, thenyou should be content to be down like theRussell this year. But, I suspect thateveryone that ogled the Russell over thepast couple of years is now ogling theNasdaq. Or better yet, India or Brazil orwhatever the best performing index in theworld might have been. How aboutZimbabwe? Don’t you want to put all ofyour money there? No. Almost everyonethat I talk to would describe themselvesas being somewhat risk intolerant.Therefore, their benchmark is ‘not losing alot of money’. One of the biggest keys to investing money is to not allow yourselfto fall victim to benchmark drift. Don’t bea chaser.

The views of the above are of this writer.The information herein is derived fromsources believed to be accurate and up to date.

Barry M. Ferguson, RFC® is the Presidentand founder of BMF Investments, Inc. an independent SEC registeredInvestment Advisory fee-based moneymanagement firm located in Charlotte,North Carolina. Barry has more than adecade’s worth of experience in thefinancial services industry. He has adiverse background ranging from financial software consultant to registered representative of investmentproducts to President of an InvestmentAdvisory firm. His strong technologybackground has been beneficial in today’s ‘information age’ market.


Update Corner

Did you know that the Dow is actuallydown since June? So are the other majorUS indices. All of them peaked in the firsthalf of 2007. So, the market has basicallybeen negative for the entire second halfof 2007. It is difficult to make muchheadway when the market is giving usnothing to work with. Worse, the S&P 500and the Wilshire in particular have verydistinct bearish double top formationsthat we technicians pay close attention.So too does the Dow, or the Ben as I thinkwe should call if from now on. In fact, theBen has a distinct neckline at 12,800.This is of course THE BOTTOM as definedby our Federal Reserve. As we prepare forthe coming year, I would urge thateveryone pay very close attention to thislevel. Should we fall below it, we shouldassume that Ben can’t keep the marketup anymore than Humpty-Dumpty couldbe put back together. I can’t stress thisenough. There is incredible risk in thismarket. That’s not just my opinion. Whyelse would the Fed be throwing money atthe market like at no time in history? Weare in uncharted territory and it is time tobe very cautious. That’s what I think!

Money Management Moment — Do youknow how well the Dow did this year?Most likely, everyone knows how well theDow did. It was up about 7% while theNasdaq was up about 10%. Of course,the Dow is only 30 stocks and is nowdriven by the Fed. But what about


Display the IARFC Code of Ethics

Where does the IARFC stand? We solidly re-affirm ourCode of Ethics. The simple, straightforward yet thoroughCode is easily and clearly understood by consumers as wellas other advisors, and it sends a strong message of yourprofessionalism.

Proudly Display your Code of Ethics Wall Plaque in theentrance of your office, waiting area, or in the room whereyou meet with clients. The Code of Ethics is handsomelyplaced behind clear plastic on a walnut base. Wall ortabletop display.

(8.5” x 13” — with some assembly required)

To order the RFC Code of Ethics plaque: $50 plus $10 shipping: 800 532 9060

Barry M. Ferguson, RFC®

maximum amount granted for anyprogram, and it fulfills the bi-annualrequirement for those with insurancelicenses in Ohio.

Every state has different standards and procedures for CE approval. Forexample Ohio uses the firm ProMetric for CE review and tracking, as do manyother states.

Some states are very concerned thattesting be a component of the curriculum,especially if the course involves thegranting of a designation, as ours does.

Other state agencies are very concernedwith the quality of textbooks that are partof the curriculum.

The IARFC Education department, has submitted the new RFC® Course for approval in several states where we are already making plans to hold the new classes. It is our goal to have the number of CE units identified for insurance and securities (if applicable) within all states, but this is a lengthy process.

The new RFC Course, entitled theFinancial Planning Process™, has recentlybeen reviewed and approved by the OhioDepartment of Insurance, and awardedcredit for 20 units of ContinuingEducation. Twenty units of CE is the

Jim Lifter, MBA, RFC®, the IARFCEducation Director, has an undergraduatedegree from Ohio State University inMarketing and an MBA from theUniversity of Dayton. He holds the RFCdesignation and will be responsible forcoordinating the development anddistribution of the new RFC courses.

Contact: 800 532 9060 ext. [email protected]

RFC® Course Approved


Jim Lifter, MBA, RFC®

I’d like to share a financial planningexperience with you that I’ve encounteredbecause I think we can all relate to it, andhopefully learn from it as well. For thepurposes of the article, we’ll call theclients John and Jane Doe.

In 2001, John Doe was a 34 year-oldsingle male with an annual income ofapproximately $120,000. The first step Itook in helping John to establish a solidfinancial plan was to set up a “cashcushion” for unexpected events, funding itwith approximately 90 days of livingexpenses. I then advised John to raise thedeductible on his Car Insurance to$1,000 and the deductible on hisHomeowners Insurance to $2,500. In doing so, he saved approximately $400 a year and I advised John to usethis savings to purchase a $4 MillionUmbrella policy, which he currently owns. I also advised John to raise hisUninsured/Underinsured protection limitsto $1 Million/$1 Million, since there is a

tremendous riskof being injuredby an uninsuredmotorist. Johnalso purchased a rental home,and weestablished a$2,500 deductibleon his rental

HomeownersInsurance, and also

verified that hisUmbrella policy

covered this propertyas well.

Since we all know John’smost valuable asset washis income, I helped Johnpurchase an IndividualDisability Insurance

policy to replace asmuch income aspossible in the eventthat he should

become unexpectedlydisabled. I also added a

3% Cost of Living Rider as well as a FutureIncrease Option that would allow him toincrease his coverage as his incomeincreased in the years ahead, which hesubsequently has done.

The next step was for me to advise John to acquire his Human Life Value inlife insurance, so he purchased a $2 Million 30-Year Term life insurancepolicy. As John’s income grew over thenext 7 years I have also helped John toconsistently increase his coverage, andnow owns $6,000,000 of 30 Year-Termlife insurance.

John fell in love and got married to JaneDoe in 2003, and soon after theirmarriage, I advised them to immediatelyacquire Human Life Value in life insuranceon Jane’s life as well by purchasing a $2Million 20-Year Level Term Policy.

In the next several years John and Janehad two children and, prior to the birth oftheir first child, I advised that they bothestablish a Revocable Living Trustcomplete with Durable Powers of Attorneyand Advanced Medical Directives. Wemet together with an experienced estateplanning attorney and completed theprocess. I also assisted them in properlyfunding this Trust by transferring their

house, bank and investment accounts,and life insurance to this Living Trust.After the birth of each child, I helped

John and Jane established a Uniform Trustto Minors Account for a College SavingsPlan. In addition, since their parents alsowanted to help gift monies for theirgrandkid’s college, we established andbegan funding a 529 Plan for their futurecollege needs.

John and Jane wanted to purchase a newSUV to help them with their travel needswith their new children. Since they hadlarge Home Equity positions in both theirprimary residence and their rental home, Iadvised them to refinance their 30-YearFixed loan on their primary residence andutilize some of this Home Equity topurchase their new SUV.

Finally, in addition to funding John’s group401(k) plan to achieve the maximumcompany match, I also advised John andJane to start an investment account, andbegin automatically saving on a monthlybasis (via bank draft) into a nicelydiversified mix of quality mutual funds tohelp fund their future life events andretirement needs.

So I guess you would say this is a fairlystandard financial planning case, right?Well, here’s my point here…this is mystory. John Doe is actually me, Jane Doeis my wife Terri, and the children are ourdaughter Taylor and son Nicholas.

So you may ask why I am telling you this story? Well, I think that for many of us in this business (including myself)we have the ability to sometimes getcaught up in focusing too much onhelping our clients with their investments.However, the reality is that there are somany other pieces to the everydayfinancial lives of our clients that areequally, if not more important than therate of return on their investmentportfolio…. and most of these decisionscan be extremely complicated,misunderstood, and overlooked.

I have had a blessed career in thebusiness with excellent training as well asworking closely and learning from some ofthe most experienced and talented peoplein this business. However, learning aboutfinancial planning first-hand through my

Stepping Into Our Client’s Financial Shoes... And Walking With Them



continued from page 14 Stepping Into Your Client’s Shoes

constantly changing. Our job is to growwith every client and ensure their planstays on the right track. This simplycannot be accomplished without annualreviews, and I firmly believe that is not only our job, but it is what canseparate us from the rest of the financialservices industry.

In summary, as financial advisors, we arethe luckiest people in the world. We havethe opportunity to build a rewardingcareer and, at the same time, help ourclients improve the efficiency and securityof their entire financial lives. What a win-win situation!

I can promise you that these lessons havemade me a happier person, improved mybusiness, and created a stronger bondwith every one of my clients. I truly wishthe same for all of us.

Christopher P. Hill, RFC®, is a financialadvisor in Tyson’s Corner, Virginia. Chris started his career in financialservices as a college intern assisting anexperienced stockbroker. He was firstinvolved in working in portfoliomanagement and then held seminarpositions as a national wholesales andultimately Vice President of Marketing andSales. In 2001 he formed his woncompany and he has now built a team ofprofessional specialists to providesuperior customer service.


own personal experience and financial life has given me a true understandingand passion about this business. Nowwhen I meet with a client or look at theirfinancial picture, I feel like I AM thatclient. This makes me feel compelled andobligated to educate and plan for myclients in a way that never existed when Iwas focusing on solely helping them withtheir investments.

So in summary, here are the mostvaluable lessons I’ve learned throughoutthis wonderful journey I’ve had over thepast seventeen years:

Never forget the big picture. Our job isto look at our client’s entire financial lifeand make sure each piece is working asefficiently as possible. Since we areresponsible for the accuracy and outcomeof every plan we design, we should leaveno stone unturned.

Practice what you preach. As financial professionals, we cannot count on a financial plan that depends on solely their investments or a specificrate of return. We have to take into consideration things like losing a job (having a “cash cushion”), being sued (having an Umbrella Policy), becoming disabled (DisabilityInsurance, or dying prematurely (LifeInsurance and Wills/Trusts), and manyother planning strategies.

Having a plan that is built on investmentsand the “perfect world” in our client’s ever-changing lives is simplynot good enough. And if this is our advice for our clients, we must practicewhat we preach. I tell my clients that Iwake up every day knowing that, nomatter what changes life brings, I’ve done everything I can to ensure that my family is OK under all circumstances.That’s exactly what we are entrusted to do for our clients… and our ownfamilies as well.

Put yourself in every client’s shoes.Look at every client’s financial picture as if it were your own. Whether you are in a similar situation as your clients, or not, our job is determine exactly what it is our clients are trying toaccomplish and then “step into theirshoes”. Using this mindset should allow us to plan accordingly using the right perspective.

Maintain Annual Reviews. As you cansee from my personal story, everyone’slives and financial circumstances areThe Register • February 2008 Page 15

Are you looking for a virtuallyuntapped market? A market whereyou won’t have the competition from all the other Financial Advisors,CPA’s, Attorneys, Internet, Banks and Brokers!

Are you looking for a complete,comprehensive, proven, advancedmarketing and sales system… with all the tools, training andsupport? Includes everything youneed for generating prospects —to closing the sale!

Are you looking for one of the mosttrusted and endorsed financial advisortraining programs in the financialservices industry…

Examine Insurance Pro Shop

www.insuranceproshop.com

• Found Money Management™ Advanced Sales Tool Kit

• Found Money Management™ Financial Advisor Boot Camp

There simply isn’t a better, easier ormore cost effective way for you toreally help your clients and take yourincome to the “Top Levels.”

For more information call: 877 297 4608

[email protected]

25% IARFC Discount

Our Found Money Management™Financial Advisor Boot Camp will alsohelp you to satisfy your RFC and RFA CECredit requirement. (16 credit hours! )

Class Schedule 2008March 12-13May 14-15July 23-24

September 17-18December 3-4

Found MoneyManagement

Marketing Difference

Christopher Hill, RFC®

In the spring of 1982, I was fed up withthe corporate culture and early on a Fridaymorning I resigned my position as a‘Quality Control General Foreman’ withChamberlain Manufacturing, a Fortune500 company. Not one of my mostbrilliant decisions! After several monthsof unemployment, and spending $5,000for career counseling, our family financeswere beginning to run low. So, in July of1982, I decided to take a temporaryposition as an Account Representativewith Metropolitan Life InsuranceCompany, only because they offered me aminimal training salary for the first threemonths. I accepted this sales positioneven though the career counseling I hadreceived from Haldane Associates told meI was not cut out for sales.

Most of you were not around in 1982 andmay not know (or remember) that in1981-1982 the United States wasexperiencing its worst recession since theGreat Depression, with conditionsfrighteningly reminiscent of those 50years earlier. This was a major recessionwith massive job loss, run away inflation,and mortgage interest rates over 15%.Yes, you read correctly 15%. ByNovember 1982, unemployment reachednine million, the highest rate since theGreat Depression; 17,000 businessesfailed, the second highest number since1933; farmers lost their land; and manysick, elderly, and poor became homeless.

It was an extremely difficult timefinancially for many middle-incomefamilies, and you may think that it was notthe best time for me to be entering theinsurance business. However, being newto insurance sales, I was oblivious to theproblems of selling permanent, cash valuelife insurance in a recession, and in 1982I led my District Sales Office with only sixmonths in the business. And, every year

after that, from 1983to 1988, I was eitherthe number one, orthe number two lifeinsurance producer inmy office, and in the‘Top 10’ for the NewEngland Region.

Why was I able to beso successful, whenthe economy was sobad? It was becauseunwittingly, I decided‘NOT’ to participate inthe recession. Beingnew to the business, I

was very focused on learning andpracticing the basics.

In 1982, prior to entering the insuranceindustry, I was making over $40,000 per year, which was a lot of money back then, about the equivalent to making $100,000 or more in 2007. So, I listened to everything my managerstold me. As they suggested, I readeverything I could about marketing, sales, income taxes and personalfinances. I attended the LUTC classes (Life Underwriting Training Council)through NALU (National Association of Life Underwriters) now NAIFA. I paid for and attended all of the coursesMetropolitan Life offered: PersonalInsurance Planning, Business InsurancePlanning, Estate Conservation, Wealth Accumulation Planning, andRetirement Planning. I was a sponge,attending every course I could find, andsoaking up as much information as Icould. I even sought out the mostsuccessful insurance agents in the areaand asked what made them successful.And, I asked successful people outside ofthe insurance industry about theirfinancial situation. I listened to everyoneabout their problems, concerns,successes and failures.

What I quickly learned is that to be successful in insurance sales… it’s not about selling your products!To be successful you must find ways tohelp people to improve their financialsituation! It’s about becoming a respected and trusted financial advisor instead of a sales person. Ilearned how to help middle-incomefamilies to become financiallyindependent. And, everything I’ve learnedduring the past three decades is what hasnow become our ‘Found MoneyManagement™’ program.

Are we in, or headed for a recession?

Maybe? Most economist say yes!

Are most middle-income familiesstruggling financially and looking for realhelp with their money? Yes!

If you want to be successful today andstay successful, then ‘Decide NOT ToParticipate In The Recession!’ Stoplistening to the “Nay Sayers!” Become thetrusted financial advisor people want tosee. Starting today, learn everything youcan about marketing, sales, income taxesand personal finances. Become a truestudent of your profession.

As a new agent, I did it in 1982 in one ofthe worst recessions in history. And, youcan do it too!!!

Lew Nason, FMM, LUTC, RFC®, with hissons Jeremy Nason, RFC® , FMM and WillNason, RFA® , FMM are the founders ofthe Insurance Pro Shop® and the creatorsof the… Found Money Management™Advanced Life Insurance Sales System…The most endorsed and successful LifeInsurance prospecting and sales systemavailable for today’s insuranceprofessional! Lew has been helping agentsand advisors to achieve long-term successin financial services industry for over twodecades. His unique perspective, on howto truly help clients, has enabled scores ofagents and advisors reach the top levelsof their profession.


Recession... ‘Decide NOT To Participate’

Lew Nason, RFC®


As the New Year commences it isappropriate to ask yourself, “Have I set inmotion the steps necessary to achieve therequired and desired flow of new clientsfor 2008?

For many advisors, they must reluctantlyrespond, “No!”

Of course the long term action is toproduce a full Marketing Plan. But,however important that may be, it is a longer term proposition. Whilefinancial advisors are all “planners” of

one sort or another, those skills do notnecessarily extend to developing their ownMarketing Plan.

So maybe your New Year’s Resolution listshould have included “Develop a FreshMarketing Plan.” If you have an ActionChecklist for your practice — add that now.I intend to provide more guidance on howto develop a Marketing Plan in a futureissue of the Register.

However, in a recent newsletter The “DailyPlan-It” by veteran attorney, Ted Gudorf,

he offers six excellent strategies you canstart on right away:

Teach More. The more opportunitiesyou have to share your expertise, themore you’ll be viewed as the “go to”expert. What better way than toteach more? Look for clients, clubs,and professional groups as a way toshare your knowledge.

You might find community educationalorganizations, civic clubs and a Chamberof Commerce as groups that would like aspeaker on financial topics or to serve asa teacher of a course on personal finance.Having served as an instructor is avaluable credential.

One way to trigger this is to develop a oneor two page “Speaker – Lecturer Profile.”It would include some of your speakingand teaching credentials as well as yourdesignations and degrees. By all means it should have at least one picture of you, such as the traditional head shot, but it would also be great to have a photo of you standing and lecturing tosome organization.

Send your speaker profile to the civicorganizations in your community, suburb,or in the region of your office, if you are ina larger city.

Write More. If you have any chanceto share your expertise in writing,take advantage of it. The more yourwrite, the better you think, and themore clearly you express yourself.Write more to communicate withclients and with local publishers.

Are there weekly papers or businesscourier tabloids in your area? Frequentlythese publishers do not have full timewriters. They can easily becomedesperate for free copy that is carefullywritten. They do not like copy thatrequires additional research on their part,or which requires editing of grammar,spelling or structure. So be sure to haveyour copy reviewed and edited before yousend it to them.

Check for local publishers and send thema cover letter asking if they would beinterested in copy like the attached. Thenattach a well drafted short article aboutsome aspect of personal finance. If youuse the Practice Builder Financialsoftware there are hundreds of articles

2008 Marketing Quick Start



continued from page 17 2008 Marketing Quick Start

base of six contacts per year. Be sure tohave a good photo on your newsletter.Liberty Publishing produces two greatnewsletters, the Financial Insider and The20/20 Letter that can also be formattedwith your personal contact informationand photo, available at an IARFCmembership discount rate.

Then plan a campaign of othercommunications. One solution is a clientdrip marketing program. There areexcellent Marketing Sequences in thePractice Builder Financial — for individualclients, business owners andprofessionals, and that very importantcategory, referrals. Drip marketing is theautomatic process of sendingcommunications and having contacts with your prospects, clients and centers of influence.

Let’s have coffee. Now’s a greattime to connect to other industryprofessionals in order to developreferral sources that will lead to new,lifetime clients.

Make a list of the other professionals inyour area who could refer business to you — or who might like to co-sponsorsome type of seminar or public briefingevent. Create the list in writing, includingfirm name, address and business phonenumber. Plan to meet with one per week — for coffee.

One advisor calls estate planningattorneys and accountants and says. “I have a small problem, maybe you can help?” They always say “Yes” or“What can I do?” He then responds, “I’ve made a deal with Starbucks to buy two coffees and muffins every week. So I was wondering, next week,could we schedule a time early in themorning in your office — just for a briefchat — an I’ll bring the coffee andmuffin?” They always say “yes.” Heselects a day with them and asks whattype of coffee, muffin etc.

His return on this marketing investment isover 1,000%!

Say Thank You. This is obvious, butone we frequently forget.

Ted Gurdorf wanted to end his list ofmarketing quick starts with prompting youto say a simple thank you for yourreferrals and support.

Use the IARFC personal Note Cards forquick personal Thank You notes. Print

your business info on the cards or simply enclose a business card. Plan to send at least five Thank You notesevery week. Place the notes andenvelopes on your desk and don’t quit on Friday until they have all beenaddressed for mailing.

Remember, that successful marketing isoften not one big event, a majoradvertisement or an expensive brochure.Often it is just a little effort expanded insome simple activities.

The Daily Plan-It Gudorf Law Office, LLCTed [email protected] 898 5583

Practice Builder Financial Charlotte Isbellwww.FinancialSoftware.com800 666 1656

Liberty Publishing Maria Cookwww.LibertyPublishing.com800 722 7270

Ed Morrow is the chairman and chiefexecutive of the IARFC and he speaksfrequently at professional conferences ontopics related to his practice experience —and enabling financial advisors toincrease their sales production and clientservices, by building their practicesthrough effective client relationshipmanagement. He first used computers in‘70 and he has authored seven computerprograms and 21 operation manuals.

Contact: 800 666 1656 ext. [email protected]

you can easily adapt for your local copy —plus checklists. Editors love a checklistthey can place in their publication,adjoining an article.

If you are considering writing an article fora professional journal (i.e. the IARFCJournal of Personal Finance or amagazine (i.e. the Register) then pleaseremember, the true value to such anarticle lies in your re-distributing the copyto clients, center of influence, andprospects. Your natural prospectiveclients do not read such publications —but they are impressed that you are a“published” entity.

Update your website. An increasingnumber of people are turning to theInternet to research everything fromcars to doctors to financial planners.Make sure that your website is well-designed and easy to navigate.Moreover, you could hire a specialistwith experience in Search EngineOptimization (SEO) to learn how toeffectively direct more people to yoursite. Bringing clients to your site ishalf the battle; making sure they caneasily locate what they’re searchingfor once they get there is the key towinning it. Putting yourself in theshoes of a potential new customerwill inspire your clearest choices.

As an IARFC member if you do not alreadyhave a good website then check outwww.IARFCwebsites.com and use thepreformatted and very inexpensivewebsite managed by Financial Visions.

You should also read Sylvia Tudor’s bi-monthly articles in the Register and join oruse their support services for websitesearch optimizations. In this era, youmust have a website. To not have aprofessional website marks you as “Notready for business!” or even worse,prospects will consider you to be, “Nottruly professional!”

Reconnect with clients. Staying onthe top of mind of your clients is thekey to referrals and repeat business.Stay in touch, whether it’s sending anewsletter, some friendlycorrespondence, or communicatingrelevant changes in tax laws thateffect planning. To turn an oldmaxim on its head — in their sight, in their mind.

There are several tips here. Oneautomatic is a bi-monthly newsletter. It isnot your total communication, but a nicePage 18 The Register • February 2008

Ed Morrow, CLU, ChFC, CFP®, CEP, RFC®

PPrintinted Gd Gold Kld Key Ny Note Card OpOptionstions PrPrice Quantity Totatal

� Classic Gold Key Note Cards & Envelopes, 250 Boxed $ 100.00 _______ $_______

� Optional—Your RFC Announcement Message and your $ 50.00 _______ $_______

$_______

address printed inside, per 250 cards

� Smaller Quantities, per Card & Envelope $ 0.60 _______

� Imprinting Smaller Card quantities, cost for each card $ 0.30 _______ $_______

� Gold RFC Seals for envelopes, cost per 250 $ 30.00 _______ $_______

Plus Shipping & Handling $ $ 15 15.00

Name: _____________________________________________

_____________________________________________

_____________________________________________

_____________________________________________

(Please print your name only – no other designations)

Firm: � Visa � MasterCard

Address: � Amex � Discover

City: � Check written to: IARFC

State: ______ Zip: ____________________ Card No. ________________________________________________________

Phone: ______________________________ Expiration: _______________________________________________________

Fax: ________________________________ E-mail: __________________________________________________________

Website Address (optional): ______________________________________________________________________________

Signature: __________________________________________Date: _____________________________________________

Without Without Imprint int $315 = $0.42 each $115 = $0.46 each $75 = $0.75 each $51 = $0.85 each

TotTotal Co Cost $_______

Ohio Residents Sales Tax 6.5% must be added

Unit Cost Cost Analyalysis - Im- Impriprinted d 750 @ $465 = $0.62 each 250 @ $165 = $0.66 each 100 @ $95 = $0.95 each 60 @ $63 = $1.05 each

The International Association ofRegistered Financial Consultants is

pleased to acknowledge theappointment of

William J. Nelson

For having acquired the professional distinctionas a Registered Financial Consultant through

the completion of seven criteria: education,examination, ethics, experience, licensure,business conduct, and annual completion

of ongoing continuing education.

William J. Nelson, LUTCF, RFC®

The Nelson Financial Group2385 Lakeview, Drive, Suite A

Dayton, Ohio 45431-3696 Phone: 937 426 7032

[email protected]

U.S. Shipping Only

Example of how you canimprint your completecontact information insidethe Note Card.

An optional formal RFCannouncement message can be printed by us,or by you.

Use this space for yourhandwritten notes or message.

RFC Code of Ethics

I will at all timesput my client’sinterest abovemy own.

I willmaintain proficiencyinmy workthrough continuingeducation.

Whenfee-basedservices are involved, Iwill chargea fair and reasonable fee based on the time and skillrequired.

Iwillabidebyboththe spirit and the letter of the laws and regulations applicableto financial planning services.

I will givemyclient the same service thatI would give tomyselfinthe same circumstances.

TheInternational Association ofRegistered Financial Consultants

The FinancialPlanningBuildingMiddletown,OH 45042-0506

www.IARFC.org

Classic RFC Gold Key Note Cards Order Form

Fax to: 513 424 5752 Mail to: IARFC, Box 42506, Middletown, OH 45042-0506


Every advisor needs to reinforce clientawareness on the risks to their financialwell-being brought on by credit andidentity theft — America’s fastest growingcrime. The ICFE in 2007 trained andcertified over 1,000 individuals asCertified Identity Theft Risk ManagementSpecialist (CITRMS™) and among them is“Identity Theft Revealed™” author, GeneTurner of Lee’s Summit, MO.

Gene, who is a speaker, professionalmagician and pickpocket entertainer,earned his CITRMS™ early in 2007.Because of his unique manner ofconsumer and client education programs,ICFE asked him to list the areas ofconcern a financial planner shoulddiscuss with their clients when it comes tocredit and identity theft risk management.

What to talk about with clients on theincrease of credit and identity theft risks.

Identity theft affects about eight millionAmericans every year. Targets range fromtop executives and celebrities to childrenand the deceased. What can your clientsdo to protect themselves? The purpose ofthis article is to provide some ideas andsolutions to help you help your clients.Protecting one’s identity is extremelyimportant because Identity Theft will costvaluable time and money and causemajor frustrations.

Protect Social Security numbers and dateof birth. That information alone allowsidentity thieves to access a lot moreprivate information. Never put a SocialSecurity number or date of birth onchecks. Don’t carry a Social Securitycard, passport or birth certificate. Checkto see if the Social Security number is ona driver’s license. If it is, request adifferent number. Be sure to shred theold card.

The top way that identity thieves getinformation is lost or stolen purses andwallets. A wallet carried in a back pocket,even with the button done up, is still veryvulnerable to pickpockets. It is safer inthe front pocket, but only with a hand on

it. Purses are even easier to steal. Ladiesneed to refrain from putting their pursesin shopping carts, and never leave apurse on the back of a chair in arestaurant or public place. Purses can beeasily snatched or the billfold removed inan instant by a pickpocket while theowner’s attention is diverted. It’s notusually about the cash; they are lookingfor the information that is inside yourwallet, which is worth a lot more to a thief.It is wise to copy the front and back of allcards that you carry and keep that copy ina safe place. If a wallet is lost or stolen,there is a record of card numbers and thephone number to quickly report the theft.

Be aware of the billing cycles on chargeaccounts. If charge account or credit card statements are not in the mail at the right time, call the company to checkthe status of the account. Thieves mayhave had those statements routed to anew address.

I am often asked about credit cardsversus debit cards. Credit cards are thesafest. Credit cards allow for disputedcharges and withhold that payment until adecision is rendered. Debit cardsautomatically withdraw the funds rightaway. Even if the charge is disputed andthe funds are returned, two to threemonths time may have elapsed.

If possible, get credit cards and businesscards with the holder’s picture on them.Although this isn’t a solution, it can behelpful. Cancel credit cards not usedwithin the past year. Make sure to signthe back of credit cards. Some peoplewrite, “See photo ID.” Although thissounds safe, it is not. “See photo ID”allows thieves to sign the card with yourname using their signature. When theymake a purchase using your card, thesignatures on the credit card and creditslip will match.

Pre-approved credit card applications canbe very dangerous if identity thieves stealthem. A simple call to the 800 numberwill activate the card. The thief then callsin and says, “Hey, I’ve had a change of

address. Are you the one I tell?” Victimsdon’t even know the account exists untilsometime down the road when thecompany calls about the overdue accountor it affects their credit report. Make sureto shred all pre-approved credit cardapplications. The best protection is to getoff the pre-approved credit card list bycalling 1-888-5 OPT OUT. They will ask fora Social Security number because of itslink to the credit bureaus.

Make sure to check credit reportsregularly at the “big three” credit reportingbureaus — Equifax, Experian, andTransUnion. Request free yearly reportsat http://www.annualcreditreport.com orby calling 877-322-8228. Other websitesadvertise free credit reports, but theyusually involve trial memberships in theircredit monitoring service. If it isn’tcanceled, there is a yearly fee. Be wary ofother websites offering free credit reports,as they are set up to steal personalinformation. Check credit reportscarefully for any suspicious activity. Alsoremind clients of the credit freeze optionthat is now available in all 50 states fromall three credit bureaus.

Don’t give out personal information on thetelephone, in the mail, or with Internetaccess unless the contact was self-initiated. If somebody calls and asks forpersonal information, call them back at anumber that is the true number, like themain switchboard rather than some kindof extension, and ask for that person.Don’t take the number down from themand turn around and call them right backwith the number they provided. Neverreply to unsolicited emails. Any reply willprovide the sender a city and state.Having a name, city and state allows themto Google that individual.

Cross-cut or diamond-cut shred allconfidential mail and papers. Be sure toshred outdated credit cards, CDs withfinancial information, income tax returnsover seven years old, and outdatedmedical cards. Trash cans and garbage

CONSUMER FOCUSwww.ICFE.infoPaul Richard, RFC®

Increase Client Awareness on Identity Theft Risks

Institute of Consumer Financial Education 619 239 1401 www.ICFE.info E-mail [email protected]




continued from page 20 Consumer Focus

bags become public domain once they areon the curb. A shredder is a very valuabletool in protecting against identity theft.Computers hold a wealth of personalinformation. Everyone needs a securebrowser with software that encrypts orscrambles information you send over the Internet and from wireless computers. Everyone also needs virusprotection with automatic updates(http://free.grisoft.com), a firewallprogram (zonelabs.com), anti-spam filters,and Spyware removal program(lavasoft.com). (These websites listedprovide free programs.) Make sure thatany Internet sites used for purchases areencrypted, secure sites with valid andreputable companies. Do not savefinancial information or passwords on alaptop computer. Also, consider a lo-jackanti-theft device for laptops.

This information is intended to helpreduce the risk of being a victim ofidentity theft. It is not intended as legal advice. Turner’s website,www.pickpocket.com, and his CD, Identity Theft Revealed™ contain further information on identity theft. The CD includes an extensive “ResourceList” and “Actions To Take List.” He will e-mail a free PDF copy of each list ifcontacted: 877 263 8718 [email protected]

Paul Richard, RFC® the Executive Directorof the ICFE, founded by Loren Dunton.Paul is the author of the Certified Credit Report Reviewer, and he isnationally regarded as an identity theftprevention specialist.

Working on your practice instead of working for your practice.

� Develop high quality comprehensive financial plans — Retirement Planning, � Insurance Needs, Education Funding, Estate Distribution � Create unlimited “what-if scenarios” — including Monte Carlo simulations� Present product solutions powerfully, swiftly and dramatically� Easily justify a substantial planning fee

“Good software is always in an evolution,adding features, simplifying data entry,strengthening the reports and shorteningthe plan preparation cycle. For example, amajor delay in producing plans has alwaysbeen the initial data entry. The PlanBuilder now offers an alternative, FinancialNotebook, which the consumer uses toenter family and financial information andprovide it to the financial advisor by diskor e-mail.”

David Stitt, CLU, ChFC, CEP, CFP®, RFC®

Financial Planning Consultants

FREE DEMO800 666 1656

www.FinancialSoftware.com

Financial Planning Consultants providing innovative software, training and services to financial professionals since 1969

LOOKING FOR A CHANGE?A Broker-Dealer that can also accommodate

all of your advisory needs.

Take the “compliance” monkey off your back.Provide health insurance.Top technology and compliance.Allow you to participate in the growth of a publicly traded firm and stillbe independent.No monthly fees.Transition team that really works.

CHANGE IS SOMETIMES BETTER. We would like the opportunity to put together a no obligation proposal for you and your business to show you what we can offer. Contact Dale Pope at 610.909.3301or e-mail: [email protected]

All inquires and discussions are held in strict confidence.

25% IARFC Member Discount

Paul Richard, RFC®

Senator Larry Craig blew his long-time,carefully cultivated image as a straight-laced, up-tight, Republican family manwith the strongest of Christian familyvalues! Craig’s toe-tapping in a publicmen’s room changed his image for lifeand marked the end of his career as aU.S. Senator from Idaho. And this is aman who most likely spent much moremoney on his image, year-after-year, thanyou do. Of course the middle agedSenator didn’t really do anything, andcontinues to deny lurid intent, but themedia wanted another sensational story,so he was crucified. This was all aboutimage. Now tell me that image is notvery important for you?

Successful persons create, establish, andmaintain the desired images that aremost appropriate for each person.Napoleon Hill said, “The greater yourimage, the greater your success.”

I like to think of financial planners assharp professionals. The right image foryou results from specific effort andcareful on-going attention to image detail.You either define and polish your image —or you allow others to do so for you.Those others may not have your interestat heart.

You either have the desired image as asharp, competent, prepared professional,or you do not have a desired image as asharp professional.

You define your own image. If not, yourcompetition or the general media definesyour image to their advantage. Forexample, does the image of Suze Ormanfit you and the way you do business?

Former Presidential candidate HowardDean blew his skillfully created image byscreaming inappropriately during a majormedia exposure, and the media devouredhim for this. Tom Cruise blew his carefullycrafted image as a movie action he-manby jumping on Oprah Winfrey’s couch andacting like a school boy. Fans stoppedbelieving his image and his films startedbombing. His studio even dumped him.Image is important but must be keptconsistent 24-7.

Senator Craig, Howard Dean and TomCruise were big spenders when it came toimage. What about the celebrity

homemaker/investor, TV promoter andformer stockbroker, Martha Stewart?They all spent tons of money, over time, tobuild their image.

Many financial planners want to spendvery little, but expect to immediatelyestablish their image. They may expect toaccomplish this with some greatpronouncements or embellished claims.They suspend reason and actually expectto start at the top image-wise. Apparentlythey believe that just a few quick effortswill establish and maintain their desiredimage. You don’t get there quickly. Buteven if you have carefully built a well-established image, you can fall quickly.

Once you establish a perception you cannot change radically mid-stream. TomCruise went from super-hero to wimp withone powerful media exposure. Thiscauses tons of work and lots of money tobe spent to repair the damage. HowardDean was perceived as a strong leaderand a disciplined physician until his sillyscream during one powerful mediaexposure changed his image. If you aregoing to position yourself as a sharpprofessional you have to look the partand act the part — at all times!

Financial planning is evolving. We nowsee the old clowns being replaced by theyoung professionals who are moreresponsible with the truth, accountability,and display good manners, good taste,and control their egos. The huge successof young Phil Calandra made financialplanning history in his marketplace (TheAtlanta region) in only a few years.Calandra made our industry proud. Philpaid careful attention to his image fromthe start. He is polite, respectful, andmannered. He does not dominateconversations. He doesn’t boastendlessly. He doesn’t promise whatever alistener wants to hear. He’s very carefulwith any comment he makes.

At one time Britney Spears had a nationalimage as beautiful, talented, disciplined,gifted, young and with a brilliant future.Spears totally destroyed the image thatmany image professionals worked years toestablish for her. She devastated hercareer and earnings outlook with onehighly publicized stupid and irresponsibleaction after another. She quickly wentfrom being liked and admired to being the

object of contempt, disgust, and pity. Sheallowed herself to be associated publiclywith others having a poor image, like ParisHilton. Who is the worst enemy of BritneySpears? The answer is Britney Spears.Think Anna Nicole. Think some jerkfinancial planner.

Princess Diana created, established, andmaintained such a strong positive imagethat this influenced the way peopleperceived her. But soon before herdivorce it all started to go downhill. Shehad powerful resources (as a member ofthe British Royal Family) to establish andmaintain her image. But, after thedivorce, she went from a favorable publicposture maintained by the Crown, tonegative publicity brought on by heractions. When her PR effort ended, herimage dramatically changed. Now, she isregarded with sympathy, not affection.

Queen Elizabeth (at the time of Diana’sdeath) had horribly low (publicly reportedas at an all-time low) image ratings withthe people of England. But by spending amassive fortune on an image makeover,the elderly Queen is now more popularthan ever with British citizens and world-wide. Today her image and approvalratings are at an all-time high.

These image examples I am using allinvolve people who had huge amounts ofmoney invested in their desired imageswhich were built over time. The typicalRFC does not have a huge amount ofmoney to invest in building an image as asharp professional. You have to use allyour resources, not just your checkbook.You have to spend smart — not Large!

When you tell people — through yourmedia exposures — what you are allabout, you absolutely must start with, andadhere to, a base of honesty. Be true. Ifnot, you will eventually fall on your face.Look at a few of the big names in thefinancial services field who areegomaniacs and thus highly disliked bythe rank and file in financial services.Such people are always riding for a fall.They are their own worst enemy but areincapable of realizing this. Such peoplecan not really be what their imagepromoters say they are. They willeventually “out” themselves.

Cato Comments – About Your Image...One Trip to the Men’s Room



However, “Mister Mehdi,” one of the mostsuccessful men in our industry, is alsoone of the most disciplined about hisimage. Mehdi Fakharzadeh is actuallybeloved by his clients and by America’sinsurance agents and financial planners.Beloved! To know this man is to love him.He is highly respected among our RFCmembers. Mehdi once told me, “Myclients and the people in our business dolots of my PR for me. But, I still payattention to the details about my image.”

About Your Letters!

Most of the letters or e-mails I receivefrom Register readers fall into thecategory of asking for quick tips about thebasics on how to improve the planner’simage. Here is a basic I find myself oftenharping about when I visit with groups ofplanners around the nation. I keepmentioning this because I continually seeplanners failing to do this. The basic is:Wear a neat suit and tie, have a goodhaircut, and keep your shoes shined every day.

Even if you are wooing the youngdemographic so coveted by Hollywood youstill need to look like a sharp professional.The young person who looks sharp ismore likely to end-up the greater success.Of course there are exceptions but that isno reason to argue as some planners dowhen it comes to their image. I believesome planners never think much abouttheir image until their inappropriate dressand dirty shoes are pointed-out to them.

Some planners insist, “I must be morecomfortable, and I believe my casualappearance makes me more acceptable,plus prospects or clients are more

interested in what’s in my head and what Ican do than in how I look.” If you arelocked into that belief then I can “beatyour brains out marketing-wise” with aplanner who simply has enough sense tolook like a sharp professional.

Even in the ice and snow of the Iowa and New Hampshire primaries there were no jeans or snow boots, just darksuits for Barack Obama. There are always consultants that tell politicians to take off their suit coat and hold it over their shoulder, or better-yet, wearcasual clothes.

Be careful about the consultants youretain. I want my planner, or myPresident, to be a professional and looklike a professional. John Kennedy wantedto stress his youth when he ran forPresident. But even more, Kennedy alsowanted to be perceived as a sharpprofessional capable of leading the freeworld. The visual impression is the firstimpression even if that impressionoriginates as imagination stimulated bysound or writing.

What is your image of the three mostpopular Presidents of the last half century— Eisenhower, Kennedy and Reagan?Are they in a suit looking presidential, orin some jeans and a sweater?

Sharp suits with dirty, worn, or scuffedshoes are often found on planners andother professionals who are onlymarginally successful. If any professionalneglects detail to personal appearance,then he or she is likely to neglect otherimportant details and may not even knowwhat important details are!

Once I was amazed to find SenatorHoward Baker in his hotel room shininghis own shoes. My former assistant TomWatson became Howard Baker’sassistant when Senator Baker was theWhite House Chief of Staff. I also oncesaw Ted Kennedy alone and shining hisown shoes. I had assumed that certainpeople had their shoes shined bysomeone else. The late Jerry Reiter,former CEO of the Financial Advisors LegalAssociation, always wore shoes that werehighly shined. Jerry once told me that heroutinely had his shoes shined whenpassing through the local Las Vegasairport. Ed Morrow, IARFC CEO, is anotherleader who shines his own shoes. Shoeshiners are often people who were in themilitary or people who attended militaryschool. Successful leaders know theimportance of looking like successfulleaders. Are your shoes usually shined?Your shoes are an important image detail.But shoes are only one aspect of yourappearance. There are many other itemsthat should be carefully considered inyour image review. Now, at the start of anew year, it would be a good idea toPolish Your Image.

continued from page 22 Cato Comments

Forrest Wallace Cato, RFMA, RFC® is a senior fellow in Financial Planning Media Advocacy at theJamal Al-Habtoor School of Business in Dubai (United Arab Emirate). He is a former Editor ofFinancial Planning and Trusts & Estates magazines. He presents The Cato Award during the annualIARFC International Convention. He is an award-winning author, op-ed writer, critic, essayist, salesresearcher, and International Editor of Advisers magazine in China.) Cato wrote the Introduction tothe classic book, How To Sell Your Way Through Life by Napoleon Hill, author of the all-time bestselling motivational book Think And Grow Rich. As a media advocate he helps financial advisorsreceive the local publicity they deserve by promoting and publishing their services in an effectivemanner. Cato polished his education at Oxford University in England, but you’d never guess it fromhis southern drawl.

Cato is shown in the photo in his CNN jacket and press pass. He has interviewed six Presidents of the United States and more members of Congress than he would like to remember. He is fond of saying, “I don’t make the image for financial advisors; I can only expose solid image that is already present.”

Contact: 770 516 9395, [email protected], CatoMakesYouFamous.comForrest Wallace Cato

RFMA, RFC®


Professional Appearance ChecklistProfessional Clothing, good fabrics, etc.Well-pressed and neatly arrangedMen – High quality tieMen – Over the calf socksLadies – Coordinated scarf/belt, etc.Both – Shoes shined and heeledProfessional Jewelry (RFC Pin)High caliber leather briefcaseProfessional notepad coverHaircut, trim and colorProfessional appearing glassesGold, not plastic, pen

The Register • February 2008

Benjamin Franklin, when he was just asmall printer in Philadelphia, foundhimself badly in debt. He thought ofhimself as a simple man of ordinaryability, but believed he could acquire theessential principles of successful living, ifonly he could find the right method.Having an inventive mind, Franklindevised a method so simple, yet sopractical, that anyone could use it.

Franklin chose 13 subjects, which he feltwere necessary or desirable for him toacquire and try to master, and he gaveone week’s strict attention to eachsubject, successively. In this way, he wasable to go through his entire list in 13weeks. But Franklin knew he had notpermanently mastered these thirteenissues. So he repeated the process fourtimes in a year, year after year.

It was to this one idea, taking personalresponsibility to improve oneself, thatBenjamin Franklin felt he owed all hissuccess and happiness. Sales traininglegend Frank Bettger took Franklin’s ideaand applied it to selling. Here’s Bettger’slist from his legendary book, How IRaised Myself from Failure to Success:

1. Enthusiasm 2. Order: self-organization 3. Think in terms of others’ interests4. Question Reveal Solutions5. Determine the Key issue 6. Silence: listen 7. Sincerity: deserve confidence 8. Knowledge of my business 9. Appreciation and praise

10. Smile: happiness 11. Remember names and faces 12. Service and prospecting13. Closing the sale: action

Bettger used what he called a PocketReminder and kept it with him at alltimes. We are following his example.Create your own list of 13, or useBettger’s list. Read your own shortReminder several times a day. Memorizeit. We believe your results this year willsubstantially outshine last year’sperformance!

REMINDER #1 — Enthusiasm

• Force myself to act enthusiastic, and

• I will become enthusiastic!

• Enthusiasm puts fear to work for me• Enthusiasm is contagious• Enthusiasm sustains me in

difficult times• I am committed to double

my enthusiasm • Be Enthusiastic at work, play

and family life

Kinder Brothers International teachessales and management professionalshow to experience lasting success. BothJack and Garry are members of theIARFC and authors of books and courseson financial services.

Their associate, Bill Moore, delivers theProfessional Patterns course and isdeveloping the Registered FinancialManager workshop.


Think Right – Advice from Kinder Brothers InternationalWisdom Doesn’t Grow Out of Date

The founder and chairman of FinancialAdvisors Legal Association (FA Legal),Jerry Reiter, passed away on December26 as result of complications fromsurgery. He pioneered in developingdefensive measures to protect financialadvisors from aggressive attorneys. FALegal was the first organization to offeradvisors concrete steps to reduce theirliabilities from unwarranted claimantsand equip them to take swift andeffective action when challenged.Recently FA Legal has developed aninsurance program for advisors and hasbeen in the process of negotiating withthe IARFC on how these benefits canbecome available to our membership.

Jerry was the author and subject ofseveral articles in the Register and FALegal has been a frequent exhibitor atthe IARFC Financial Advisors Forum,

most recently the last event in Las Vegasin May 2007. Jerry’s presentations on how advisors could identify andreduce their liabilities held RFCaudiences spell bound.

The firm, FA Legal, continues under thecapable leadership of Robin Mills, andmembers of the IARFC can expect tolearn more about their new insuranceprogram, Financial Advisors AssuranceSelect, is the best tool for liabilityprotection. Persons knowing Jerry mayexpress their condolences through thecompany at:

FA Legal Association7469 W. Lake Mead Blvd., Suite 170Las Vegas, NV 89128www.FALegal.com800 261 0633

Passing of a Pioneer — Jerry L. Reiter

Jerry Reiter

the reps. Their plan is to file class-actionsuits against every firm in every state.

Already the settlements have beenstaggering. UBS settled nationally for $87million dollars. Citigroup settled recentlyfor a whopping $98 million byconsolidating three suits from New York,New Jersey and California that involvedapproximately 20,000 reps. Merrill Lynchand Morgan Stanley each settled inCalifornia, Morgan Stanley for $42.5million and Merrill for $37 million. Someof these firms are likely to be facingactions in the other 49 states as well.

On the surface, it appears there is nolegitimate defense for these cases. Eitherthe firms paid overtime to their reps or theydidn’t. If they didn’t, they are probablygoing to be facing class actions until thestatute of limitations expires. Some stateshave a two-year statute of limitations onthese claims, but in other states the casescould go on for five or six years.

According to Eccleston, “These are suchopen-and-shut cases of which none will begoing to trial.” It is in the firm’s best interestto settle early rather than go through thetime and expense of a trial where they don’thave any meaningful defense.

Going forward, Eccleston expects mostbrokerage firms to change their policies,“They will probably pay the minimum insalary and then create a plan for the repsto get the balance of their compensationin bonuses or commissions,” heexplained. Many attorneys think thisarrangement will allow brokerage firms toavoid paying overtime, but no definitedecision has been made yet on this issue.

In the meantime, Eccleston cautions thatchanging a compensation policy now doesnot affect liability for past behavior. Therewill still be lawsuits because the firms’activities were illegal in the past.

The easiest cases are those where repshave recently left a firm and, feeling safeand secure in their new position, knowthey can seek unpaid overtime from theold broker dealer without jeopardizingtheir new employment. “We definitelywant to hear from these people,” saysEccleston. “There is a good chance wecan help them.”

Trouble in the WorkplaceBy Katherine Vessenes, JD, CFP®, RFC®

Investors are not the only group goingafter the financial service industry’s deeppockets. With numerous class actionspending against broker dealers byunhappy reps, it has become clear thatclaims between reps and their firms canbe even more costly than the claimsmade by unhappy investors.

Furthermore, with both broker dealers andtheir reps continuing to get poor legaladvice, these issues keep escalating. Let’slook at the six most common claims and aswell as claims that are currently makingtheir way through the courts or arbitration.

1. Class Actions for Unpaid Overtime

In order to avoid paying registered repsovertime, virtually every securities wirehouse has acted on its legal counsels’advice saying that its reps qualify for theadministrative exemption to the FederalLabor Standards Act. The only problem isthat this advice is dead wrong.

“This is an area where the broker dealersgot caught with their pants down,” saidJim Eccleston, a nationally known attorneyfrom the Chicago law firm, of Shaheen,Novoselsky, Staat, Filipowski & Eccleston,who specialize in securities litigation andemployment law.

There are a number of conditions requiredfor eligibility for the exemption, Ecclestonexplains, and “one of them is theemployee must be paid a salary.” Underthe current law, the minimum amount anemployee must receive in order to meetthe criteria for the exemption is $455 perweek. In addition, the salary must be apredetermined amount, which is receivedregularly, and cannot be reducedaccording to the quantity or quality of theemployee’s work. Also, commissions ordraws don’t qualify.

Most brokers work more than 40 hoursper week, yet very few ever realize thatthey are entitled to overtime. In fact, eachrep could be owed for hundreds of hoursper year. According to Eccleston, thebottom line is just about every brokeragefirm has violated the employment law, andare now exposed to a barrage of lawsuitsand claims. Eccleston’s firm and acoalition of other law firms have alreadystarted filing class-action suits on behalf of continued on page 26

Lessons for broker dealers: now is thetime to get good advice about yourovertime policies. Every day you delaychanging your policies, is an increase ofyour exposure.

Lessons for reps: if you think you areowed overtime pay, you can contact a firmlike Jim Eccleston’s to see if you qualify.Also, from now on you should keep trackof the hours you work every week. Thisinformation may be helpful in your suit.

2. Claims for illegal charges for salesassistants, trading errors, marketingcosts and technology fees.

Another area that will be getting moreattention in the near future is some firms’practice of charging their employee/brokers for sales assistants, tradingerrors, marketing costs and technologyfees. Eccleston points out that it is illegalin most states for employee/brokers to bemade to pay for their own salesassistance, and he cites New Jersey as astate where employers are not allowed todivert the wages of employees.

“Are particularly irksome to brokers,” saysEccleston “and they are fighting back.” Itis really irritating to brokers to be chargedfor trading errors only when the firm losesmoney. When the error is in their favor,most firms don’t share the profits with thereps, and this makes them very angry.

Technology charges are another area thatseems to make reps upset enough toseek legal advice. Eccleston explains thatit is not unusual for a firm to charge abranch $10,000 to $30,000 per month intechnology fees, which is really just a wayof using the employees’ wages to offset the company’s expenses. Ecclestonpoints out that as of yet, no class actionhas been settled or won on this issue, butin his opinion the law seems to be on theside of the employees. He believes that inthe meantime some firms are hoping thatthese cases will slip under the radar, andtherefore are being quietly settled withoutmuch publicity.

Lessons for broker dealers: Carefullyreview the labor laws of every state inwhich you conduct business, and if you


continued from page 25 Compliance-Friendly Marketing

much money as he expected, andtherefore decides to leave.

The firm then files a lawsuit against therep for the balance of the loan.

The portion of the note not forgiven isowed and accelerated, and the rep, who isstruggling anyway, now finds himselfowing the firm a great deal of money. Theadvance has probably been spent duringthe switch-over.

“Sometimes, after reviewing the facts, wefeel that the firm should owe a check tothe rep, and not the other way around,”Eccleston says, because often the firm hasmade the rep’s life so difficult that, (a) hecan’t make a decent living at the new firm,and (b) he finds his business in ruins.Then to make matters worse, he is askedto pay back his loan. “That’s when theycall me and ask for remedies,” he says.

Typically, the counterclaim brought by theregistered rep is for lost revenue over threeor more years. According to Eccleston,these cases usually settle, but problemsarise when the rep consults with anattorney who may not be familiar with thetax consequences of these issues.Eccleston says when his firm negotiates onbehalf of the rep, they try to string out thepayments over as long a period of time aspossible, because at the final paymentdate all the unforgiven portions (those thebroker dealer agreed to waive during thesettlement process) are reportable asincome, and therefore taxable.

Eccleston gives the following example:suppose the rep was given a bonus of$500,000 and signed a promissory note.At the point in time when $250,000 isforgiven, reported and the rep pays thetaxes that are due, he decides to leavethe firm, accelerating the balance due of $250,000.

After hiring an ace attorney to negotiate alower settlement, our rep is determined toowe only $100,000 because thebroker/dealer agreed to waive $150,000to settle the suit. It is at this point thatEccleston has seen a number of reps hurtby incompetent counsel, because the firmwill issue a 1099 for the unpaid amount —in our example, a whopping $150,000 —treating it like a further forgiveness of theoriginal loan. The rep will then owe taxeson the $150,000.

Eccleston says it’s unfortunate, but mostreps haven’t a clue what is happeninguntil they receive the tax bill. In the higher

income tax brackets, they could see closeto 40% of the amount the broker dealerwaived going to the IRS, and suddenlytheir settlement doesn’t look nearly asgood as it first appeared.

Lessons for Registered Reps:• Read the language in the promissory

note very carefully.

• Get legal advice before you sign thenote.

• If you decide to leave, take carefulnotes about any problems with the on-boarding process. Make sure they aredetailed and dated because this willhelp strengthen your case.

• Watch out for the tax consequences.

Lessons for broker/dealers:Good file notes can also strengthen yourcase. Make sure your branch-officemanagers are documenting the transferprocess, and noting that things are goingsmoothly. If the transfer is not goingsmoothly, you should document what youhave done to try to fix the problem.

4. Wrongful Termination

Eccleston says he has seen a number ofwrongful termination cases that havecome up after reps have left firms.Usually the reps don’t know they have theright to bring an action for wrongfultermination, and are not inclined to sueuntil they get the note advising them thatthe firm is going to sue them for thebalance of the promissory note. “This isusually the last straw,” Eccleston says.“This just sends the rep over the edge,and they will file a wrongful termination asa counterclaim.”

5. U-5 Defamation

The U-5 is a Termination Form that theFINRA/NASD requires members to fill outwhenever a registered employee leavesthe firm, explaining the reasons for thetermination. Certain comments on thisdocument can effectively end a rep’scareer in the industry since most firms will not hire any registered person whohas been terminated at another firm if the termination was precipitated byegregious conduct.

Sometimes the reps will sue to reform thestatements on a U-5, however thestatements must be both defamatory and

are contravening any of them, change theway you practice.

Lessons for registered reps: If you thinkyou are being charged illegally, contact alaw firm that specializes in theemployment issues facing reps and brokerdealers. They should be able to tell you ifyou have a good claim.

3. Promissory Notes

Promissory notes are also receiving a lotof attention lately. Although this is not anew issue, some recent trends in the sizeof the loans and their duration havebrought it to the forefront again.

It is becoming increasingly common for arep to receive a large, up-front bonus,frequently called a “waffle”, as aninducement to switch firms. Althoughcalled a bonus, it is in fact a loan that canbe forgivable if the rep stays long enoughwith the new firm. As each portion isforgiven, the rep must report it to the IRSand pay taxes on the forgiven amount.

These loans are usually based on 100%to 150% of the rep’s trailing 12-monthcommission. However they are getting solarge that it is not unusual to see bonusesin the range of $1 to $1.5 million beingused to motivate a rep to switch firms. Asthe bonuses have increased in size, sotoo has the length of the term of the loan.The notes are now commonly six to nineyears long.

For the reps, it looks good on the surface,but the strings attached to the bonusescan cause problems down the road. Repsneed to realize that they will be indenturedservants for the period of the loan, and sixto nine years can be a very long time ifthey are unhappy at the new firm.

Should the rep leave before the noteexpires, there could be some veryunpleasant tax consequences. Ecclestonexplains it like this: a typical situation iswhere the rep doesn’t want to leave thenew firm, but some circumstances forcehim to move on. Many such cases involvea bad start at the new firm. Typicallythere are problems with the on-boardingprocess, and the rep suffers financially asa result. It could be that the ACATtransfers did not come over as quickly or completely as anticipated, or maybethe new manager was uncooperative insome way, costing the rep somecommissions, or maybe the phones justaren’t working. The net result is that therep realizes he’s not making nearly asPage 26 The Register • February 2008


continued from page 26 Compliance-Friendly Marketing

Another case that Levan believes giveshope to brokers is Galarneau v. MerrillLynch, which was decided in July of 2005.In this case, Debora Galarneau, a Merrillbroker for 15-years, sued Merrill for filinga false and defamatory U-5 Form. APortland Maine jury agreed with her, andawarded her $3 million in damages.Merrill has stated that they will appeal.

According to Levan, this is a difficult caseto prove because the plaintiff must provethat the form was incorrect, and the firmknew it was incorrect and proceeded tofile it anyway. In essence, Galarneau hadto prove that Merrill was knowinglyblackballing her from the industry.

Although Galarneau may have won thebattle, it is unclear whether she will winthe war. She is still facing an appeal, andas of August 2005, she had not foundanother job as a broker. She fears thatthe U-5 Form may have permanentlydamaged her reputation in the industry.

Lessons for broker dealers: although itcan be tempting to ruin a rep’s career andlivelihood, take the moral high ground andprint only true statements on a U-5, andmake sure you can defend yourself if youare sued.

Lessons for reps: if you are unwillinglyterminated from your broker/dealer,consult with an attorney. They canfrequently negotiate language on the U-5that will not damage your career.

6. Errors and Omissions Coverage

It is rare to find Errors and Omissionsinsurance involved in employment-basedcomplaints between reps andbroker/dealers. The reason, according toBud Bigelow, President of The CambridgeAlliance, a firm that offers E&O to RIAsand registered reps, is that E&O coverageexcludes employment practices.

In conclusion, it is anticipated that thenumber of employment-related claimsbetween brokers and their firms willcontinue to increase, so clearly this is onearea where it pays to get good legaladvice from a law firm that specializes in these issues. Many of the problemslisted here can be avoided if parties use a qualified legal expert from thebeginning. Whether you are a brokerdealer or a rep, get the best help you can, and you will greatly increase yourchances of success.

A prior version of this article appeared inBroker Dealer Magazine

Katherine Vessenes, JD, CFP®, RFC®, is a nationally known author and speaker,focusing on sales, marketing, complianceand practice management issues forbroker/dealers and advisors. Order her latest book: Building a MultimillionDollar Practice.


false in order for the rep to have anychance of winning. In addition, the repusually has to prove the broker dealer filedthe statements knowingly and maliciously.On the other hand, according to Eccleston,some categories of defamation are soheinous that damages are presumed. Onearea is job performance.

Attorney Richard Levan of Levan andFriedman in Philadelphia, notes that thisarea is in a state of flux, because it is aquestion of whether the broker dealer hasan absolute or qualified privilegeregarding statements on the U-5.

If broker/dealers have an absoluteprivilege, they can state whatever theywant to on the form and be immune froma rep’s lawsuits, even if the statementsare deliberately false and defamatory. Ifbroker/dealers have a qualified privilege,the reps can sue only if they can prove thestatements are false, defamatory, andthat the employers made them withmalice.

Reps faced with a state law which holdsthat broker/dealers have an absoluteprivilege which can put them in a difficultposition, because they may have beenfalsely defamed but have no means ofgetting the language on the U-5 amendedto reflect the truth. The end result is theyare usually out of work, since no one willhire them.

Levan is intrigued by a New York case inthe Second Circuit of the US Court ofAppeals, Rosenberg v. MetLife Inc. Therep, Rosenberg was terminated by NewYork Life, who filed a U-5 which stated inpart: “. . . Rosenberg appeared to violatecompany policies and proceduresinvolving speculative insurance sales andpossible accessory to money launderingviolations.” Rosenberg says the realreason he was fired is because he is aHasidic Jew”.

The district court dismissed Rosenberg’sclaim, holding that Met Life had anabsolute privilege to say whatever theywanted on the U-5, even if it was falseand defamatory towards Rosenberg.

“What is quite unusual about this case,”says Levan, “is that on appeal the Second Circuit sent the case directly toNew York’s highest court to get an opinionon the issue.”

Levan thinks this case, because it is fromNew York, our financial center, will have abearing on similar cases in the future.The Register • February 2008 Page 27

Katherine Vessenes, JD, CFP®, RFC®

The author wishes to express her appreciation to all the experts interviewed inthis article, including compliance consultant Paul Bruce of Waterside, whoprovided background information. They may be reached at:

Paul Bruce: [email protected] Eccleston: [email protected] Levan: [email protected] Bigelow: [email protected]

As a business-humor columnist, I’malways trying to find comical topics in thefinancial section of the daily newspaper.The latest confusion in the subprimemortgage fiasco seemed like anopportunity I just couldn’t pass up.

However, in order to make fun of an issue,I need to understand it. And I don’tunderstand this one. I read about loansno longer being on the books of thebanks, but being securitized. What does‘off the books’ mean?

I reviewed my notes from the accountingcourse I took; there is no chapter on off-the-books loans, I’ve even tried to read upon quant type financial gurus to see if thatwould help. It didn’t. I started getting intothe world of derivatives. And now I’meven more confused.

Is the subprime issue a derivative issue?I don’t know. And forget about SIVs, orstructured-investment vehicles. Thefinancial press writes about them, but Iknow for sure there isn’t one reporter whocan explain them to his mother. Andremember that is the litmus test, “Can youexplain it to your mother?”

Back to my challenge, how do I make fun ofstuff I don’t understand, nor my readers?

Maybe the joke is on us. We are supposedto read all this stuff about financial re-engineering and pretend we understand it.But it’s like the emperor’s new clothes, noone does, but everyone pretends.

Imagine a Presidential press conferenceand a reporter asked the President toexplain the most recent mess and not useany jargon. I bet the President’s handlerswould step in immediately and say thatTreasury Secretary Paulson would beholding a separate press briefing toexplain the intricacies of subprime-mortgage securitization to the Americanpublic. Poor Secretary Paulson! He’ll haveto spend the entire weekend with his stafftrying to figure out what to say. He woulddefinitely need a lot of graphs and charts.And they’d have to be in multiple colors.

And then all those reporters who want to prove to their editors that theyunderstand the issue would be askingquestions. It is the kind of pressconference that even C-SPAN may notcarry live. It would bore everyone. I betAlan Greenspan would even skip it. Thisway when he’s asked for a quote, he canoffer his ‘independent analysis.’

So I am back to what’s funny about thesubprime mortgage crisis. I know. It

could mean the end to that terrible showon cable, “Flip This House.”

You know it, a couple decides that insteadof working for a living, they’ll buy a fixer-upper in California, spend 50 grand oncosmetic upgrades, and then sell it for a$150,000 profit.

I wonder if the President’s bailout ofhomeowners will cover these “homeflippers.” You know if they live in thehouse, they may qualify. Now this meansthat the 2008 version of the TV programwill have an interview with the mortgagebroker to explain the finances. And thenwe are back to explaining the subprimemarket and keeping the loans off thebooks of the banks, and again I am lost.

Maybe we should just add this to the listof topics we really don’t understand. Mylist starts with international exchangerates. The Canadian dollar is now worthmore than the U.S. dollar. How come?

What’s on your list?

As an experienced journalist, Heshpassionately believes that a properlycrafted bio or marketing profile will causea prospective client to be sufficientlyattracted to read it, and to feel, “I’d like to meet this person.” If you would likeHesh to help you prepare a similarbiography for you, or to assist you withwriting assignments that will help you inyour market.


Need an Explanation of the Subprime Mess?Not Here!

Hesh Reinfeld


James Investment Research, Inc. is an independent investment management firm and is not affiliated with any parent. James Investment Research, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). The composite’s inception date is 12/31/83. No segments of balanced portfolios are included. The James Equity Composite Performance included the equity bank pooled retirement funds under our management from 1984 (composite inception) through 1991. Performance from 1992 includes representative equity tax exempt funds not restricted by market capitalization plus any equity bank pooled retirement funds. As of December 31, 2007, the Equity Composite consisted of 7 accounts totaling $53.3 million which was 2.5% of all assets under James’ management of $2,115.9 million. No alterations of composites have occurred due to changes in personnel or other reasons. Performance results are total returns and include cash. The returns are time weighted. Gross and net performance results are total returns after custodial/brokerage fees and trading expenses. Gross of fee returns are presented before management fees; net of fee returns are calculated by deducting the quarterly management fee as charged to the clients at that time. Current fees may be higher, which if they had been in place at that time, would lower the net of fee performance. The current quarterly fee schedule is 0.3125% of the assets value of the first $1,000,000, and 0.125% of the asset value of the balance of the fund. These terms may be negotiated, according to the firm’s ADV. To receive a complete list and description of James Investment Research, Inc’s. composites, a presentation that adheres to the GIPS standards, and/or policies for calculating and reporting returns, contact Diane Rose at 1-888-426-7640. Data from 1992 through 2001 was reviewed by Ernst & Young. Subsequent year’s quarterly performances were reviewed by Clark, Schaefer, Hackett & Co. No promise of future performance or profitability should be inferred from this data. The benchmark for this product is 50% S&P 500 and 50% Russell 2000. The Russell 3000 is being provided as supplemental information due to client requests. All returns are in U.S. dollars.The dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.The dispersion (S) for the quarter ending December 31, 2007 was 0.35%. S=* Since Inception 12/31/83-12/31/07 ** Blend 50% S & P 500/50% Russell 2000 ***Supplemental****4th quarter is not annualized

[email protected]

$0

$5

$10

$15

$20

$25

5Yr. 10 Yr. SI*

14.6

4

11.14

6.57

13.95

11.31

1.95

1Yr.

20.72

6.54

4Q****1Yr5Yr10YrSI* JIR Equity- Gross of Fees -3.49% +6.54% +20.72% +11.14% +13.95%

JIR Equity - Net of Fees -3.61% +5.96% +20.05% +10.52% +13.34%

Equity Blend ** -3.96% +1.95% +14.64% +6.57% +11.31%

Russell 3000*** -3.34% +5.15% +13.63% +6.22% +9.36%

For More Information Contact:Jeff Battles, Director of [email protected]

James Equity Style 98 99 00 01 02 03 04 05 06 07Annual GOF Returns % 12.72 12.40 3.77 -0.62 -14.13 33.47 28.68 23.97 13.01 6.54Annual NOF Returns % 12.08 11.78 3.16 -1.20 -14.64 32.70 27.96 23.29 12.40 5.96Equity Blend % ** 12.10 20.61 -6.03 -4.64 -21.21 37.82 14.63 4.80 17.29 1.95Russell 3000 % *** 24.13 20.89 -7.46 -11.46 -21.55 31.04 11.95 6.14 15.71 5.15Annual Composite Dispersion % 0.00 4.52 8.21 1.26 2.49 1.88 2.36 3.80 0.63 2.41

Investment Strategy & ProcessThe James Equity Style invests in stocks of all sizes, small, mid, and large cap stocks. JIR also has a disciplined value approach to investing.

JIR’s proprietary model is an important tool in the search for securities using a database of over 8,500 stocks. JIR looks for those stocks with the strongest combination of Value, Neglect, and Management Confidence traits.

Relative Value – investing in securities which have relatively low ratios such as price to book and price to earnings.

Neglect – finding stocks which are overlooked by Wall Street analysts or underrepresented in institutional portfolios.

Management Confidence – looking for companies where the managers are showing confidence by buying stock in their own company.

Fundamental analysis is then used to seek out the most promising candidates which show excellent intrinsic value.

Product Info

Composite Statistics (as of 12/31/07)Benchmark Index ...............Equity Blend** Average # of Holdings .......................... 102Assets .........................................$53.3 millionAverage Market Cap ............. $29.7 billionPrice/Earnings ......................................... 14.2Price/Book .................................................. 2.5Target Allocation ..................95% Equities 5% Cash

Top Ten Holdings (as of 10/31/07)

Exxon Mobil Corp ............................ 3.0%Energen Corp .......................................2.8%Merck & Co Inc....................................2.8%McDonald’s Corp ...............................2.6%Edison International .........................2.4%Paccar Inc ...............................................2.3%Hess Corp ..............................................2.1%Manpower Inc .....................................2.1%Valero Energy Corp ..........................2.0%Metal Management Inc ....................2.0%Total ........................................................24.1%

Investment ObjectiveThe James Equity Style seeks to provide long-term capital appreciation and outperform the Equity Blend Benchmark.**

James Equity vs Equity Blend** (Annual Returns Ending 12/31/07)

Sector Diversification

As a % of total equities as of 12/31/07

James Equity GOF

Equity Blend**

∑Wi[Ri-WtMEAN(R)]2

Utilities 11%

Consumer Cyclical 10%

Basic Materials 10%

Technology 16%

Energy 13%

Industrial 12%

Financials 9%

Consumer Staples 13%Health Care 6%

4Q.07Equity Style

James Investment Research, Inc.

Financial professionals helping people do a better job of spending, saving, investing, insuring & planning

the

International Association of Registered Financial ConsultantsFinancial Planning Building - 2507 North Verity ParkwayP.O. Box 42506 - Middletown, Ohio 45042

phone800 532 9060

fax513 424 5752

[email protected]

webwww.IARFC.org

New IARFC Members

Peter H. Callas, RFC, MA Xin-yu Cao, RFC, China

Li-Li Chai, RFC, Taiwan (R.O.C.) Yu-Chih Chan, RFC, Taiwan (R.O.C.)

Hsueh-Chung Chang, RFC, Taiwan (R.O.C.) Ia-Jiuan Chang, RFC, Taiwan (R.O.C.) Li-Hua Chang, RFC, Taiwan (R.O.C.)

Chien-Ming Chen, RFC, Taiwan (R.O.C.) Chiu-Ying Chen, RFC, Taiwan (R.O.C.)

Chung Wen Chen, RFC, Taiwan (R.O.C.) Chun-Hao, Chen, RFC, Taiwan (R.O.C.) Hin-Lung Chen, RFC, Taiwan (R.O.C.) Hui-San, Chen, RFC, Taiwan (R.O.C.)

I-Fu, Chen, RFC, Taiwan (R.O.C.) Kuan-wu Chen, RFC, Taiwan (R.O.C.) Lien-Fang Chen, RFC, Taiwan (R.O.C.)

Pi-Jung Chen, RFC, Taiwan (R.O.C.) Po-Keng Chen, RFC, Taiwan (R.O.C.)

Shu-Chen Chen, RFC, Taiwan (R.O.C.) Ai-Yun Cheng, RFC, Taiwan (R.O.C.)

Chang-Chih Cheng, RFC, Taiwan (R.O.C.) Fu-Kuo Cheng, RFC, Taiwan (R.O.C.) Hui-Chu Cheng, RFC, Taiwan (R.O.C.) Wei-Mai Cheng, RFC, Taiwan (R.O.C.)

Yi-Lin Chien, RFC, Taiwan (R.O.C.) Kuo-Jung Chiu, RFC, Taiwan (R.O.C.)

Li-xin Chong, RFC, China Chieh-Po Chuang, RFC, Taiwan (R.O.C.) Hsiu-Feng Chuang, RFC, Taiwan (R.O.C.)

John F. Covert, RFC, FL Yu-I Fang, RFC, Taiwan (R.O.C.)

Shao-xue Fu, RFC, China Feng-xian Gao, RFC, China

John R. Graves, RFC, VA Ying Guan, RFC, China

Martin L. Hearn, RFC, TN Su-Ying Ho, RFC, Taiwan (R.O.C.)

Chia-Chi Hsieh, RFC, Taiwan (R.O.C.) Chin-Tien Hsieh, RFC, Taiwan (R.O.C.)

Yu-Jing Hsu, RFC, Taiwan (R.O.C.)

Ke-xia Hu, RFC, China Li-Yueh Huang, RFC, Taiwan (R.O.C.)

Ming-Hua Huang, RFC, Taiwan (R.O.C.) Shu-Chen Huang, RFC, Taiwan (R.O.C.)

Su-Jen Huang, RFC, Taiwan (R.O.C.) Miao-Ling Hung, RFC, Taiwan (R.O.C.) Shih-Tsung Hung, RFC, Taiwan (R.O.C.)

Hua Jiang, RFC, China Man-Shuang Kao, RFC, Taiwan (R.O.C.)

Leonard N. Katz, RFC, NY Chia-Chih Ko, RFC, Taiwan (R.O.C.) Chih Ling Kuo, RFC, Taiwan (R.O.C.) Shu-Chin Kuo, RFC, Taiwan (R.O.C.) Shu-Tse Lai, RFC, Taiwan (R.O.C.) Tai-Chi Lai, RFC, Taiwan (R.O.C.) Vernon Oliver Larson, RFC, TX

Chiu-E Lee, RFC, Taiwan (R.O.C.) Han-Yu Lee, RFC, Taiwan (R.O.C.) Hua-Yen Lee, RFC, Taiwan (R.O.C.)

Gui-hua Li, RFC, China Jiang Li, RFC, China Yan Li, RFC, China

Yi-Chin Li, RFC, Taiwan (R.O.C.) Zhi-wei Liang, RFC, China

Tien Lung Liang, RFC, Taiwan (R.O.C.) Kuei-Lung, Liao, RFC, Taiwan (R.O.C.) Pao-Hua Liao, RFC, Taiwan (R.O.C.) Shu-Mei Liao, RFC, Taiwan (R.O.C.)

Chung-Ching Lien, RFC, Taiwan (R.O.C.) Hui-Chien Lin, RFC, Taiwan (R.O.C.) Tsui-Hsia Lin, RFC, Taiwan (R.O.C.)

Hong-jian Liu, RFC China Jin-fang Liu, RFC, China

Hsiu-Chin Liu, RFC, Taiwan (R.O.C.) Jun-Tse Liu, RFC, Taiwan (R.O.C.)

Tsai-Ling Liu, RFC, Taiwan (R.O.C.) Wan-Fang Liu, RFC, Taiwan (R.O.C.) Kuei-Hwa Lo, RFC, Taiwan, (R.O.C.)

Chang-Yuan Lu, RFC, Taiwan (R.O.C.) Ming-Liang Lu, RFC, Taiwan (R.O.C.)

Yu-Hui Lu, RFC, Taiwan (R.O.C.) Li Ma, RFC, China

Chin-Hsin Ma, RFC, Taiwan (R.O.C.) Li-li Meng, RFC, China Jing Min, RFC, China

Brenda Christobelle Mohammed, RFC, Trinidad

Elaine W. Morton, RFC, NC Feng-yu Mu, RFC, China

Anthony M. Palomba, RFC, CT Pei-Ju Pan, RFC, Taiwan (R.O.C.) James Stewart Parker, RFC, VA Mark Passacantando, RFC, MA

Robert R. Peterson, RFC, CA Zhao-yang Qin, RFC, China

Rod Repasky, RFC, CA Andrew D. Riggle, RFC, PA Dennis C. Sand, RFC, AZ

Zeljko Sevic, RFC, England Hong Shi, RFC, China

Zhi-hua Shi, RFC, China Chiung-Hua Su, RFC, Taiwan (R.O.C.)

Wen-Yi Su, RFC, Taiwan (R.O.C.)Shao-hua Sun, RFC, China

Jie Tang, RFC, China Slava V. Timochine, RFC, WA

Heng-Li Ting, RFC, Taiwan (R.O.C.) Hsi-Wen Tsai, RFC, Taiwan (R.O.C.) Pin-Yin Tsai, RFC, Taiwan (R.O.C.)

Wen-Huang Tsai, RFC, Taiwan (R.O.C.) Luke Tien-Lu Tung, RFC, CA Albert E. Walker, RFC, VA

Le Wang, RFC,China Wan Wang, RFC, China

Xian-zhang Wang, RFC, China Chung-Chi Wang, RFC, Taiwan (R.O.C.)

Tse-Jen Wang, RFC, Taiwan (R.O.C.) Yu-Hung Wang, RFC, Taiwan (R.O.C.)

Yung-Ching Wang, RFC, Taiwan (R.O.C.) Jui-Chin Wei, RFC, Taiwan (R.O.C.)

Kuo-Li Wei, RFC, Taiwan (R.O.C.) Ning Wu, RFC, China

Wen-hui Wu RFC, China Andy Wu, RFC, Taiwan (R.O.C.) Yin Wu, RFC, Taiwan (R.O.C.)

Yi-Ping Wu, RFC, Taiwan (R.O.C.) Yan-ling Xing, RFC, China

Yan-jie Xu RFC, China Li-ya Yang, RFC China

Ti-Wen Yang, RFC, Taiwan (R.O.C.) Hong-gang Yu, RFC, China

Chuan-Chuan Yu, RFC, Taiwan (R.O.C.) Wan-ting Zhang, RFC, China Yi-ping Zhang, RFC, China

Chun-yuan Zhao, RFC, China

Wally CatoSylvia KelleyPoint Lisas

Brenda MohammedEd MorrowLew Nason

Willam NelsoJeff RattinerRuben Ruiz

Jeffrey Chiew

Members WhoRecommended New

IARFC Members

Referror of the MonthBrenda Mohammed

rfc designation 2008 marketing approved for ce 13 quick ... · brian e. glickman, cpa, rfc®...

Documents