the - iarfc · wanted to become an architect, but never got around to itbecause he got impatient...

the

Vol. 6 No. 12 • December 2005 Official IARFC Publication Single $9 • Yearly $99

in this issue

Register Letters...........2

Chairman’s Desk ........4

Advisors SharpenTheir Blades ................5

The UnauthorizedPractice of Law ...........6

Your Estate of Mind ....8

Researching YourTarget Markets ............9

What Happens WhenYou Are Sued? ..........10

Consumer Focus.......12

The Dunton Award....13

Cato Comments........14

Seven CommunicationStrategies for You .....15

A New Source ofQualified Prospects ..16

Get Your RFCAdvisor Website ........17

Financial AdvisorsForum Program.........18

www.IARFC.org 800 532 9060Serving Financial Advisors Worldwide

Mark O’Dell, RFC®, CLU, ChFC,Executive Vice-President andGeneral Manager of AmericanInternational Assurance (AIA)Company Limited, Singapore, is athoroughbred insurance man whohas spent his entire professionalcareer — 25 years and counting —working in the financial servicesindustry. O’Dell has an easy-goingdisposition that makes him a perfectfit for the insurance industry.Refreshingly candid, he calls himselfa “college dropout” who initiallywanted to become an architect, butnever got around to itbecause he gotimpatient with school.

He decided to work as an insuranceagent in 1980; with no grandambitions whatsoever to be at thepinnacle of the insurance industrywhere he is today. He remembershow, as a young agent, he ran into asales slump barely four months intohis job. “I was intimidated by thesales process and felt nervous aboutcalling people. I just turned 22,didn’t own any insurance and didn’thave many friends who could affordto buy policies from me,” he recallshis beginner’s snag.

continued on page 3

An IARFC member, Mark T. Lamkin,Louisville-based financial advisor hasdemonstrated how to gather a lot ofnational attention, and excellentexperience at the same time. Hevolunteered to be one of thecontestants on Donald Trump’s TheApprentice national NBC-TV program.You may not be a regular viewer of thisprogram, but you would have enjoyedhow Mark represented himself, and ourprofession.

He really wasn’t seeking a position as an apprentice to “The Donald” butto receive valuable experience and publicity. Mark is a member of theChairman’s Club of his broker/dealer, Linsco/Private Ledger, and thepresident of Lamkin Wealth Management. He has a Finance Degree fromthe University of Louisville and he recently completed an MBA fromBellarmine University. In addition to being an RFC®, Mark holds theCSA designation.

continued on page 5

The Register ispublished monthly bythe InternationalAssociation ofRegistered FinancialConsultants ©2005.It includes articles andadvice on technicalsubjects, economicevents, regulatoryactions and practicemanagement. TheIARFC makes no claimas to accuracy anddoes not guarantee orendorse any product orservice advertised orfeatured. Articles,comments and lettersare welcomed by e-mailto: [email protected].

ISSN 1556-4045

Profile:Mark O’Dell

Mark Lamkin, CSA, RFC®

Art Linkletter’s career includes being a movie actor, radio personality,television star, best-selling author, ambassador and professional speaker.Reader’s Digest reported, “Art Linkletter is one of the most beloved menin the United States!” Currently he appears on network TV, in manyareas, with comedian Bill Cosby. This American icon has two EMMY

Awards, four EMMY nominations, oneGRAMMY Award, ten honorary doctoratedegrees, plus many other honors. Hehas written 23 books. Art has served onmany corporate and philanthropic Boardof Directors and is respected for hiswork as Chairman of UNICEF.

Linkletter, is as famous for being a multi-millionaire businessman as he is forperforming. For over 30-years Link-letterOil Enterprises has drilled for oil and gasin Argentina, Peru, Venezuela, Canada,Alaska and all parts of the USA. Art washighly active in the start-up of thecompany that is now Freeport-McMoran,one of the leading corporations on theNew York Stock Exchange.

Art Linkletter’s Advice to RFCs

Art Linkletter

He’s an Advisor,Not an Apprentice

continued on page 5

The Register • December 2005

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

What a nice surprise to load up the newIARFC website, which is much easier toview and navigate. Please consider usinghomepage to directly address prospects(why and how to find us) and useanother page for why advisors shouldbecome a RFC. I think that would be amore effective use of search engineoptimization and more profitable for theRFCs who would welcome new clients. Ialso think the terminated RFC languagemay be a bit confusing as to whethersomeone just resigned on their own orwhether they were terminated for notpaying overdue membership fees.

The Financial Advisor Profile section wasvery easy to update. I printed cards tomatch the IARFC Ethics brochures andstapled them to the back. Monday nighta prospective client asked me “Whyshould I trust you?” I merely pulled outthe brochure and he closed himself.

It is important to me that I am promotinga designation worth promoting, unlike mymembership in the now devalued, easilyobtained CSA. This Saturday I will beattending the Texas NAELA chaptermeeting where I will again use thebrochure to promote the RFC designationto the membership. Your continuingrestrictive standards and improvedwebsite are as helpful as I had hopedand may well be worth the $50 dollarincrease in membership fees next year(but let’s not get too carried away). I havebeen disappointed with the membershipchurn at CSA and the huge drop inmembership at SFSP where I used to bea member.

Charles Luedtke, RFC®

Mesquite, TX

Helping Keep Everything GoingUnder The Big Top!

The IARFC and the Register guideadvisors who are trying to help theirclients deal with the “Circus of Life.”

I suppose we are similar to a “circusbarker” or “ring master” since we have tocoordinate so many people into gettingorganized, making sure they’re on top ofthe ball, and balanced on the beam, asmuch as possible financially, can stillswing or reposition from time-to-time, andhave a net under them most of the time.

Also, when people have decided to eatfire or swallow swords, we try to sooththeir ills as much as possible. And we“hold their hands” to help get them awayfrom any crisis. When the animals comerunning out of their cages, we try tomake sure they have enough stored foodto keep them at bay.

And last, but not least, when the“clowns” travel out on those undersizedcycles, tiny cars, or wobble on only onewheel unicycles waiting for an accidentto happen — we are waiting in the wingsto assist in picking up the pieces so theycan keep a smile on their faces.

This is why the public will always needqualified financial advisors!

Constance O. Luttrell, RFC®

Franklin, TN

Available Free For IARFC Members

The Federal Reserve Bank of Atlantapublishes a quarterly magazine titledEconomic Review. This publication isavailable at no cost for IARFC members.To receive this journal simply write andask to be placed on the mailing list to:

Public Affairs DepartmentFederal Reserve Bank of Atlanta1000 Peachtree Street, N.E. Atlanta, GA 30309-4470

Keep up the good work for all the IARFCmembers. See you at the Forum in May!

Lester W. Anderson, MBA, RFC®

Duluth, GA

The Register welcomes your articles about the profession, planning techniques andpractice management. You may submit articles of 300 to 1,500 words via

e-mail, with an electronic photo and a short bio of not more than 100 words.

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]

Judith Fisette-Losz, Executive [email protected]

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

[email protected]

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

[email protected]

John E. GrableMBA, Ph.D, CFP®, RFC®

[email protected]

Vernon D. GwynneCFP®, RFC®

[email protected]

Derek D. KlockMBA, RFC®

[email protected]

Edward J. LedfordCLU, RFC®

[email protected]

Constance O. LuttrellRFC®

[email protected]

Ruth LyttonMS, Ph.D., RFC®

[email protected]

James McCarty, SecretaryCLU, RHU, LUTCF, RFC®

[email protected]

Burnett Marus, TreasurerRFC®

[email protected]

William J. NelsonLUTCF, CEP, RFC®

[email protected]

Ruben RuizChFC, CLU, MSFS, CSA, RFC®

[email protected]_________________________________

Wendy M. Kennedy, [email protected]

Stephanie Langster, Administrative [email protected]


INTERNATIONALIARFC

COORDINATORS

From this early setback, which almost madehim quit the industry, to being a topexecutive in one of the world’s mostestablished insurance firms overseeing oneof Southeast Asia’s most developedinsurance markets. O’Dell says that hisprofessional trajectory has been forged by abelief in building and maintaining strongpersonal relationships. The genial Americancalls it an ‘art’ that not only got him towhere he is today, but a tool that othercompanies can use to differentiatethemselves.

“Growing up in the business, I learned theimportance of proper fact-finding, gettinginput on what people could commit fromtheir financial resources, proposingsolutions and so on. But more than that, Ithink the true creativity in our businesscomes from how you get people to open upabout their goals and objectives, and gettingthem to realize the importance of actingnow,” he speaks from the bottom of hisheart. “The financial planning process ismerely the professional extension of what Iand others learned in selling life insurance.”

Formerly based in Ithaca, New York, O’Dellwas initially apprehensive about working inAsia, but recalls being swayed by a speechby public speaker Anthony Campolo at aseminar he attended. Anthony spoke abouta survey done on a group of 90-year-oldsand most of them felt that they would enjoymore out of life if they had taken more riskson a personal and professional level. Hewas so inspired by the survey findings thathe took the leap of faith and relocated toSingapore in 1994, serving as AIASingapore’s Vice-President and Director ofAgencies. In 1996, he was posted toJakarta, Indonesia as the company’s AgencyVice-President and during his five-yeartenure there, earned his promotion to SeniorVice-President and General Manager.

Now back in Singapore after spending asubsequent four years in Malaysia, O’Dellfeels that the Southeast Asian insurancemarket, while increasingly developed andshowing sophistication, is still not as matureas the US market. He evaluates marketmaturity from the sophistication of itsproducts, distribution methods, and itscompetitiveness. He also acknowledgesthat cultural nuances have played a pivotalrole in shaping the Asian insurance marketand he demonstrates a need to understandand work with these differences. Heelaborates, “That’s why life insurance in thisregion started out from a long-term savingsangle. However, as the market developed,competitors came in and customers now

have more options to save. Everybodywants a piece of this action. But we havebeen focusing on our true mission — whichis to offer protection. Nobody can take thatfrom us.”

In fact, AIA Singapore has maintained itsnumber one position in the country underO’Dell’s charge, but he remains vigilant andis mindful of the increasing competition,especially from the banking sector. “Wherewe will continue to develop will be in moreadvice-driven transactions, and also as aneffective distribution channel, focusing onthe quality and experience of the delivery ofour advice,” he explains. As for futuretrends, O’Dell says that there is a markedshift towards “increased disclosure andtransparency” in the Singapore and otherAsian markets which will benefit the end-consumer. Consumers will eventually beempowered to make the choices that theyneed to make.

As for the future of AIA Singapore, he feelsthat it lies in the continued development ofthe agency distribution business and morespecifically, the enhancement of theprofessional capabilities of its advisors. Thisexplains why he is so supportive of theIARFC Singapore’s inaugural professionalcourse which encompasses both technicaland soft skills.

Mark believes that the scope of theadvisor’s duties has changed sodramatically compared to 10 years ago andone has to be mindful of the true value ofthe services that are provided. Ultimately,it’s the craft of building a rapport andconfidence with prospects to act on theirrecommendations that is important. Heelaborates, “In a sophisticated market likeours, we have to earn our keep more. Wehave to demonstrate and earn that respectby truly understanding his needs andserving them. So what’s better thanengaging in continuing education whilestaying productive and competent?”

O’Dell is one of the founding members ofIARFC Singapore and has been instrumentalin sharing its mission to qualifiedprofessionals and generous in providingseed funds to this progressive non-profitorganization. Other than business, he isequally passionate about wine, golf andAsian cuisine. Mark is also active incommunity service and a council member atthe Singapore Cancer Society.

Mark O’Dell can be contacted at: 1 RobinsonRoad, #13-00, AIA Tower, Singapore 048542or e-mail: [email protected]

continued from page 1 O’Dell Profile

Jeffrey ChiewAsia Chair

DBA, CLU, ChFC, CFP®, RFC®

[email protected]

Liang Tien LungChina Development Organization (IMM)

RFC®

Ralph LiewPhilippines Chair

RFC®

[email protected] Manalo

Executive [email protected]

Jerry TanSingapore Chair

CIAM, CMFA, RFC®

[email protected]

Zhu Xu LongChina Chair, Shanghai

RFC®

[email protected]

Samuel W. K. Yung, MHChair, Hong Kong and Macao Chair

CFP®, MFP, FChFP, CMFA, CIAM, RFC®

[email protected]. Teresa So

Advisor, Hong Kong and MacaoPhD, MFP, FChFP, CMFA, CIAM, RFC®

[email protected] Wan

RFC®

[email protected]

Ng Jyi WeiMalaysia Chair

ChFC, CFP®, RFC®

[email protected]

Aidil Akbar Madjid Indonesia Chair

MBA, RFC®

[email protected] Soemarto

MA, RFC®

[email protected]

Jeffrey ChenTaiwan Chair

RFC®

[email protected]

Preecha SwasdpeeraThailand Chair

MPA, MM, RFC®

[email protected]


Where the IARFCwill be represented:

Hong Kong — RFC ClassesFebruary 15, 2006, Hong KongUniversity

MDRT ExperienceFebruary 17-19, 2006, Bangkok,Thailand

Financial Advisors ForumMay 11-13, 2006, Middletown, Ohio

MDRT Annual MeetingJune 11-14, 2006, San Diego, CA

International Dragon AwardsAugust 11-13, 2006, Chengdu, China

IARFC Cruise/Conference October 5-15, 2006, Port ofGalveston, TXStopping at the popular ports of Jamaica, Grand Cayman & Cozumel

MDRT Top of Table October 18-21, 2006, Cancun, Mexico

Heckerling Estate ConferenceJanuary, 2007, Orlando

AP finSA ConferenceApril 13-15, 2007, Taipei, Taiwan

Financial Advisors ForumMay, 2007, Reno, Nevada

MDRT Annual MeetingJune 10-13, 2007, Denver, CO

If you are going to attend any ofthese events, please let us know.

Ending the Year. The year 2005 has been very good to the IARFC. We havecontinued our growth in members, expanded operations in many countries and weare making excellent progress in other areas. I expect to report on the successfulestablishment of an RFC organization in at least 4 more countries in 2006 based onthe developments we have underway now.

RFC Course. We are working now very diligently to develop our own courses. Tosome extent this will be in competition with CFP® and ChFC — but with very differentformats: We expect to offer local classes in many cities. Our course will emphasizemarketing, practice management, firm operations and plan construction as well asthe typical topics of economics finance, taxation investments and risk management.The RFC course will include valuable software elements for the students and it willrequire each student to create a comprehensive financial plan.

How Can You Help? First, it is vitally important that we continue to add newmembers in the United States. There are thousand of CFPs and ChFCs who canbenefit from what the Association offers. But, we need the help of our currentmembers — who have always provided the best source of new member referrals.Please take action to nominate qualified candidates. Every new memberstrengthens our capacity to increase member benefits and increases the image ofthe RFC designation. When you help the Association grow with high caliber financialadvisors, you increase the value of the RFC® designation for yourself.

Forum Attendance. Yes — it will really be limited based on the space available atthe Manchester Inn! So register now and reserve one of the inexpensive, but highquality, rooms at this historic Inn.

From theChairman’s Desk...

New RFC and RFA members

Cynthia A. Aber AZMichael Amine MIIan Atherly Trinidad

Earl Eugene Bain, Jr. NCHarrison Matthew Clement NC

Suzanna M. deBaca IAJoseph Elgindy PA

Anthony J. Esposito FLCharles D. Etzweiler MN

Jeanne K. Hagar MAEdwin Hernandez NYIvan Hernandez NY

Christopher Hessenflow ILMichael C. Hoffman CA

James G. Hollingsworth UTGali Horev CA

William Richard Infante CAThomas H. Judge NJ

Dr. Edward Leone Jr. CORobert E. Lorbeck WI

Scott Nichols UTDouglas Clark Nickson WA

Victor K. Ray MTMichael Reiman TXJanet W. Ricker TXAnthony D. Ries MI

Jason T. Rosener COBenjamin A. Russell VT

Micah Vincent Shilanski AKChristopher L. Shreves MO

Wilhelm E. Silber ILGerald D. Snyder FL

Leonard J. Suchobrus ILKwan Po Tang NYJoseph J. Vap IAAbby A. Wood CA

Members Who RecommendedNew IARFC Members

Steve BaileyRic EdelmanJohn GrableEd Ledford

Jim McCartyEd MorrowLew NasonBill Nelson

Len PappasDavid Stitt

Mark TerrettKatherine Vessenes


While Mark, and his colleagues on TheApprentice got vocally fired by “TheDonald” all of his associates, andprobably his clients as well, enjoyed hisparticipation on the program. Mark is anexperienced businessman, having ownedand sold eight successful businesses overthe past ten years. He and his wife,Jennifer, have two children, and he is anactive board member of a local Christianschool as well as other civic organizations.

In an interview on NBC (www.NBC.com/The_Apprentice_4/candidates) hedescribed his style. “My leadership styleis visionary. I have a burning desire tohelp people reach their potential, bothpersonally and financially. I believe aperson’s level of success is determined bythe size of their dreams, or specifically,their goals. I lead people through simpleexercises that help them define bothpersonal and business goals.”

Asked whether or not he consideredhimself a “success” Mark replied, “Iconsider myself “a success” today, but Irealize that true success is a process, notan event….true success lies within thejourney of life, not a milestone of money,status, or promotions.”

For over two decades, Lew Nason, RFC®,FMM, LUTC, creator of the industry-famous Insurance & Financial PlanningPro Shop, (above far Right) has helpedadvisors achieve long-term success byimproved sales and client service. Lewbecame well known as “The nine-out-of-ten guy!” during his thirty years as aninsurance sales agent. During thoseyears Lew achieved a record salesaverage of closing nine-out-of-tenpresentations. He will be demonstratingsome of his powerful techniques onmotivating clients at the FinancialAdvisors Forum.

Every two months, as a consultant, coachand mentor, Lew conducts his well-attended sales improvement sessions atthe Atlanta Airport Hilton. The programthis Registered Financial Consultantdirects covers such topics as AdvancedLTCI Sales Excellence and AdvancedAnnuity Sales Excellence, plus AttractingWealthy Prospects.

Lew Nason told The Register, “Weconsider our sessions to be opportunitiesfor sharpening your blades and to learnmore about cutting taxes for your clients!After our two-day meeting financialadvisors will have more and sharperweapons to use in fighting for their clients.This is symbolized by these financialprofessionals in the photo holding varioustypes of blades.”

Lew’s favorite quote for advisors andclients alike is by Benjamin Franklin, who

said, “Take the coins from your purseand dump them into your mind. Yourmind will then fill your purse with coinsagain and again!”

Lew Nason, RFC® has been helpingagents to achieve long-term success ininsurance sales for over two decades. Asa Sales Rep andBranch Managerfor a major lifecompany hecontinuouslyqualified for theirprestigiousconferences andbecame well-known as the“Nine out of tenguy!” During histenure, herecruited andtrained 23inexperienced agents, and 10 years later18 of those agents are still active in ourindustry and earning six figure incomes.

His website www.insuranceproshop.comwas ranked (by Google) as the mostpopular financial planner and insuranceagent support center on the Internet. Hisunique perspective, on how to truly helpclients, has enabled scores of agents toreach the top levels of their profession. Ifyou’d like to know more about Lew’sworkshops, you can phone Lew at 877 297 4608, or go to:www.insuranceproshop.com.

continued from page 1 Mark Lamkin

Having been involved with several millionacres of land “Down Under,” hispioneering work in sheep and cattlestations in Australia is also well known.He is Chairman of the Board of LinkletterEnterprises, building and managing publicstorage houses, office buildings, cow-calfoperations, plus ranches in Montana, NewMexico and California. Linkletter’s realestate developments include residentialprojects in AZ, industrial land in Phoenix;residential land in Paradise Valley, CA,airport land at Deer Valley, CA, officebuildings in San Jose, CA, undevelopedresidential property in San Diego, CA,condominiums in Vail, CO, and SanAntonio, TX, plus land in Las Vegas, NV,and cattle and sheep stations in Australia.

Linkletter is a long time professional andpersonal friend of Wally Cato, and hasbecome familiar with the IARFC and thestandards it has established for thefinancial services professional.

As a reader of the IARFC Register, he waspleased to comment on the importance ofImage to financial advisors, in anexclusive interview, on page 14.

continued from page 1 Art Linkletter

Lew Nason, RFC®

Advisors Sharpen Their BladesWith The “Nine Out Of Ten” Guy!

Above (Left to Right) speaker James Lange, CPA, JD, RFC®, author of the recently releasedbook Retire Secure, who will also be a featured speaker at the Financial Advisors Forum;Phil Calandra, RFC®, FMM, MBA of Atlanta; Financial Planning’s Media Advocate ForrestWallace Cato, RFC®, RFMA, CPC, CRR of Woodstock, Georgia; Jamie McGarry, RFC®, MBAfrom Indianapolis; and Lew Nason, RFC®.


North Carolina and Texas, along with Ohio,New Jersey, Washington, Pennsylvania,and Florida are currently known asparticularly strict states in terms of theirinterpretation and enforcement of thestrictures against the unauthorizedpractice of law. Moreover, many otherstates seem to be adopting similar “notolerance” positions.

That being the case, and knowing thatRegistered Financial Consultants as wellas Certified Estate Planners would beparticularly interested in this subjectbecause of recent activities of BarAssociation Authorized Practice of LawCommittee. This topic is a terriblyimportant subject of vital concern to anyfinancial advisor.

In every state, except perhaps Arizona,only a lawyer in good standing with his orher state Supreme Court can:

1. Counsel with an individual clientabout his need for estate planningdocuments…the term “counsel” beingused in the broadest sense of theword, meaning “advise after athorough consultation.”

2. Recommend that an individual clienthave a will or a revocable living trust,or any document that deals with theclient’s property or property rights.

3. Oversee, supervise, and control thedrafting, production, and assembly ofthe client’s will, revocable living trust,or any document that deals with theclient’s property or property rights.

4. In some states, not all, a lawyer mustalso be present when a will or a trustis signed, witnessed, and notarized.

A number of states, (i.e. Ohio, Florida, andNorth Carolina, to name three) haverecently adopted statues making theunauthorized practice of law a crimepunishable by a fine and/or imprisonment.

The best case law authority of thatdiscusses this subject in some detail is aper curium decision of the FloridaSupreme Court that was published in1992. If you do not have it, e-mail NICEPand Bob Miller will see that you get a copy.That decision basically discusses the fourguidelines set out above and guidance asto what the non-lawyer can and cannot do.Every advisor would be well advised toread it.

If it is the lawyer’s sole prerogative tocounsel with the client and advise him asto what estate planning documents heshould have, and oversee the drafting andassembly of those documents, what is therole of the financial advisor?

According to this same Florida SupremeCourt decision, the financial advisor cangather the personal and financialinformation from the client necessary forany lawyer to draft a client’s estateplanning documents and, if the clientelects to write a revocable living trust,the financial advisor can offer adviceas to the funding of the trust from afinancial standpoint.

Based on this and other materials that barassociations in Ohio, Idaho, Wyoming, andother states have recently published andrecent decisions of courts in New Jerseyand Texas it is apparent that the bestcourse for a financial advisor is to:

1. Establish a working relationshipwith a local lawyer in goodstanding in his or her state who isknowledgeable and experienceddealing with trusts, wills, and estateplanning in general.

2. Give seminars on estate andfinancial planning in which he maysay, in first amendment protectedspeech, that the recent Terry Shivavocase, the books of well knownauthors, and his own experience indealing with his clients, his family,and his friends is that nearlyeveryone who owns real estateand/or has an estate that exceedsthe small estate probate limit of hisstate should have:

• A will, • A durable power of attorney for

health care, • A durable power of attorney for

general assets, • A living will, • A nomination of conservator/

guardian, and perhaps, • A Five Wishes Directive, • A Do Not Resuscitate Order, • An anatomical gift election, and • A good precatory letter explaining

how some or all of these documentsare to be used and interpreted.

And, if they wish to avoid probate, theyshould seriously consider a revocableliving trust.

At that same seminar the financial advisorcan tell those in attendance that if they donot have a lawyer versed in estateplanning he can refer them to one.

3. Following a seminar, when he meetswith his clients or prospects, thefinancial advisor can fill out an estateplanning workbook with the client’spersonal and financial informationthat a lawyer will need to counselwith the client as to his estate planand that the financial advisor willneed to advise the client as to hisfinancial plan.

With the client’s permission, (whichwill always be forthcoming), thefinancial advisor can forward thisinformation to the attorney and thenenjoy the luxury of leaving theresponsibility for the legal documentsentirely to the lawyer.

While the lawyer is doing his work, thefinancial advisor can develop afinancial plan for the client, knowingthat he has all the information neededto develop a truly comprehensive andwell thought out financial plan.

In all events, the financial advisormust leave the legal part alone andconcentrate on what he doesbest…financial planning andfinancial advice.

To go on…there can be no splitting of feesor solicitation for the lawyer on the part ofthe financial advisor. Everything must beat arm’s length.

The Non-Attorney Financial Advisor and the Unauthorized Practice of Law

Charles Matthews, JD, CEP, RFC®

continued on page 7


If the financial advisor is to be paid for hisservices, the client must pay the financialadvisor for his advice with one check andpay the attorney for his services withanother check. Do not permit the client tocombine both payments.

The financial advisor should never collectthe lawyer’s check. Let the lawyer collecthis own fee and generate his owndocuments and stay out of the process.

Do not waste your time, endanger yourreputation, and risk your livelihood tryingto skirt around these guidelines.

Indeed it is true, and most lawyers andjudges I know would agree, that, as retiringUnited States Supreme Court JusticeSandra Day O’Conner, recently said:

“We all need to be concerned about theincreasing, and on many levels,frightening, over legalization of everydaylife in our country today: There is littlehope of restraining the lawyers anytimesoon because these same lawyers inmany states, largely control the reformprocess.”

There are a lot of good reasons why only alawyer can and should recommend adocument that controls a client’s propertyrights and why only a lawyer can andshould oversee the production, writing,and assembly of that document:

1. The lawyer (that you want to work with)is trained, experienced, up to date, andknowledgeable in this particular area ofthe law.

2. He has ready access not only to thesources of the law, but to his peers andcolleagues, and is thus in an idealposition to keep abreast of what thelaw is, and how it is actually practicedin your state.

3. The lawyer and his practice areregulated by some rather strict rulesbacked up with tough sanctionspromulgated by his Bar Association andhis state’s Supreme Court.

4. The lawyer has (or should have)malpractice insurance, and you haveno insurance at all that will cover youshould you make a mistake in thisarea.

5. The lawyer is only representing thelegal interests of his client and is notinterested in anything else.

Who, in my experience and estimation ofNICEP members, are the lawyers withwhom financial advisors have the bestexperience working with in this area?

1. General practice lawyers working soloor in small firms, generallyknowledgeable about estateplanning, wills, and trusts, who givegreat service, and who are trulycommitted to serving the bestinterest of their clients.

2. Stay at home mom and semi-retiredlawyers, who meet the same criteria.

On the other hand who, based onexperience and estimation, are the lawyersthat financial advisors must avoid atall costs:

1. Lawyers who want to be or who arequite comfortable being nothing but arubber stamp; who do not want tomeet or consult with clients; who willnot commit to doing the things thatthe Florida Supreme Court says theyshould do:

2. Lawyers who are lazy; who do notgive good client service; and who donot return telephone calls:

3. Lawyers who will not take the time tolearn the basics of estate planning;who are interested in quantity notquality; and who expect the financialadvisor to do all the work:

4. Lawyers affiliated with a trust mill.

And what is a trust mill? It is a sad factthat trust mills today come in all sorts ofshapes and sizes. They can be local andwork only in your hometown; they can beregional; and they can have a nationalpresence. But all of them have certaintelltale signs that give them away:

1. They overstate the difficulties ofprobate and the benefits of arevocable living trust.

2. They overstate their qualifications,(mis)represent to the public that theyhave consulted with multitudes oflawyers to draft their documents, andthat they consult with these lawyersregularly to make sure theirdocuments are up to date andcurrent.

3. They “bash” lawyers as greedy andlazy, and try to relegate the role of the

lawyer to doing as little as possibleand having as little contact with theclient as possible.

4. They encourage the financial advisorto engage in the unauthorizedpractice of law with specious and oilyarguments, but offer the financialadvisor no protection should he behauled before a court or a regulatorybody for his activities.

5. Their business is either the productionof as many estate planningdocuments as possible and/or thesale of one size fits all highcommission paying financial products.

6. Do not be misled by the platitudesand baseless misrepresentations ofthese trust mill outfits. They have nointerest either in you or in yourclients. Their bottom line concern istheir bottom line and nothing else.

In sum, you must make it a point to workwith a local lawyer who will work with you;who will commit to doing the things theFlorida Supreme Court says he must do;who will counsel with the people you referto him; and who has a reputation for beingsmart, ethical, and giving good service.You will want to work with this lawyeras a team.

continued from page 6 Unauthorized Practice of Law

Become a CertifiedEstate Planner

Visit us online atwww.NICEP.org

or call 765 453 4300for more information about

how the CEP designation willbring knowledge and

distinction to your practice.

continued on page 8


Your Estate of Mind By Arthur W. Rothfuss, CEP, CSA, RFC®

Avoiding Family LawsuitsEstate Plans are often challenged byheirs — for a variety of reasons. Was thedeceased under influence? Is therecorded document really the last oneexecuted? Are there missingamendments or codicils? All ofthese bring into question the originalplans. One of the responsibilitiesof financial advisors is to helpavoid challenges.

Ray Charles (September 23, 1930 —June 10, 2004) whose estate amountedto an estimated $100 million left his12 children with trusts amounting toonly $490,000 each. The bulk of hisestate went to the Robinson Foundationfor Hearing Disorders to help deafchildren. The youngest child, CoreyRobinson den Bok, is challenginghis inheritance.

Only time will tell if the famous musician’sestate plans will be upheld in court.Perhaps the executor will have tocompromise or the bequest to theRobinson Foundation might be voided.But if Ray Charles had good instrument,properly executed and supplemented by aVideo Tape, then chances are that theFoundation will inherit — just as heplanned.

The National Institute of Certified EstatePlanners (NICEP) provides education andsupport to attorneys and financial consultants.NICEP has both self-study and classroomestate planning curriculums, granting theCEP designation. For programs and courseinformation: www.NICEP.org 765 453 4300or e-mail: [email protected]

Arthur W. Rothfuss, CEP, CSA, RFC® Art is anexperienced estate planner, educator financialadvisor, and CEP “Planner of the Year” 2003.His firm, Genesis Projects located inIndianapolis, serves clients in twenty-ninestates. Art is one of the five national directorsof NICEP and may be contacted at: 317 872 9574 or [email protected]

Tell your clients, up front, that you are nota lawyer, that if they need some estateplanning advice and they do not have alawyer you will be glad to refer them to avery good local lawyer, and leave theestate planning counseling, the documentrecommendations, and the documentpreparation to the lawyer.

As a qualified financial advisor, if you willavail yourself of the education that isavailable through NICEP, you will be able togive a great seminar and answer thequestions that will be presented to youat your seminar. This will give youimmediate credibility.

In this context, remember that you are notadvising the individual client. You are onlydoing what Suzy Orman and many othershave done and continue to do and what isquite legitimate in the eyes of most-as anexpression of First Amendment protectedfree speech in a public forum.

It is in the context of meeting withthe individual client that you cannotgive legal advice, counsel, orrecommend specific documents. Yourperformance, confidence, and obviousknowledge and preparation at yourseminar will assure that most of those inattendance will make appointments andmeet with you.

Once the client is in your office, gather theinformation and proceed to do your joband let the lawyer do his job. And, if thelawyer does not do his job and if yourclients are not happy with the lawyer yourefer them to…find a new one who will givegood client service…it is as simple as that.

When you meet and strike up a workingrelationship with a good local lawyer, showhim this article and get his input.

If the lawyer disagrees with any part ofwhat has been written, follow his advice.There are indeed isolated pockets acrossthe country even today where lawyersattempt to enforce unauthorized practiceof law regulations against those whowould publish legitimate main streambooks on the subject of estate planning,and against those offering social serviceswhen it is admitted that lawyers cannot befound in the community to offer thosesame services.

How the unauthorized practice of law isregulated in your state and in yourhometown is something you must becomecognizant of and deal with. Your bestsource for this information is a good,reliable, ethical, knowledgeable, locallawyer who has a reputation for givinggood service. Work with him and followhis advice.

This article was prepared by Charles D.Matthews, Executive Director of NICEP —the National Institute of Certified EstatePlanners. NICEP offers a three dayaccelerated course in estate planning thequalifies for 24 units of CE for IARFCmembers. Those who complete thecourse and pass two examinations areawarded the CEP designation.

NICEP does not give either legal orfinancial advice. No one should take anyaction upon anything contained in thisarticle until they first discuss theirindividual fact situation with an attorneylicensed in their state who is in goodstanding with their state’s Supreme Courtand who is knowledgeable of theirstate’s law.

Charles holds both the CEP and RFC®

designations. He is the architect of therevised CEP curriculum and the principalinstructor. He is the author of many estateplanning articles and documents. He ispast President of the Estate Plan Companyof Las Vegas. He has held politicalpositions, including being a former StateRepresentative and member of theArkansas General Assembly. To reachNICEP, call 765 453 4300 or e-mail:[email protected]

continued from page 7 Unauthorized Practice of Law


Anyone whose responsibilities includesales, marketing or managingrelationships at some point has probablyturned to the Internet for insight on nichesthey target. But at over 8 billion pages ofcontent and growing, finding thatinformation on the Web isn’t always easy.

Enter the American Society for AssociationExecutives’ Gateway to Associations, afreely accessible database which can helpyou quickly identify professionalorganizations and trade groups that focuson the markets you’re interested in.

The ASAE’s database includes nearly40,000 organizations from local grassroots to international in reach. If you’vebeen thinking about ways to raise yourvisibility within a chosen group but don’tknow which ones are in your area or howto contact them, chances are the Gatewayto Associations can tell you.

Here’s how to find out. First, visit theASAE’s Directories home page at

http://www.asaenet.org/AssociationSearch.cfm?

(be sure you include the complete webpage address including the question markin your browser’s Address field).

Next, select the item labeled “Gateway toAssociations” and then click on “Go!” Thatwill bring you to the Gateway search page.

Once on that Gateway page, you’ll havethe option to search by an organization’sname, the category they are listed under,their city, state/province or evencountry… or any combination of thosecriteria. Make your selections and the sitewill go to work finding groups to match

Researching YourTarget Markets Online

your request (be patient, the processtakes time if a large number of results arefound). The resulting list will showmatching organizations in alphabeticalorder. Click on the name of any grouplisted and you’ll get a more detailedscreen containing their name, streetaddress, phone, and fax number. If theorganization maintains a Web site, a linkto that site will also be provided. Click onit to go directly to the site and begindigging into its content.

Here’s a suggestion: if you specialize inserving or networking with a particulartype of business (accounting firms,automobile dealers, doctors’ offices, lawfirms, schools, etc.), try searching bycategory first (or type in the proper termfor your group in the name field) and seewhat comes up.

Alternatively, if you’re not sure what you’relooking for, begin the process by focusingon your state, or city and state (orprovince for those in the Canadianmarket) to see what groups operate inyour area (some internationalorganizations are also listed by country).

Next month I’ll cover step two in theprocess: what to look for once you find asite that looks promising and describe a12-point checklist for researching who tocontact, where, when and how to find outwhat they’re thinking, and how to getyourself on their radar screen.

Kip Gregory is the author of WinningClients in a Wired World and one of thecountry’s leading authorities on increasingsales productivity through smarter use oftechnology and the Internet.

Kip will be a featured speaker at theFinancial Advisors Forum in May, 2006.

To sign up for his free monthly e-mailnewsletter, Kip’s Tips, visit his website:

www.winningclients.com.

To learn more about his coaching andconsulting services visit him at:www.kipgregory.com or e-mail him [email protected].

(© 2005 Kip Gregory, The Gregory Group.All Rights Reserved. This material maynot be republished, copied or distributedin any form without prior permission.)

Client appreciation requires tangibleactions that set you apart in the eyes ofclients as an individual who truly cares.And that’s Boxes by Pandora’s solemission: To help you demonstrate clientappreciation in a noteworthy andaffordable way!

From specialty document wallets andfolders that will make your presentationsmemorable, to worry-free documentfiling systems that will create naturalcross-selling discussions — you’ll findthem all here!

Our specialized manufacturing andproduction facility can personalize all ofour products with engraved brassnameplates, as well as your name andcompany logo. If you’d like your VIP clientsto think positively about the services youprovide on almost a daily basis, then ourcustom-made, personally imprinted clientappreciation boxes — created from selectwoods — are for you! Their rich, functionaldesigns will have all your clientsshowcasing them on desks, credenzas,and display cases.

Boxes by Pandora has special pricingfor IARFC members. For additionalinformation, a full brochure orto order call: 800 232 6937 orvisit: www.BoxesByPandora.com

Go Ahead and Impress Your Clients

Kip Gregory


continued on page 11

During all this, have you been fullyeffective at running your business, servingyour clients, supervising your staff andprospecting for new clients? Of coursenot! You will be focused on getting themess behind you. Your clients, yourfamily, your friends and your employeeswill take a back seat while you juggle theemotional turmoil, hoping everyday thatthis problem will just go away.

Naturally, (if you can get it and afford it)you need to have professional Errors andOmissions (E&O) Insurance, but thepurpose of that coverage is to defend youand pay losses. E&O insurance does nothelp you avoid problems at the outset.E&O insurance policies also have manyexclusions, some of which are notdiscovered by advisors until there’s aproblem, or until there is a claim. Then theadvisor’s interests can be pitted againstthe E&O carrier as well. What are theexclusions? They vary with every policy,but frequently these clauses excludeactivity or advice related to alternativeinvestments, 1031 exchanges, some typesof fiduciary or consultancy services,attacks from heirs and regulators.

Take Protective Action. What you shouldseriously consider is to join FinancialAdvisors Legal Association. FA Legal isdesigned to help you prepare your practiceso you can aggressively combat the claimsmade against you, at the outset. This typeof strong defense may help you avoid theentire matter. The attorneys at FA Legalfrequently recommend mediation as thefirst step, since it is a good way to test theposition of the opposing counsel and tolet them realize you are well documentedand fully prepared to rigorously defendyour actions.

Today, what you really need is litigationprevention and defense. Prevention, ofcourse, is taking action to help you avoidthese problems in the first case. One ofthe problems with E&O Insurance carriersis that they frequently want to settle aclaim quickly and inexpensively. So theyare very prone to offering a quick, smallsettlement. That is good cost control forthe carrier, but can be devastating to you.

Let’s take a real case example. Thecustomer claimed damages amounting to$24,000 actual losses, plus $250,000 fordistress and was alleging fraud — aserious charge. By claiming fraud theywere able to get into a local court in a veryfavorable jurisdiction. The E&O carriernegotiated a compromise — pay $16,000

It doesn’t matter, initially, whether or notyou have done anything wrong. After all,everyone runs a “clean business.”However, the majority of claims filedagainst financial professionals aregroundless. You are facing about$42,000 in costs to protect yourself. Yourbroker/dealer and any life insurancecompany involved will probably be broughtinto the issue, since they are the “deeppockets” people.

The Attack. Will this be a regulatorycomplaint, a case for arbitration, a lawsuitor perhaps mediation? Possibly all four!Certainly your counsel (You do have anattorney on retainer, don’t you?) and thatof your co-conspirators (that’s attorneytalk for your primary insurance companyand broker/dealer) will prefer arbitration.Why? Arbitration usually limits the losspayment, reduces the publicity andreduces the costs. Usually.

But arbitration often results in acompromise settlement — even if thecase is groundless. Your side will alwaysbe pushed to pay up something, and theformer client and his or her avariciousattorney get something less than theyinitially requested. However, now youhave a dark mark on your record, and onethat must be revealed to regulators,insurers and the public. This will mostlikely harm you forever and force you to beexplaining this event for years.

Unfortunately, now you might discover thatyour broker/dealer wants to distance itselffrom you, and you are now shopping for anew b/d relationship, but with a tarnishedrecord. The complications of a forcedbroker/dealer change will only add furtherstress to your life and consternation toyour clients.

and the problem would go away, and theyproposed to split that cost with the advisor.

The advisor said, “Hell No, I’ve donenothing wrong! We’ll fight it.” The E&Ocarrier’s attorney explained, “You’re goingto lose round one, which will be a jurymatter in the small rural town where thecustomer now resides. If you insist on nosettlement, we’ll defend you. Then we willoffer to pay the $8,000 that we couldsettle for now. You would be on your ownin the appeal — which you’d probably win,because you have a very strong defense.You will have to hire competent out-of-town appellate counsel and we’d guessthose fees to run $60–$75,000. Andeven still you might lose.”

The advisor, very reluctantly, settled forthe $8,000 out of pocket loss and theblack mark.

What advisors need is a LitigationDefense Manager. But where do you getthat? The solution is the eDefenseManager offered as part of the programof Financial Advisors Legal Association. Itprovides:

Proven procedures to avoid becominga legal target.Tips to prevail under a litigious attack.A library of litigation-tested documenttemplates.Client management and practicesimplification processes.Up to 14 hours of CPE credits(CFP, PACE, RFC and insurance) withReal-time updates on critical issues.

To keep you and your staff focused on thetypes of issues that could be raised byscurrilous attorneys; you need to bereading about the tribulations of otherpersons. One source of information is TheLitigious Times, which is publishedquarterly by F.A. Legal exclusively for theirmembers.

When you have the first inkling of aproblem you need instant representationto support the actions you have beentaking to protect yourself.

How does the benefit structure of FA Legal work? “If the advisors will practicethe proactive and preventative behaviorsembodied in eDefense Manager, they willfind most potential claims will be dismissedbefore they become an emotional andfinancial nightmare,” comments JerryReiter, Chairman of FA Legal.

What Happens When You Are Sued?

Ed Morrow, CLU, ChFC, CEP, CFP®, RFC®


Contact Us for a Free Web Demo800 666 1656 • [email protected]

www.FinancialSoftware.com

easily leverages your abilities across a largerclient base with less demand on the time you need to spend one-on-one withyour clients and prospects. Take your “Best Practices” and multiply themacross targeted clients, prospects, and referrals.

As competition increases, as market conditions drive you to make changes formore productivity, and as you desire mounts to work less for more reward…

stands alone as the tool that will help you — easilyand economically.

We invite you to find out more about and impactthe Client Relationship Management can make in your practice.

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Client information may be transferred from Practice Builder Financialdirectly into Plan Builder - EnterAct - to help produce the new client’s firstfinancial plan.

New integration with Laser App software provides an easy to use,interactive form system for the independent financial advisor. Laser Appuses your broker, rep and client data to assist you in filling out thetedious and redundant fields in securities, insurance and annuity forms.Simply choose an application from the program’s menu and the formappears on your computer screen with your client, rep and brokerinformation already inserted.

Whether you are already working or just getting started, we can provide theplanning techniques to contact your clients on a regular basis… If your clients aren’t seeing you they are seeing somebody else.

Financial Planning Consultants, Inc.2507 N. Verity Pkwy. • P.O. Box 430 • Middletown, OH 45042-0430www.FinancialSoftware.com • 800 666 1656

An Ounce of Prevention. The heart ofeDefense Manager is good record keeping,and it has a prominent role in the defenseprocess — not to help an advisor defendagainst a claim as much as to stop litigationdead in its tracks. FA Legal is an advocateof initial prompt mediation. “We want tomediate whenever a claim is brought againstone of our members to let the oppositionknow we’re ready for them, know that wehave our records (needed to refute theclaim) in order. Since many of these claimsare made on a contingency basis, when theattorney goes back to his client, the plaintiff,and tells him the advisor has strongdocumentation and the attorney now wantsthe plaintiff to pay him something up front,the plaintiff often drops the case. In the OldWest, they used guns and bullets; we useattorneys and money.”

How does the benefit structure of FA Legalwork? The first step is to determinewhether a claim is even covered by theadvisor’s E&O carrier. Keep in mind thatover half of all financial advisors have noE&O coverage, and this topic might beexcluded anyway. Then you need to make achoice. Frequently, the manner in which theE&O carrier proposes to handle the situationwill persuade an advisor to bypass the E&Ocoverage and go with FA Legal’s aggressivedefense strategy.

FA Legal has a pro-active philosophy.Jerry Reiter, CEO, a respected industryleader explains, “We offer unlimited phoneconsultation as part of membershipbecause we want to talk to the advisorwhen as soon as a problem is anticipatednot when a problem becomes certain.Whereas E&O insurance does nothing toeducate the policyholder, we can mitigate alot of issues by showing our members howto prepare for claims.”

Where to go for information: To learn moreabout Financial Advisors Legal Association,you can review the benefits at:www.FALegal.com and to request moreinformation call: 800 261 0633

Ed is the Chairman and CEO of theIARFC. He specializes in enabling financialadvisors to increase their sales productionand client service, by building their practicesthrough effective client relationshipmanagement. For information on hisservices: [email protected]

continued from page 10When You Are Sued


New “Jury Duty Scam” Seeks PersonalInformation By Direct Phone Contact. Anew scam is underway, nationwide, to trickpeople into giving out their personalinformation. It is known among militaryand civilian law enforcement as the “JuryDuty Scam.” This “phishing” scam is beingutilized by credit and identity thieves todeceive victims into revealing theirpersonal information.

According to a Criminal InformationBulletin from the 31st Military PoliceDetachment at Fort Campbell, KY., here ishow the scam works:

1. The scammer calls a residence or officephone number of the victim and identifiesthemselves as an officer or employee ofthe local court or jurisdiction. The thieftells the victim that he or she has failed toreport for jury duty and that a benchwarrant for their arrest has been issuedagainst them.

2. The victim’s reaction is one of shockand surprise and it places the victim at animmediate disadvantage, and much moresusceptible to the scam. The potentialvictim will rightly deny knowledge of anysuch claim; and that no such Jury DutyNotice was ever received.

3. The scammer then shifts into “high gear”and reassures the victim of the possibilitythis is all “just a misunderstanding” or“some sort of clerical error” that can bestraightened out on the phone. All thevictim needs to do is “verify” some of theirinformation by answering a few simplequestions. (here comes the con…)

Any reluctance on the victim’s part and thescammer threatens that failure to providethis information will result in the executionof the arrest warrant.

The scammer obtains the full Names,Social Security Number, date of birth andwill also solicit credit card or bank accountnumbers claiming these will be used bythe local credit bureau to “verify” thevictim’s identity.

4. Family members who receive thesecalls are especially vulnerable to coercion.

Threats against the victim’s career, shouldhe or she be arrested would now have acriminal record. Spouses are frightenedand a smooth-talking con artist will be verypersuasive.

5. Individual consumers, whetheremployed or not, and their adult familymembers must be made aware of thisthreat to their personal information, creditand identities. Legitimate court employeeswould NEVER call to solicit personalinformation. Official notifications wouldonly be sent by standard mail delivery, orperhaps by certified mail, not phone.

6. Any person receiving such calls shouldrecord the scammer’s phone number (ifcaller ID is available) and immediatelyreport the contact to local law enforcementauthorities or the military police.

New credit card fraud schemes to guardagainst everyday. Switch expired creditcards for unexpired cards. This is anothernew scam technique. A man went to thelocal gym and placed his belongings in thelocker. After the workout and a shower, hecame out, saw the locker open, andthought to himself, “Funny, I thought Ilocked the locker.” After dressing he justflipped the wallet open to make sure allwas in order. Everything looked okay — allcards were in place. A few weeks later hiscredit card bill came — a whopping bill of$14,000! He called the credit cardcompany, saying that he did not make thetransactions. Customer care personnelverified that there was no mistake in thesystem and asked if his card had beenstolen.

“No,” he said, but then took out his wallet,pulled out the credit card, and a switchhad been made. An expired, yet similar,credit card from the same bank was in thewallet. The thief had broken into his lockerat the gym and switched cards.

Outcome of Dispute: The credit cardissuer said since he did not report the cardmissing earlier, he would have to pay theamount owed to them. How much did hehave to pay for items he did not buy?$9,000! Why were there no calls made toverify the amount swiped? Small amounts

rarely trigger a “warning flag.” Make surethe credit cards in your wallet are all yours.Check the name on the card every timeyou sign for something and/or the card istaken away for even a short period of time.Many people just take back the creditcard without even looking at it, “assuming”that it has to be theirs. It would be easyfor an employee at a busy restaurant tojust return a similar card, but with aninvalid name.

Using cell phones to take pictures of yourcredit cards. A couple went to a localrestaurant to pick up an order that hadbeen called in. The customer paid byusing a Visa Check Card which, of course,is linked directly to the holder’s checkingaccount. The young man behind thecounter took the card, swiped it, then laidit flat on the counter as he waited for theapproval, which is pretty standardprocedure. Then the clerk takes a pictureof the Card with a cell phone.He set his phone on the counter, leaving itopen. About five seconds later, the coupleheard the chime that tells that the picturehas been saved. Now, they are standingthere struggling with the fact that this clerkjust took a picture of their credit card. Yes,the clerk played it off well, because hadthe couple not had the same kind ofphone, they probably would never haveknown what had just happened.

Notice who is standing near you and whatthey are doing when you use your card. Beaware of phones because many contain acamera phone these days.

When in a restaurant and the server bringsyour card and receipt for you to sign, makesure you scratch the credit card numberoff. Truncation — only displaying lastfour numbers of a credit card number —is now law under the revised Fair CreditReporting Act/Fair and Accurate CreditTransactions Act.

However manyestablishments,especiallyrestaurants, stillput the whole creditcard number ona receipt.

Consumer Scams You and Your Clients Should Know About!

CONSUMER FOCUSPaul Richard, RFC®

Institute of Consumer Financial Education [email protected] 239 1401

www.ICFE.info

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FINANCIAL ADVISORS LEGAL ASSOCIATION7496 WEST LAKE MEAD BLVD STE 170LAS VEGAS NV 89195-7194

Please Nominate Qualified Advisors for RFC®

Yes, I’m interested in learning more about Financial Advisors Legal Association, and howI can redeem $200 and receive the book: The #1 Thing You Need To Do as “told by theFinancial Industry’s Top Coaches, Consultants & Industry Insiders” a $40 value! FREE!

Name ______________________________________________________________________

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City______________________________________ State_________ Zip _________________

Phone__________________________ E-mail ______________________________________

Build Better Relationships & Communicate with ImpactI am interested in the Practice Builder system to attractprospects and clients, build credibility and trust, connectto client priorities, help my clients commit to action bytransforming their tasks and goals into powerful intention.I am interested in the Plan Builder system that developsvital comprehensive financial plans, while creatingunlimited “what-if” scenarios, including Monte Carlosimulations, and plans with colorful charts and graphs, inreal time. I am interested in Professional Sample Plans. Use toClose the engagement agreement by fulfilling the client’sneed to see, touch and feel a sample of the product theyare buying: Produced with the Builder Suite system.

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Please send a completeRegistered FinancialConsultant applicationkit and referencematerial to the followingfinancial advisors.

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Financial Advisor Legal Association, Inc. 800.261.0633 / email: [email protected] / Fax: 208.730.9442

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IARFC

Note Cards, 5” x 4” dark blue with gold RFC key on the cover, Ethics on the back, imprintable, with ivory envelopes.

Consumer brochure, 8.5” x 11” four page version, full color. Do you need a Professional Financial Advisor?

Consumer brochure, 8.5” x 3.8” tri-panel version, color, for mailing. Do you need a Professional Financial Advisor?

RFC Ethics brochure, 8.5”: x 3.8” two-panel, two color brochure, dark blue and black on ivory stock.

Plastic brochure stands for use to display RFC® and other brochures in lobby display or at seminars.

Report Binders for Financial Plan, dark blue padded leatherette, with optional translucent Avery Tab Dividers.

Notepad, dark blue padded leatherette, to give to clients or prospects, includes standard 8.5” x 11” writing tablet.

Additional RFC Certificate Framed Unframed Large version Small version

Men’s gold Tie Chain with RFC Key key Ladies gold RFC key Circle Broach RFC gold Lapel Pin

Website for my firm, with compliance review features, text pages, calculators, quote forms, optional components.

Financial Insider — an 8 page, full color, bi-monthly newsletter for clients, prospects, and centers of influence.

The 20/20 Report — 4 page, full color newsletter, monthly or bi-monthly for clients, prospects, centers of influence.

Proposal Covers and Policy Wallets to class up your delivery of insurance policies and presentations.

Cherry wood Presentation Gift Box, 8” x 10” x 3.5” — with printed client note paper and envelopes.

Cherry wood Document Organizer box with hanging dividers and files. Cardboard Document Organizer box.

Deluxe padded 10” x 14” Report Presentation kit, lockable leatherette box with 3 rings and tab dividers inside.

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Blue Presentation folders with gold IARFC logo, die cut for your business card and dual pockets for material insertion.

Gold Foil RFC seals, 1” round. Can be used to seal envelopes or dress up your proposals.

Gold Foil 1.5” seals “Financial Planning Quality Assurance” for placement on your client Financial Plans.

Code of Ethics Wall Plaque, 13” x 10.5” on walnut base, ideal for an office waiting area.

Journal of Personal Finance, quarterly academic and professional journal, extra copies for other advisors.

The Register, monthly IARFC magazine, additional subscriptions for your staff or associates.

Continuing Education Recording Form, 4 pages, with over 70 suggested topics and Instruction Method options.

Cruise Conference, Europe Caribbean Islands – Oct 8-15, 2006 Alaska – Sept. 12-19, 2007

Practice Builder Financial — CRM Software — Client Relationship Management, drip marketing and due diligence.

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Building Your Multi-Million Dollar Practice — an intensive two day Workshop for experienced advisors.

Valuable IARFC Member Benefits Information Request

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The Register • December 2005 Page 13

Donald Haas2001

Ben Baldwin2000

Alex Armstrong2003

John Keeble2002

Liang Tien Lung2004

Vernon Gwynne2004

Jeffrey Chiew2005

Ed Morrow2005

Loren Dunton Memorial Award 2006 Nominations

Dunton AwardPrestigious Recipients

Award Nomination Form

Nominee’s Name: _____________________________________________

Address: _____________________________________________________

____________________________________________________________

____________________________________________________________

Please comment on why this person is an appropriate candidate toreceive the Loren Dunton Award:

____________________________________________________________

____________________________________________________________

____________________________________________________________

____________________________________________________________(You may attach additional comments.)

Your name:___________________________________________________

Phone: ______________________________________________________

Please fax your nomination to IARFC:

513 424 5752IARFC • P.O. Box 42506 • Middletown, OH 45042-0506

www.IARFC.org

This Award is made annually, in honor ofthe founder of the financial planningprofession, Loren Dunton, to a person whohas made a substantial contribution to thefinancial services profession and/or thefinancial interests of the public.

Generally regarded as the father of financialplanning, Dunton organized financialprofessionals in the late sixties and withtheir help created the financial planningmovement — including the formation ofassociations, magazines, colleges, universityprograms and foundations. Some personsbelieved then that “planning” was totallyseparate from the “sale” of insurance andinvestment products, but Dunton alwaysrecognized that they were but different rootsof the common tree.

Dunton was able to use his experiences tofrankly explain what all of us nowrecognize. Having been a successfulbusinessman, but never a financial advisor,his comments were obviously from theheart. Dunton realized and publicly

espoused that salesmanship is taught bythe managers and trainers of the financialservices industry, and that the ethical saleof financial products and the delivery ofcompetent advice is a noble calling.

In 2000, at the Financial Advisors Forum inDallas, the first annual Dunton award waspresented to Ben Baldwin. It has beenfollowed by presentations to those, whoearly embraced the financial planningprocess, and have written, spoken andserved widely in the financial community.In 2004 the Award was also made to aperson outside of the U.S.

In commemoration of the founder offinancial planning, the InternationalAssociation of Registered FinancialConsultants will each year honor aprofessional who has made significantcontribution to the industry and the public,presented at the Financial Advisors Forum.

Nominations responsive to the criteria mustbe made in writing and sent to IARFC by

mail, e-mail or fax. Notice is provided toIARFC members and other financialorganizations, outlining the qualificationsrequired, prior to the convening of theSelection Committee.

Dunton Award Criteria

• Must hold a professional designation(such as ChFC, CFP®, CLU, RFC®,CPA/PFS, CEBS, MSFS, MSFM orDoctoral degree).

• Must have been published on financialtopics (articles, journals, books, etc.)

• Must have provided outstanding serviceor leadership in the financial servicesindustry.

• Must have promoted or participated insome aspect of financial education,either to the public or to members of theprofession.

• Must have demonstrated effectiveness incarrying the message of responsiblefinancial stewardship to the public.

• Must have the highest ethical andprofessional standards.


Do you personally have a financialplanner or have you ever spoken tofinancial planners?

Yes, I have a long-time relationship with afinancial planner. I have spoken oftenbefore insurance and financial planninggroups. And I have great respect for allRegistered Financial Consultants.

Has your image been important for youroutstanding success?

Image can enable you to be accepted. Notonly that., the right image enables you tobe accepted more quickly. The correctestablished image enables you to savetime and not have to work so long and sohard to finally be understood and accepted.My image has been the key to my success.Image is likely to be a big part of anyRFC’s success. As a salesman for manynational companies, I have asked thepublic to accept my personal guaranteethat a product they have never used beforeis good, reliable and worth trying.

What were those products?

Well Wally, these include the first everelectric blanket for GE; the first homepermanent for Toni; the first non-ink penfor Papermate; the first cake mix forPillsbury; the first diet cola for RC; and thefirst mail order auto insurance to be sold tonon-drinkers.

How did your image help your career?

My image was the reason that I couldpersuade the Los Angeles School Board topermit me to be the only commercialbroadcaster to take children out of schoolduring their daytime lessons. We did thisso they could appear on my TV show. Theschool board knew that I would not exploitthe children and that the cause ofeducation would be enhanced. They also

knew we would adhere to proper manners,show good taste, be responsible, andproduce programs that had class. Myimage assured them the Program wouldmake them proud of their participation.

How long were you onnational television?

We were on CBS-TV five days a week for 26years. I interviewed 27,000 youngsters.This was the basis for the book andsubsequent TV series called Kids Say theDarndest Things. People Are Funny ran onnight-time NBC-TV and radio for 19, years.These were two of the longest runningprograms in broadcast history.

Have you always made efforts to create,establish, and maintain your desiredimage within target markets?

I struggled as a performer until Ilearned the importance of doing just this.I was largely unknown until I establishedmy image. My image enabled me togain the share-of-mind that leads toshare-of-market.

This works the same way for financialprofessionals. You will notice that themore successful the financial advisor themore established his or her image will be.

My image, not my recognition as aperformer, helped me to be appointedAmbassador to Australia by PresidentReagan. My image helped me to beappointed to the first Drug AbuseEducation Committee by President Nixon.My image opened the doors to anothersuccessful career lecturing across ourcountry on sales and success attainment.

How important is image for the RFC?

I consider image to be equally important tothe average Registered Financial

Consultant, because he or she is askingclients for their trust — to believe thathonest and excellent advice will beprovided — all to serve the best interest ofthe clients.

Do the many recent financial scandalsharm the image of the RFC?

In this era where corruption, immorality,incompetence and plain thievery hassinged our national landscape, theobligation of any Registered FinancialConsultant is to be above criticism, abovereproach, and adhere to the high IARFCCode of Ethics that is particularly welldrafted. The RFC professionals should notbe tarnished by these many improper actssince the RFC professionals are notresponsible for, or even involved in any ofthis. The RFC professionals are alsovictims of these scandals.

Regulators are now unfairly hammeringindependent financial advisors inresponse to the abuses by giant financialorganizations. Can image enhancementhelp the RFC®?

Image can help regarding anything.Imagine is not everything. Image ispossibly the first thing on your way togreat success. I use the word ‘image’ asthe true representation of a RFC’scharacter based on reputation and record.Out here in Hollywood, images are ‘spun’by media advocates who often conceal thetrue nature of the celebrity. There’s an oldcynical joke, ‘The key to success is having agood image. Once you can fake that, youhave got it made.’

I have enjoyed reading The IARFC Register,and applaud what the Association isaccomplishing — for its members and forthe consumers they serve. You are makinga difference. Thank you for this opportunityto talk with readers of The Register.

Cato Comments – About Your Image...Art Linkletter, American Icon, says

“Your Image Enables You To Be Accepted Far More Quickly!”

Forrest Wallace Cato, RFC®, (pictured here after recent eye surgery) has over 20-years experience as a local, regional andmulti-national media strategist and advocate serving financial professionals. For financial advisors, he creates, establishes,and maintains, desired images within target markets. This highly proven marketing communications effort leads toincreased understanding (brought about by desired media exposures) and results in increased consumer acceptance forthe financial product or service provider! Annually he presents The Cato Award for “published writing that promotes greaterunderstanding for and appreciation of financial planning,” during the IARFC Financial Advisors Forum. Cato, former editor ofFinancial Planning and Trusts & Estates magazines, is author of the book Sales And Success Secrets of The GreatMotivators. Cato also wrote the Introduction to the book Financial Planning As I Created It by Loren Dunton, the founder offinancial planning. Cato can be reached at: Intergroup II/Atlanta, Inc., 915 River Rock Drive, Suite 101, Woodstock, GA30188. Phone: 770 516 9395 E-mail: [email protected]


Seven Communication Strategies for Doubling Your Sales in Half the Time

Teresa Easler

you identify how much time isrequired, first determine howimportant this communication is. Isthis a six figure deal that you have oneshot at making a great impression? Isit a conversation with a valuedemployee who has made an error thatneeds correcting? The amount of timeyou’ll need varies for each individualand each situation — it may be5 minutes to review the points youwant to cover in a meeting or severalhours rehearsing out loud, in the caseof a presentation.

2. Put it in your calendar with a start andend time. The greatest challenge willbe making sure life’s emergenciesdon’t side track your intentions. If youhave an assistant, get their support inkeeping to the schedule or enroll acolleague to collaborate. It is alwayseasier to keep to a plan when youhave others to answer to.

3. Complete a Power to ConnectWorksheet. It provides you with asimple framework that guides you inyour preparation so you achieve yourdesired results. Always determine aclear and focused objective, no morethan three key messages you want toget across, and what action you wantyour audience to take at the end ofthe communication.

4. Say it out loud. Words sound differentwhen they are spoken than when theyare drifting around in your head. Byverbalizing your communication, youwill be able to detect places where thetone is contrary to your intentions, likeboredom, condescension, self doubt.Then you can easily make thenecessary adjustments.

However much time you dedicate topreparation, it will be time well spent. Itallows you to be present and beingpresent provides a greater opportunity toconnect and build relationship with yourclient/prospect/audience. Ultimately,that’s what real communication isall about.

Teresa Easler is a partner in CorporateVision, an organization that supportspeople who have achieved a high level ofsuccess and understand that achievingmore requires superb communication andpresentation skills.

The ability to get great results whencommunicating with your clients,prospects, and staff requires that:

• You have the right message for youraudience.

• Your message addresses what’simportant to them.

• You deliver the message in a powerful,effective manner.

Over the next several months, we’ll beintroducing IARFC to seven simplecommunication strategies designed tohelp you and your organization alwaysconfidently communicate the rightmessage to the right audience at theright time.

Strategy #1: Always take the timeto prepare for your communicationsituation.

Imagine Abraham Lincoln delivering theGettysburg Address without thinking itthrough in advance? Or, John F. Kennedynot rehearsing his inaugural address? Theneed to prepare for communication is notnews. However, so many advisors go intosituations where the stakes are high withlittle or no preparation that it requiresmention. Let me be blunt. Regardless ofwhether you’re an individual planning fora meeting, or a professional getting readyto speak to a large group, never go into acommunication situation without takingtime to focus and prepare.

How to Prepare

1. Schedule time. This is an importantfirst step because it is so easy to getcaught up in day to day demands. As

Teresa is the creator of The Power toConnect® workshop, author of the book, AGuide to Breakthrough Presentations, co-author of the book The Power to Connect®

— Creating Communication that getsResults and co-creator of the BravoPresentation Coaching® program. Shehas helped groom many successfulprofessionals to extend their speakingcapacity and has personally addressedmany associations, including the MDRTand CAIFA. You may learn more abouttheir services at: www.cvcomm.com, andyou can contact her at: 416 696 2020 orby e-mail: [email protected]

Get Involved: We welcome thesubmission of articles from IARFCpractitioners. This is a great way tocontribute to the profession.

Professional Articles: The Journalis seeking articles by practitionersthat may deal with the applicationof financial planning techniques,marketing and practice management.These are expected to be very highlevel papers or articles.

Publicity Opportunities: Naturally, weencourage published authors to adviseboth their clients and the media oftheir being published by sending apress release.

Call for Papers

Reviews, and practitioner insights on the assessment and measurement of financial risk

tolerance for a special issue

IARFC Quarterly Educational Publication

John Grable, Ph.D., Editor318 Justin Hall, FSHSKansas State UniversityManhattan, KS 66506Phone: 785 532 1486 E-mail: [email protected]


Plan Builder financial planning softwarehelps you develop comprehensivefinancial plans, quickly and easily. Createunlimited “what-if” scenarios — includingMonte Carlo simulations — then illustrateyour plans with colorful charts andgraphs. In real time.

Plan Builder contains compelling, andeasy-to-understand presentations thathelp your clients see the wisdom of yourplans immediately.

Unleash the Power of your Investment inFinancial Planning Software. In responseto requests from professional users of oursoftware we are offering training toenhance and expand the benefits thesystem delivers to your practice.

Increase Your Fee Revenue. High qualityfinancial plans command greater respect,and a greater fee, both of which increasethe likelihood that you will be selected toimplement the plans with products.Contact us today: 800 666 1656 ext. 20

www.FinancialSoftware.com

Surrounding the financial planningprocess with tools to improve your

efficiency, from start to finish.

The Paladin Registry was launchedin April of this year to provide investorswith a new way to select high qualityprofessionals who have the knowledge andintegrity to help them achieve theirfinancial goals. The Registry evolvedfrom a book, Who’s Watching Your Money?The 17 Paladin Principles for Selecting aFinancial Advisor that was written by JackWymire, the founder ofthe company.

The principal Registry service is matchinginvestors with qualified advisors. Paladinuses three marketing strategies to producelarge numbers of investors who areseeking the services of financialprofessionals. More than 150,000investors have visited the Paladin websitesince April and thousands have used theRegistry to find and evaluate advisors. Inaddition to prospects, Paladin alsoprovides several free marketing tools thatare available to Registry professionals onan exclusive basis.

The Registry process is very easyfor investors to use. Once they register,a Paladin Coordinator screens andpre-qualifies them before forwardingtheir information to Registryprofessionals — there’s no spam in thisprocess. Then, Paladin uses thecontact opportunity to educate investorsabout selecting and working withadvisors. A large number of advisorshave said the information that was givento their clients during the selection processhelped them develop more positive, long-term relationships.

New Source of Qualified Prospects

The Registry has high minimumadmittance standards that protectinvestors from advisors who aren’t willingto document their competence andintegrity. Some of the requirements are:

• A minimum of five years ofexperience — the average is 16 years

• College degrees and/or certifications• RIA or IAR registration• Clean compliance record• A willingness to work for fees —

asset-based, fixed, or hourly• Acknowledged fiduciary

Paladin believes its service solves a majorproblem for investors who don’t know goodadvisors from bad ones. Consequently,they are prone to selecting advisors basedon personalities and sales skills versuscompetence and integrity. The PaladinRegistry also solves a major problem foradvisors by providing an efficient, low costway to expand their businesses. Plus,participating advisors can use the Registryas a credential for all types of prospectsand referral sources.

There is no fee to be listed in theRegistry. The advisor pays a nominalmatch fee ($34 to $68) when Paladinproduces prospects that the advisoragrees are qualified. You can alsoselect an optional fixed fee arrangementthat would eliminate most match fees.Paladin guarantees the quality of allmatches, so if you disqualify a match,there is no fee.

For more information about the PaladinRegistry you can visit their website atwww.paladinregistry.com or call them at916 780 8737. Be sure to ask for JackWaymire, the founder when you call.

Jack Waymire

Important Notice:

Have You Edited Your

Advisor Profile or

Added Your Photo

at IARFC.org?

Financial Advisors Forum brings together financial advisors from around the world for threeaction-packed days of sharing information, building knowledge, professional exchange and

networking with the leaders of financial services.

IARFC’s annual conference and exposition features educational programs for all levelsof experience. Expositions that showcase the latest financial services and products,and fun activities where you can meet other professionals. You will gain newbusiness ideas, make contacts, see prospective resource providers, learn newplanning design techniques and explore ways to promote your business. If you’reseeking to build your financial advisor practice, the knowledge can be found at theFinancial Advisors Forum.

Who Should Attend?

Financial planning professionals with all levels of experience in every area ofspecialty will find that these practical educational sessions will exceed theirexpectations. Industry leaders will deliver their most valuable concepts andtechniques in a collegial atmosphere. Whether you are a single practitioner,head up a firm of advisors, or are an executive of a broker/dealer, insurancecompany, bank, or a financial product provider, you will find these ideas,contacts and leadership skills to be invaluable.

Program Schedule

The Forum 2006 opens Thursday, May 11 with six optional pre-conferenceworkshops at 8:30 am. All attendees will enjoy the Thursday opening nightreception to be held in the home of IARFC Chairman, Ed Morrow. Whether youare a first time or international attendee, plan to attend the Loren Dunton AwardDinner on Friday evening. The Forum concludes Saturday, May 13, at noon.Activities are planned during the afternoon for those who fly out Sunday.

Other Financial Forum Highlights

Join us Friday evening for the Annual Loren Dunton Award Dinner —an opportunity for financial advisor professionals to network andhonor Loren Dunton and congratulate the prior recipients, andof course, the distinguished 2006 recipient of the Award —whomever it may be.

As a renowned figure and pioneer in the industry, Dunton is widely recognized as thefather of the financial planning movement in the United States. He started the College for

Financial Planning and the International Association of Financial Planning, was the firsteditor and publisher of Financial Planning magazine, and his precepts on the role of advisors

are the basis for the IARFC.

2006 attendance is limited to the first 200 who register.Call Now! And reserve your position: 800 532 9060

Page 18 The Register • December 2005

Financial Advisors Forum 2006

- - - Thursday, May 11 - - -Registration Desk Open 8:00 - 5:00

Six Financial Planning Workshops 8:30 - 11:30Exhibition and Buffet Luncheon 11:00 - 1:00

Opening Ceremony 1:00 - 1:20Charlie “Tremendous” Jones 1:20 - 2:10Jim McCarty 2:10 - 3:00

Refreshment Break 3:00 - 3:20Lew Nason 3:20 - 4:10Jerry Tan 4:10 - 5:00

Exhibition Area 5:00 - 6:45Reception at the Morrow Home 7:00 - 10:00

- - - Friday, May 12 - - -Continental Breakfast in the Exhibition Area 7:00 - 8:00

Les Anderson 8:00 - 8:50Michael Zmistowski 8:50 - 9:40

Refreshment Break 9:40 - 10:00Michael Zmistowski 10:00 - 10:50Norman Levine 10:50 - 11:40

Lunch in the Exhibition Area 11:40 - 1:20Kip Gregory 1:20 - 2:10Robin Mills 2:10 - 3:00

Refreshment Break 2:30 - 3:20Peter Vessenes 3:20 - 4:10Rev. Dr. John Clements 4:10 - 5:00

Reception in the Exhibition Area 5:00 - 6:30The Loren Dunton Award Dinner 7:00 - 10:00

- - - Saturday, May 13 - - -Continental Breakfast 7:00 - 8:00

George Flack 8:00 - 8:50James Lange 8:50 - 9:40

Refreshment Break 9:40 - 10:00Hal Chorney 10:00 - 10:50Mehdi Fakharzadeh 10:50 - 11:40

Box Lunch Pickup 11:40 - 11:45Ed Morrow 11:45 - 12:30

Option #1: U.S. Air Force Museum 1:00 - 6:00Option #2: Dayton Art Institute 1:00 - 6:00


IARFC Financial Advisors Forum 2006 Schedule of Events

Thursday Morning Six Power Workshops

Session A: 8:30 - 9:20♦ Client Relationship Management♦ Long-Term Care Choices

Session B: 9:35 - 10:25♦ Financial Plan — Design & Delivery♦ Clergy Planning & Marketing (RCA)

Session C: 10:40 - 11:30♦ Legacy-Based Marketing♦ Powerful Tie-Downs & Closings

World FamousFeatured Speakers

Charlie “Tremendous” JonesAmerica’s No. 1 Motivational Speaker(as rated by National Speakers Association)

Mehdi FakharzadehThe Legendary and Beloved VeteranMetLife Agent and Financial Advisor

Norman LevineThe World Famous Agent & ManagerWho Built a Financial Services Giant

Rev. Dr. John ClementsBritain’s Celebrated Motivational andAcclaimed “Right-Thinking” Specialist


IARFC Financial Advisors Forum 2006Charlie “Tremendous” Jones, CLU, RFC®

Life is Tremendous!

The things that matter the most inyour life never change. Learn how tofocus now on the essential — fromthe Master of Motivation, the authorof seven best selling books and thefounder of the Leadership Library.His principles of the Seven Laws ofLeadership have mesmerizedaudiences worldwide:

Put Excitement in your WorkUse It or Lose ItProduction to PerfectionGive to GetExposure to ExperienceFlexible PlanningMotivated to Motivation

Jim McCarty, CLU, RHU, LUTCF, RFC®

The Day Mañana Came

As a national sales trainer and educator forAmeriprise (American Express) and a Director ofthe LUTC, Jim has enlightened, amazed andentranced his audiences. From his personaland professional experiences he will help youcommunicate a strong sense of urgency toyour clients.

Norman G. Levine, CLU, ChFC, CSA, RFC®

Leadership isNever an Accident

A great leader talks about how heused transferable principles ofleadership to build two diversifiedfinancial service firms, in New YorkCity and the other with 11 officesfrom Fairbanks to SouthernCalifornia. Past national president ofNAIFA, GAMA, LUTC and recipient ofthe John Newton Russell award,Norm has been both a TOT producer,a GAMA Master Agency builderand 10 time MDRT speaker. HisNon-Interview technique and JointWork philosophy are timelessstrategies that will work effectivelyfor you and your associates.

Lew Nason, LUTCF, RFC®

Asking the Right Questions

Using proven questioning techniques getsyour prospect or client emotionally involvedand helps you secure 9 of 10 appointments.Adapting the right questions will also achievea 9 out of 10 closing ratio for getting yourclients to accept your planning andproduct recommendations.

Jerry Tan, LLIF, CIAM, CMFA, RFC®

Breakthrough Strategiesto Assure Your Success

As the leading coach, motivator, manager andproducer in Singapore, who lectures and trainsagents and financial advisors throughout Asia,Jerry will share the techniques that have helpedpropel him and his associates to Top of theTable production as qualified financial advisors.

Les Anderson, MBA, RFC®

Make Sure You Are The Product

When you are selling the same products at thesame prices as everyone else, how dodifferentiate yourself from your competition?Learn from the author of The Product is You hisproven process to market yourself, rather thansell a product, thereby shifting the client’semphasis from product to personality.

Michael Zmistowski, RFC®

Retirement Income Management Techniques& Retirement Income Case Studies

Dramatically increase your “hard dollar” income bygetting the “soft facts” from the client. SmartRetirement Income planning will determine whichservices and products will be most appropriate tomeet client goals. Learn to demonstrate techniquesto maximize retirement income — and to createcertainty your clients will never run out of money.

Kip GregoryStrategies for Growing Your Business

Faster with Technology

Let the author of Winning Clients in a Wired World,show you how to harness the technology you ownto increase your efficiency and effectiveness. Kipwill share simple, easy-to-master strategies you canimplement immediately to reach upscale prospectsand clients and enhance the services you deliver.

Robin MillsWhy Are You More Likely to be Sued

Than Your Physician?

Financial advisors are now a better target thandoctors for predatory lawyers. How can you identifyyour exposures and modify your operations to bebetter protected, better prepared and live with agreater peace of mind? If you’re not managing yourdefense now, you may have major problems later!


Featured SpeakersRev. Dr. John Clements, Th.D., FCIPD, FInstSMM, RFC®

Forrest Wallace Cato, RFMA, CRR, RFC®

Presentation of the Cato Awards

The legendary media advocate, popularfinancial writer, and early editor ofFinancial Planning magazine will presentthe Cato Award for Distinguished FinancialJournalism to two recipients whose literaryefforts are a major contribution to thefinancial services profession.

Mehdi Fakharzadeh, RFC®

A Rich Life is a Life of Service

As an immigrant student fromIran, Mehdi had been acquiringdegrees, but no income. Suddenlyfaced with a baby on the wayand the loss of Sigrun’s earnings,Mehdi faced real adversity!Starting on a MetLife debit on47th Street in New York City,collecting dimes and nickels, heelevated his sights to become theall-time sales leader for MetLife.From “premium collector” headvanced to “problem solver”and from agent to financial advisor.For the man who started at thebottom, Nothing is Impossible in hislifetime of service.

Burnett Marus, RFC®

Master of Ceremonies

As the IARFC board member with thegreatest tenure of service, Barney is wellpositioned to introduce the Speakers andForum events. He is teamed in this task withGeorge Flack, who will help us put intoperspective what we have just learned.You’ll enjoy this dynamic duo!

Peter Vessenes, RFC®

How You Business Plan Defines Your Market

Your most desired and suitable clients shouldbe defined by your Business Plan and yourVision. Learn from the co-author of BuildingYour Million-Dollar Practice why and how torestructure your marketing strategies,differentiate your practice effectively andattract many more class “A” prospects.

George Flack, FPNA, AFAIM, CFP®, RFC®

An Improved Client Service Model

Learn how to generate an increasing andrecurring income from planning and assetmanagement fees by expanding and segregatingyour operations. George has achievedimpressive results by offering his clients achoice of three ongoing professional servicemodels: standard, tailored and platinum.

James Lange, J.D., CPA, RFC®

Unique Beneficiary and Distribution Options

Techniques for maximizing retirement and estatevalues from the author of a new book entitled, Retire Secure. Learn to use the Lange’sCascading Beneficiary PlanTM, an importantplanning concept that has been featured in theWall Street Journal, Kiplingers and the Journal ofRetirement Planning.

Hal ChorneyHow Can You Stay Out of Prison?

Your clients entrust you with their privatepersonal and family information as well aswith all of their financial assets. Whengovernment agencies request this confidentialmaterial how do you respect the privacy rightsof your clients — and avoid being imprisonedas Hal was?

Ed Morrow, CLU, ChFC, CEP, CFP®, RFC®

The Future of the Advisory Profession

The financial planning profession hasundergone three phases — the giant plan;fee-based portfolio management; distributionsplanning. Ed will talk about the next phase:finally serving the mass of the market throughsmaller fee-based plans delivered within a moreefficient consumer-oriented structure.

Fruitful Prospects – Ripe for PickingEngland’s most renowned inspirationalpresenter and life coach will explore your“Appletunities.” With his best-sellingbook Fruitful Prospects he excites andenlightens audiences worldwide withhow to uncover the opportunities thatalready exist. John is a popular BBC-TVpersonality and in high demand as aspeaker and as a Lifewise Coach.You will explore how to make yourmost desired alternate universe areality. You will learn why financialadvisors are “Excellence-Seekers” whoonly need a slight redirection now inorder to achieve major business andpersonal results and enjoy aheightened “Sweet Taste of Success.”


Donald Haas2001

Ben Baldwin2000

Alex Armstrong2003

John Keeble2002

Liang Tien Lung2004

Vernon Gwynne2004

Jeffrey Chiew2005

Client Relationship ManagementMark J. Terrett, RFC®

To maintain frequent professional contact with yourclients and prospects takes a system that can beeasily administered. Learn how CRM will turnprospects into clients and clients into raving fans.

Long Term Care ChoicesWilma G. Anderson, RIA, RFC®

What is the best way to cover your client’s need for LongTerm Care, based on age, income, health history, employ-ment, financial assets, existing employee benefits,annuities and insurance? Presented by the LTC Coach.

Financial Plan — Design & DeliveryDavid M. Stitt, CLU, ChFC, CFP®, CEP, RFC®

Learn how to use your Sample Financial Plan toclose fee-based engagements by offering a formalsatisfaction guarantee — and by delivering a trulysuperior comprehensive plan for implementation.

Legacy-Based Marketing OpportunitiesBrian S. Nelson, CLU, MBA, RFC®

Your best high net worth prospects are stronglymotivated to passing on their legacy of values in additionto their wealth. Learn how to meet and serve thesepeople — and acquire new up-scale client relationships.

Clergy Planning & Marketing (RCA)John E. Harris, CFP®, CSA, RFC®, RCA®

The clergy need special counsel for which you needunique planning tools. The new Registered ClergyAdvisor program will escort you to these persons, andthen to the leaders of their institutions.

Powerful Tie-Downs & Closing TechniquesBill J. Nelson, LUTCF, CEP, RFC®

The Master of Closing will demonstrate how he andhis associates have shifted millions of client dollarsby emphasizing the clients’ need for a uniquedistribution-based financial advisory approach.

Ed Morrow2005

IARFC Financial Advisors Forum 2006 Power Workshops

Dunton AwardPrestigious Recipients

Employment AffiliationFinancial Advisory Firm .................57%Life Insurance Agency ...................18%Multi-line Insurance Agency ............6%Broker/Dealer ..................................9%Producer Group................................5%Bank or Credit Union .......................4%Charitable Organization...................1%

Organizational MembershipsFPA..................................................26%NAIFA .............................................21%SFSP ...............................................19%MDRT..............................................15%AICPA.................................................8%Bar Association ................................3%NICEP ................................................7%NAPFA .............................................. 1%

Investment Advisor StatusIndependent RIA ............................16%RIA Affiliate ....................................51%No RIA capability............................15%Not Applicable................................14%Trustee Status ..................................4%

Primary Income SourceFees and Commissions.................62%Commissions Only ........................17%Salary and Commissions.................7%Salary and Bonus.............................5%Salary Only .......................................3%Fees Only (to firm)............................4%Undisclosed......................................2%

Professional Designations6 or more designations ...................3%5 designations ...............................18%4 designations ...............................26%3 designations ...............................23%2 designations ...............................18%1 designation.................................12%Special Study Course ....................28%

Industry ServiceCurrent Instructor ............................3%Prior Instructor ...............................31%Regular Article Writer.......................6%Book Author......................................7%Radio/TV, current.............................2%Radio/TV, prior .................................8%Association President....................19%Association Officer ........................82%

Licenses HeldLife Insurance ................................94%Health Insurance ...........................88%Securities .......................................93%Mortgage Broker............................16%Real Estate Broker ...........................4%

Educational AchievementsPhD, DBA ..........................................4%JD ......................................................3%LLM ...................................................2%MBA...................................................7%MSF/MSFS .......................................8%BS/BA.............................................88%AB......................................................8%

Forum Attendee Demographics


IARFC Financial Advisors Forum 2006 Registration Form

Manchester Inn and Conference Center, Middletown Ohio ♦ May 11 - 13, 2006

♦ Registrant Information (please only one attendee per form)

Name _________________________________________________

First Name on Badge ____________________________________

Title __________________________________________________

Designations ___________________________________________

Company ______________________________________________

Address _______________________________________________

City_________________________ State______ Zip ____________

Phone_______________________ Fax ______________________

E-mail _________________________________________________

♦ Registrant Investment Non- IARFCMember Member

Very Early Bird, Before 12/31/05 $345 $295

Early Bird, Before 2/28/06 $395 $345

Regular Rate, after 3/1/2006 $495 $445

Spouse/Companion Rate $125 $125

Financial Planning Student Rate $ 95 $ 95

Golf Outing, Wednesday afternoon $ 40 $ 40

Air Force Museum – no charge

SunWatch Indian Village and DaytonArt Institute, Princess Diana Exhibit $ 30 $ 30

♦ Save on your tuition with “Sign-Up-A-Colleague”

Receive a $50 discount for one nominee who signs up forthe Financial Advisors Forum. I hereby nominate:

Name _________________________________________________

Phone_________________________________________________

How to Register Now!

Fax: 513 424 5752E-mail: [email protected]: 800 532 9060Mail: P.O. Box 42506

Middletown, OH 45042-0506Website: www.IARFC.org

♦ Method of Payment

Check (Please make payable to: IARFC)

MasterCard Visa Amex Discover

Card Number ___________________________________

Exp. Date ______________________________________

Account Address (if different from above) _______________

______________________________________________

Signature ______________________________________

Date __________________________________________

♦ Hotel Accommodations

Receive special room rates by calling the Manchesterand using our group code: IARF

Manchester Inn – 800 523 9126

Reserve your room for only $64 or $74 per night.You may extend your stay to enjoy the same low ratefor additional days. No online reservations are availablefor this event.

♦ Additional Conference Information

Registration Location: Second floor at the ManchesterInn and Conference Center.

Continuing Education Credits: Each state has differentinsurance and securities CE regulations. This event has notbeen pre-registered for CE. Varying credits will be availablefor IARFC, CFP, PACE, and state credits, depending onsessions attended.

Recommended Attire: Business casual is appropriate. Foryour comfort, we encourage long sleeves or a light sweateras inside temperatures can occasionally fluctuate. Nojeans, tennis shoes or T-shirts please A jacket is optional,but recommended, for the Dunton Award Dinner held onFriday evening.

Cancellation: A refund (less 20% administration fee) will bemade if notice of cancellation is received in writing threeweeks before the event. We regret that no refunds can begiven after this period. A substitute delegate is alwayswelcome at no extra charge.

Disclaimer: The program may change due to unforeseencircumstances, and IARFC reserves the right to alter thevenue and/or speakers. IARFC accepts no responsibility forany loss or damage to property belonging to, nor for anypersonal injury incurred by attendees at our conferences,within the conference venue.

Fax Registration to: 51

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24 57

52

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

Return Service Requested

The first formal graduating ceremony of Registered Financial Consultants in Malaysia is pictured above. In the center left, with gold edges ontheir gowns are Dr. Michael Cheong, RFC®, and Ralph Liew, RFC®, followed by IARFC Chairman Ed Morrow, RFC®, whose robe is edged in red.Next to him is Dr. Jeffrey Chiew, RFC®, the Asia Chair for the IARFC, whose robe is edged in green. Next to Jeffrey are Ms. Heng Lin Meng, RFC®,Organizing Committee, Benjamin Kan, RFC®, the IARFC Malaysia Vice Chairman and Ng Jyi Vei, RFC®, the IARFC Malaysia Chairman.

phone800 532 9060

fax513 424 5752

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RFC Graduation Ceremony in Kuala Lumpur

the - iarfc · wanted to become an architect, but never got around to itbecause he got impatient...

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