FPA of MN Newsletter – December 2016

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President's Message - December 2016

As we enter December we find ourselves coming from the time of year we are reminded to reflect on all that we have to be thankful for and look ahead at a short time before the end of the calendar year. I hear the sentiments of time moving so quickly from nearly everyone I talk to, this year was no exception. It has been a wonderful experience leading the board for 2016. I am grateful to have had the opportunity and energized by the many leaders in our chapter and what lies ahead for the profession of financial planning.

Fall is a very busy time in our chapter; we have Symposium, Strategic Planning Day, Financial Planning Day and the National FPA Chapter Leaders Conference. All of these opportunities allow those of us in leadership roles to see the full potential for our chapter and devote our energy to improvements and celebrations. The commitment of our volunteers, past leaders, members and the staff elevate our chapter to lofty heights and continue to improve our widely respected reputation among the association and partners.

I started out this year with a President's message reflecting on the Chapter Leaders Conference and I'll sign off the same way. On November 11 - 13 a large contingent of FPA of Minnesota volunteers and staff attended the 2016 OneFPA Chapter Leaders Conference in Broomfield, Colorado. We spent three days in leadership training sessions and sharing best practices with leaders from the ninety-one chapters across the country. The sessions included drivers of membership, running an effective meeting, volunteer motivation and tips for a successful advocacy meeting. At the awards banquet Minnesota was recognized with two Outstanding Achievement Awards. The first award was given for the work of the Pro Bono committee on the Pro Bono workshops held after chapter meetings and the other was awarded to the Professional Issues committee for their work in strengthening the relationship with the Department of Commerce. Both of these awards are wonderful examples of the innovative ways our chapter is looking to give back to the larger community we are a part of. In addition to the learning sessions there was time for our chapter to continue the conversations we had at Strategic Planning Day at the end of October building on and clarifying our chapters goals. Of the almost 300 attendees at the conference, Minnesota had seventeen in attendance with 2017 board members, future leaders and both of our Executive Directors. The conversations between the directors and committee members are exciting and energizing as we look to the future of the Financial Planning Association.

I want to thank the members for being a part of our community, the committee members for engaging in the work to move us forward, the board for being an inspirational and dedicated group and the executive committee for being shining examples of true collaboration and support. At strategic planning day last year i encouraged all of us to think about "impact" in all we do with our membership and the larger community we are a part of and this last year there have been many successes. Some of the greatest impact we can make is on one another.

Jeanna Fifer, CFP®
Cahill Financial Advisors

Apply Today for the Montgomery Scholarship – Deadline is 12/31

Two $1,000 scholarships will be awarded to students pursuing their CERTIFIED FINANCIAL PLANNER™ certification who are admitted to a program administered by an accredited college or university registered with the Certified Financial Planner Board of Standards, Inc. We hope the Montgomery Scholarship Fund serves as a reminder to practitioners and students of the leadership and service that was provided to our industry by the Montgomerys. An application, which outlines the rules of eligibility, is available in pdf format. Contact Megan Olson with any questions at molson@wipflihewins.com or 952-548-3321.

Save the date for Career Day 2017 – February 17, 2017!

Another round of MentorMatch is coming in 2017 – keep an eye out for more information.

Looking Back; Looking Forward

Submitted by Keith Loveland - Professional Issues Committee

Election Day has come and gone. As of the writing of this article, Hillary Clinton received 63,541,056 votes; Donald Trump received 61,864,015 votes – 1,647,041 fewer votes. Donald Trump is expected to receive the necessary votes of the Electors on December 19th and become our 45th President. He will have a Republican Senate and House of Representatives after his inauguration on Friday, January 20, 2017.

What would – or could – President Trump do regarding the Department of Labor's recently adopted fiduciary rule governing investment advice?

Mr. Trump said during his campaigning that ‘as many as 70% of federal regulations would be on the chopping block’ if he were to be elected. Will Mr. Trump keep his promise to bring significant change to the existing regulatory landscape? Might the Trump Administration attempt to use an expedited legislative procedure under the Congressional Review Act to undo existing regulations?

Aside from the fiduciary issue, what should we expect? Should we expect Trump’s campaign promises to become part of his legislative agenda? Repeal of the Affordable Care Act? Tax cuts? Trade tariffs? Deportations? A Muslim ‘registry’?

What other issues might our clients face in 2017 – and beyond?

In my opinion, many of the hot issues of 2016 will carry over into 2017. The two below will be very important, in my opinion.

Cybersecurity will continue to be an important issue, with privacy of client information being at risk for those firms that are hacked. Regulators have been warning our profession for years that we must have policies, procedures, and plans – anyone who has not taken the cybersecurity threat seriously – and the regulatory warnings to heart could be in for a rough year.

Financial abuse and exploitation of Seniors will continue to be front burner, in my opinion. On a very closely related issue, many fiduciaries are struggling with the issue of whether we – the financial planners and financial professionals – have a duty to assess whether our clients have suffered such a decline in their cognitive abilities so as to be unable to give competent directions regarding their financial affairs. We all should be following Federal and State of Minnesota legislation regarding ‘Safe Senior’ laws.

2017 Brings Joint Meeting, Format Changes to Programs

Submitted by Aaron Hasler - Programs Committee Director

Thank you to all who have participated in a monthly chapter meeting in 2016. Your attendance helps build a wonderful professional community that is the best in our business. I encourage and challenge you to improve upon your attendance record in 2017 by at least one meeting!

2017 will bring another round of topics and speaks. We are going to be holding a joint meeting with the Exit Planning Institute in the spring, giving you an opportunity to network with business succession experts from all industries. Potential client referral sources for your business.

Stay tuned for different meeting formats as well. We are exploring shorter meeting times to complement our business schedules and keep you in the office while still providing valuable professional education.

Happy Holidays and look forward to seeing you at 2017 meetings!

This Thanksgiving, Let’s Support Service Members and Their Families

Zeiders Enterprises, Inc. has openings for financial professionals with experience and knowledge of life in the military. The military has aspects that are uniquely related to personal finance. You may be able to help Service members and their families to utilize financial tools that will help them make wise decisions during their time in service. Your experience related to military service can help build the encouragement they need to succeed. Go to www.zeiders.com and search for “Personal Financial Counselor” openings.

Return to Château Élan for FPA Retreat

FPA Retreat 2017 will return to Château Élan in Atlanta, April 24-27, 2017. Engage with the best and brightest financial planners in the profession in peer-to-peer conversations to learn how to have a more meaningful impact on your clients and your practice. Registration is open and once again limited to 350 attendees.

FPA and Vanguard Partner to Build Base of Professional Knowledge

Vanguard has officially become FPA’s first Cornerstone Partner with the goal of delivering deeper professional insight, awareness and resources for the benefit of the financial planning community and all FPA members. By becoming a Cornerstone Partner, Vanguard and FPA will engage in a multi-year effort to bolster the base of professional knowledge by making available native and co-branded content and subject matter experts to FPA members. Learn more about this new partnership!

New to the Profession? FPA Can Help!

If you are new to the financial planning profession and are looking for help, FPA is there to support you on your career path. By providing diverse education, relationship building, information sharing, and volunteer opportunities that create positive social change, FPA is the definitive resource for new professionals to gain knowledge and establish relationships. Explore the many ways FPA can support you in your career journey!

Is Your Team Prepared for a Cybersecurity Breach? Get the New Whitepaper Today!

Have you taken the necessary steps to train your staff on firm cybersecurity policies and procedures? Do you have a plan in place to ensure they are up-to-speed on how to protect client and business data? Cybersecurity: Is Your Team Prepared? is the second of three action oriented whitepapers that is now available based on the latest cybersecurity research by FPA and TD Ameritrade Institutional. Get your copy today!

From the FPA Member Advantage Program: Errors & Omissions Insurance Exclusively for FPA Members

NAPA Premier is a leading provider of E&O insurance for RIAs, IARs, and financial advisers. FPA members enjoy expanded coverage options and plan premiums starting as low as $777 per year! Members can pay in full or choose a monthly payment plan to make this an easy decision. Apply online in a few minutes and receive instant certification.