FPA of MN Newsletter – December 2017

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FPA of MN Golf/Bocce Ball event allows Charity Partner buy new medical equipment

Submitted by Ron Evans, CFP® - Director, Member Experience Committee

Homeward Bound was able to purchase two incredible machines due to the wonderful Golf and Bocce Ball sponsors, FPA of MN golfers & bocce Ball players and their quests and FPA of MN members who donated and purchased raffle tickets. The Bladder Scanner and Spot Vital Device will assist Homeward Bound staff to help their clients. This equipment will make it easier for staff when caring for their clients in house and on the road. The photos indicate Homeward Bounds' appreciation.

Thank you to our Diamond partner sponsor, Vanguard, who made it possible for the event to be held at a private country club, Midland Hills. Many thanks to our other event sponsors and donors for making the Golf and Bocce Ball a fantastic fund-raising event.

FPA of MN Member Experience Committee has started planning 2018’s event scheduled for August 6, 2018. The Diamond partnership is still available.

Students and Career Changers – Apply 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 meganolson8@gmail.com or 320-266-3211.

Save the date for Career Day 2018 – February 23, 2018!

Join the Professional Issue’s CyberSecurity Working Group this January

Learn About Issues Like Evaluating Third Party Vendor Cybersecurity

The Professional Issues Committee is starting a Cybersecurity Working group to help FPA members who need assistance fully grasping cybersecurity compliance regulations. These new regulations can be challenge for many smaller firms that don’t have on staff IT professionals. We will meet once a month to tackle one aspect of the cybersecurity regulations and share ideas about best practices. Our guides on this journey are compliance and regulatory professionals who have experience putting compliant cybersecurity systems in place. We are planning on hold these early morning meetings in Bloomington but will have call-in capabilities. Let Committee Director, Brian Edstrom, know if you are interested by contacting him at bedstrom@avisenlegal.com.

What is your vendor assessment system?

One of the more challenging requirements of the new cybersecurity compliance is assessing the cybersecurity posture of third party vendors that store or have access to your client’s data and personal information. When most advisors can barely grasp their own cybersecurity, how are they supposed to evaluate that of a network or software company?

The requirement doesn’t come out of the imagination of regulators to torture advisors. A recent survey showed that 63% of data breaches in 2016 were traced back to cybersecurity lapses of third party vendors.

The fact is that you cannot make an expert assessment of the cybersecurity of your third-party vendors but it is still your duty to understand the steps they are taking to safeguard your clients data by doing the following:

Understand the breadth of the data or access shared with each vendor. You need to show to regulators that you are fully aware of the data or access to data that you share with your vendors.

Understand what the vulnerabilities or risks to that data from your end. How could a hacker access the third-party vendor’s software or network from your end? What protocols do you have in place for protecting access? Understanding the vulnerabilities on your end will help you ask those question of the vendor.

Have them explain to you how they are protecting your client data on their end. Whether you fully understand it or not, you need the third party vendor to fill out a questionnaire or provide information about their level of encryption, password security and employee access to your client data.

Expect them to repeat this process annually before you renew your contract. You cannot expect to do this once and forget it. Regulators expect you to do this annually and the best time is when you are about to renew the contract.

Determine what you are going to do if the vendor does turn out to be unreliable. What is your Plan B for replacing the service from vendor with unsafe system?

These and other similar cybersecurity issues are what we will be covering in our meetings of the Cybersecurity Working Group. We hope to see you there getting a grasp on these complicated issues because regulators expect you to be getting a grasp on these complicated issues.

Enrich your career with a Financial Planners Journey to Australia in 2018

Financial planning is a global profession, so take time in 2018 to join an adventure of a lifetime to Australia to explore how financial planning is delivered...Down Under style. From Aug. 23 to Sept. 1, 2018, you can join Dan Moisand, CFP®, Nick Nicolette, CFP® and a select group of U.S. financial planners on a journey to learn about the practice of financial planning, as well as the development of the profession in Australia. Of course there will be plenty of time to explore many of the sites that make Australia a one-of-a-kind destination. Learn more and register today!

Journal in the Round: Succession Planning and Knowing What Your Practice Is Worth

In this month's Journal in the Round, Ryan Grau, cover story contributor to the November issue of the Journal of Financial Planning, discusses his "valuation mantra" and the insights on value and valuation that all financial planners need to know. He will be joined by George Hartman of Market Logics, and FPA Knowledge Circle host Emily Chiang. This live event will take place on Nov. 29 at 2 p.m. ET. Register today!

Subscribe to the "You're A Financial Planner, Now What?" Podcast

Whether you're new to financial planning or a practitioner with decades of experience, the changing nature of the profession ensures there's always more to learn. The "You're A Financial Planner, Now What?" podcast, hosted by FPA member Hannah Moore, CFP®, features influential guests offering inspirational stories, valuable insights and expert commentary on a wide range of different financial planning topics. While the podcast helps new planners gain a foothold in the profession, the content is often relevant to all planners. Become a subscriber today!

Refer New Members. Lower Your Dues. Help Grow FPA.

Through FPA’s Member-Get-a-Member Program , your referrals help the association grow by adding new members. Both you and those you refer save on membership dues. The more you refer, the more you save. Visit the FPA website now to learn how to double your rewards when you refer a member between September 1 and December 31, 2017.