Trends in Financial Planning - Rick Adkins, CFP
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Trends in Financial Planning - Rick Adkins, CFP Trends in Financial Planning - Rick Adkins, CFP Document Transcript

  • Trends in Financial Planning - Rick Adkins, CFP®, Chair, Board of Governors; Dave Diesslin, CFP®, Chair-Elect, Board of Governors; William Elliott, Vice President, Financial Planning, American Express; Tracy Longo, Financial Advisor magazine; Russell Pearlman, SmartMoney magazine Bill Elliott: Financial planning is interpreted differently throughout the industry 15-20% of all advisors hold CFP® certification, the industry standard Consumer demands more from advisors-objective advice removes complexity and stress from their lives; firms pushing fee-based model—a steady basis of revenue Increased regulatory pressure on what is and isn’t advice After 20 years in the financial services industry, only 40% of clients are in the advisory relationship American Express is defining their existing financial planning model; simplifying their clients’ lives; asking how to deliver advice in the context of the clients needs Rick Adkins: Looking at requiring a degree in financial planning, similar to the CPA model Right now, many people are in transition, but there needs to be a move towards a professional model CFP Board/AFS model curriculum is timely Board of Governors met in mid-August for strategic planning for the future-retreat, what the public needs/demands Future influence, how to make good financial decisions Only the top 2% in country are getting sound financial advice Diversity is an important issue, lack of Hispanic, Black certificants serving these publics (75% white males) Tracy Longo: Currently financial planning is not a profession CFP Board has credibility with media and regulators/law makers It is important for the profession to speak with one voice Consumers appreciate that the CFP certification ensures that they have a core competency Ethics would be a part of every business model. Good people, make good business people, make good financial planners Broad perspective helps planners develop a more sustainable business model- not based on sale of “hot” product Russell Pearlman: Consumers value: • Financial planning more than ever, they are looking for help w/ finances • A hands-on approach (listening to clients), call even when have nothing to sell, but just to ask, “How’s the family? Are your goals the same?” • Simplicity (concise, short with few options) • A sound mind that financial planner free of all conflicts of interest (cost & compensation) Consumers don’t want:
  • • Financial planners to tell them what they want to hear (don’t want a “yes” man) • People who disguise themselves as financial planners, but are really just a salesperson • Someone that chases financial trends/fads Dave Diesslin: 20 years ago, consumers thought a financial planner did either insurance or tax shelters Financial planning used to be a second career, but is moving towards a first career CFP certification is now the gold standard Advice has more value than products around them- intellectual capital of advice is growing Distance Education - David Ashby, Ph.D., CFP®; Keith Fevurly, CFP®; Bob Glovsky, CFP®, Howard Schechter, Ph.D., ETS financial/campus Howard Schechter: What is the goal? • Meet the competition • Simply have an online presence • Lead the field • Is it an interim or long-term goal? • Is the goal more tactical i.e. do we want to reduce attrition? o Serve online learning that is not face-to-face o Students’ reputation towards program o Leverage items the college or University is known for to attract students to the program, which differentiates the program from the competition in the field Well-designed courses have: • Discussion types- 1) Chat – coffee shop talk. Talk amongst students absent of an instructor allows the student to explore theory and application with others 2) E-mail- easy and affordable means of communication • Mentorship – expensive means, but is excellent to better develop students • Conference calls – live interaction. • Teams- Group discussions, mixing lines of thought • Reporting – Ammunition for budget increases by showing that monies for program are well used, revenue, tracking students • Courses that Capture: o Graphics o Animation o Color o Sound o Motion o Flash™ • Creative ways of learning • An individual or multiple intelligences to optimize absorption of material.
  • Rule of thumb: • Tests can make people brain-dead • Interacting with the material and with other people enhances the learning process • Combine as many intelligence schemes as possible. Successful learning Students are: • Self-motivated • Work independently • Communicates about the syllabus • Seeks instructor feedback/profile Taking advantage of additional resources. Students that know the best way to study and absorb information according to their personality, intelligence schemes, and attention spans will be able to construct a surrounding environment that will promote sound learning. Keith Fevurly: Consider audience – types of techniques (educational) to implement Look at target market. Work hinders ability of commitment. Distance education is about outcomes. You can’t hold students hands. Education level – info up to snuff. Appropriate. Adults bring experience. Use the variety of knowledge as a wealth of useful tools to attain diversity in thinking Incorporate technology to encourage interaction Majority are still visual learners- visual stimulus that communicates of basic points Faculty is key, it is sometimes difficult for traditional faculty to transition Get instructors with flexibility and knowledge- online courses, strange hours, necessity Feedbacks from exams encourage students to improve weak points. Design a program to fit student- who is your student and what is the outcome that you want to achieve? Partner with company that does distance education. Look at budgets – determines possibility. Cost is huge barrier Pre-screening of students lowers the dropout rate, brings educational experience up • The effectiveness of pre-screening will correlate to quality of students David Ashby: Video conferences • Low cost • Web supplements -posting quizzes test, other materials • No online courses • In-state conference is not charged, but across state is troublesome • Proctors - of each site video.
  • Diversity - Tim Cunningham, CFP®, Manager, Professional Alliances; Manny Espinoza, Association of Latino Professionals in Finance and Accounting; Challenge Okiwe, National Association of Black Accountants Tim Cunningham: Increase diversity in CFP Board-Registered Programs Establish student chapters of organizations like ALPFA and NABA on campus CFP Board’s mission at its core is to help the public Low numbers of minority CFP® certificants and clients of CFP® certificants National Academy Foundation (NAF) • 40,000 students nationwide, 99% graduate high school and 90% go on to post-secondary school • 20,000 Academy of Finance (AOF) students • CFP Board volunteer team reviewing NAF financial planning curriculum, which may impact as many as 20,000 students as early as this fall Challenge Okiwe: NABA was established in 1969 by 9 black CPAs Interested in the financial planning industry as it relates to accounting and overall business. Diversity is not just about ethnicity, it is about looking at different perspectives. It is about respect rather than tolerance. 11 of the institutions represented at the conference have NABA student chapters. Members don’t have to be black or accountants. ALPFA and NABA have formed alliances to bridge ideas Program directors should help students understand the importance of diversity, and the importance of networking Benefits of NABA • Career expos • National conventions • Scholarships • Business relationships Manuel Espinoza: He told a story about a business case at Price Waterhouse Coopers • Turnover ratio of minorities was extremely high • Cultural differences had something to do with it- lack of role models and mentors Good thing about NABA and ALPFA is that they build relationships CFP® certificants are members Accountants and financial planners don’t sell themselves. Someone mentioned what CSI has done for the forensics profession. Manny suggests a TV show or cartoon about an accountant or financial planner to get people excited about the financial services industry. Alliances are key, no one can do it alone- the future is dependent on partnering • Think big • Follow through on promises • Act quickly
  • Success depends on organizations partnerships To increase diversity among both students and instructors, Registered Program should get to know more about the KPMG PhD project, as well as get involved with ALPFA and NABA. Also, Registered Programs should identify ALPFA or NABA student chapter at their institution. If there are chapters at the school, program directors should make the student chapters aware of the financial planning program. If not, program directors should encourage the development of a chapter. Teaching CFP Board’s Code of Ethics - Margaret Brock, Assistant Director, Professional Review; Alan Goldfarb, CFP®, University of Dallas Standards of Professional Conduct booklet and Anonymous Case Histories (ACH) are good tools for teaching ethics CFP Board is not held to the same standard as governmental agencies with regard to due process. Cases end in either dismissal, private censure, public censure, suspension or revocation CFP Board publishes the number of cases and results in our annual report Mock hearings are used as a teaching tool to new Board of Professional Review members Consider field trips to firms to discuss ethical issues Review Courses Kaplan College- Keith Fevurly 2 review courses: online and live Partner with Dearborn Financial Services Courses begin on Wednesday and end on Sunday Courses held in selected cities throughout country Instructors are all CFP® certificants- 1 to 2 instructors at each program Courses cover all 6 points with a case study at the end • Case study is at the end to make sure everybody gets through everything before beginning the case Course does not give Time Value of Money review because of short time frame Guarantee they will pass, if not, review course is free for 1 year $895 fee Ken Zahn Ken is a CFP® practitioner He has been teaching review courses since 1994 He teaches from experience, tries to teach perceived weaknesses Live review course Material is very industry-case oriented, 1st page starts with case analysis 33-hour program over 4 days Material contains 237 pages, usual pace is 10 pages per hour Courses offered in Tampa, Charlotte, and Philadelphia
  • $650 fee Keir- Debra Sawyer 1 person show Course providers come to desired location Allow instructors to sit in for free- Keir calls it the Profit Sharing Business or Franchise Methodology, 10% profit sharing Offer conference calls Internet course for past 3 years Require 100 hours of pre-course study (1 month) 32-hour program over 4 days 2-3 cases every night, also given as homework 10 hour sample comprehensive exam, hard copy and internet Tips for taking the exam $850-course, $375-materials = $1,225 (total) BISYS (Dalton Publication)- Joe Gillice 70% teaching 20% working questions 5-10% exam taking strategies Online diagnostic exam Instructors get report of weaknesses so instructors will know what subject to target When students are finished with review they have access to their Technical Support Volumes: 1) Study notes 2) Multiple choice questions 3) Case exam book Students say cases are harder than on exam Offer mock exams- Develops a pace to answer questions Offer flash cards for studying when traveling Skill Builder online that students can answer questions to Explanations to released exam questions 2 important qualities in instructor- Experts and Entertaining Conduct extensive training for faculty 30 cities $990 fee $305 for 3 volume set Financial Service Institute- Steve Syrmopoulos Brief calculator overview 101 topic Review Course providers come to desired location Will adapt and customize Since 1996 All CFP® Certificants, one JD and one CPA Online and by phone FSI Examiner and study guide $975 fee $315 material
  • More than 3 students, $100 discount More than 10 students, $150 discount and revenue share College for Financial Planning- Mike Cates Teach tax section Main strategy is to teach what you think will be on exam In Denver 1 week review course, 5 days Monday through Friday, 38-39 hours 5 staff members and 5 professional instructors 3 hour TMV calculator course 3 hours going over case studies Tips and techniques for test taking Review 101 topics 80% pass rate Accept students with challenges, from College for Financial Planning, or form registered programs Internet Based review Early Registration is $695 plus the hotel suite rate of $79 Regular Registration is $750 plus the hotel suite rate of $79 Garnering Support for Your Registered Program - Randy Gardner, CFP®, University of Missouri, Kansas City; Bill Gustafson, Ph.D., Texas Tech University; Tom Johansen, Ph.D., Fort Hays State University; Tom Warschauer, Ph.D., CFP®, San Diego State University The issues include: • Complexities of getting support • Revenues compiled • Justification of existence • Solution- Cover cost • Shared cost of administrative staff • Additions to travel budgets. • University troubles for money political support • No respect for programs even though they have brought in a fair amount of $$ Suggestions: • Use the registration process to gather support. o Promotes communication with faculty o Promotes community/advisory boards/ students o Creates awareness with administration o Involve administration in feedback program assessments o Generate business plans • The registration process demonstrates: o Quality o Highest regard to profession o Maximize student satisfaction
  • • American Express Planning Invitational may translate to national recognition for degree programs • Program Website- make information available to everyone at their leisure • Student Newspaper- get people to write a feature story • Participate in student organizations to raise awareness • Counseling Center -students retention is the pitch to administrators • Share cost of administrative assistant • Travel kickback to faculty • Revenue share with the university • Support garnered for the financial planning program at Fort Hays State helped get personal finance course as part of the general studies program- approved by the provost even after rejection by the curriculum committee and faculty senate • Encourage students to become active on campus (honor societies, student government) • Keep an alumni database • Get a successful financial planner to be an advocate for the program • Make sure major financial service firms are aware of the program • Get on experts list in the media office Paper Presentations- Academy of Financial Services (AFS) - Somnath Basu, Ph.D., California Lutheran University; Vance Grange, Ph.D., CFP®, Utah State University, and Vickie Hampton, Ph.D., CFP®, Texas Tech University; Chuck Rayhorn, Ph.D., CFP®, Northern Michigan University See PowerPoint Presentations International Issues - Noel Maye Began in 1990- license & affiliation agreement with Australia Now 17 full members of CFP Council, 3 associate members Plans to begin audits of the 17 affiliates to see how they comply with NOCA standards 77,000 CFP® certificants, 42,000 in U.S., 35,000 internationally Asia has potential for huge growth in financial planning certification, while Europe has been spotty in interest The model for certifications internationally is the equivalent of CFP Board and the FPA put together in the United States. Membership groups are often coupled with the certification side Common pitfalls when starting certification abroad: • Copyrights of materials • Finding the person involved who has real interests in carrying the profession forward, and who has the connections to do it. CFP Board’s international department has been contacted by more than 40 organizations in China about an affiliation. The international staff is still researching the situation in an effort to bring all of the appropriate interests together.
  • Model Curriculum - Vickie Hampton, Ph.D., CFP®, Texas Tech University; Kathryn Ioannides, CFP®, Director, Education and Examination; Karen Lahey, Ph.D., University of Akron See Model Curriculum syllabi and outlines. Comments should be sent to Kathryn Ioannides and course lead by September 5, 2003 Tom Warschauer Personal Financial Planning Course • Upper division Level • Pre-Requisites assumed • Suggest TVM and stock and bond basic knowledge Vickie Bajtesmit Insurance Planning Course • Upper division level • Life insurance had to be condensed into 3-4 weeks • Most text books target and focus on a survey needs, which doesn’t focus on the planning side • Would like to have suggestions on textbook and cases and life insurance at the master’s level David Cordell (speaking on behalf of Tom Eyssell) Investment planning course • Typically taught out of the Finance department • Corporate approach vs. financial planning approach • Would like to know what enhancements to be appropriate. What topic areas with in would be appropriate? • Want to suggest for Supplementary readings for undergrad and masters level. • How important are the derivative and futures/options? • What do you think would be appropriate in an investments course and financial planning course? Jonathan Fox Income Tax Planning Course • Organization of the course; going through the 1040-Organization driven • Planning for business, individuals, investors, employees, small business owners and self- employed • Comprehensive planning for income taxes Karen Eilers Lahey Retirement planning course • Individual vs. corporate side • Employee vs. Employer • Would like cases!
  • • Looked at regulatory and legal consideration, social security, need analysis, etc. Somnath Basu Estate Planning Course • General objectives of estate planning, please consider the packaging of the order of the topics • Provide with cases and project • Estate planning is already difficult because it’s all legal applications Vickie Hampton Case studies capstone course • Include financial planning process, professional standards, at least 1 case • Directive case and open ended case • Need course title!!! • Pre-requisites or co-requisites. • Recommendations on readings, sources, cases • Enough time in semester to include all these? Can this really be done in a semester or quarter? • Cases should be developed with the use of professional software Communication Resources: Media and Online Marketing - Jason Jansky, Manager Media Relations; Jeff Russell, Manager, Internet Communications Jason Jansky Communicating your program’s messages to its audience Use media to portray messages Relations is important for building trust Identify your audience the message you are trying to convey • For every audience the message is going to be different but attain the same end meaning Media Objective- Compelling story to increase circulation Your Objective- Media Placement What’s important what’s need to meet objectives • Facts Interviews, stories Students as spokespeople News Release • Who, what, when, where, and why. • Be a resource for local Regional media. • “There is NO of the record” - whatever you say can be printed • Be direct- say what you mean • Tell The Truth- good or bad
  • Jeff Russell Technology helps get message out faster Use of traditional marketing principle medians with interactive methods to satisfy the online end user. Hot Topics • E-commerce • E-communication • CRM-Customer Relationship Management Internet marketer’s goal • Motivators • Life-Cycles Navigation of CFP.net Website • Highlighted audience base • Linking websites, searching mechanisms • Tools to assist faster communications Suggestions for Registered Programs Web sites • Tools for tracking website effectiveness • Polls, News letters, Responses gives a sense of who is the audience • Support and Communication • Prospect Development • Make sure information is current • Be sure CFP Board has up-to-date URL for link Faculty Recruitment and Retention - Karim Cherif, University of California, Los Angeles; Conrad Ciccotello, Ph.D., Georgia State University; Tom Couch, Oglethorpe University; Vickie Hampton, Ph.D., CFP®, Texas Tech University There is a need for Ph.D.s at the grad level in the business school • Does not matter what a person received their Ph.D. in • Need to embrace the financial planning • Select someone that plays well with the rest of the children (Children being the faculty) Offer something attractive and make them feel important UCLA has difficult time recruiting full-time faculty because housing is so expensive No relationship between being on a successful track individually in business as a planner and an academic instructor. Look in the classroom. Is there someone in there that has potential to teach? Never make them teach by themselves for the first time. Always co-teach with an instructor. UCLA requires “Instructor Development” workshop • At least 2 times a year • Receive certificate upon completion Do not split up instructor by subject area; found this to work really well Usually limit class size FPA is a good source for instructors
  • Question: Do you give raises? Yes Question: Do you give more if class is over a limit? Sometimes $25 per extra student. Question: What are some requirements for UCLA extension? Master’s degree and would like them to have the CFP® certification. Question: What determines your salary? Salary is driven by the department they are in. In their school the dean doesn’t take much interest in their “Personal Financial Program.” The dean mainly pays attention to their Corporate Finance and Accounting programs. Have annual instructor appreciation event or other special events to make them feel good Make people feel like part of the group and how to be successful • How to be successful is by researching and publishing Adjunct teaching- find talent in the students Select people that are in field (ex. tax accounting, estate planning attorney, investment advisers) Do they have the ability to inspire students? Look at student evaluation Look at grade and attendance Retain instructors to make them feel they are part of the family Evaluation sheets- give them a spreadsheet that shows them how they compare with other instructors Give 403(b) retirement plan and group instructor plans, teacher awards, pins for every 5 years, and can take other classes for free Shared Roles in Producing Competent New Financial Planners: Registered Programs and Financial Planning Association (FPA) – Al Hockwalt, Director, Career Development, FPA; Nancy Kistner, CFP®, FPA Board Member; Kyra Morris, CFP®, leader of the FPA Residency Program; Jeff Lambert CFP®, University of California, Davis Discussion of career development for financial planners There is a challenge in creating quality entry-level paths in the financial planning profession FPA’s main goal is to create career paths for the profession FPA can play a role in introducing seasoned planners with younger people entering the profession for succession planning. FPA has a website that has a section devoted to internships • Postings can be from institutions looking for interns, or people looking for intern opportunities. • Do not need to be a member to post internship interest. • Large and small firms are involved • FPA provides suggested “roles” for interns to increase the job enrichness, and discourage against companies using interns in the “go-for” role. • A comment was made that internships must be paid so the employer takes the worker seriously and tasks them with meaningful assignments FPA mentoring program is a work-in-progress • FPA wants to link it to their internship program
  • • FPA will be working to improve the online collaboration that can be utilized between planners looking for certain skills and a person seeking a mentorship program. FPA Residency Program Discussion The FPA residency program is similar to an internship The purpose is to instill the joy of the process of financial planning Participants will look at real-life planning situations and find solutions Mentors in the process will play the role of the client Participants must have finished education, or just finished the test It is assumed that all participants have the technical knowledge to compete The goal of the residency program is to convert the participant’s technical knowledge of CFP topics and understanding of tasks into communicating to clients in real-world situations Participants receive feedback from all angles and perspectives Participants are awarded 3 months of experience toward the 3-year requirement of CFP Board for the week-long program It is an intense week with days beginning at 8:00 am and often lasting until 9:00 pm State of CFP Board - CFP Board staff and Board of Governors In 2007 a bachelor’s degree will be required for certification. Kathryn highlighted in no way are certificate programs prohibited from allowing students that don’t have degrees to take their programs. Each institution can set their own policy. However, you should make students aware of the requirement to prevent problems in the future. Question: Are they going to release any more questions because the last one was in 1999 and many areas have changed (ex. Monte Carlo analysis and ISO)? Board of Examiners determine whether or not questions are released. RickAdkins: CEO search- Board of Governors have formed search committee. Dave Diesslin will be chair. Send all questions comments to Dave. CFP Board-Registered Programs can take the exam for half the price. $295 for part time and full time faculty. Eligibility documentation would be required. Education requirement must be met. “CFP® retired”- consumer research showed that there would be confusion by consumers. From Trademark standpoint it is not viable. Vickie Hampton: Summer Scholars Program- CFP Board partnership with Tech to produce Ph.D.s in Financial Planning Kathryn: The organization we are most active with AFS. Some work with ACCI, AFCPE, MFA. There is an American Risk Association meeting next week. If there are any organizations you think we should be affiliated email Kathryn.
  • Using Case Studies - Somnath Basu, Ph.D., California Lutheran University; Sharon Devaney, Ph.D., Purdue University; Deanna Sharpe, Ph.D., CFP®, University of Missouri, Columbia Case studies provide topic coverage at appropriate cognitive levels Can be over one subject or many Deanna writes her own cases for the retirement planning course. She gives students a scenario of a student after graduating, 10 years after graduating, then 20-30 years after graduating from finding first job, to marriage, to divorce. Asks pointed questions Somnath found that students responded better to outside reading with quizzes at the beginning of class. Discussion would result from many differ perspectives and answers to the same question. This allowed instructors to cover the topics that students did not have a clear answer to Advantages of cases: apply to real life, helps prepare for exam, can be completed by individuals or teams Disadvantages: time consuming to prepare and grade Paper Presentations - AFS - Chris Coyne, Ph.D., CFP®, St. Joseph’s University; Tom Warschauer, Ph.D., CFP®, San Diego State University; Walt Woerheide, Ph.D., The American College See PowerPoint presentations Curriculum- Teaching Beyond CFP Board’s Topic List - Vance Grange, Ph.D., CFP®, Utah State University; Jeff Lambert, CFP®, University of California, Davis Question: Can we teach and test over the “soft-side” of planning as opposed to quantitative subjects? • According to the Board of Examiners, the examination is not the tool to expose candidates to the soft-side skills of planning • Issues dealing with practice management, communication and presentation to clients, and relationship building can be very subjective to test over • We test over technical knowledge, and encourage candidates to pursue the other aspects using different mediums • Someone stated that the profession has “layers”, and the CFP® certification is one of the important “layers” to becoming a well-rounded planner. The many role models and mentors that come along through a career are “priceless” in learning the aspects of planning that cannot be tested on an exam • Regular role-playing in classes to better prepare students for real-world situations
  • • Have students present financial planning subjects to the other students to simulate a real- world situation where communication and listening skills are paramount. • The FPA can be a good outlet for candidates looking to expand beyond their technical knowledge through programs such as the “FPA residency” Question: Should CFP Board still be testing over antiquated calculations that are performed by software programs in today’s everyday practice? • The only way to interpret data correctly coming from software programs is to have a solid understanding of the rationale behind a calculation • How could you possibly incorporate testing over software programs when planners are exposed to all different types of proprietary programs? • With technology changing so quickly, the topics that questions are related to could not be kept up-to-date when job analysis is done every 5 years • One program director mentioned that he offered a class for learning one of the common financial planning software packages and no one signed up • Another program said they are very seriously considering making it mandatory for students in their financial planning program to buy a laptop Question: Are the 101 topics indicative of today’s financial planning since they are part of a study done 5 years ago? • Topics are often given broadly to be able to encompass tomorrow’s knowledge base and understanding of tasks that a minimally qualified CFP® professional should possess. • Questions are written once or twice a year at item writing sessions, so the material within the topics is kept up-to-date constantly within a 6-month window • The exam is looked at in-depth by the Board of Examiners and 7 other “content specialists” each administration. It is here that all questions are judged for current validity and accuracy before they make it on the exam to be held roughly 2 months later • It would take radical changes in laws or the way financial planning is approached to warrant an immediate job analysis before the next one scheduled. Some topics that may go beyond the topic list: 1. Counseling a. Establishing interpersonal relationships with clients b. Listening c. Communicating with clients d. Motivating clients e. Helping clients keep on track 2. Holistic or life planning approaches to financial planning a. Identifying values b. Personal mission statement c. Financial mission statement d. Establishing financial policies e. Developing financial plans that are consistent with “a” through “d” 3. Helping clients establish financial policies. Examples: a. I will borrow money only to buy a house or to go to college
  • b. I will pay off my credit card every month and incur no interest charges c. I will save 10% of my income d. I will save 30% of any raise I receive 4. Compensation methods: Fees versus commissions 5. Getting started as a financial planner. Bridging the gap between study and practice a. Getting a first job b. Commissions versus salary c. Revising professional goals based on experience d. Starting a personal financial planning practice e. Career planning f. Building a resume 6. Marketing a. Expectations of different employers b. Methods i. Referrals 1. From clients 2. From other financial professionals ii. Seminars iii. Direct marketing iv. Establishing relationships with financial professionals v. Community involvement 7. Professional organizations a. Roles and services b. Becoming a student member c. Using websites d. Attending chapter meetings e. Networking f. Volunteer internships at professional meetings g. Pro-bono financial planning CFP® Certification Examination/Determinants of Success - Vance Grange, Ph.D., CFP®, Utah State University; Vickie Hampton, Ph.D., CFP®, Texas Tech University, Dave Livran, CFP®, Manager, Certification Examinations, Board of Examiners Determinants of Success In phase 1 of the study, four statistical methods were used. In phase 2, seven statistical methods were used. The following items were determined to be significant: • Primary business activity • Type of program • Being a CPA • Holding a securities license • Reason for pursuing the certification
  • • Number of prep materials used • ACT/SAT scores • Hours spent preparing We will be sending the article via e-mail when it becomes available. Marketing Your Degree Program - Severin Carlson D.B.A., College of Saint Rose; Tylor Claggett, Ph.D., Salisbury University; Frank Laastch, Ph.D., CFP®, Bowling Green State University Send letter to students with undecided major about the program Develop relationships with firms in your area Send brochures to high school counselors Visit local high schools Use professionals as guest speakers Develop relationships with local media Cultivate FPA relationships Work with accounting, consumer science, or finance departments Use students in the program to recruit other students Keep Web site updated Link on CFP Board’s Web site- be sure to keep link updated Marketing Your Certificate Program - Cheryl Blackwell, University of Central Florida; Nancy Goode, Queens University of Charlotte; Carol Lee Roberts, CFP®, DePaul University Provide a link to your Web site from CFP Board’s Web site- be sure to keep link updated Direct mail- give yourself sufficient time for mailing. Materials should reach students 6-8 weeks in advance because a majority of students are working professionals • Who do you want to mail to? • Where do you find lists? Purchased sources and non-purchased sources Tracking sources • Can show what works and what don’t work! Word of mouth.- DePaul gets 10% of students this way Please have CFP Board approve everything before printing brochures out Queens University of Charlotte has a Financial Planners Day • They have a booth • Made $30,000 for last year’s Estate Planning Day • $400 vender booths • 1 day events (get 8 hours of CE credit) • Benefits
  • o Income – Make $ o Exposure – become expert in financial planning to community o Loyalty to your institution Steps to making a Financial Planning Day • Rely on experts (steering committee) • Hold planning meetings • Cutting edge topics • “Heavy Hitter” speakers Maximize CE Credits • CPAs • CLE (attorneys) • Insurance Agents • CFP® certificants • Keep mailing reminders to these people Information Sessions before every class- weeds out people who aren’t serious