Partha Iyengar
14 June 2013
FPA RETREAT 2013
Highlights
Content
• Fiduciary
• Circle Gathering- Reflections
• Neuroscience of Change
• Financial planning and Uncertainty
• Spinni...
Fiduciary- Bill Aikin-fi360
• Fiduciary Standard - 3000 Years History
• Trustee by Nature > Morals of Market
Place
• Funda...
Circle Gathering
• Stories
• Reflections
• Listen
• Deep Insights
• Transitions
• Humility and Integrity
Photo Credit: Dav...
Neuroscience of Change- Judith Glaser
• Transformational Conversations
• Healthy Conversations = experience
change differe...
Financial Planning and Uncertainty – Elizabeth Jetton
• Life is filled with uncertainty.
• We have chosen a profession tha...
Financial Planning and Uncertainty
• We need to know who we are and what is
our role
• New world with new issues
• Neurosc...
Financial Planning and Uncertainty
• What moves the needle is spending and
how much you save, the life choices must
be don...
Spinning Fire: Flow Arts and Change- Holly G Kindel
• Ask clients simple questions: How can I
help you? And then shut up a...
Spinning Fire: Flow Arts and Change
•Application and practice of tools brings her
success
•Pre-contemplators:
- reluctant ...
Technology – Bill Winterberg
• Google Glass Video-
http://www.google.com/glass/start/how-
it-feels/
• Next big thing- use ...
Under the Trees- Conversations
• Profound Experience
• Ecosystem and Expertise
• Space
• Listen
• Group financial life pla...
Future Think- Michael Kitces and Bill Winterberg
• Interactivity
• What if scenarios across the table
• Technology has to ...
Future Think
• In stream Wealth- intelligent,
collaborative,alerts, etc.
• One to one nudges and through friends
and apps ...
Future Think
• Financial Planning - Differentiator
• But Learnvest and Personal Capital have
both planners and technology
...
New Business Model- Rick Khaler
• Future Financial Professionals will work as
Team
• Financial Planner and Financial Advis...
New Business Model- Richard S Khaler
• The Power of Whole Brain- financial
planner and therapist/coach
• Define career pat...
End of Growth-Planning Opportunities in a Resource
constrained World – Rick Vodra
• Energy=Population=GDP
• Two parallel e...
End of Growth-Planning Opportunities in a Resource
constrained World
• Four possible 21st century paths:
- business as usu...
End of Growth-Planning Opportunities in a Resource
constrained World
• PO+GCC creates an opportunity for values
based plan...
End of Growth-Planning Opportunities in a Resource
constrained World
• Responses- downsize,live close to family
and work,t...
Imagining the World of 2020 – Lowell Catlett
• People will afford what they want
• 4 Billion people in the world will need...
Partha Iyengar   Highlights from Retreat
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Partha Iyengar Highlights from Retreat

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Recently Partha Iyengar, Founder and CEO, Accretus Solutions attended the FPA Retreat held in Palm Springs in California, USA. On request, he shared his learnings with the study group in Mumbai and has also prepared this excellent presentation which is kind of self explanatory to some extent. With permission... we are sharing this with all Network FP members. We would like to thank Partha for same.

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Partha Iyengar Highlights from Retreat

  1. 1. Partha Iyengar 14 June 2013 FPA RETREAT 2013 Highlights
  2. 2. Content • Fiduciary • Circle Gathering- Reflections • Neuroscience of Change • Financial planning and Uncertainty • Spinning Fire: Flow Arts and Change • Technology • Under the Trees - Conversations • Future Think • New Business Model- Rick Khaler • End of Growth • Imagining the World of 2020 Photo Credit: David Niblack, Imagebase.net
  3. 3. Fiduciary- Bill Aikin-fi360 • Fiduciary Standard - 3000 Years History • Trustee by Nature > Morals of Market Place • Fundamental - Loyalty and care • Loyalty - Obligation to serve Client's Interests • Care- Obligation to act with skill and good judgement • FPA Standards of Care = Core Fiduciary Duty - loyalty and care Source : Google Images
  4. 4. Circle Gathering • Stories • Reflections • Listen • Deep Insights • Transitions • Humility and Integrity Photo Credit: David Niblack, Imagebase.net
  5. 5. Neuroscience of Change- Judith Glaser • Transformational Conversations • Healthy Conversations = experience change differently • Human Beings - 99% like rats! • Reaction to change-fight or flight,freeze or appease • 3 Levels of Conversation - Level 1 - transactional-distrust -phase 1 - Level 2 - positional- phase2 - Level 3 - transformational - trust- phase 3 • Power of circles and rituals Source : Google Images http://www.creatingweinstitute.com/
  6. 6. Financial Planning and Uncertainty – Elizabeth Jetton • Life is filled with uncertainty. • We have chosen a profession that by definition must accept and address it • Young ones live with virtual world all the time. • Sharing economy is in- collaborative and project based • Nanotechnology will extend our lives. • Retirement Planning is passé Photo Credit: David Niblack, Imagebase.net
  7. 7. Financial Planning and Uncertainty • We need to know who we are and what is our role • New world with new issues • Neuroscience and money • Gig economy- future clients • Resilience economy • "We are called upon to help people deal with the most powerful secular force on the planet- MONEY" - Dick Wagner, CFP • "Ability to maintain your core purpose with integrity in the widest variety of circumstances,to recover, persist or thrive amidst disruption" • New Business Models and competition Photo Credit: David Niblack, Imagebase.net
  8. 8. Financial Planning and Uncertainty • What moves the needle is spending and how much you save, the life choices must be done human to human. • Advisors play a role in the high touch and in offering the ability to some one to think about and manage their whole financial life ,to re-integrate their financial lives. • Have empathy and let the curtain go behind us • If Advisors want to provide value ,they have to earn their keep by ascertaining the part that is so difficult to figure out: " How financial decisions map on to the things we want out of life" - Dan Ariely • You must help your clients see the potential of abundance they have, to look at what they already have : their gifts and resources..." Photo Credit: David Niblack, Imagebase.net
  9. 9. Spinning Fire: Flow Arts and Change- Holly G Kindel • Ask clients simple questions: How can I help you? And then shut up and listen • What is it like to change? Change is uncomfortable • If you want to change, you have to be willing to be uncomfortable • Facilitating vs Normalizing • Clients wants us to facilitate change • Our primary role is to normalize the discomfort of change • Her teacher taught her to overcome fear through process and procedure • Process, commitment and procedure for change • Experienced the fear, challenge and triumph of the change process Photo Credit : Holly Kindel - Spinning Fire
  10. 10. Spinning Fire: Flow Arts and Change •Application and practice of tools brings her success •Pre-contemplators: - reluctant - rebellious - rationalizing - resigned • Three Principles - leave your judgment at the door - choose your language consciously, reflecting positive attitude - utilize self-to- self comparisons instead of self to others •Remain grounded in our journey to progress •Give space in your life. What is feeding you and nourishing you. Photo Credit : Holly Kindel - Spinning Fire
  11. 11. Technology – Bill Winterberg • Google Glass Video- http://www.google.com/glass/start/how- it-feels/ • Next big thing- use videos to optimize Seo. 50 times easier to end up in search results • Google Hangouts- sharing knowledge,ideas, social settings,etc • Telepresence • Biggest blue ocean - social video - vine, you tube ( top 2 search engines in the world) Source : Google Product Demo
  12. 12. Under the Trees- Conversations • Profound Experience • Ecosystem and Expertise • Space • Listen • Group financial life planning • Correlation- neuroscience and circle gathering conversations • Right brain focus to solve deep seated money issues. Photo Credit: David Niblack, Imagebase.net
  13. 13. Future Think- Michael Kitces and Bill Winterberg • Interactivity • What if scenarios across the table • Technology has to answer in 90 sec • Lessen the back and forth iterative process • Fin planning experience has to be 'felt' and clients have to be at the 'heart' of the financial plan • Gamification and identify trends- the need for it to help clients • Behavior change, nudge through technology • Success stories- mint.com for budgeting Photo Credit: David Niblack, Imagebase.net
  14. 14. Future Think • In stream Wealth- intelligent, collaborative,alerts, etc. • One to one nudges and through friends and apps - accountability partner concept- eg.weight watchers. • Data gathering- make it easier and less painful • Money is still a taboo subject. apart from sex, religion, etc. • Clients will find advisors through YouTube and other social medias. Bill's experience. • Bill's example- 5th or 7th contact reached to CPA. it helps to have digital presence through multiple channels • Robot advisors- investment advice and portfolio management at 0,25% p.a. Photo Credit: David Niblack, Imagebase.net
  15. 15. Future Think • Financial Planning - Differentiator • But Learnvest and Personal Capital have both planners and technology • People with less money need more planning and budgeting • Skills needed for the future- interactive planning,effective and efficient documentation through electronic mediums • Find content faster by organizing effectively and use mobile to access and present to clients. • Soft wares like Instream using crowd sourcing. Photo Credit: David Niblack, Imagebase.net
  16. 16. New Business Model- Rick Khaler • Future Financial Professionals will work as Team • Financial Planner and Financial Advisor • Financial Planning: - 10% Products/Comprehensive Planning - 90% Life Planning/Coaching/Mentoring/ Financial Therapy • System 1-90% - Psychology, System 2 - 10%- Financial Planning Photo Credit: David Niblack, Imagebase.net
  17. 17. New Business Model- Richard S Khaler • The Power of Whole Brain- financial planner and therapist/coach • Define career path and promoted junior planner to planner/ senior planner and owner to financial advisor. • Rick through scientific tests identified people suited for various roles in his team. Since implementing the concept as a two member team for clients with clear responsibilities, has seen great improvement in business and happiness among staff members. Photo Credit: David Niblack, Imagebase.net
  18. 18. End of Growth-Planning Opportunities in a Resource constrained World – Rick Vodra • Energy=Population=GDP • Two parallel energy systems- "WTF OMG" • Magnitude of oil problem- US consumption for this year > 6 years usage during World War II by everyone on earth • Discoveries peaked in 1960s • Hard to predict the future • Shale oil is expensive and only few big fields • Peak Oil impact- volatile prices, economic competition, disruption etc. • Biggest impact - transportation and agriculture • Without more oil, end of overall growth in real economy • Impact of global warming Hurricane Irene- East Cost 2011
  19. 19. End of Growth-Planning Opportunities in a Resource constrained World • Four possible 21st century paths: - business as usual - techno fix - power down- we' ll respond rationally, creative and cooperatively - catastrophe • Applying financial planning principles with PO + GCC • What are positive or less depressing • How would we plan for clients who have comparable problems. • PO+GCC is a risk management problem. • Risk management is what financial planners do • Resiliency is the key to responding to PO + GCC
  20. 20. End of Growth-Planning Opportunities in a Resource constrained World • PO+GCC creates an opportunity for values based planning • Pursue real work- interior work, spiritual work • Appreciative enquiry - abundance vs stuff • Material prosperity does not equate with happiness • Two kinds of financial planning responses we can suggest - investment decisions and life planning • Impact- PO+GCC will likely cause disruption and new rules at all levels • Responses- reduce risk exposure generally and reduce personal debt • Financial planning responses-PO+GCC = traditional energy more expensive, less reliable or less available
  21. 21. End of Growth-Planning Opportunities in a Resource constrained World • Responses- downsize,live close to family and work,take vacations now • Transportation of all kinds will be expensive. Agriculture will be affected • Localization and support becomes the key. Repairing and reusing will be common. Self- reliance will become important. • Become and stay healthy. Learn new skills • Investment Responses- Lowering expected returns • Investment Responses- World view One and World View Two - similar returns • Develop a blended mix of portfolio consisting of alternative energy and bet on global climate change
  22. 22. Imagining the World of 2020 – Lowell Catlett • People will afford what they want • 4 Billion people in the world will need financial planning • Those who have rich and deep social connections die at only 1/4 the rate of any/all causes. 50% less infection rate. • 3D Printing will be revolutionary and change the world. • U.S. citizens after disposable income spend only 31% on housing, utilities, alcohol, food, etc. Lowest in the world. • Food consumption in average American household is 9.6% of income. Lowest ever in history and the world. • Americans spend 69% of their disposable income by buying crap Source : Google Images

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