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Burns-Fazzi, Brock Newsletter (Fall 2012)

There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info:

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Burns-Fazzi, Brock Newsletter (Fall 2012)

  1. 1. EXECUTIVEBENEFIT WINTER 2012FOCUS NAFCU-BFB Compensation Survey The Pumpkin King BFB Foundation Update Additions to the BFB Team BURNS-FAZZI, BROCK SPECIALIZES IN PROVIDING BENEFIT PLANS FOR CREDIT UNION EXECUTIVES & DIRECTORS | Credit Unions and the Struggling European Markets By Rich Brock | President / CEO Burns-Fazzi, BrockThere has been a lot of discussion in the media and in the To narrow in our focus a little, we’ve had a lot of questions infinancial sector, about the state of struggling European the last few months from clients sharing this unease aboutmarkets, and particularly about the Greek economy. More the international market, and in particular, worried aboutbroadly, people are concerned about what overall impact what effect Europe’s problems might have on the safety andthe distressed Euro Zone could have on financial institutions soundness of their Credit Union’s benefit plans. They aren’there in the United States if confidence in the Euro’s stability worried about how they’re Credit Union will deal with issuescontinues to deteriorate. of hyper-liquidity, but instead are concerned about attaching themselves to benefit providers that might be involved withAs always, when talking about the future of the international some of these risky European, and more particularly about banks and Credit Unionshere in the United States, it’s difficult to say anything with We only partner with insurance carriers that have proven trackcertainty. In this case, that difficulty is only increased by the records of responsible service. I spend a great deal of timelikelihood that banks and Credit Unions would be affected on-site, visiting with our insurance carries, and a large portiondifferently. of that time is spent reviewing the plans they have in place to mitigate and minimize any risk associated with the plansWith Moody’s recent downgrade of the ratings of 15 of the they underwrite. All the carriers we work with have little toworld’s largest banks, including a number of larger U.S. banks, no exposure to Greek debt, or to debt from any of the otherpublic perception of all financial institutions, including Credit struggling economies in and around the Euro Zone. ThoseUnions could become more negative. Unlike banks, however, carriers we partner with have taken impressive steps in theirinstability in the world market has a potential to increase own corporate models to make sure their plans will alwaysdeposits in Credit Unions as people worry less about profit remain safe and sound.and instead worry about simply protecting their principal.Credit Unions are ideally structured to offer security to their Knowing what I know about our insurance partners, andexisting and future members. knowing what I know about BFB’s dedication to safety and continued on page 2
  2. 2. continued from page 1 soundness, I feel pretty confident saying any impact there could be on the plans we administer would be insignificant. However, I don’t want anyone to think that THE NAFCU-BFB even though it’s unlikely that our clients’ plans will be affected by a downturn in 2012 EXECUTIVE Europe that we’re not scrutinizing the global economy. We know how important it is to remain vigilant and prepared to deal with even remote problems. COMPENSATION SURVEY REPORT We work in a dynamic industry, and we are tied to a market that is constantly in motion. But that doesn’t mean we always have to labor under the shadow of an The results of this year’s Executive unstable, and at times unpredictable system. When we have the best team, have Compensation Survey were taken the right steps, and put the best possible administrative system in place, we presented at the NAFCU Annual always feel confident in knowing that we don’t have to stress or worry about the Meeting. ups and downs of the market. Instead, we just get the remarkable chance to help expand the Credit Union movement. First introduced in 2007, the NAFCU-BFB Survey was created to better understand the compensation and benefits offered to the top executives of Federal Credit Unions. The sponsors wanted to provide a service to member Credit Unions to help their decision-making related to these matters. To obtain a copy of the annual survey report, contact Tyler Quigley at 888-494-8911, or The Pumpkin King! Tyler Quigley, BFB’s National Director of Marketing, was hard at work this year THE 2012 SRT growing another of his famous giant pumpkins. After the ninety day growing cycle EXECUTIVE came to a close, his pumpkin was harvested and measured at the annual Utah Giant Pumpkin Growers Association weigh off. The 1,454 pound mammoth won COMPENSATION a first place as the biggest pumpkin in the state for 2012. SURVEY REPORT Watch a time-lapse video of it being carved at: BFB, with Clark & Chase Research, conducted an Executive and Board compensation survey for the California & Nevada Credit Union Leagues. The summary report was presented at their July 2012 Summit Round Table meeting.
  3. 3. In recent months, we re-evaluated the scope and concentration of the new BFB Foundation and how it will carry out its mission to elevate women, families and communities. Initially, we planned to award scholarships to women from Guatemala that would allow them to receive education and Credit Union experience here in the United States. After a visit to Guatemala in January of this year, it became evident we could impact the lives of more women by supporting several groups and initiatives within their country. Alliances have been formed and strengthened with organizations that are focused on helping and teaching women and children that have limited access to education. The BFB Foundation will seek to assist these organizations through raising capital to help fund new school classrooms and infrastructure, supplies, scholarships, and personnel. Additionally, the BFB Foundation will serve as a conduit for those wanting to give of their time and talents to directly teach and mentor groups and individuals in Guatemala. To find out more about the work we are doing and for information on how you can get involved, please or contact Pilar Fitzgerald at 678-852-8590 or to the BFB Team David Brock – Regional Vice President David will consult with Credit Unions in Texas, Oklahoma, and New Mexico. With over 25 years of experience in the financial services industry, including 15 years spent serving as a director of community, state, and federal Credit Union Boards, David is highly qualified to help Credit Unions design optimal plans for executive benefits and compensation. He holds a BBA in Marketing from Stephen F. Austin State University. Fred Palmer – Regional Vice President Fred will consult nationally with nonprofit organizations to help implement and manage nonqualified benefit plans. With over 30 years of experience, Fred has assisted financial institutions with nonqualified plans and BOLI transactions as a Senior Consultant with NFP Executive Benefits. He also pioneered Association Banking for SunTrust, served as Senior Vice President and Area Executive in Trust and Investments for Barnett Bank, and has served in many leadership roles with foundations and nonprofit organizations. He holds a BS in Finance from Florida State University. Steve Schramm – Regional Vice President Steve’s role will be to design and implement executive benefit and compensation plans for the Credit Union industry. Steve brings 26 years of experience from MT&T Bank. He spent the majority of his career as a Correspondent Banker supporting Credit Union clients, with a wide variety of products ranging from international services, to treasury management, credit and investments. He has a Bachelor of Arts from Franklin & Marshall College and an MBA in Finance from Loyola College. Janelle Lynch – Associate Director of Marketing Janelle will be responsible for providing support to BFB team members in the Western United States, event planning, and will assist in all national marketing efforts. Janelle holds a Bachelor of Arts in Design Management from Arizona State University. Michael Mason – Client Service Manager Michael will be responsible for helping the BFB Team by coordinating the underwriting process for new Credit Union clients. Mike has worked for two years in the financial services industry as a Financial Advisor. He has a BSBA in Finance, Banking, and Insurance from Appalachian State University.
  4. 4. BENEFIT FROM OUR FOCUS We Specialize in Executive Benefits for Credit Unions. In today’s environment of ever-changing regulations, your organization needs someone that is dedicated to your industry. We understand your needs better than anyone, and no one is better equipped to help you develop, implement, and administrate executive benefit plans that will attract and retain the most talented executives and directors. You can be confident knowing we have designed your plan to be compliant from the moment we put it in place, and will work to make sure it remains compliant for its entire life. Let us show you how our focus will benefit your Credit Union.1816 East Seventh StreetCharlotte, NC 28204