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Free Agent Nation Proposal Full 2006


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October 2006 presentation to the CFA Institute regarding the building of a global CFA community of professionals around a common community philosophy and framework

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Free Agent Nation Proposal Full 2006

  1. 1. FREE AGENT NATION PROPOSAL Speaking to the relevance of the CFA Institute and the Societies to existing members: “Now that I have it, What do I do with it?!?* Marc B. Ira, CFA Chair, Corporate Outreach and Career Development STAMFORD CFA SOCIETY Stamford, Connecticut, USA Tel. 203 968 1121; email: [email_address] * Quote from a Stamford CFA Society member and charterholder about his CFA charter Presented to: Jeffrey Deiermeier, CFA – CEO, CFA Institute Raymond D’Angelo, Managing Director, CFA Institutte New York City October 2006
  2. 2. Agenda <ul><li>Today’s Community </li></ul><ul><li>Is Change FASTER than we imagine? </li></ul><ul><li>Case for a Back-end Community </li></ul><ul><li>A Proposal for Action </li></ul>
  3. 3. Today’s CFA “Community” <ul><li>“ Looks ” Member Oriented: </li></ul><ul><li>Strategic Objective #1 (Milestone) </li></ul><ul><li>“ Ensure the relevancy of the CFA Program to investment professionals” </li></ul><ul><li>Strategic Objective #2 </li></ul><ul><li>“ Develop and deliver on value proposition for members” </li></ul><ul><li>Planning Committee Guidance (May 2006) </li></ul><ul><li>“ Be a mission-driven, member-oriented organization” </li></ul>
  4. 4. But “ Community ” Missing In: <ul><li>Ad campaigns </li></ul><ul><li>CFA Institute Strategic Plan </li></ul><ul><li>Volunteer Involvement Guiding Principles </li></ul><ul><li>Principles of Affiliation & Oper. Framework </li></ul><ul><li>Society Partnership Program/SPPAG Report Summary </li></ul><ul><li>The Gravel Report (?) </li></ul>“ Asset that Lasts a Lifetime” Ad
  5. 5. Talk of the “Member Era” <ul><li>Yet little mention of addressing issues of: </li></ul><ul><li>Building a CFA community </li></ul><ul><li>Relevance of Societies/CFA Institute TO existing members </li></ul><ul><li>Explicit declaration of CFA Community Culture </li></ul><ul><li>Building a CFA social network </li></ul>
  6. 6. Community dialog via Yahoo eGroups Personalized Member login Personal Community Dashboard JOBS Events Study Groups News HOW WE’RE DOING “ COMMUNITY”
  7. 7. SCFAS Seeking Relevance <ul><li>EOY: 459 members </li></ul><ul><li>Growing appx. 3x other US Societies </li></ul><ul><li>SSPAG participant </li></ul><ul><li>Community Building Initiatives: </li></ul><ul><ul><li>“ Big Tent”/Networks of Networks </li></ul></ul><ul><ul><li>community eGroup </li></ul></ul><ul><ul><li>Jobline </li></ul></ul><ul><ul><li>Corporate Outreach </li></ul></ul><ul><ul><li>Local Authors (amazonBooks) </li></ul></ul><ul><ul><li>Board of Advisors </li></ul></ul><ul><ul><li>Institutional Memory </li></ul></ul><ul><li>Only 14% of “potential” are members </li></ul><ul><li>And only 1% are active </li></ul><ul><li>members </li></ul>BUT WE STILL FALL SHORT!!
  8. 8. SCFAS Members Today <ul><li>Can’t be bothered to be active in the Society </li></ul><ul><li>One Percent Engagement Rate </li></ul><ul><li>Can’t call on other CFA charterholders </li></ul><ul><li>Many Events Providers to choose from </li></ul><ul><li>“ If your target audience isn’t listening, it’s not their fault, it’s yours. If one story isn’t working, change what you do, not how loudly you yell (or whine).” </li></ul><ul><li>Seth Godin “Small is The New Big” </li></ul>So…
  9. 9. Stamford CFA Society <ul><li>VISION </li></ul><ul><li>A CFA Charterholder in each financial ‘seat’: CFO, Portfolio Manager, Treasurer’s office </li></ul><ul><li>MISSION </li></ul><ul><li>To enable our members to secure the position they desire in the investment community and to provide the resources they need to excel in that position” </li></ul>= The “Plugged-in” Member, with SCFAS the HUB of his/her professional Network
  10. 10. Members: Seeking Opportunity
  11. 11. Environment Changing Fast
  12. 12. Presto…. Change-o!
  13. 13. Free Agent Nation <ul><li>When asked what they did for a living , three fourths answered with their skills or their profession; only 23 percent responded with the company they worked for… </li></ul><ul><li>Loyalty TO communities of practice : If you’re not well connected to your profession, it’s harder to sharpen your skills, keep up-to-date with trends, and find new opportunities…” </li></ul><ul><li>“ This helps to explain why membership in professional associations (generally based on occupation) is rising as sharply .” </li></ul><ul><li>“ Security , once achieved through attachment to a large institution , is now achieved by hedging risk and diversifying across several clients, customers and projects. Loyalty now runs horizontally – to colleagues, teams, professions and families.” </li></ul><ul><li>Daniel Pink, “Free Agent Nation” </li></ul>
  14. 14. Environmental Change <ul><li>“ Word of mouth is still the most important form of human communication. Rumors are the most contagious of all social messages .” </li></ul><ul><li>Lessons from “The Tipping Point” </li></ul><ul><li>ENABLE a Framework that cultivates Connectors, Mavens and Salesmen </li></ul>So…
  15. 15. The Ants have Megaphones <ul><li>Word of Mouth is now a public conversation…carried out in public </li></ul><ul><li>People are re-forming into thousands of cultural tribes of interests , connected … by shared interests … and less by geographic proximity and workplace chatter. </li></ul><ul><li>Chris Anderson, p.99 “The Long Tail” </li></ul>
  16. 16. The Environment <ul><li>Internet has allowed people to DECIDE </li></ul><ul><li>Mobile is here; Video is here </li></ul><ul><li>20 MBPS Mobile download speeds: coming soon </li></ul><ul><li>The World is Flat </li></ul><ul><li>Young people’s lives revolve around their Mobile Device </li></ul>
  17. 17. A Case for Back-end Community
  18. 18. An Academic’s View <ul><li>“ A Profession is more than a job – it is a community and a culture . Professions…help their members build networks, find jobs, recruit staff, fund collaborators and organize around issues that affect them…A leader builds a web of relationships within the profession..” </li></ul><ul><li>Philip Agre: How to Be a Leader in Your Field </li></ul><ul><li> </li></ul>
  19. 19. <ul><li>“ The Wharton Alumni Association is one of the most exclusive and powerful networks in the world. </li></ul><ul><li>As President of the New York Chapter, it is my responsibility to create and manage an infrastructure that can open doors , and provide business contacts , access , and opportunities for all alumni. We are fundamentally changing the way alumni interact with each other and with the school. One of the key elements to the success of this venture is the willingness of alumni to help other alumni. </li></ul><ul><li>In an effort to further encourage this behavior, we am pleased to introduce our new campaign: “ Take the Call .” The concept is simple enough; we all must commit that when a fellow alumnus reaches out, we have to “ Take the Call .” Whether we can offer advice, offer a referral, provide direction, or not… we should still “ Take the Call .” </li></ul><ul><li>Taken further, this relationship can impact all aspects of our lives. For example, we believe: • Wharton people should buy from Wharton people, • Wharton people should hire Wharton people, and • Wharton people should help Wharton people” </li></ul><ul><li>Kenneth Beck, WG ‘87 </li></ul><ul><li>President The Wharton Club of New York </li></ul>Case Study: Wharton Club of NY
  20. 20. Case Study: WhartonNY Infrastructure <ul><li>Local, Centralized communication: website </li></ul><ul><li>Events </li></ul><ul><li>Jobline </li></ul><ul><li>Affinity Groups </li></ul><ul><ul><li>Wharton Hedge Fund Network (800 members) </li></ul></ul><ul><ul><li>Wharton Angels Network, etc. </li></ul></ul><ul><li>Leads Councils </li></ul><ul><li>Alliances and Partnerships </li></ul>
  21. 21. Strong Networks = Loyalty <ul><li>McKinsey Alumni Network </li></ul><ul><li>Procter and Gamble Alumni Network </li></ul><ul><li>Wharton Alumni Network </li></ul><ul><li>Marine Officers Corps </li></ul><ul><li>85 Broads/100 Women in HF (?) </li></ul><ul><li>There is a reason to connect with “The Hive” long after the initial “entrance exam”: </li></ul><ul><li>RELEVANCE, EXCLUSIVITY and PRIDE </li></ul>
  22. 22. Two Different Visions Taking advantage of Metcalf’s Law These: Evolving to This:
  23. 23. Proposal for Action
  24. 24. A Step: START A CONVERSATION <ul><li>Thirty Fortune 500 companies are now publishing corporate blogs, including: </li></ul><ul><li>Sun Microsystems Inc. </li></ul><ul><li>CEO Jonathan Schwartz; more than 3,000 of Sun's 30,000 employees maintain blogs </li></ul><ul><li>Boeing Co. </li></ul><ul><li>General Motors Corp .( Vice Chairman Bob Lutz ) </li></ul><ul><li>Oracle Corp, Amazon, Cisco </li></ul>
  25. 25. CEO Blogs <ul><li>Blogs work when they are based on: </li></ul><ul><ul><li>Candor </li></ul></ul><ul><ul><li>Urgency </li></ul></ul><ul><ul><li>Timeliness </li></ul></ul><ul><ul><li>Pithiness </li></ul></ul><ul><ul><li>Controversy </li></ul></ul><ul><ul><li>Utility </li></ul></ul><ul><li>People have a 4.5 million other choices and no one is going to read your blog unless there’s something in it for them </li></ul><ul><li>Seth Godin “Small is The New Big” </li></ul>
  26. 26. Packaging “a Culture” <ul><li>Is expensive, time-consuming and not enjoyable. </li></ul><ul><li>The intense conversation you have with customers and prospects via a blog…Five minutes of effort can give you four minutes of high leverage time in front of people you are trying to influence. Pure Leverage . </li></ul><ul><li>Seth Godin “Small is The New Big” </li></ul>Except…
  27. 27. A different Paradigm? CFA Institute CFA Institute α (Media + Community) <ul><li>Sponsor-optimized content </li></ul><ul><li>Multi-platform Touchpoints </li></ul><ul><li>Converged Services </li></ul><ul><li>Collaboration </li></ul><ul><li>Connectivity - Plugged in </li></ul><ul><li>Professional Opportunities for members </li></ul><ul><li>Source of talent for Employers </li></ul><ul><li>Local Community Dialog </li></ul><ul><li>Content: Skill/nonSkill </li></ul><ul><li>Standards for ethical behavior, education </li></ul><ul><li>Credentialing </li></ul><ul><li>Opinions on Ethics, Practice </li></ul><ul><li>Works with Member Societies </li></ul><ul><li>Engages Volunteers </li></ul>+ Global Vantage Point The Trenches
  28. 28. The Recommendation Age <ul><li>Ability to Recommend/Comment on: </li></ul><ul><ul><li>CFA Institute Content </li></ul></ul><ul><ul><li>CFA Exam Review Services </li></ul></ul><ul><ul><li>CFA Institute initiatives </li></ul></ul><ul><ul><li>Governance </li></ul></ul><ul><ul><li>Societies </li></ul></ul><ul><ul><li>Job Placement capabilities </li></ul></ul><ul><li>Ability to measure content consumption patterns in the CFA Institute </li></ul>
  29. 29. Community building Suggestions <ul><li>A “Face” of the Leader or Common member: Blog </li></ul><ul><li>Hire a Director of CFA Community </li></ul><ul><li>Encourage and Enable two-way communication between individuals in the global community </li></ul><ul><li>Establish a Culture of Ethical Opportunism </li></ul><ul><li>Free the content: easily spread and digested </li></ul><ul><li>Support a Web community environment </li></ul><ul><li>Engender esprit d’corps </li></ul><ul><li>Exclusive, Global CFA email address </li></ul><ul><li>SRRs role as Community moderators </li></ul>
  30. 30. Suggestion #8 <ul><li>“ [email_address] ” </li></ul><ul><li>Builds loyalty at cheap cost </li></ul><ul><li>Creates exclusive access to CFA initiatives </li></ul><ul><li>Secures ongoing contact with community </li></ul><ul><li>Easy to use for members </li></ul>A Permanent CFA Email Address:
  31. 31. Payback of a CFA Community <ul><li>“ The Hive reports immediately and implements against new information…” </li></ul>
  32. 32. Total CFA Value Proposition <ul><li>Networking - jobs </li></ul><ul><li>Connectivity - Plugged in </li></ul><ul><li>Professional Opportunities for members </li></ul><ul><li>Source of talent for Employers </li></ul><ul><li>Local Community Dialog </li></ul><ul><li>Education, Events </li></ul><ul><li>Info on CFA Exams </li></ul>CFA Institute [Stamford] CFA Society <ul><li>Standards for ethical behavior, education </li></ul><ul><li>Credentialing </li></ul><ul><li>Opinions on Ethics, Practice </li></ul><ul><li>Works with Member Societies </li></ul><ul><li>Engages Volunteers </li></ul>+ Global Vantage Point The Trenches
  33. 33. Here’s what you do with it! <ul><li>For the MEMBER: </li></ul><ul><li>Call a Charterholder: job, opportunity, chat </li></ul><ul><li>“ Ethical Opportunism” </li></ul><ul><li>Spread the Charlie Ellis’ latest video </li></ul><ul><li>Collaborate Globally </li></ul><ul><li>Spread the Pride: More candidates </li></ul><ul><li>Accelerate the Velocity of Ideas </li></ul>
  34. 34. For Societies: The Potential <ul><li>CFA Societies interacting globally on: </li></ul><ul><li>Best practices </li></ul><ul><ul><li>South Florida Directors Manual </li></ul></ul><ul><ul><li>Madison (WI) TV Advertisement initiative. </li></ul></ul><ul><li>Projects </li></ul><ul><ul><li>Corporate Outreach (Winnipeg, Stamford, Sydney) </li></ul></ul><ul><ul><li>University Challenge (NYSSA, Boston, HK) </li></ul></ul><ul><li>Economic Services </li></ul><ul><ul><li>Boston selling review courses </li></ul></ul><ul><ul><li>Stamford procuring Offshored Admin from India/Manila </li></ul></ul><ul><ul><li>Jobline (NYSSA, CFA Institute) from Boxtree </li></ul></ul>
  35. 35. For CFA Institute <ul><li>“ Back-end” ROI is GOOD BUSINESS </li></ul><ul><li>Front-end Focus is on: </li></ul><ul><ul><ul><li>Bringing in NEW candidates </li></ul></ul></ul><ul><ul><ul><li>Proselytizing to potential Employers of charterholders </li></ul></ul></ul><ul><ul><ul><li>THAT IS, the “ non -converted” </li></ul></ul></ul><ul><ul><ul><li>ROI Horizon: 3 years </li></ul></ul></ul><ul><li>A Back-end Focus builds a Community of the “ Converted ” </li></ul><ul><ul><ul><li>ROI Horizon: a “Lifetime” of Access to an Opportunity-Rich Community </li></ul></ul></ul>
  36. 36. CFA: Uniquely Positioned for Community COMMUNITY LEVERS CFA Marines McKinsey Alumni Wharton Alumni Shared experiences     Has relevant, timely Content    “ Ethics and Values” to rally around   164 Local Societies Globally  Multi-Cultural 
  37. 37. Use the Ants <ul><li>200,000 Evangelists for Ethics, Good Governance and the CFA Charter </li></ul>The COMMUNITY as “Force Multiplier”