The Young Financiers met one last time before the end of the year on Tuesday, November 11th. There have been some newcomers this year to the group and they have contributed to the conversation significantly as well as provided office space for the meeting.
The most recent meeting was meant to discuss topics such as:
-Asset Allocation
-Re-Balancing
-"The Bailout"
These items were discussed as well as other items that came onto topic. It is interesting to see how different the views are on various ideas. There is definitely "more than one way to skin a cat" as they say. For example, one member discussed using single position stocks to build portfolios, while other members delegated the investment task to portfolio managers outside the firm. One member dealt with Tenants In Common for his clients and others used REIT's.
One topic of discussion came up that was fairly significant: variable annuities. This was interesting because they have been a very controversial financial product and there is a mix of advisors who use them and those who don't. The majority of the members at the meeting used VA's for a portion of their clients' assets. The group that this conversation may outcast would be the fee-only RIA group. Since VA's payout commissions, in the past it was not something they used. There are more and more products entering the marketplace that are catering to the fee-only channel. The question is: are they as competitive in cost and in benefit to their counterparts? One favorable benefit that was mentioned was the guaranteed lifetime income stream that could be provided to clients so they would not run out of income. This will definitely continue to be a topic of interest moving forward in the profession.
There was also discussion of the various Financial Planning Programs that students had been enrolled in. Members who were involved in these programs were present: DePaul, Boston, and Florida State. Members who were not present had taken the AFPP at ASU, the College for Financial Planning, and Jeff Rattiner's Fast Track. The main item people got out of this particular part of the discussion is it didn't necessarily matter which program you went through because the student ultimately determined how much they wanted to get out of it. They all provide similar material. It is a matter of the drive of the individual.
Looking at future meetings, there is definitely a need for more of what the Young Financiers do. This is especially important in trying times like these. This is about the camaraderie that is developed between members. When someone has a question, they know they can turn to this group to help answer it. The members need to be resources for one another and they will grow in the process.
Wednesday, November 19, 2008
Friday, August 1, 2008
Overview of the 2008 NexGen Conference
What an amazing experience this conference was! There is something to be said about the camaraderie between those in our field, especially when you have the same demographic together in one place. There is tremendous synergistic opportunities with the NexGen folks.
There are a couple of great articles written on the NexGen Conference that provide an overview of the topics presented as well as the breadth of attendees:
http://www.financial-planning.com/asset/article/642811/notes-nexgen.html
http://www.investmentnews.com/apps/pbcs.dll/article?AID=2008162623074
The topics chosen for sessions were timely, relevant, and fulfilling. There were two types of tracks with each set of presentations: a technical track and a practice management type track.
There was a nice mix of work and play at the conference. Many opportunities arose to meet fellow NexGenners. There are many benefits of this experience. The chance to connect with other planners across the country opens the door to meet up in the future. Job opportunities arise out of getting to know one another. Being resources for each other is valuable as well. It does not hurt to know people. The face to face interaction solidifies the relationship.
It is great to have media cover these types of events. They do a good job of painting a pleasant picture which is verifiable by talking with attendees about their experience.
The topic of ownership is a big issue in this profession. Especially when the average age of a Financial Planner is 54-57 years old and most of those individuals will be out of the business in 15-20 years. They need some way to transition themselves out of the workforce into retirement. The potential is tremendous in this industry as the demographics of our country shift. I don't know of a more rewarding and fulfilling profession than the one the NexGenners are in.
A special thanks is given to all the individuals who made the NexGen Conference possible. The event could not have happened without the attendees as well.
There will be a Young Financiers meeting in August. A post will be created shortly to announce the logistics.
There are a couple of great articles written on the NexGen Conference that provide an overview of the topics presented as well as the breadth of attendees:
http://www.financial-planning.
http://www.investmentnews.com/apps/pbcs.dll/article?AID=2008162623074
The topics chosen for sessions were timely, relevant, and fulfilling. There were two types of tracks with each set of presentations: a technical track and a practice management type track.
There was a nice mix of work and play at the conference. Many opportunities arose to meet fellow NexGenners. There are many benefits of this experience. The chance to connect with other planners across the country opens the door to meet up in the future. Job opportunities arise out of getting to know one another. Being resources for each other is valuable as well. It does not hurt to know people. The face to face interaction solidifies the relationship.
It is great to have media cover these types of events. They do a good job of painting a pleasant picture which is verifiable by talking with attendees about their experience.
The topic of ownership is a big issue in this profession. Especially when the average age of a Financial Planner is 54-57 years old and most of those individuals will be out of the business in 15-20 years. They need some way to transition themselves out of the workforce into retirement. The potential is tremendous in this industry as the demographics of our country shift. I don't know of a more rewarding and fulfilling profession than the one the NexGenners are in.
A special thanks is given to all the individuals who made the NexGen Conference possible. The event could not have happened without the attendees as well.
There will be a Young Financiers meeting in August. A post will be created shortly to announce the logistics.
Wednesday, July 2, 2008
NexGen Information
The time is here and now for NexGen to arrive. Over the past two conferences, there has not been a representative from Arizona present (as far as I know). This year is different. I've got my skin in the game now fully and I am ready to learn as well as contribute.
NexGen will be held in St. Cloud, MN at St. John's University from July 25-27, 2008. This is an opportunity for planners across the country to get acquainted with one another, learn from each other, and learn about the industry and how it relates to the next generation of financial planners. NexGen is not about replacing the Financial Planning Association. This is about supplementing it with a group that caters to our generation.
More information on this event can be found at the brand new FPA National website. The roster for this event can be found here. Also important is the registration form, which provides the sign up sheet. The other item on this section of the site is the brochure that describes the agenda and schedule for the event.
There is a lot to be said about building a network of like minded individuals that act as support and a resource to help us achieve our goals. Every single person has something to contribute and I am looking forward to seeing them shine.
I will provide a full report upon return from the conference of take-aways at NexGen 2008. This trip will help strengthen the Young Financiers as a group, which is a benefit in its own right.
NexGen will be held in St. Cloud, MN at St. John's University from July 25-27, 2008. This is an opportunity for planners across the country to get acquainted with one another, learn from each other, and learn about the industry and how it relates to the next generation of financial planners. NexGen is not about replacing the Financial Planning Association. This is about supplementing it with a group that caters to our generation.
More information on this event can be found at the brand new FPA National website. The roster for this event can be found here. Also important is the registration form, which provides the sign up sheet. The other item on this section of the site is the brochure that describes the agenda and schedule for the event.
There is a lot to be said about building a network of like minded individuals that act as support and a resource to help us achieve our goals. Every single person has something to contribute and I am looking forward to seeing them shine.
I will provide a full report upon return from the conference of take-aways at NexGen 2008. This trip will help strengthen the Young Financiers as a group, which is a benefit in its own right.
Saturday, June 28, 2008
Dichotomy of the Young Financiers
I have identified two types of individuals in the Young Financiers group (maybe this exists in NexGen as well).
Both types of individuals in the group complement each other well. One is curious what the other does for tasks and activities. What does the "other side" look like? That's why we have these meetings: to find out more about each other's practice and be the best we can be.
- One type are those who are working with an established firm with partners who are seasoned in the industry. This type (I would include myself in it) is learning the ropes of the business and will eventually be a planner and relationship manager.
- The other type (which I have to give my "hats off" to because of the potential extreme difficulty) are those who are their own boss and are responsible for generating revenue to pay their bills and put food on the table.
Both types of individuals in the group complement each other well. One is curious what the other does for tasks and activities. What does the "other side" look like? That's why we have these meetings: to find out more about each other's practice and be the best we can be.
Tuesday, June 10, 2008
Review of Technology Forum Meeting
We had a great turnout for the Technology Forum in June. Thank you to all of those who made it out to the meeting and a big thanks to Daniela Urs for allowing us to use Barnes Investment Advisory's conference room. It is great to learn from one another about the different systems and processes each of us use in the business. It's amazing how there is not one right way. People have different pieces to create their own puzzle. This was an opportunity to open up each other's world by sharing ideas and applications that others had never heard of before. The exposure is greater when more people contribute based upon their experiences. By discussing a particular program being used, it gives the listener an idea of that application without having to use it. There is some trust and validation within the Young Financiers that I think people take one another seriously and have a great deal of respect for others' comments.
One thing the group agreed upon is that there is not a silver bullet in the industry of technology for financial planning. It is almost a best-of-breed combination, but even the applications in that breed are not unanimous. The idea is to stay open to learning new technology and seeing if it is a fit in your practice. Things are constantly evolving in this world. If you stay the same, you will become less competitive because everyone else is adapting to those changes.
One thing the group agreed upon is that there is not a silver bullet in the industry of technology for financial planning. It is almost a best-of-breed combination, but even the applications in that breed are not unanimous. The idea is to stay open to learning new technology and seeing if it is a fit in your practice. Things are constantly evolving in this world. If you stay the same, you will become less competitive because everyone else is adapting to those changes.
Tuesday, May 6, 2008
Next Young Financiers meeting: Technology Forum
The time has come in our organization to generate another Young Financiers meeting. A topic that is timely and relevant that the group has not focused on in the past is technology within financial planning. We are calling our next event "Technology Forum", which will be a culmination of the various systems and processes that are used within the industry to make our jobs easier.
A great article published recently that provides an overview of some current systems in our industry is David Drucker's piece in May's issue of Research Magazine entitled, "The State of Advisor Technology". David touches on:
Some firms that are large such as brokerages and banks already have many of these systems in place. Other small sole practitioner or partner shops may have a few in action because they haven't focused their efforts on the technology area. Technology has been known in some aspects as a cost center and in a financial planning practice, the firm is not paid on the actual technology segment of the business. The relationship is the main driver for revenues within the firm.
This is about opening professionals' eyes as to how critical technology is to a financial planning practice. If the systems and processes are mastered, more time is allowed to develop relationships for greater revenue generation and a better chance of a successful venture.
More details will come as far as the logistics for the meeting. Thank you for allowing me the opportunity to serve our community.
A great article published recently that provides an overview of some current systems in our industry is David Drucker's piece in May's issue of Research Magazine entitled, "The State of Advisor Technology". David touches on:
- Customer Relationship Management Software
- Financial Planning Systems
- Portfolio Management and Reporting Systems
- Document Management Systems
- Software Integration
- Remote Computing
Some firms that are large such as brokerages and banks already have many of these systems in place. Other small sole practitioner or partner shops may have a few in action because they haven't focused their efforts on the technology area. Technology has been known in some aspects as a cost center and in a financial planning practice, the firm is not paid on the actual technology segment of the business. The relationship is the main driver for revenues within the firm.
This is about opening professionals' eyes as to how critical technology is to a financial planning practice. If the systems and processes are mastered, more time is allowed to develop relationships for greater revenue generation and a better chance of a successful venture.
More details will come as far as the logistics for the meeting. Thank you for allowing me the opportunity to serve our community.
Tuesday, March 4, 2008
Review of our First Meeting in '08
Hat's off to Michael Kitces! What an amazing performance he gave at the FPA of Greater Phoenix Chapter meeting on February 27th. That man knows everything there is to know about all the nooks and crannies in the financial industry, especially taxes. His presentation on "Cutting Edge Tax Planning Developments and Opportunities" was certainly worth listening to. Who would have thought it could be done by a man around 30 years of age? The man has more designations than anyone I had ever seen (I know he gets that a lot). I like to call him the "etcetera man". When they made his name tag for Wednesday's chapter meeting, Jo Lynne put three or four designations and then included an "etc." because there was no more room.
The Young Financiers had the pleasure of hosting Michael for dinner after the afternoon chapter meeting. Some pictures are posted below of our experience at the Red Rim Bistro in the Phoenix Airport Marriott.
Michael got started with the meeting sharing about his background. He had mentioned getting started in the insurance field. That is where his CLU and ChFC designations were derived. He then moved to an independent broker/dealer for a few years, ending up in his current position as Director of Financial Planning at Pinnacle Advisory Group in Maryland. The firm is a fee-only RIA with $600+ million under management. Michael was able to describe his experience under the three different environments. They each seem to have their place in the industry, but Michael seems to like where he is at currently. Michael has transitioned over the years to more of an author and commentator in the financial planning industry with the various books he has published as well as "The Kitces Report", similar to Bob Veres' newsletter style but focused more on the technical aspect of the business. For more information about Michael and his activities, feel free to visit www.kitces.com.
Michael was interested in hearing about each of the Young Financiers' backgrounds. Many in the group were ASU graduates.
The Young Financiers' attendees were locked into listening to Michael's commentary.
A diner at the restaurant was nice enough to take a picture of the entire group present for Michael's get together.
The dynamics of the attendees were great because we actually had representation from a wirehouse or brokerage perspective for the first time. FPA of Greater Phoenix President Neal Van Zutphen had made a comment in the past about "cross-pollinating" the members with various models for doing business in the financial arena. The numerous parties involved could gain perspective and learn how things are done outside of their own philosophies.
As a result of Michael's graciousness to speak with the Young Financiers, our group thought it would be appropriate to provide a small token of our appreciation. We thought a gift with southwestern flair (a glass cactus and desert coasters) would be most relevant and memorable since Michael was a visitor from the East Coast.
Michael shared the history of how NexGen began. He said the movement had started at a FPA National Conference. A group of younger financial professionals got together at this event aside from the other activities occurring. They had modeled it after a financial group called the "Rat Pack". In 2006, they had the first gathering of NexGen at a conference in the summer. I believe there were 95 attendees. The FPA agreed to provide support to get this program up and running. In 2007, about 110 members attended the NexGen conference. They are expecting an additional 20-40 more for 2008's event, which is July 25th-27th in St. Cloud, Minnesota. More information can be found at http://www.fpanet.org/nexgen/. There were no representatives from Arizona last year, but we are planning to have multiple attendees from the Young Financiers this summer.
Thanks again to Michael Kitces for providing insight, perspective, and inspiration to the Young Financiers group. We are very appreciative and will continue to be the change as the next generation of financial planners in Phoenix, Arizona.
Our next Young Financiers meeting will be in April. We are looking to have a Technology in Financial Planning session where we will delve into the impact of technology on our business and create a best practices forum in relation to systems and processes. This will pertain to the efficiency of a financial organization.
The Young Financiers had the pleasure of hosting Michael for dinner after the afternoon chapter meeting. Some pictures are posted below of our experience at the Red Rim Bistro in the Phoenix Airport Marriott.
Michael got started with the meeting sharing about his background. He had mentioned getting started in the insurance field. That is where his CLU and ChFC designations were derived. He then moved to an independent broker/dealer for a few years, ending up in his current position as Director of Financial Planning at Pinnacle Advisory Group in Maryland. The firm is a fee-only RIA with $600+ million under management. Michael was able to describe his experience under the three different environments. They each seem to have their place in the industry, but Michael seems to like where he is at currently. Michael has transitioned over the years to more of an author and commentator in the financial planning industry with the various books he has published as well as "The Kitces Report", similar to Bob Veres' newsletter style but focused more on the technical aspect of the business. For more information about Michael and his activities, feel free to visit www.kitces.com.
Michael was interested in hearing about each of the Young Financiers' backgrounds. Many in the group were ASU graduates.
The Young Financiers' attendees were locked into listening to Michael's commentary.
A diner at the restaurant was nice enough to take a picture of the entire group present for Michael's get together.
The dynamics of the attendees were great because we actually had representation from a wirehouse or brokerage perspective for the first time. FPA of Greater Phoenix President Neal Van Zutphen had made a comment in the past about "cross-pollinating" the members with various models for doing business in the financial arena. The numerous parties involved could gain perspective and learn how things are done outside of their own philosophies.
As a result of Michael's graciousness to speak with the Young Financiers, our group thought it would be appropriate to provide a small token of our appreciation. We thought a gift with southwestern flair (a glass cactus and desert coasters) would be most relevant and memorable since Michael was a visitor from the East Coast.
Michael shared the history of how NexGen began. He said the movement had started at a FPA National Conference. A group of younger financial professionals got together at this event aside from the other activities occurring. They had modeled it after a financial group called the "Rat Pack". In 2006, they had the first gathering of NexGen at a conference in the summer. I believe there were 95 attendees. The FPA agreed to provide support to get this program up and running. In 2007, about 110 members attended the NexGen conference. They are expecting an additional 20-40 more for 2008's event, which is July 25th-27th in St. Cloud, Minnesota. More information can be found at http://www.fpanet.org/nexgen/. There were no representatives from Arizona last year, but we are planning to have multiple attendees from the Young Financiers this summer.
Thanks again to Michael Kitces for providing insight, perspective, and inspiration to the Young Financiers group. We are very appreciative and will continue to be the change as the next generation of financial planners in Phoenix, Arizona.
Our next Young Financiers meeting will be in April. We are looking to have a Technology in Financial Planning session where we will delve into the impact of technology on our business and create a best practices forum in relation to systems and processes. This will pertain to the efficiency of a financial organization.
Thursday, February 7, 2008
1st Meeting of 2008
Hello Young Financiers,
Happy 2008! I am excited for the prospects of this year and we are kicking it off with a bang. I wanted to post details regarding our first meeting of the year. See the release below:
Happy 2008! I am excited for the prospects of this year and we are kicking it off with a bang. I wanted to post details regarding our first meeting of the year. See the release below:
Attention Young Financiers
Our group will be having the first meeting of 2008 with special guest Michael Kitces, the speaker at February's FPA of Greater Phoenix regular Chapter meeting.
Michael is a co-founder of NexGen, an organization created to support the next generation of financial planners. Michael is Director of Financial Planning for Pinnacle Advisory Group.
The meeting will be on Wednesday, February 27th from 6-8 p.m. Please email youngfinanciers@gmail.com for the location.
Come learn how Michael helped create a $600+ million firm as well as start the NexGen revolution! You are responsible for your own dinner cost.
One really exciting piece to all this is the Young Financiers were featured on the first page of the Financial Planning Association of Greater Phoenix's February Newsletter. Click here to view the press.
It is an honor to have Michael as part of our group for February. Please acknowledge him for his willingness and ability to join us and share his knowledge on the industry.
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