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The Planner News Briefs |
July 2010 | ||
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Welcome to this edition of Financial Planning Association of Nevada’s monthly news brief. In it you will find useful information about our chapter and its programs promoting the financial planning profession.
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Dear Fellow Planners: With Nevada sweltering in hot, Hot,
We continued with our third
installment of Fiscally Fit, Investment Basics and Retirement Planning on
the pro bono front on July 1st.
This encore program is being held at the West campus of St.
Stay tuned for ’Tween meetings we plan to have as we move into the cooler weather. In the meantime, we are looking forward to a highly successful FPA-NV spring educational program. Remember, this is our last quarterly event until the big GPA/FPA joint conference in October. We hope to see you next week! Upcoming Programs
We are also working on a couple of 'Tween programs and as soon as we work out all the details we'll send you a special announcement. And save the date: October 27, 2010 for GPA's Looking Ahead.
The National Membership Committee has
developed some new strategies to drive membership increases. These include
a national road show that will come to selected cities to promote
Financial Planning. The
details are still in the planning stages, and we don’t know if National has also greatly expanded the membership categories, which allows for a variety of new members in planning related areas. The categories now include all of the following: Financial Planner - For financial planning professionals who have been actively practicing financial planning for more than five years. New to the Profession - For financial planning professionals who have been in the financial planning industry for less than 5 consecutive years. Retired from Primary Vocation – For financial planning professionals who are no longer actively practicing financial planning. Associated Professional - For professionals who support the financial planning profession or participate in the financial services industry but who do not hold themselves out as financial planners nor practice financial planning as their primary vocation. This would include any insurance, investment, or tax professional, attorney, consultant, coach, registered rep, mortgage banker or other allied professional not holding themselves out as planner. Faculty - For academics who spend the majority of their time teaching at an educational institution. Full-time Student - For full-time students; may only be in this membership for 4 years. International - For professionals that practice in the financial services industry AND currently reside outside the United States. Obviously this gives us many extra opportunities to recruit members to FPA-NV.
Consumer protection is very much on the minds of Congress these days. On July 15th, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The FPA and its partners in the Financial Planning Coalition, the CFP Board of Standards and NAPFA, lobbied intensively for 18 months in two key areas, the regulation of financial planners, and the extension of the fiduciary standard to brokers who give financial advice. The Financial Planning Coalition got a study to be performed by the GAO included in the bill. This study will address the regulation of financial planners in terms of the design and effectiveness of current regulation at the State and Federal level, and the legal and regulatory gaps which exist in the regulation. Also included in the bill is a 6-month study by the Securities and Exchange Commission (SEC). Once completed, the SEC will have the authority to require brokers to act in the best interest of the consumer when giving personalized investment advice.The study will also examine regulatory “gaps, shortcomings or overlaps in the standards of care” for broker-dealers and investment advisors. The bill does not require a continuing duty of care or duty of loyalty after this advice is given, nor does it implicitly state that commissions or proprietary products are a violation of care per se, as long as the consumer is aware of this and consents to this arrangement. Over the next six-months the regulatory reform efforts will continue to evolve. There will likely be more opportunities for our members to influence the design of the reform. Thank you for your efforts and continued support. |
Support Our Contributing Partners—They Support Us
Job Bank We have several listing in our Job Bank
Financial AdvisorNevada State Investment Services is seeking a Financial Advisor, with strong communication and sales skills, to ... Click here for more information.
Roadmap To Success and Outstanding Achievement Awards The Financial Planning Association® (FPA®) recognizes chapters that meet specified criteria of achievement through the Roadmap to Success (RTS) and Outstanding Achievement Awards (OAA) program. The RTS has categories and their criteria for chapter operations, leadership, public relations, and membership. Only clubs that have met all the criteria are eligible for an Outstanding Achievement Award. Regarding a roadmap, FPA-NV leadership knows very well that the way to succeed is to meet the needs of its members, and we strive to do that. Quarterly professional education meetings are well thought out and meaty, with time and opportunity for networking. This year, we held a ‘Tween Meeting (a meeting between regularly scheduled meetings) both in Las Vegas and in Reno. More CE and networking opportunities. Our website provides good information for both members and the public, a job board, links to useful sites, and a place for our contributing partners to advertise. Our monthly newsletter keeps our members up to date. Are we meeting our members’ needs? Well, despite these tough economic times, FPA-NV membership has remained fairly stable in a world where FPA national is reporting 15% decrease in financial planners. So meeting the criteria for the RTS application for 2010 was pretty much a slam dunk. And we’re applying for Outstanding Achievement in two categories: Financial Literacy and Partnering With Like-Minded Organizations. Not everyone is aware of some of our special projects, so we thought we’d take this opportunity to blow our own horn. In Financial Literacy, Pro Bono co-chaires Eleesa Aimaq and Patricia (Pat) Meidell coordinated Fiscally Fit in partnership with St. Rose Hospital’s public education program. FPA-NV’s goal was to provide financial literacy education on several levels to the Las Vegas audience. St. Rose Hospital provided free room, equipment, and recruitment of participants. The program was so well received when it was first offered that it is being offered again, this time at St. Rose’s West Campus. Pat is working on a financial literacy program in Reno which is likely to be next year’s OAA entry. In Partnering With Like-Minded Organizations, for the 2nd year, the FPA-NV will be participating in the Gift Planning Advisor’s Fall Looking Ahead Conference. As part of this program, GPA offers an Ethics program approved for CFPs®, as well as continuing educational credits recognized by the CFP® board. For the FPA-NV, this collaborative effort enables us to offer significant CEs, networking opportunities with allied professionals, and media exposure at no cost to members or the association. In addition, FPA-NV members who have paid the annual association assessment are offered the opportunity to attend the symposium at a significantly reduced rate (stay tuned for more on Looking Ahead shortly). But the bottom line is that your board doesn’t do all this good stuff for the plaque. We do it for the membership. | ||
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