planner - fpasf.org · attendee gets a recording of every speaker for every session, plus all...
TRANSCRIPT
PLANNERthe Financial Planning Association December 2011, Vol 12 Issue 12
PLANNER IS PUBLISHED BY:
FPA of Silicon Valley
www.FPASV.org
FPA of San Joaquin Valley
www.FPASJV.org
FPA of the East Bay
www.FPAEastBay.org
FPA of San Francisco
www.FPASF.org
San Francisco Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
East Bay Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Silicon Valley Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
INSIDE
FPA of Monterey Bay
www.FPAMontereyBay.org
sentations last year are Elaine Floyd, thesocial security maven, whose topic is "SavvySocial Security Planning for Women" andKathleen Pritchard who will discuss,"Client Acquisition in a Wired World."
There will be new faces, too. LikeAndrew Rose who will make the trip fromUC Berkeley's Hass School of Business tospeak on recent developments in interna-tional financial markets. An economist anddean, Mr. Rose will present his analysis ofthe long-run issues that are underminingAmerican competitiveness, including thehigh and persistent trade deficit and for-eign indebtedness. Cont’d page 3
It's time to start thinking about the 2012FPA NorCal Conference to be held at SanFrancisco's historic Palace Hotel onTuesday, May 29 and Wednesday, May 30.In addition to the newsmaker keynotesand world-class networking, there will bemore than 30 educational sessions, which,in the great NorCal tradition, will leaveyou struggling to decide which sessionsyou want to attend. [It's not a struggle inthe long-term, fortunately, since everyattendee gets a recording of every speakerfor every session, plus all presentationmaterials. Other conferences charge extrafor session recordings, but at FPA NorCalthis benefit is included for our attendees.
We don't have space or time to list all the speakers here,but we do want to give you a taste, so here goes:
There will be familiar faces. With its reputation as oneof the best financial planning conferences in the country– regional or national – FPA NorCal consistently attractsindustry leaders like Ross Levin, Alexandra Armstrong,Tim Kochis, Bob Veres and Michael Kitces. These arespeakers who have always had something important andprovocative to say about our industry and our processes,and we expect their 2012 appearances will bring us moreof the same. Also returning after a very well–received pre-
2012 FPA NorCal Conference Announces Speakers & Topics for
40th Annual SpectacularYou can expect to see old faces and new faces. We expect to see your face.
by Bob Goldman2012 FPA NorCal Conference Committee
Bob Goldman is a member ofFPA San Francisco Chapter. Heis the owner of Bob GoldmanFinancial Planning.
FPA PLANNER DECEMBER 2011, PAGE 2.
Is pleased to welcome the following newassociates:
Ron Brown, CRPC Sacramento, CAByron Hancock, CFP®, AIF Sonoma, CACory Burnell, MBA Valley Springs, CAMichael FH Chang Hilo, HI
THE NETWORK is growing!!!
We are expanding our staff and have an opportunity for an energetic and service oriented personto fill a position as part of our Compliance and Surveillance Team. We are looking for a motivat-ed and experienced individual, with excellent client management and organizational skills; Series7, 63/65 or 66, and 24 registrations are required.
To explore this exciting opportunity, submit your resume via fax to 650.571.6301; email [email protected]; or mail to 411 Borel Avenue, #620, San Mateo CA 94402.
THE Financial Services NETWORK, headquartered in San Mateo, is a team of experienced pro-fessionals dedicated to supporting the growth and management of independent planning/advis-ing practices across the country. Founded upon A Common Bond of Excellence in 1984, THENETWORK continues to grow and thrive in supporting our advisor's business goals. Please visitour website at www.fsnweb.com
We wish you and yours a holiday season full of happiness, thankfulness, time with loved ones, and abundant hope for the future.
For information on joining THE NETWORK please contact our President & CEO Daxs Stadjuharor our Managing Director Gordon Dunne at (650) 571-1934 www.fsnweb.com
“A Common Bond of Excellence”Securities offered through LPL Financial, Member FINRA/SIPC, Investment Advice offered through Strategic
Wealth Advisors Group, Inc., a registered investment advisor and separate entity from LPL Financial.
Location:
Annual FPA NorCal Conferencesold out and I don't think you'llwant to miss out on of our 40thanniversary celebration!
FPA PLANNER DECEMBER 2011, PAGE 3.
Another new face is Dr. KatyVotava, a nurse practioner andhealthcare economist will share up-to-the-minute information aboutthe influence of Medicare on retire-ment planning. You will come awaywith innovative strategies to helpyour clients avoid Medicare penal-ties and minimize the cost ofMedicare.
In the months ahead we'll beannouncing more informationabout the 40th Anniversary FPANorCal Conference, but if you'veeven attended even one of the last39 events, you know you can counton coming back with more than justa passel of CEUs. You also get rele-vant, practical information that youcan use in your practice all year long.
So watch this space, and checkyour email in-box for news of EarlyBird pricing when registrationopens in mid-December. But don'twait too long. Last year, the 39th
2012 FPA NorCalConference Cont’d
Were you a member of the financial plan-ning profession in 1972 or 1982 or 1992?
If so, we would like to know your thoughtsabout the FPA NorCal Conference whichwill be celebrating our 40th anniversary nextyear! Do you have any stories, photos, ormemories about presentations that shapedyour career?
We will be compiling stories and memorabil-ia from our members. If you would like tosend us a photo, a flyer, or a story to include,please send us an email [email protected].
See you at the 40th FPA NorCal Conferenceat the Palace in 2012!
Where Were You in 1972?
Greetings from your RegionalGovernment Relations Representative.
The following is a list of importantitems on the Government Relationsfront:
DOL Issues FinalRegulations onInvestment AdviceDepartment of Labor(DOL) issued final reg-ulations regarding theprovision of investmentadvice to participantsand beneficiaries indefined contributionplans and individualretirement plans. Theregulations implementchanges made by thePension Protection Actof 2005 intended tofacilitate the offering ofinvestment advice to plan participantsby plan sponsors. Plan investmentadvice providers must receive com-pensation under a level-fee agreementor use an unbiased computer modelcertified by an outside auditor. Readmore atwww.kilpatricktownsend.com/en/Knowledge_Center/Alerts_and_Podcasts/Legal_Alerts/2011/11/Final_Investment_Advice_Regulations.aspx?device=pdf
NAIC Approves Changes to theAnnuity Disclosure Model Rule On October 11, 2011, the NAICapproved a series of changes to theirannuity disclosure model rule. The
amendments were to have beenapproved at the NAIC summer meet-ing, but that meeting was cancelleddue to Hurricane Irene.
According to reports there were anumber of changes to the disclosuremodel regulation. The most promi-nent amendment is the addition ofstandards for annuity illustrations,which are provided to the customerto show how the product has per-formed. For fixed indexed annuities,carriers would have to show how a
given index has per-formed over the last10 years, as well asthe index's best andworst historical per-formance over adecade.
Carriers would haveto include a disclo-sure form thatdescribes the con-tract, its benefits andhow it works. Forfixed indexed annu-ities, the disclosurewould have to showthe basis for caps,
spread and participation rates.Customers also would receive abuyer's guide and an explanation ofthe impact of any riders, along withinformation on the contract's federaltax status and the penalties that applyto withdrawals. Read More athttps://home.investmentnews.com/clicwww.InvestmentNews.com.
GRASSROOTSEvelyn Zohlen, Chairman of FPA'sOrange County Chapter, recentlyhad the opportunity to talk with JerryTwomey, Deputy Commissioner ofthe Securities Regulation Division inthe CA Department of Corporations(DoC). They had a "terrific" discus-
Regional GovernmentRelations Columnby Robert Finke, CFP® FPA Monterey Bay
sion regarding how FPA of CA couldhelp the DOC transition advisors mov-ing from SEC to state registration inCA.
Among some of the things discussedto facilitate this change - face to facemeetings, live webinars, and recordingsof the webinars posted on the DoCwebsite. Evelyn also brought up a myr-iad of ways that FPA of CA could helpfacilitate the transition. This includedusing FPA's communication network tolet our members know of the DoCmeetings and help with logistical setupof meetings held near FPA chapters.
Zohlen agreed to reach out to FPAmembers to see what questions theyhave about the upcoming change. DoCwould, in turn, use those questions forFAQs on their website. Zohlen alsooffered up FPA as a resource as theycontinue to evaluate rules aimed at pro-tecting consumers and regulating advi-sors. DoC appreciated the opportunityto utilize us as an incubator and let usknow that they are "not wedded to themethod; we are most interested in theoutcome". This is a great opportunityfor FPA to be part of any future regula-tory process in CA.
Hats off to Evelyn Zohlen and theOrange County chapter for their greatwork! This is an excellent example ofwhy it is important for FPA chapters tobecome involved in their state govern-ment, get to know their regulators,and become a trusted resource.
Regional
Robert Finke is co-founder of theCenter for Financial Studies. He hassince created the Center for FinancialAffairs as a way to provide integrat-ed fee-based financial planningservices and financial education.
FPA PLANNER DECEMBER 2011, PAGE 4.
Taking Stockby Ralph Latza JD, LLM, CFP®President's Column FPA San Francisco
The end of the year provides timeand opportunity for reflection. Wesee lists of the top ten of everythingimaginable: movies, both good andbad; investment firms; restaurants;commercials. I am joining the party,with 10 questions to consider as weclose out another year and look for-ward to an eventful 2012.1. What gets you up every morning?Each of us is driven by dif-ferent values, which leadsto a variety of goals anddesires. Whether grati-tude is your attitude, oryou are driven by makingmoney in order to providefor your family, you arethe one in control of whatmotivates you on a dailybasis–and here's hopingyour every day is alignedwhat brings you meaning.2. If you ask it, are youready for the answer?A financial planner's quest for build-ing a business and achieving efficien-cies in practice have led to a relianceon processes and procedures to sim-plify and streamline. And as we getmore entrenched in our ways, we runthe risk of not always seeing the peo-ple across the table–they are humanbeings, after all, with their own inter-ests, fears, and desires. We are notthe client, we are not the prospect.We do not know what is "best" whenwe do not know the person.Experience can only take us so far.The challenge here is not to discour-age the asking; rather, to accentuate
the answering-through the continuedpursuit of greater knowledge and skillto serve the needs of the client, andthrough the creation of a network ofprofessionals who can assist us alongthe way.3. Are you planning for the future, or for today?If you are a traditional planner, you arefocusing on your clients' future success-es while offsetting the impulse forimmediate gratification. Bridging thisnatural tension between present andfuture is part of the gift a planner bringsto the table. As we project into the
future, clients maynot always be able tohear us–and oncethey leave ouroffices, they returnto behaviors whichare most comfort-able to them. Planning requires away to bring futuregoals to life today. Ifwe really see our-selves as interested inchanging our clients'lives, then we mustbe able to create astir in the present.
We must be able to be with the clientsin their emotion and discomfort.
The preparation for these events isrooted in how we approach oureveryday interactions with our clients,and with ourselves. 4. How do you handle differencesbetween what the client wants andwhat you feel is best?The discussion of a fiduciary standardfor financial professionals seems tohave drifted into the space of invest-ment choices and the accompanyingcompensation. Yet the choices advi-sors make as planners go well beyondinvestment compensation. We see the
conflict between the choices the clientswant concerning education planning fortheir children, which has the potential tojeopardizing their own retirement.
We encounter challenges with long-term care discussions, as well as choicesto be made concerning estate planning.To the latter point, while advisors arenot the writer of estate documents, weoften educate, and frankly, influenceclients regarding their estate planningchoices. Say the client wants to disin-herit his son–such a decision may likelylead to an estate battle later on. Are weacting in the best interest of the clientwhen we defer to the clients' wisheshere, or do we insist on what makes themost practical and reasonable sense?
As we face the realities of being a fidu-ciary to our clients, our decisions haveramifications which go beyond ourexisting client relationships, to childrenand other familial relations where weare not the "trusted advisor." 5. What do you do with what you know?We all accumulate experiences and,hopefully, wisdom from our lives. Infinancial planning, there is a uniquecharacteristic as the profession contin-ues to age. While the talk is about howto make our profession younger, Iwould rather ask how to best capturethe stories and wisdom of those whohave been on the cutting edge of theprofession. How can we utilize theirskills and experience to improve the col-lective lot of those in practice and thoseyet to come?
The question has implications whichCont’d next page
Ralph Latza, JD, LLM, CFP® is thePresident of the San FranciscoChapter and a wealth advisorwith Private Ocean in Marin.
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 5.
SSaann FFrraanncciissccoo CChhaapptteerr EExxeeccuuttiivvee DDiirreeccttoorr
New address? Has your membership information changed?
San FranciscoMarion Briggs
[email protected], 877-260-3218
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 6.
Taking Stock Cont’d
go beyond historical insights and thecall for sharing of such knowledge.This industry has a very short shelf life,as we face frequent changes in tech-nology, best practices, and the law.Financial planning is filled with oppor-tunities to learn more, and we are con-stantly challenged by the changesaround us. We must continue toimplement and improve upon ourofferings for the betterment of ourrelationships and for the reputation ofour industry. 6. How do you want to spend your day?This question has meaning to ourclients' lives, and to our own. The deci-sions about allocating precious resourcesof time and energy show what we valuethe most, and assist in evaluatingwhether we are living a purposeful life.
How do you spend your day? Is thisthe way you want to be spending yourtime?
Stanford University psychologistCarol Dweck, author of "Mindset:The New Psychology of Success,"espouses the view that people have thecapability to grow and change. Brainsand talent are the starting points; ded-ication and hard work then take overto propel a person to a lifetime of dis-covery, resilience, and learning.
The limits we place on ourselves arereflected in how we see our clients andthe world. This is not a call to enjoythe greener grass in your neighbor'syard; instead, it is reminder that wecan focus our days on what we consid-er the most valuable. The decision tobe the best is strictly up to each of usindividually. The pursuit, in and ofitself, offers its own reward.7. How do you measure your success?We are in the benchmarking busi-
ness–we want to show quantitativelyhow we are doing. At the end of theday, we are left with ourselves and ourown standards to judge ourselves.
Related to measuring success is howwe respond to it. As odd as it mayseem, people often keep their happi-ness under wraps, packaged away sothat it is soon forgotten, with newchallenges quickly filling the void.Many of us have been told too oftenand for too long that we must remainhumble and not draw attention toourselves. In such cases, we do notfully experience our accomplishments.The point here is not about how we"show off" for others; instead, this isabout how we are able to take in andexperience what we have achieved (orwhere we have failed). 8. What do you want for yourself?As anyone knows in the service area, itbecomes very easy to focus on otherpeople and their desires. We arepleasers, after all, and we want tomake sure other people are taken careof. As we all learn with time, if we arenot able to take care of ourselves, weare not in a position to take care ofanother. Too often the caregiver diesbefore the patient.
This is where it becomes veryimportant for the planner to be theclient. The idea that planners do notgo to other planners is a failing in thisindustry. If a lawyer is a fool for rep-resenting herself, what is a financialplanner who does the same?9. How will you be better next year?This is where the rubber meets theroad, and where you commit yourselfto something for the future. This maymean simply doing a better job atwhatever you have chosen to do.Some people make the world a betterplace simply by being who they are.People want to be around them forhow others feel around them.
As people get older, more and morethey look to others and the communityfor connection and validation. We arenot alone in this world. We are called tocontinue to revisit our lives to be betterand to renew our zeal for all that isaround us. 10. How do you keep your heart open to love? At the end of the day, life is about so muchmore than the return on investment weachieved for our clients. Money can take usso far. Fame and beauty can only provide somuch.
Everyone's favorite oracle, Warren Buffett,has even entered into the discussion on howhe now sees the world of love:
"When you get to my age, you'll real-ly measure your success in life by howmany of the people you want to havelove you actually do love you.
"I know people who have a lot ofmoney, and they get testimonial dinnersand they get hospital wings named afterthem. But the truth is that nobody inthe world loves them…
"The trouble with love is that youcan't buy it. You can buy sex. You canbuy testimonial dinners. You can buypamphlets that say how wonderful youare. But the only way to get love is to belovable. It's very irritating if you have alot of money. You'd like to think youcould write a check: I'll buy a milliondollars' worth of love. But it doesn'twork that way. The more you give loveaway, the more you get."
Perhaps the answer here is to live eachday with an open mind and open heart,willing to experience all the beautiesand tragedies that life brings. Enjoy theholidays, and celebrate each day andeach other!
Please feel free to share your feelingsand thoughts with me at [email protected]. Life is an ocean, the possi-bilities are endless. ©2011 Ralph G. Latza
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 7.
Financial PlanningDays Another HugeSuccess in NorCalby:Artie Green, FPA Silicon ValleyRalph Latza, FPA San FranciscoFrank Pare, FPA East BaySteve Raymond, FPA Northern California
Once again this past October,FPA East Bay, FPA San Francisco,and FPA Silicon Valley organizedFinancial Planning Days in theirrespective locations. Joining themthis year for the first time was FPASacramento. The results? Over170 volunteer financial plannersdonated their time and expertiseto provide valuable financialadvice to over 900 people!
Financial Planning Day was heldat Oakland City Hall on October
1st, at West Sacramento City Hallon the 8th, at UC Hastings Schoolof the Law in San Francisco on the22nd , and at Dr. Martin LutherKing Library in San Jose onOctober 29th. Thanks to the com-bined support and sponsorship ofthe FPA, the CFP Board, theFoundation for Financial Planning,the U.S. Conference of Mayors,and the associated cities, the eventsoffered one-to-one consultationswith financial planners, as well astimely presentations on importantfinancial topics, including homeownership, debt and credit man-agement, retirement planning, andinvestments. Keynote speakersincluded Oakland Mayor JeanQuan, Assembly member SandréSwanson, West Sacramento MayorChristopher Cabaldon, SanFrancisco Treasurer José Cisneros,and San Jose City Councilmember
Sam Liccardo.High quality advice was provided
at each location without any sellingor hidden agendas. Attendees leftwith a newfound respect for financialplanning and our profession."Really glad I came!" said one par-ticipant. "I thought it would be awaste of time. It wasn't. I know alot more now than I did before."Another participant summed up thegeneral consensus: "Awesome pro-gram! Thanks for putting this on!"
Questions ranged from the simple– "What's an IRA?" and "How muchshould I save in an emergencyfund?"– to the complex: "Should I let my house go to foreclosurebecause I can't pay the mortgageanymore?" and "Should I use upmy 401K to pay off all my debt?"
Cont’d next page
Oakland Mayor Jean Quan and Assemblymember Sandre Swanson welcomeattendees to 2011 Financial Planning Day at Oakland's City Hall.
Community members wait to meet with a financial advisor.
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 8.
Financial PlanningDays Another HugeSuccess in NorCal Cont’d
Attendees ranged from the unem-ployed, looking for assistance ingetting back on the right course, tothe high net worth, with millions instock and real estate. All weregrateful for the assistance, and manywere surprised to learn that finan-cial planners could actually be advis-ers, not just sales people.
Feedback from the volunteerswas equally positive. Said one: "I
was impressed with how smoothlyit ran and the opportunity … todemonstrate the skill and profes-sionalism of our Association. Iwould be happy to participateagain." Many appreciated havinghad the opportunity to give backto the community and the satisfac-tion of knowing they made a dif-ference in someone's life.
All told, over 30 cities across theU.S. offered local FinancialPlanning Days this year. Themomentum will only continue. Ifyou are looking for an opportunityto help people in need, be sure tokeep this event in mind as your
local chapter begins preparation fornext October. And to all those plan-ners who contributed their time andenergy, a heartfelt thank you for hav-ing turned this event into such awonderful venue for communityservice and support!
FPA members including Lisa St. Clair (center) help attendees. Advisors meet one on one with community members to address theirquestions.
Members of the Mayor's and Assemblymember's staff listen to the openingremarks from Sandre Swanson.
Financial Planning Days 2011 in San Francisco washeld on October 22nd at the UC-Hastings College ofthe Law.
Platinum
Golden Gate UniversitySteve Hawkey415-442-6584
San Francisco Chapter Partners
Redwood MortgageDiana Mandarino
800-659-6593 [email protected]
Artisan FundsPatrick Kearns 415-265-3561
JunxureErin Kincheloe866-586-9873
ING Investment Management
Troy Chakarun415-298-8974
Allied Home Mortgage Capital Corp.Mary Jo Lafaye415-259-4979
Gold
Silver
U.S. Global InvestorsMax Porterfield210-348-2644
LaserficheLinda Kao
562-988-1688 [email protected]
Diamond Hill InvestmentsEd Vukmirovich310-469-4697
Fort Point InsuranceRandy Schneider415-781-8813
UC Berkeley ExtensionKeith Gatto
[email protected] Artio Global
InvestorsJeffrey Hensal212-297-3958
iSharesVivian Tsaivi
MetLife Home LoansElaine Parker
Schroder Investment ManagementJohn Maguire347-703-3940
William Blair & CompanyRoger Hill
First TrustJon Ackerhalt415-216-9085
Rydex-SGILynne Gravelle Mosier CFA, CAIA
Interactive Advisory Software, Inc.
Mary Chiaffredo770-951-5448
Stonecrest ManagersChristina Gray
[email protected] ext. 302
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 9.
Speaker Sara Wolfe from UCSF shares valuable resources withthe audience
FPA SF members Laura Tanner and Jeff Stoffer provide advice to attendees.
Panel Discussion: Effective Strategies for Client EducationPanelists Glen Angers, Estate Planning Attorney, Vince Crivello, of Loring
Ward, and Lou Tousignant, of AllianceBerstein
*For information on future meetings please refer to the Chapter Meeting Calendar at the back of this issue.
Date:December 13, 2011
Time:4:00pm–5:30pm
Location:City Club of San Francisco, 155 Sansome Street
CE credits:1 hour
Cost:Early Registration $45 members $65non members. At the door $65.00 for FPA members, $85.00 non-members.
How to register: www.fpasf.org
For more information:www.fpasf.org
FPA San Francisco Chapter Meeting
Overview: As an estate planning attorney, Glenn Angers has a unique process forcommunicating the intricate estate planning process through pictures, and will sharehis method.
Vince Crivello, a former advisor, will share some of the materials that he has helpedLoring Ward develop to simplify and clearly communicate their investment philoso-phy and process to clients.
Lou Tousignant's presentation will cover how he has used AllianceBerstein'sresearch in the capital markets and practice management areas to create materials andprocesses to better educate clients. He will share his tips for conducting a clientreview meeting as well as provide a meeting prep checklist to attendees.
Presenter's Bio: Glenn Angers is an estate planning attorney serving clientsthroughout the East Bay and the larger San Francisco Bay area. He counsels clientsin strategies for avoiding probate, minimizing taxes, maximizing retirement benefits,protecting assets, and creating and transferring wealth through the use of revocableliving trusts, irrevocable trusts, intra-family gifts, multi-generational "dynasty" trustsand charitable giving. His practice also includes probate and trust administration.
Vincent Crivello is a Regional Director with Loring Ward. With over a decade ofexperience in the financial sector, he provides Investment Management, BusinessManagement and Practice Development Services to independent advisors through-out California.
Lou Tousignant, Vice President-Regional Manager, AllianceBerstein. LouTousignant has been with AllianceBernstein for four years and has been in the finan-cial services industry for over 15 years. He started his career with Merrill Lynch inNorthern Minnesota and has worked with US Bancorp Investments, Wells FargoFunds, and Legg Mason over that time.
This meeting is sponsored by iShares
San Francisco
www.FPASF.org
FPA PLANNER DECEMBER 2011, PAGE 10.
Volunteer Lilian Tsi Stielstra from the FPA of San Francisco listens intently. Robby Nelson, a volunteer from Consumer Credit Counseling Service ofSan Francisco meets with a member from the community.
Goodbye and Thank Youby David Borrelli MBA, CRPC®President's Column FPA East Bay
East Bay
www.FPAEastBay.org
FPA PLANNER DECEMBER 2011, PAGE 11.
It's hard to believe that my year ofbeing your President is coming to aclose. Like in any volunteer posi-tion, when you commit yourself tothe job of President there is a cer-tain amount of internal stress thatgoes on in the early months of theassignment. But after you getthrough the big goals and chal-lenges and the end is near you beginto settle into the position and feelcomfortable with the surroundingsand the tasks that lay infront of you. However,just like people thatwalked in my shoes beforeme and those that willwalk in my shoes after methe calendar turns and it'stime to let the next leadersof the chapters take overand lead us into thefuture. I would like topersonally thank all theboard members and com-mittee members that vol-unteered their time tomake this a phenomenalyear for the chapter.
Without the work and dedicationfrom you we would never be able toachieve all the goals that we set outto conquer at the beginning of theyear. I would also like to thankKrysta Patterson our wonderful andtalented Executive Director thatkeeps our chapter running smooth-ly and always goes the extra yard tomakes sure we are organized and on
top of all our projects and initiatives.When we started the year I havethree goals that I wanted us toachieve as a chapter and I am happyto say that we achieved all of themand many more.
Goal #1 was to have a break therecord attendance meeting inJanuary with the Federal Reserveand we succeeded in about 130attendees at our kick off meeting.The momentum from that meetingcarried into our other monthlymeetings as we saw an increase inour average attendance this year.
The 2nd goal was to create theFirst Annual Golf Tournament andwe did that in September with 106golfers playing at Round Hill inour first tournament and there is
no doubt that thiswill become a can'tmiss tradition in thefuture. We arealready planning the2nd Annual inSeptember so I hopeto see you out thereagain.
Finally, I wantedto leave the chapterin great shaperegarding leadershipof the board. At thistime we have arobust board of
directors and we have arranged thepipeline so that the future leader-ship positions are all lined up forthe next several years.
Another item that I need to bringto your attention is the proud tradi-tion of receiving awards from theNational FPA. This year is no differ-ent as we were recently notified thatwe won three awards for theOutstanding Achievements category
from National. They were as followed:Leadership (Succession Planning)Financial Planning Week (2010Financial Planning Day; Oakland)Pro-Bono (ILSP/JuniorAchievement)
This is the first year that we havewon three awards and this places usin the top decile of chapters acrossthe country!
Thanks again for the great year andI hope to see all of you attend ourmeetings in the future and if yourtime permits look to get involved inthe chapter and maybe one day youwill be writing this President reportlike me!
David Borelli is the President ofthe East Bay FPA. David hasserved on the board for thepast five years and he is a VPwith Oppenheimer Funds.
EEaasstt BBaayy CChhaapptteerr EExxeeccuuttiivvee DDiirreeccttoorr
New address? Has your membershipinformation changed?
East BayKrysta Patterson
East Bay
www.FPAEastBay.org
FPA PLANNER DECEMBER 2011, PAGE 12.
East Bay Chapter Partners
Oppenheimer FundsDavid Borrelli
(925) [email protected]
Shaffer Insurance Services(925) 944-7100
Redwood Mortgage InvestorsDiana Mandarino
(650) 365-5341 ext. [email protected]
Franklin Square Capital PartnersJohn M Sorrell
(925) [email protected]
Putnam InvestmentsAlex Hayes
(415) [email protected]
Franklin TempletonJB Walker
(925) [email protected]
MFS InvestmentsAldo Barbaglia
(925) [email protected]
Strategic CapitalRoshan Weeramantry
(408) [email protected]
Lord Abbett & Company, LLCDouglas Stockslager
(201) [email protected]
Hennessy FundsBrian Peery
(800) [email protected]
Pioneer InvestmentsScott Martin
(925) [email protected]
Black RockJennifer Nelson(925) 948-5600
Guardian Life InsuranceBrent Frisk
(415) [email protected]
LaserficheMarcel Tsai/Sheila McEwen
(562) 988-1688 [email protected]
Gold
SilverRS Funds
Hudson Walker(415) 308-2522
Signet Mortgage CorporationClay Selland
(925) 807-1500 [email protected]
Wells Fargo Advantage FundsAllison Lovell / Kristina Page
(510) [email protected]@WellsFargo.com
CMG MortgageDoug Nesbit
(925) [email protected]
Fidelity InvestmentsCampbell Judge(877) 544-8026
Hartford Mutual FundRamiel Betpolice(408)460-8080
JP Morgan FundsJack Roddy
(415) 772-3052 [email protected]
Goldman Sachs Asset ManagementSteve Staab
(706)[email protected]
KBS Capital Markets GroupNick Rosenthal
2511 Polk StreetSan Francisco, CA 94109
(949) [email protected]
East Bay
www.FPAEastBay.org
FPA PLANNER DECEMBER 2011, PAGE 13.
FPA East Bay Chapter Meeting
*For information on future meetings please refer to the Chapter Meeting Calendar at the back of this issue.
Date:December 7, 2011
Time:7:15 am
Location:Round Hill Country Club,3169 Round Hill Rd.,Alamo, CA
CE Credits:1 Hour
Cost:Advance Registration$30 FPA Members $40 Non MembersAt the Door$40 FPA Members$50 Non Members
International and Emerging Markets Outlook:Is it Different This Time?
Thomas Melendez, Institutional Portfolio Manager MFS Investment Management
Overview: The presentation will introduce the audience toRethink emerging markets equities • Definition and traditional investment case for Emerging Markets Equities (EME)• Reasons why it may be "different this time"• What is the best way to access EME opportunities?EM GDP growth outpaced developed market• Growth• Reasons why it may be different this time
Presenter's Bio: Thomas Meléndez is a vice president at MFS InvestmentManagement® (MFS®) and an institutional portfolio manager of the firm's globalequity portfolios. In this capacity, he participates in the research process and strategydiscussions, customizes portfolios to client objectives and guidelines, and communicates the portfolios' investment policy, strate-gy, and tactics.
He joined MFS in 2002 as an institutional portfolio manager with more than tenyears experience, including three years as an Emerging Market product specialist forSchroders North America, two years as a general manager for Schroders Argentina, andanother three years as a vice president, Latin American fund manager for SchrodersCapital Management International, London.
Prior to that, he spent two years as a vice president of Sales and Research for NatWestSecurities. Thomas earned a bachelor's degree from Long Island University and anMBA from Columbia University. MFS portfolio managers are supported by our entireteam of investment professionals in six worldwide offices, who apply a proprietaryinvestment process that is research driven, globally integrated, and disciplined.
How to register: You register for both the General Meeting and Ethics Course with check or credit cardonline at: https://www.123signup.com/event?id=cvhfx
For more information: For more information go to www.FPAEastBay.org or contact Krysta Patterson925.935.9691
This meeting is sponsored by our 2011 Gold Sponsor: David Borrelli of Oppenheimer Funds
2011 has flown by and it is hardto believe it is already December. Iwant to thank the Silicon ValleyBoard, our many volunteers and ourExecutive Director Marion Briggsfor making 2011 a great year for theChapter through your help andyour leadership. The Chapter and Iowe you much.
About eight weeks ago we learnedfrom our ExecutiveDirector that she wouldbe leaving us at the endof the year. She is leav-ing the "ExecutiveDirector" business andwe will miss her greatly.For the last five yearsshe has done a stellarjob of helping theBoard and our Chaptermembers keep theChapter running. Hertireless energy and herprocess improvementshave really helpedstreamline our process-es as well as been a keypart of our success. Marion will begreatly missed. In her true form shereminded us that "I'm not going tothe moon" so she is available tocontact if we have questions.
We immediately launched a searchto find a new Executive Directorand we interviewed three candi-dates. I am very pleased toannounce that Susan Adams hasaccepted the position. For the lasttwo years Susan has been helpingMarion and many of you have prob-ably met her when you checked inat meetings or maybe received an
email from her on a Chapter issue.We were very fortunate to haveSusan join us and please help mewelcome her.
On October 29th we had our sec-ond Financial Planning Days and itonce again was a huge success. Ourthanks goes to FP Day Chair ArtieGreen and his committee of MichaelCaulkins, Julie Schatz, ChrisWentzien, and Marion Briggs. Theyalso had 9 other volunteers helpingwith check-in and other logistics onthe day of the event. It takes a lot offolks and a lot of dedication to put a
huge event like this on.We also want to thankMLK Library in San Joseand the City of San Josefor their help.
The event served over150 people and I'mpleased that we had 49CFP@'s volunteer forone shift or all of the day.It was a great event andthere was a wide range offinancial help that wasprovided. I had a gentle-man who wanted toinquire about a careerchange into financialplanning. He had left an
IT job and wanted a career where hecouldn't get "outsourced offshore".There were many antidotes, but myfavorite was a 17 year-old girl whosat next to me and gave JenniferBush an informational interview onthe how, what, where and why relat-ed to financial planning as a career.Wow. Lest you think we were run-ning a career fair we had a few othercareer questions, but of course mostof the attendees game with specificsets of financial issues and/or ques-tions. Another favorite of mine wasa couple who came in and they had
President’s Columnby Bob Adams, CFP®, MBA, MSFPFPA Silicon Valley
Silicon Valley
www.FPASV.org
FPA PLANNER DECEMBER 2011, PAGE 14
one of those rolling brief cases. Itlooked like it was filled with mostevery financial paper they had and theplanner spent almost an hour helpingthem. They went home with smileson their faces.
Our thanks to all of the SiliconValley CFP®'s and those from otherChapters who came by to help. Arepresentative from the CFP® Boarddid an exit interview with everyattendee and an incredible 100%were pleased. An event like thisgreatly helps the public as well ashelps raise the positive image of boththe FPA and our profession. I knowit is a great feeling to be helpingfolks and I heard many fellow plan-ners who derived a great deal of psy-chic income from the day. Thanks toall, and a special thanks to Artie andhis committee.
Over the last few years I've attend-ed two client funerals as well as otherservices for Rotary friends and othercommunity friends. This is a greattime of year to reflect. The holidaysare a time of family and tradition.
Happy holidays to you and yourfamily, and my wishes for a happy,healthy and successful 2012!
SSiilliiccoonn VVaalllleeyy CChhaapptteerr EExxeeccuuttiivvee DDiirreeccttoorr
New address? Has your membership information changed?
Silicon ValleyMarion Briggs
Bob Adams is the President ofthe Silicon Valley FPA. Bob hasserved on the board for thepast 3 years and he is Presidentof Armstrong RetirementPlanning in Cupertino
Silver
Gold
Platinum
Silicon Valley Chapter Partners
The Dayton Law FirmRich Dayton
Home Instead Senior Care
Michelle Rogers650-691-9671
Thornburg Investment ManagementDean Mesquite
877-215-1330 [email protected]
Commonwealth FinancialPhilip Nisonger408-286-8483
Stonecrest ManagersChristina Gray
408-557-0700, ext. [email protected]
HeffernanInsurance Group
Deborah McGreenery707-789-3068
Security 1 LendingGreg Hacker
Redwood MortgageDiana Mandarino
800-659-6593 ext. [email protected]
IShares 529 PlanVivian Tsai
Partners MortgageJoe Cucchiara
CMG MortgageHome Ownership Accelerator
Doug Nesbit888-264-4663
LaserficheLinda Kao
562-988-1688 [email protected]
Silicon Valley
www.FPASV.org
FPA PLANNER DECEMBER 2011, PAGE 15.
Navigating the Many Housing Options for SeniorsKaye Sharbrough
*For information on future meetings please refer to the Chapter Meeting Calendar at the back of this issue.
Date:December 9, 2011
Time:11:30am - 1:30pm
Location:TechMart, 5201 Great America Parkway, Santa Clara
CE credits:1.5 hr CE available pending approvalby the CFP Board
Cost:Early Registration $35 members $40 non members. At the door $55.00 for FPA members, $60.00 non-members.
FPA Silicon Valley Chapter Meeting
Overview: Kaye will review the various housing options for Seniors explaining what each oneoffers not only for housing, but for services offered too. From Independent Living,to Assisted Living, to Skilled Nursing. Learn options such as Co-Housing, PACEprogram, Continuing Care Retirement Communities, and more.
Presenter's Bio: After graduating from UCLA, teaching for 10 years, then moving into advertis-ing, marketing and high tech publishing, Kaye became involved in the SeniorHousing industry. She became committed to helping others find happy, healthy,supportive solutions to some of the inconveniences of aging and founded SeniorSeasons to further that objective.
How to register: Register now via credit card at www.fpasv.org
For more information: www.fpasv.org
This meeting is sponsored by Laserfiche
Silicon Valley
www.FPASV.org
FPA PLANNER DECEMBER 2011, PAGE 16.
Note: Silicon Valley FPA Brown Bag Lunch Events require FPA membership to attend. FPA members from otherchapters are welcome to attend as well as guests of FPA members
Title: Ethical Challenges of Client Non-Compliance Date & Time: Friday, January 20th, 2012, 12:00 noon to 1:30 pmSpeaker: Dr. Jim McCabe, President, Eldercare ResourcesLocation: San Jose, CA (Rose Garden Area)Cost: $10
The Burden for practice compliance falls directly upon the financial planning professional. Unfortunately, most of the situ-ations that place you at risk of non-compliance are client driven factors–lack of follow through, poor decision making, andnon-disclosure. A recent study found that fully 25% of a planner's time is spent discussing non-financial issues such as healthcare problems, competence concerns of family conflicts. This session will use client issues as a way of examining how clientnoncompliance can be a major barrier to planning and place you at risk of being non-compliant. Techniques will be dis-cussed to help the at-risk advisor.
Speaker Biography:Dr. Jim McCabe is the president of Eldercare Resources www.EldercareResources.biz His firm consults with companies andindividuals on health and long-term care planning. Jim has worked extensively with estate planning and financial servicesprofessionals to assist them and their clients in the areas of client competency, the nature and cost of long-term care, assess-ments for home and personal safety. Dr. McCabe earned his doctorate at UC, Berkeley and holds Masters Degrees from theUniversity of Hawaii. Eldercare Resources has offices in Los Altos, CA and Scottsdale, AZ. Seating is limited.
To reserve your seat, please RSVP early to Cynthia Riley at [email protected]. A $10 fee will be collected at the door.
Silicon Valley FPA Brown Bag Lunch Event
2011/2012Silicon Valley
FPASV.orgSan Francisco
FPASF.orgEast Bay
FPAEastBay.org
For advertising opportunities, please contact Brenda Herrington at 650-851-4414 or [email protected]
Production and Layout by Audrey McGimsey
Planner is published monthly by five Northern California chapters of the Financial Planning Association: FPA of the East Bay, FPA ofSan Joaquin Valley, FPA of Silicon Valley, FPA of San Francisco and FPA of Monterey Bay. The views and opinions expressed in Plannerare not necessarily those of FPA or its members. Planner may not be reproduced without permission from the publisher. The NorthernCalifornia FPA Chapters welcome advertisements from reputable suppliers of products and services to the financial planning commu-nity. However, Planner does not perform “due diligence” on advertisers, authors or sponsors and cannot guarantee that their offer-ings or writings are suitable or correct.
FPA PLANNER DECEMBER 2011, PAGE 17.
Chapter Meeting Calendar
DECEMBER
JANUARY
FEBRUARY
Tuesday,
December 13th,
11:30am - 1:30pmCity Club
Advisor Panel Discussion:Client Education Techniques
Glen Angers, Vince Crivello,
Lou Tousignant
Wednesday,
December 7th,
7:15 amRound Hill CC
International OutlookThomas Melendez
Friday, December 9th,
11:30 am - 1:30 pmTechMart
Navigating the Many HousingOptions for SeniorsKaye Sharbrough
San Joaquin ValleyFPASJV.org
Sunday,December 11th,
7:30 pmAtherton Auditorium, San
Joaquin Delta CollegeStockton Symphony'sHoliday Pops Concert
Doug LaBrecque,Stockton Chorale,
Stockton Youth Chorale,& Stockton Symphony
Tuesday,
January 10th,
11:30am - 1:30pmCity Club
Economic & Market OutlookGary Zimmerman
Friday, January 13th,
11:30 am - 1:30 pmTechMart
2012 Tax UpdateClaudia Hill, EA
Tuesday,
February 14th,
11:30am - 1:30pmCity Club
Panel on Planning for Non-traditional Families
Deb Kinney, Chris Kollaja,Jill Hollander
Wednesday,
January 4th,
7:15 amRound Hill CC
International OutlookGary Schlossberg
Friday, Febuary 10th,
11:30 am - 1:30 pmTechMart
U.S. Monetary Policy andNational Economic Outlook
Yelena Takhtamanova
the Financial Planning Association
3130 Alpine Road,Suite 288
Portola Valley, CA94028
CChhaapptteerr EExxeeccuuttiivvee DDiirreeccttoorrss
New address? Contact your chapter office directly at the email or phone below
East BayKrysta Patterson
San FranciscoMarion [email protected]
Silicon ValleyMarion Briggs
San Joaquin ValleyErin Aquino
Monterey BayCarol Murray