Official IARFC Publication IN THIS ISSUE IARFC Jan-Feb 2018(2).pdf · • Competitive premiums...

Volume 19 No 1 January-February 2018

Official IARFC Publicationwww.IARFC.org

IARFCIARFCINTERNATIONAL ASSOCIATION OF

REGISTERED FINANCIAL CONSULTANTS

J. Christopher Dixon, RFC®

Leaving a Legacy

IN THIS ISSUEHow Best to Transfer Family Business Wealth

Closing Techniques of Top Producers

Attract Million Dollar Clients By Adding Comprehensive Legacy Planning

Register International Profile: Kai Tu Yuan

Questions?Call plan administrator: Michael Insurance Planning 800.932.4075

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I A R F C M e m b e r sL i f e A D & D LT D

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For new members,theseplansareavailableupto30daysafterjoiningtheAssociationwithnomedicalformrequired–guaranteedissueupto$250,000.

For current members,applicantsmustprovidemedicalhistory.Thereisnophysicalrequired,anindepthquestionnaireissenttounderwritingtomakeadetermination.Medicalquestionnairesvaryfromstatetostate.

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The Register | January-February 2018 Page 1

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Editor-in-Chief Wendy M. Kennedy

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Editor Susan M. Cappa [email protected]

Editorial Advisory Committee Peter J. D’Arruda, RFC®

Michelle Blair, RFC®

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Registered Financial Consultants ©2018, It includes articles and advice on technical

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Chairman, H. Stephen Bailey, LUTCF, CEBA, CEP, CSA, MRFC

Vice Chairman, Nicholas A. Royer, RFC®

President, Peter J. D’Arruda, MRFC

Secretary, Michelle Blair, RFC®

Director, J. Christopher Dixon, RFC®

DOMESTIC BOARD OF DIRECTORS

Operations Manager, Charlotte Isbell

Editorial Coordinator, Wendy M. Kennedy

Membership Services, Vicki Caplinger

Membership Services, Judi Nelson

Public Relations, Susan M. Cappa

Information Technology, Randy Kriner

IARFC US OFFICE ASSOCIATE TEAM

China — www.iarfc.cn

Hong Kong — www.iarfc-hk.org

India — www.iarfcindia.org

Indonesia — www.iarfcindonesia.com

Philippines — www.iarfcphilippines.org

Taiwan — www.iarfc.org.tw

INTERNATIONAL WEBSITES

Asia Chair, Jeffrey Chiew, DBA, CLU, ChFC, CFP®, RFC®

Greater China Chair (China, Hong Kong, Macau & Taiwan), Liang Tien Lung, RFC®

Australia and New Zealand Chair, George Flack, CFP®, FIPA, AFAIM, RFC®

Bermuda Chair, Antony Francis, RFC®

China Chair, Kai Tu Yuan

Hong Kong and Macau Honorary Chair, Samuel W. K. Yung, MH, CFP®, MFP, FChFP, RFC®

Hong Kong and Macao, Chair, Teresa So, Ph.D., MFP, RFP, FChFP, RFC®

INTERNATIONAL LEADERS

India Deputy Chair, Vijay S. Wadagbalkar, RFC®

Indonesia Chair, Aidil Akbar Madjid, MBA, RFC®

Malaysia Chair, Ng Jyi Vei, ChFC, CFP®, RFC®

Philippines Chair, Ralph Liew, RFC®

Taiwan Chair, Kai Tu Yuan, RFC®

Trinidad Chair, Inshan Meahjohn, RFC®

Director, Michael Jay Markey, Jr., MRFC

Director, James B. Moss, CEP®, RFC®

Director, Rick B. Stanzione, RFC®

Director, Mayo M. Woodward, CRPC®, RFC®

The Register | January-February 2018

Chairman’s Desk 5 Opportunity for Change

By H. Stephen Bailey

IARFC News 6 IARFC Board of Directors

Welcomes Two New Directors

Marketing Unplugged 9 People Afraid of Dying Still

Need Legacy & Estate Planning

By Bryce Sanders

International News 24 Event and Educational Program Highlights

MRFC Certification Board 33 Election Notice

Viewpoint 34 Hiding in Plain Sight

By James B. Moss

Consumer Focus 35 Planning for and Caring for Your Children

By Peter D’Arruda

1 IARFC Domestic and International Directors

3 New IARFC Members and Designees

3 Events Calendar

4 From the Editor

D e p a r t m e n t s

I n T h i s I S S U E Volume 19 No. 1

C o v e r S t o r yRegister Cover Profile: J. Christopher Dixon 16 Leaving a Legacy

C o l u m n s

F e a t u r e sHowBesttoTransferFamilyBusinessWealth 7 By Karl Bareither

ClosingTechniquesofTopProducers 14 Dr. Kerry Johnson

AttractMillionDollarClientsByAddingComprehensiveLegacyPlanning 22 By Max Bolka

RegisterInternationalProfile:KaiTuYuanInsights into the IARFC China Development Team

25 Introduction H. Stephen Bailey

MoreThanMoneyHierarchy of Planning

28 By Roey Diefendorf

Time:YourGreatestResource 29 By William Moore



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D o m e s t i c M R F C

Fraj Lazreg, MRFC, NYMickey P. Jordan, MRFC, AZMaryAnne Mayer-Redmond, MRFC, TXGregory S. Rhodes, MRFC, CA

D o m e s t i c R F C ® , R FA ® , G e n e r a l M e m b e r s

John H. Adams, RFC®, WVCarl A. Barnowski, RFC®, FLPatrick S. Berch, RFC®, KSBradley C. Burnett, RFC®, GARobert S. Diamond, RFC®, ILJohn T. Halterman, RFC®, WVDonna Elizabeth LaScala, RFC®, NYAshley D. Livings, RFA®, TXJoseph P. Mezatis, RFC®, NVRichard S. Ngin, RFC®, CAThomas E. Porter, RFC®, TXRichard T. Schaff, RFC®, NCJustin M. Sumner, RFC®, ORIan R. Welham, RFC®, NJDamon S. Winter, RFC®, ORStephanie R. Yates, RFC®, AL

N e w M R F C s , R F C s , R F A , a n d G e n e r a l M e m b e r s

Members In the News. Keep us informed on your recent accomplishments. Have you added staff, certifications, seminars, celebrated an anniversary in the business? Send a brief description and a print-quality photo when available to [email protected].

M e m b e r s I n t h e N e w s

Christopher Hill, RFC®, president and CEO of Wealth and Income Group LLC. partners with Samuel C. Benson Sam has more than a decade of broad-based experience as an insurance and financial services professional. Sam is passionate about assisting our team and clients to implement wealth-building and family protection strategies.

After graduating from the University of Mississippi in 2001, Sam began his career working as a commercial credit specialist in North Carolina with Dun and Bradstreet.

Some of the areas Sam has specialized in helping clients and families include: car/home/umbrella insurance, business and commercial insurance, life and disability insurance, estate planning, retirement planning, and wealth management.

Sam currently serves as the Vice-President of the Roanoke County Police Foundation and is actively involved in his church and community.

“Given Sam’s background and experience, it is easy to see why he is a fantastic asset to our firm, our team, and most importantly, the clients and families we are privileged to serve,“ Chris Hill.

Biltmore Conference

I n t e r n a t i o n a l

China 874Taiwan 135

M e m b e r s W h o R e c o m m e n d e d M e m b e r s Scott M. Dougan, RFC®

Daniel F. Spangnolo, RFC®

Harold D. West, RFC®

Damon S. Winter, RFC®

M e m b e r R e f e r re r R e c o g n i t i o n

Daniel F. Spagnolo, RFC®

2018February

National Financial Plan Competition Semi Finals (web presentations) February 12 & 14, 2018

Board of Directors Phone Conference February 13, 2018

March

4th Greater China Conference

March 18-20, 2018

Sanya, Hainan China

April

Board of Directors Annual Meeting

April 17, 2018

Biltmore Estate, Asheville, NC

IARFC Biltmore Conference & National Financial Plan Competition April 17–19, 2018 Biltmore Estate, Asheville, NC

June

Board of Directors Phone Conference June 12, 2018

September

Board of Directors Phone Conference September 18, 2018

December

Board of Directors Phone Conference December 11, 2018

Events CalendarUsed with permission from The Biltmore Company, Asheville, North Carolina

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F r o m t h e E D I T O RThe Register needs your help. In searching for content for this informative publication, we often reach out to the IARFC membership. As the 2018 Editorial Calendar is underway, it is time to take advantage of your phenomenal success and hard work. We are looking for articles in several areas:• Sustainable prospecting systems• Customer-retention systems• Business building activities• Either Mentoring or were mentored by

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Happy New Year to all of you! Another year, another resolution, another opportunity to change.

As a Master Registered Financial Consultant, I am keeping my eye on what the US Government is going to be doing regarding taxation and DOL regulations. While not something under my control, I need to be in control of what I advise my own personal clients. We shall see what the first quarter brings.

As the IARFC Chairman, my perspective of the past year has been formulating as I went through the month of December and the Holidays. Basically, it all comes down to helping rather than hindering our progress. When I look at what the team and the Board of Directors have been through the past twelve months, I am convinced we have the right leadership and the right team — we just need to move forward confident that we are doing our best for the Association and its members.

Speaking of leadership, I wish to say a sad goodbye to Isabel Cooper, RFC® and Jon Rogers, MRFC who have completed their terms on the Board of Directors. I cannot say enough about the time and effort that Isabel and Jon have given the Association. Not only have I trusted their judgement and been impressed by their wisdom, but I enjoyed being around them. I will miss their presence at Board functions and truly thank them for their service to the IARFC.

Two new members have been recently elected — J. Christopher Dixon, RFC® of Black Harbor Wealth Management in Seneca, SC and Michael Markey, MRFC of Legacy Financial Network in Kentwood, MI. They will be joining us in Asheville the day before the IARFC Biltmore Conference for

the first time. I am looking forward to new ideas and opinions that these directors will bring to the table. We all need change to “shake things up a bit” and our Board is no exception. These two individuals have experience and a fresh approach — a needed component to any Board.

Regarding our Biltmore Conference, I hope all of you sign up to attend. In this intimate mountain setting, the spring weather is a visitor’s delight, the venue is amazing and the scheduled agenda is interesting.

Among our speakers, we have probably the top individual financial wealth manager in the US, Ric Edelman, RFC® as a keynote speaker as well as two of the top IARFC leaders from overseas Dr. Jeffrey Chiew, RFC®, Philippines and Kai Tu Yuan, China. We look forward to their visit. You can review the up-to-date list of speakers on the IARFC website.

As a previous judge in the National Financial Plan Competition, it is a fun, inspiring event where we watch the future of our industry in action. There is something for everyone to learn and enjoy at the Biltmore.

ResolutionsAs with most of you, the IARFC has resolutions for the upcoming year or I guess you can call it our New Year’s “To Do” List. These are on my mind:• Accreditation–Finalizetheapplication

for resubmission.• EducationforRFAs–Encouragethe

RFA® designation for those who do not have experience to be a MRFC or RFC®.

• AssociationReorganization–Revisethecurrent By-Laws to bring them up to date in concept and execution.

• PublicAwareness–Increasethe IARFC and its members in the eyes of the consumer.

From the

Chairman’s Desk…

• NationalFinancialCompetitionFoundation–Fundscholarshipsforcompetition winners.

• InsuranceLicenseAcceptance–Spreadthe word that the IARFC has value for the insurance professional.

Most likely the Board will add more come April. The challenge is for the Directors and the IARFC Team to work together to meet our goals. Sometimes New Year resolutions get ignored or forgotten. We intend ours to be successful and memorable.

Your own IARFC 2018 resolution? Make your reservation for the 2018 IARFC Biltmore Conference in Asheville, North Carolina — now!

H. Stephen Bailey, “Steve” Bailey, CEBA, LUTCF, CEP®, MRFC started HB Financial almost 30 years ago after already having a life insurance career. Steve is an elected member of the IARFC Board. He is also the 2010 recipient of the prestigious Loren Dunton Memorial Award. When not working with his clients you will find Steve on a golf course, spending time with his grandson or traveling with his wife, Bobbi.

Contact: [email protected] www.iarfc.org

Opportunity for Change

H. Stephen Bailey CEBA, LUTCF, CEP®, MRFC


IARFC NewsIARFC Board of Directors Welcomes Two New Directors

offices and practices. I am proud of our current Board and Team and look forward to meeting our newest additions soon.”

These new directors replace outgoing Board Members Isabel Cooper, RFC® and Jon Rogers, MRFC who have fulfilled their two consecutive terms of office. Cooper and Rogers have an outstanding record of contribution to the Ethics Committee and the office of Treasurer in addition to weighing in on IARFC general policy.

“Saying goodbye to these outstanding individuals is bittersweet,” continues Bailey. “I will miss their wisdom, their tenacity of purpose and the fun they bring to the table. Getting to work with them has been a privilege.”

For more information on the Association and the IARFC Board of Directors, visit www.IARFC.org.

Markey is co-founder of Legacy Financial Network (3 locations) and has been an MDRT member since 2010 and Top of the Table member in 2014, 2016, and 2017. As a Board Member, he hopes to advance the Association’s reach by furthering the prestige of the IARFC’s designation–specificallyincreasingtheawareness of the MRFC designation.

The two newly elected Board Members will attend their first annual, in person Board Meeting to be held before the 2018 IARFC Biltmore Conference April 17-19 in Asheville, NC. There the Board is updated on IARFC policies and will discuss the path of the Association for 2018-2019.

“It is most important that both Chris and Michael feel comfortable working with the IARFC Board and the IARFC Team in Middletown,” reiterates Bailey. “Getting together at the Biltmore in person builds relationships that bond both entities after everyone goes back home to their own

The IARFC announces the election of J. Christopher. Dixon, RFC® of Black Harbor Wealth Management, Seneca, SC and Michael Jay Markey, Jr. MRFC of Legacy Financial Network in Kentwood, MI to the Association Board of Directors. They assumed their duties immediately at the quarterly Board Meeting on December 12.

“The members of the Board of Directors are the face and the leaders of the Association,” explains IARFC Chairman H. Stephen Bailey, MRFC. “We need new ideas, new thinkers, enthusiastic participants, and experienced counsel all rolled into one group.”

Dixon has been the CEO of Black Harbor Wealth Management and engaged in executive and financial management for more than 21 years. His vision of promoting the Association includes speaking at trade functions, setting up booths at different IMO marketing events and encouraging his network of financial professionals to be part of the IARFC.

J. Christopher Dixon, RFC®

Michael Jay Markey, Jr., MRFC

In this case, John was not prepared to buy them out at market price and there was no signed agreement by him and his parents defining an option to buy the ranch real estate at either a set price or percentage of market value.

The many years of John’s hard work and those of his own son, were lost. The family business did not make it to the next generation. As John said, “If you can’t trust your own father, who can you trust?”

When wealth transfer advice is fragmented in terms of financial, legal, and tax concerns, the unfortunate results are often misinformation, mistrust, and failure to meet the objectives of all. Those who own the business should decide how the business will be distributed, but more informed decisions can be made if they are willing to engage the heirs during the planning process rather than allowing them to make the discovery following death. It is at this point the real value of a trained consultant is needed.

Wealth Transfer Specialist (WTS)Anyone who makes their living working with people’s finances — providing tax advice, selling insurance, investment or banking products, or designing trusts and other legal documents — knows that the single biggest obstacle to success is the human being’s

How Best to Transfer Family Business Wealth

family members, giving up control, family conflicts, and often the transfer plan is kept secret so as not to upset the family during life. The following true story highlights some of these fears.

The Importance of Open Family CommunicationNot involving the family can create ill feelings that continue prior to and well beyond the death of the business owner. At a seminar, an attendee shared his personal story. John’s parents owned a large, very successful ranch. John was one of five siblings, the only one that had chosen to work on the ranch with his father. John asked his father about the future of the business if something were to happen to him. The father assured him he had a plan in place that was drafted by his attorney and everything would be fine.

In time, the father passed away. The land was owned in joint tenancy with his mother. The revocable living trust did not include the real estate. When John’s mother died, he was shocked to learn that she had left all the property equally to all the children. The other siblings, whom were not active heirs, had no interest in maintaining the family ranch. Inactive family members generally want to sell the ranch, so they can have cash to do with it as they want.

If consultants are truly to become their clients’ “trusted financial consultant,” they need to become competent in wealth transfer planning that includes all family members, and charge a consulting fee for the service. With an aging population and baby boomers retiring in record numbers, financial consultants must be familiar with the principles of successful wealth transfer planning, including business wealth transfers.

Why Planning is ImportantFrequently there is a disparity between the belief of today’s family business owners and reality. According to the Family Business Research Institute, 88% of current family business owners believe the same family will control their business five years from now. However, statistics undermine this belief. In reality; about 30% of family owned businesses survive into the second generation, 12% are viable into the third generation and about 3% of all family businesses operate into the fourth generation and beyond.

The reason many family owned businesses fail in passing on their wealth successfully is because of family issues not business issues. These include: legal documents frequently not executed, divorces, death, dealing fairly with all passive and active



consider all liquidity options. Gain consensus to implement and monitor the new plan.

This process assures the family no stone was left unturned in reviewing, designing and implementing their new plan.

Interpersonal and Communication SkillsTo be successful you must understand the technical aspects of business succession and estate planning. If you are comfortable with planning in these areas, you can focus on interpersonal skills such as: problem solving, active listening, data gathering, verbal communication, and group presentations.

Problem solving involves a sincere desire to help people. Problems can be technical, but they may also be personal. One example is the problem stemming from poor communication between family members. These frequently are based on lack of trust.

The most critical communication skill is active listening. Listening not only with the brain engaged, but with the heart. Effective listening skills require being non-judgmental and objective.

Sincere interest in your clients and effective communication skills come together during the data gathering with each family member. Use a fact-finder to guide your interviews and help you understand each person’sneeds–what’simportanttothem.The process is powerful and has the potential to create a bond, enhancing trust between you and the client.

The next challenge is verbal communication, the ability to convey complicated information and concepts in a clear, concise manner. You want your clients to understand the message you are delivering. Presentation skills are required, you will present the plan to the family in a group presentation.

There are also practical skills required including conflict management, facilitation and mediation. You may encounter everything from total family bliss to highly dysfunctional families and everything in between. Conflicts do occur. You want the ability to recognize, understand, and manage them throughout your planning process. Don’t try to be a counselor or family therapist, but strive to identify underlying conflicts within the family and business. There easily could be a time when you want to bring in outside experts.

Technical Business KnowledgeTo truly be a “Wealth Transfer Specialist” you must have a considerable degree of knowledge and experience in business and

natural tendency to procrastinate, no matter how compelling the presentation. The consultant’s responsibility is to guide their prospects to action. This seemingly simple task can be difficult, especially when dealing with issues around family wealth transfer planning and the continued life of a business. I refer to a WTS as a consultant who has the technical skills and abilities to transition from the traditional transaction planning approach to a consultative fee-based consultant. Planning is then driven by family relationships. The purpose must be to reform and renew both family and business by understanding the human dynamics present in every situation, as well as the details of wealth transfer planning.

Involve all family members and their trusted consultants in the process. You must earn the trust of the entire family, uncover all the facts and/or opinions and use this information to develop the new plan, meeting the needs of everyone involved, and then implement the new plan now.

Engaging the business owners trusted consultants will help establish creditability through mutual awareness, allowing you to avoid past failures and find new solutions. You have information gained from family members. Without sharing names this will open discussions in areas consultants were not aware of.

Establish a SystemResearching my family-owned business clients, I learned they wanted a model that engaged all family members not just the current business owner.

Here is an example of a three-phase planning model that I found successful. It may help you as well.

Phase I: examine the current plan. Begin by engaging each family member in a confidential meeting to obtain answers to subjective questions. Gain their perspective on both individual and family objectives. With that information in hand, do a complete analysis of the current plan.

Phase II: develop the new plan. Based on your discovery, examine alternative transfer options, and seek input from each of the business owners trusted consultant. Be considerate of all you learned, and with your expertise in business succession and estate planning, develop the new transfer plan.

Phase III: present the new plan. Plan a neutral location for a family retreat and set the stage for open communication among all family members. This is the time to

estate planning, as well as knowledge of products, tax laws and a host of other financial matters.

Additional Benefits

Benefits for the family & business. Share the value of understanding the different objectives between passive and active business heirs. Find a successful solution for both family & business. Implementing “Fee For Services” results in minimizing transfer costs, enhancing family relationships through open family communication, with inclusion not exclusion. You will consider both external and internal matters. The process becomes a family affair, opening family dialogue, and maximizing business profitability.

Benefits for you. It is clear, having a process benefits the business and the family. There are also benefits for you, the consultant. You will experience enhanced client relationships providing the assurance family business will survive business succession while maintaining healthy relationships with all family members. The ability to offer additional personal services and insurance and financial products increases the book value of your business. These new opportunities increase your revenue by offering fee-based consulting planning services to all family members, your insurance product sales and other financial products and services will increase, and you gain additional referrals.

Finding solutions. Remember John, the son who ran a profitable family business with his father? He invested over 35 years of his life working on improving the ranch. His son worked in the business for 12 years. Both were without a job when the ranch was sold following the death of his parents. You can work with family owned businesses to help others avoid that outcome. You can facilitate additional open family communication as it relates to business succession planning. In addition to your technical knowledge, the process will help you learn new communication skills that move you beyond the traditional product transaction sales approach to a fee-based process consulting model.

Karl Bareither is a fee-based wealth transfer specialist and independent financial consultant. Karl is the author of two books regarding family business succession planning. He is owner and founder of the FBR System. Karl and his wife Lillian live in Avila Beach, California.

Contact: [email protected] [email protected]

Everyone is afraid of dying. No one wants to talk about it as an upcoming activity. According to a Harris poll referenced by USA Today, 64% of Americans don’t have wills.

Some cultures consider it unlucky to write a will, implying you will be dying soon. As your client’s agent, advisor or financial consultant, you need to give this issue the attention it deserves. (1)

Although you are addressing a serious issue, you can frame it in “the distant future” to relieve their anxiety. Here are a few points you can discuss:

1. Do you realize the government is your silent partner?–Mostpeopleareawaretheindividual threshold for Federal estate taxes is $ 5.49 million in 2017. (2) They might say: “No problem. I’m under that level.” Concern: The historical return for the stock market in the 20th Century has been 10.4% annually. (3) If they own lots of securities and leave them alone, they should grow in value. Concern: State and local estate taxes are another issue. Washington State has the highest level, between 10-20%. Their threshold starts at $ 2.064 MM. (4)

Concern: Laws can change from one administration to another.

2. What will happen to your stuff?–Youhave lovingly collected antiques for years. Your Gen X or Gen Y executor sees antiques as “stuff owned by old people.” They hire a dumpster and toss it out. Years later, newspaper articles wonder what happened to that missing copy of the “Declaration of Independence.” Concern: You need a plan to alert people to the value of your collectables. One collector kept a notebook itemizing everything. Each year he updated prices in line with inflation. His executor would know a reasonable value if items were sold.

3. The spouse who has never handled money–AccordingtoPewresearch,60%ofAmerican families are dual income. (5) There

are still some families where one spouse handles the money and the other spends it in the course of running the household. Concern: If the bill payer dies first, who will help the surviving spouse with cash management?

4. Does their spouse (and executor) know where to find the important documents?–Yourclientlikelyhaslifeinsurance policies, a safety deposit box, and deeds to their house and cars and securities account statements. Do the people who will need to take action know where all this stuff is kept? Concern: We’ve all seen movies about the deceased person who hid a fortune in the house. Nobody can find it.

5. Be true to your school –Therearecharities that are important to you. If you and your spouse were killed by an exploding cappuccino maker while on vacation, would your executor know which charities should be remembered?

Concern: You may have informally promised your religious institution or alma mater they will be remembered. It needs to be in writing.

6. Can you have your cake and eat it too? –Yourclientdoesn’twanttotieupassets because they might need the money someday. They also feel an obligation to help certain charities. Concern: Products like charitable gift annuities (6) or tools like charitable remainder trusts (7) can help clients have a foot in each camp.

7. Can you buy immortality? –Notonceyour heart stops beating. However, your name can live on. Hospitals, museums and colleges usually have “naming opportunities.”Concern: Although it will cost big bucks, you can establish your legacy when your name goes on the side of a building/wing/room.

8. Why wait?–Itmightmakesensetoreduce the size of their future estate

Marketing UnpluggedPeople Afraid of Dying Still Need Legacy & Estate Planning


situation where they aren’t able to care for themselves. There are insurance products available. It’s better to buy them when your client is young(er) and healthy.

Set It (and Forget It?)Like getting a shot at the doctor’s office, this procedure is only painful while it’s happening. It will give them peace of mind afterwards. They will know you want them to live for a long time in good health, yet if anything should happen, there’s a plan in place. You have demonstrated you are looking after their needs. Just remind them to review the documents periodically.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.

Contact: [email protected]

through gifts made to heirs during their lifetime. In 2017, the annual gift exclusion is $14,000. (8) This means your client can give up to that amount to as many people as they like. Concern: It’s a great way to help fund the grandchildren’s college educations while retaining control of the money until it’s handed over. You need professional advice on the tax consequences.

9. Are beneficiary designations up to date?–Justimagineleavingthecontentsofyour retirement accounts to the wrong person! When people fill out retirement plan forms, they often “set it and forget it”. Concern: If you remarried after your first spouse died, you want to be sure the right people are listed as beneficiaries.

What happens next?By now, the image of their cherished collectables going into a dumpster or appearing on Antiques Roadshow when a lucky person bought them at the yard sale organized by your executor nephew should convince them estate planning is not a harbinger of death, but good practical advice.

1. They need a good attorney who understands what they are doing–Youmight be able to make some referrals. Always refer a few. Let them make the selection or choose someone else entirely. You don’t want to appear to be throwing business to your brother-in-law.

2. They’ll need a good accountant too –Theymayalreadyhaveone.Protectingassets for the next generation often takes more than one specialist.

3. They will need a will –Theattorneyabove can probably handle that. They might go the inexpensive route and buy a will kit or use an online template, especially if the money involved in their future estate isn’t that large. At least they now have a will.

4. Theyneedalivingwill–AlsocalledanAdvance Healthcare Directive (9), it’s a document designed to address “what if” situations if they are seriously ill and unable to make their wishes known. It makes sense to contact a lawyer.

5. Introduce you to the next generation –Asaprofessionalwhohelpsthemwiththeir money, it’s likely they are going to meet you someday. Shouldn’t it be under pleasant circumstances?

6. Long Term Care–Deathisaneither/orsituation. Either you are dead or you aren’t. Illness is different. They might be in a

Bryce M. Sanders

Member-Refer-A-Member

Enhance the Designation

"The only way that an Association grows is by attracting new members,” confirms IARFC Chairman H. Stephen Bailey.

Encouraging your peers to join is the best recruiting effort an Association can utilize. We salute your pride in being a Registered Financial Consultant and are proud to have an award recognition program dedicated to members who have contributed to the growth of the Association. The Member’s Award is presented annually in appreciation to top IARFC members who have sponsored the most qualified professional consultants that subsequently joined the ranks of the Association.

An Ongoing Opportunity

The IARFC is looking to enrich the careers of your professional peers with the same membership benefits you enjoy. By referring potential IARFC members, you offer them an opportunity to tap into the premier network of members who share best practices, strategies to help grow businesses and techniques for better practice management.

Referring a member is easy!Take a few minutes to grow our network of the Registered Financial Consultants. Fill out the Referral form by going to:

www.IARFC.org/ReferMember Call: 800.532.9060 Email: [email protected]

For details go to: www.IARFC.org/ReferMember




(1) https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/

(2) https://www.forbes.com/sites/ashleaebeling/2016/10/25/irs-announces-2017-estate-and-gift-tax-limits-the-11-million-tax-break/#57b17e83b706

(3) http://www.stockpickssystem.com/historical-rate-of-return/

(4) https://files.taxfoundation.org/legacy/docs/Estate-Taxes-Map-2015.png

(5) http://www.pewresearch.org/ft_dual-income-households-1960-2012-2/

(6) https://en.wikipedia.org/wiki/Charitable_gift_annuity

(7) https://www.estateplanning.com/Understanding-Charitable-Remainder-Trusts/

(8) https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

(9) https://en.wikipedia.org/wiki/Advance_healthcare_directive

MRFCMRFCMASTER REGISTERED FINANCIAL CONSULTANTS

Master Registered Financial Consultant

MRFC Certification Application

Payment Options

1. Mail Application with payment to:

IARFC

P.O. Box 506, Middletown, OH 45042

2. Fax Application to:

513.345.9479 (credit card only)

3. Email Application to: [email protected]

Check payable to: IARFC

Credit Card: Visa, MC, Amex, or Discover

Credit Card#

Ex. Date. Security Code

Signature

The Certification staff will review all candidate

applications submitted to determine if the candidate

is eligible to sit for the MRFC

credential and for completeness and

payment of fees.

Candidates will be notified of their eligibility to

sit for the MRFC Exam. The candidate will have 90

days, after notice of application approval.

Exam

Code of Ethics (Applicants must subscribe and adhere to the IARFC Code of Ethics)

I will at all times put my client’s interest above my own. I will maintain proficiency in my work through continuing education. When fee-based services are involved, I will charge a fair and reasonable fee based on the amount of time and skill required. I will abide by both the spirit and the letter of the laws and regulations applicable to financial planning services. I will give my clients the same service I would give myself in the same circumstances.

Applicant Information (please print or type)

School, City, State (Since High School)Graduated

Major DegreeYes No

Please send all mail to my Business Address Home Address

Educational Background

ExperienceMust have a minimum of four years of experience as a full-time practitioner in the field of financial planning or financial services: Full-time Part time

Education (Education criteria requires an applicant to assert and document achievement in any one of the areas) Education, Professional Designations or Licensing

Professional Designations: AAMS CFA CFP ChFC CLU CPA EA LUTCF

RFC Other

Licensing

Broker/Dealer (Personal) FINRA CRD No.

Securities Licenses: Series 6 and 63 Series 7 and 63 Series 6 and 66 Series 7 and 66

Series 65 Other

Insurance Licenses: Life Health Variable Contracts Prop. & Casualty

Other

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(Evidence of license, diploma or documents may be requested. You need not submit evidence with the application.)

Non IARFC Member option

Nonrefundable Application Fee: $100

Examination/Certification Fee: $300

Total payment

Commence on anniversary of passing MRFC Exam

MRFC Annual Recertification Fee $300

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IARFC Membership (join today optional) $75

Current IARFC Member $0

Nonrefundable Application Fee: $100

Examination/Certification Fee: $300

Total payment

Commence on anniversary of passing MRFC Exam

MRFC Annual Recertification Fee $200

IARFC Annual Membership Fee $75

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Please provide your name only on the line above as you want it to appear on your Certificate.

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Home Phone Cell Phone

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Prefix First Name Middle Initial Last Name Suffix

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Business Phone Fax Cell Phone

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Business Information

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Home Phone Cell Phone

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$150 Off Examination Fee offer extended January 31, 2018

Questions relating to business and ethical conduct (If you check "Yes" to any of the following questions please attach a written explanation) Yes No

Have you ever been refused a surety bond or other form of employment security?

Have you ever been denied or enjoined from selling or dealing in securities or from functioning as an Investment Advisor?

Have you ever been arrested, indicted, or convicted for any felony or misdemeanor, except for minor traffic offenses?

Have you ever been known personally by any other name, or have you ever conducted financial activities, conducted business or carried brokerage or bank accounts in any other name?

Have you ever become insolvent, failed in business or compromised with creditors? If “Yes” – please provide the date name and location of court, disposition, liabilities, and assets.

Have you ever had a license, permit, certificate, registration or membership denied, suspended, revoked or restricted, or have you had an application of such type ever withdrawn for cause?

Have you ever been the subject of any order, judgement, decree or other sanction of a foreign court, foreign exchange, or have you ever been the subject of any action by a foreign or domestic governmental or regulatory agency?

Attestations (Applicants please read carefully)

1. I hereby certify that I have read and understand the foregoing statements and that my responses are true and complete to the best of my knowledge.

2. I hereby apply for the MRFC credential and in consideration of my application, I submit myself to the jurisdiction of the Association and hereby verify that I agree to abide by all the provisions of the By-Laws and regulations of the Association as they are and may be amended. I agree to comply with all such requirements, subject to right of appeal as provided by law. I agree that any decision as to the result of any exam(s) that I may be required to pass or annual Continuing Education (CE) requirements will be accepted by me as final.

3. I further agree that neither the Association nor its officers or employees shall be liable to me for action taken or omitted in official capacity or in the scope of employment, except as otherwise provided in the statutes, Bylaws, or the Association’s regulations.

4. I hereby certify that I have a sound record of business integrity with no suspension or revocation of any professional licenses, and I hereby subscribe to the IARFC Code of Ethics, a copy of which I have read and understand.

5. It is agreed and understood that any material misrepresentation of facts or information given in this or subsequent application or renewal may be cause for immediate revocation of the MRFC credential and all its privileges, without refund of any dues or fees paid.

6. I understand that failure to disclose any regulatory event, including suspensions or revocations, may disqualify me from initially obtaining the MRFC credential or could result in revocation of the credential.

7. As an applicant for registration, I understand and agree that my MRFC credential will not become effective until I have met all the eligibility requirements and had have successfully passed the MRFC exam.

8. I understand that the MRFC credential remains the property of the Master Certification Board, (MCB) and must be destroyed or returned to the MCB should my right to display the credential be suspended or terminated.

9. I understand that the continuation of the MRFC credential requires the successful awarding of forty (40) hours of financial services focused CE credits — of which four (4) hours every two years must be related to Professional Ethics commencing the January of the year following initial acceptance.

10. I understand this application is valid for sixty (60) days from the date of receipt by MCB’s home office and I have ninety (90) days upon application approval to schedule the MRFC exam.

11. I authorize the organization to make available to any federal, state or municipal agency, or any securities or commodities industry self-regulatory organization, any information they may have concerning me or to request confirmation of my status, and I release those organizations, employees and agents, from any and all liability of whatever nature by reason of furnishing such information.

12. I further agree that my contact information contained in this application be divulged to interested parties as part of the member profile on the IARFC website for the benefit of members and the public.

13. I understand that except for my certification status, written authorization by me is required to release my information.

Signature of Applicant (required) Date

I attest that I have read and understand the above, that the information I have provided complete and accurate to the best of my knowledge and belief, and I further understand that my MRFC certification may be revoked if I provided any false or incomplete information.

1046 Summit Drive, P.O. Box 506 Middletown, OH 45042-0506

P: 800.532.9060F: 513.345.9479

E: [email protected]: IARFC.org

Recommend a colleague for the MRFC

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International Association of Registered Financial Consultants

Founder’s Award2018

This Award is made in honor of the founder of the IARFC John J. Gargan. It is presented to persons who have delivered significant service to the operation and growth of the International Association of Registered Financial Consultants.

Criteria for the Founder’s Award• MusthavebeenapastorpresentBoardDirector,

Officer, or Committee Member. • Holdorhaveheldaprofessionaldesignationawarded

by the IARFC (i.e. RFC®).• Acleanregulatoryrecord.• Memberingoodstandingforaminimumof5years.• Highethicalandprofessionalstandards.• MusthavecontributedtothegrowthoftheIARFC

membership by referring membership, holding or attending events that additionally help expand (above and beyond) the visibility of the Association.

Nominations Accepted FromIARFC members: MRFC, RFC®, RFA®, RFC-Retired, and/or General Members.

Nominations ProcedurePlease fill out this form and on a separate sheet of paper please explain why the nominee should be considered for the Founder’s Award.

Submissions are due byJanuary 31, 2018

Please print or type information below.

____________________________________________________________________ First Name Last Name

____________________________________________________________________ Firm or B/D

____________________________________________________________________ Street Address

____________________________________________________________________ City State Zip Code

�� Phone Email

Nominee:

Nominator:

Please print or type information below.

____________________________________________________________________ First Name Last Name

�� Phone Email

Ways to send in a Nomination for the Founder’s Award

Mail this from to: IARFC Founder’s Award, P.O. Box 506, Middletown, OH 45042 Fax it to 513.345.9479Nominate using the online form www.IARFC.org/FounderAward Questions: 800.532.9060



Founded in 1984, the IARFC serves, financial consultants to help their clients wisely “spend, save, invest, insure and plan for the future to achieve financial independence and peace of mind.”

later, or worse yet, stall you. The best close is the culmination of implementing your proposed solutions. But a sale without a close is just an educational experience. Nothing happens unless your prospect or client takes action. The frequency you can get to “yes” has a direct impact on your

Are you good at closing? Perhaps you are embarrassed to close and just think you should present options and be low key about whether they say yes? Actually, when you can’t get clients to implement solutions that help them hit their goals, you are doing them a dis-service. Often, they don’t decide on another consultant. They just do nothing.

Closing is the culmination of extraordinary probing and your ability to present solutions that solve the prospect or client’s problems. Xerox research has shown that when 3 needs are uncovered important to the prospect, a sale occurs 92% of the time. After probing, you must present solutions in the way your prospect or client wants to hear it.

If you make a mistake in a closing presentation, you will rarely get an objection. But you will almost always get a stall. One of my coaching clients once told me he never gets objections. I asked why his closing ratio was only 30%? He said they usually want to think about it. But they rarely give objections. The stall is just another way your potential client can say no. When they stall, you will waste your time chasing them. Eventually when you do catch them, they will say, “I meant to call you. We decided not to do it.”

Screen of InterestThe human mind can assimilate only 3 ± 2 items at one shot. This means if you present or try to close on 4 concepts, your potential client will get confused and you may get stalled. If you try to cover too many ideas you may get stalled. If you give too much detail and try to tell them how to build a watch, when they asked for the time, you may get stalled.

The 4 stages of a client relationship are:1) Approach2) Probe3) Present 4) Close

There are no magic closes. There is no special way to close. In fact, if you haven’t first solved problems, closing hard will only cause the prospect to feel buyer’s remorse

income. Are you just an educator or can you actually motivate prospects to implement your ideas?

Trial CloseIf you overtly close by asking prospects to buy, you run the risk of the stall. You have


Closing Techniques of Top Producers

culmination of a great probing process. It is also the way most physicians get you to buy (although docs will always deny they sell). As you probe, list all of the needs the prospect mentioned. Then trial close. At that point, you again repeat their problems and concerns and say, “Based on these (needs), I recommend that we (state solution). You are using the same Socratic method experts use to sell high ticket products.

This is a very effective close for those who believe in your expertise to solve their problems. It doesn’t work in selling a commodity because the sale doesn’t depend on your expertise. For example, you may want to buy a car that would carry 7 kids to school. You may not depend on the salesperson’s expertise in selecting the appropriate car. All he can really do is point out the features of the van and hope that you like them. You don’t have to depend a great deal on his car knowledge. But this close is very useful in selling financial services products that require expertise. The “Recommend Close” depends on your knowledge and your ability to discover what the prospect needs as you present and close. Physicians have a pretty high closing rate with this approach.

An example of the script you could use here is:“Based on your need to avoid any more volatility, make sure you don’t run out of money during retirement and your desire to decrease taxes, I recommend we take this approach. Does this seem like it would work in your portfolio?”

3. “Alternative of Choice” Close($150K–$500Kplusnetworth.Comfortable with financial planning concepts)

This is the close for the high net worth prospects. There is a high likelihood the HNW have done some sort of financial planning on their own. They may have a desire to make their own choices from the litany of selections you present. Just make sure you present only 3 choices and put the one you want to sell in the middle.

In my book, Why Smart People Make Dumb Decisions with their Money, I quote research about “Extremeness Aversion.” Everything being equal, people always pick the middle option. “Mr. Prospect, based on what you said about your goals of retiring at 65, needing $18K a year per kid for college and your desire for $10K a month income at retirement, there are three ways to go. The first option is a 529 plan for college, diversifying your portfolio in a more aggressive growth position and fixed investments for the cash you will need in 3 years. The second option is to overfund a life

nowhere to go from there. But if you trial close, you can test the waters before you pull out the paperwork. My wife asked me to paint the kids bedroom 20 years ago. She gave me a can of paint and told me to get to it. I spent all day on that room. When she returned, she said, “No, no, no that’s the wrong color.” But instead of repainting the room, I asked her to get me some color ideas and I painted sections to see which she liked best. This is a trial close.

As you close for AUM, always trial close after you present the plan. After you talk about safety, trial close. After you talk about diversification, trial close. Have you ever heard ABC, Always Be Closing? Not true. Always be trial closing.

Sample trial closes are: “Are we on the right track?”“Would this benefit you?” “Do you agree with this approach?”“Do you think this can work for you?”“How does this sound so far?”

There are 3 great ways to close. But all of these suggest a level of sophistication. One close is good for the less affluent and another for the high net worth. Your success in closing may be dependent on how you employ the right close for the right demographic.

The 3 Best Closes, Anytime, Anywhere:1. The “Implied Consent/Assumptive” Close($50K to $100K income. Up to $200K net worth. Low Financial Sophistication)

This style of close is best for fairly unsophisticated buyers. The process necessitates that you listen to their problems through probing and then present one solution. Any more than that will confuse and eventually paralyzed the decision. The reason this close works so well is that after the trial close, you produce the paperwork and then ask the prospect to sign. What you should not do is ask if they would like to buy, or would they like to move forward. Since these types of prospects by definition don’t have a lot of experience or sophistication, what they don’t know will concern them. They will ask more and more questions and request prospectuses. Eventually they will get paralyzed and do nothing. Don’t give them too many choices. The de-facto rule is if they don’t stop you, they made a purchase.

2. The “I Recommend” Close($100K to $150K income. $200K to $500K net worth. Some sophistication with financial planning)

Like the Assumptive Close, this is also a logical conclusion approach. It’s the

insurance policy and borrow from the cash value tax free. The third approach we could take is borrowing $30K from a low interest rate program for college, putting 50% of the portfolio into a more stable value fund and contributing $5000 a month into outside investments using a “dollar cost averaging” strategy. Which seems like a better plan to you?” They will usually pick the middle.

This close works very well because 64% of the HNW are business owners. They are comfortable with making their own decisions. If you suggest only one solution, they may become suspicious. This close works well because it involves the prospect more in the formulation of the decision. It also creates the sense that the solution is the one that is best for him.

All of these closes are effective with the right kind of prospect. But you need to size them up, determine their level of sophistication and then close the way they want to buy instead of the way you want to sell. If you close every prospect and client the same way, your closing ratio will decrease. If you don’t trial close, your closing ratio will decrease. If you don’t use the right close on the right prospect client, you will get stalled. Don’t let your technical expertise fog you up. It’s what your prospects and clients implement that makes you money.

Kerry Johnson, MBA, Ph.D. is a best-selling author and frequent speaker at financial planning and insurance conferences around the world. Peak Performance Coaching (his one on one coaching program) promises to increase your business by 80% in 8 weeks. To see if you are a candidate for this fast track system, visit www.KerryJohnson.com/coaching and take a free evaluation test. You will learn about your strengths and what is holding you back.

Contact: 714.368.3650 [email protected]


Kerry Johnson, MBA, Ph.D.

Register Cover Profile

J. Christopher Dixon, MBA, RFC®

As we near our 2018 Biltmore Conference in April, the impressive legacy of the Vanderbilt’s is visible on an opulent and grandiose level. What about the “normal” person, who is just as concerned about leaving a legacy and needs estate planning? Our focus to kick off the New Year delves into what clients need to protect their estate and have peace of mind that their affairs are in order.

To discuss this topic of concern, we engage J. Christopher Dixon (Chris) of Black Harbor Wealth Management located in Greenville and Seneca, SC. Chris has been in executive and financial management for more than 21 years. With his drive, TEAM spirit, overall enthusiasm, and motivation, he has been educating seniors how to protect and preserve their assets, increase their retirement income, reduce their taxes and stay retired.

Register: How did you transition from your accounting and business background to a full service financial consulting career and firm?

Chris: It wasn’t really hard with my background in Finance and Personal Investing. I had some really great mentors along the way who propelled me in that direction.

Register: What are the circumstances that led you to founding of Black Harbor WM?

Chris: That’s a great question. I had bought a telecom business in South Carolina in 2001 and was fortunate enough to surround myself with really good people. We grew that company to the Top 25 Fastest Growing Companies in South Carolina. The growth created a lot of interest from investors and private individuals. Some of them made me an offer I could not refuse so I sold it and

that started my dilemma of what to do with my personal money. I visited with a number of financial consultants and was not entirely convinced on what they were “selling” me. So, my oldest son Christopher and I co-founded the company with the goal to be completely holistic in our retirement planning.

Register: You have three sons (Chris, Sam and Matt) working at Black Harbor WM. What are the dynamics of that family situation?

Chris: Wow that one depends on what day of the week you ask me. No just kidding, it is really a father’s dream to have his children work together in a family business. We are all really competitive so we really push each other to be better each day and each week. When we disagree, our conflict resolution is to take a vote. Majority wins. It has been great to watch the boys grow and develop in this business. They really want to do their absolute best for each client. You didn’t ask, but the sleeper in the bunch may just be my daughter Susan who is a Senior at Clemson University this year. I am holding out to see if she wants to join us.

Register: How do you instill the TEAM spirit that it takes to sustain a successful practice?

Chris: Well having been a college athlete and played on and coached many championship teams, I truly believe that TEAM stands for Together Everyone Achieves More. How sports translate to business in my opinion is establishing clear definable and attainable goals and creating an action plan to get there. Get the bus heading in the right direction, get the right people on the bus, then get the right people in the right seat on the bus. I read Jim Collins book Good to Great and that point stuck with me. Then incentivize the staff and reward them handsomely.

Register: How does BHWM approach the subject of legacy and estate planning for their clients?

Chris: Legacy comes in many forms depending on the individual. Some clients want to totally maximize their estate and pass it on to their heirs. Some want to donate to schools or charities, and some want to spend their very last dollar without becoming a financial burden to their heirs. So we ask a great deal of questions in our client discovery phase to determine what the client really wants to do. Then we try to match up a strategy with the appropriate products that will fulfill their needs. The products could range from life insurance to hybrid annuities and could also consist of a professionally managed stock portfolio. My son Sam and another advisor in our office Brian Pierson, work on the stock portfolios with the money managers.

Register: Briefly explain the concept you use in your seminars and books about retiring with no taxes.

Chris: We work towards maximizing cash flow and estate value by using cash value life insurance built up over time. The concept has been around since the 80s so it not new just underutilized sometimes.

Register: What is the most common misconception clients have when talking to them about leaving a legacy?

Chris: I believe a great number of people confuse the word or term Legacy Plan with creating a beneficiary plan. A legacy plan is much more involved than simply designating your beneficiaries.

Register: How has estate planning changed in the past 10 years? What is the method of communicating new ideas to your senior clients?

Leaving a Legacy


Chris: Tax laws and longevity have changed the way we look holistically at an estate. We conduct Retirement and Estate Planning seminars and educational workshops in concert with an Estate Planning Attorney as our primary communication vehicle.

Register: On the Association side, how do you benefit from being an RFC®?

Chris: I enjoy talking to other consultants around the country about the benefits of the Association. The Register magazine that come out is always chocked full of great information that we are able to use in our business. On occasion, the information provided has been just what I needed for an upcoming client. We can never get too educated in this business.

Register: How would you like the IARFC to improve this year? Are you looking forward to attending the Biltmore Conference?

Chris: Improvement areas would be getting more consultants aware of the Association and getting more people involved in their respective states — creating an overall awareness that we need to do something for our industry. I am really excited about attending the 2018 Conference. I want to be a great ambassador and stimulate support for the Association.

Register: On the personal side, what does fun time look when the Dixon family gets together?

Chris: Well we live in upstate South Carolina so watersports on Lake Keowee are a great passion of ours most of the year. With 2 grandsons now, some things have changed in the fact that our get-togethers are planned around two three-year-olds. My three sons live in Simpsonville and my wife and I live in Seneca so one of my grandsons is always telling his parents “I want to go to

Papa’s beach”. They now use this as leverage. We generally take at least one family vacation a year together. During the holidays my sons rotate their time between our house and their in-laws.

Register: Share your estate plan for BHWM and your legacy to your own family?

Chris: We created a succession plan for the transition of the business to my sons and daughter if she decides to join us after graduating from Clemson. In addition, we have established Trusts that will direct our wishes for the Estate.


Investment Advisory Services offered through AE Wealth Management, LLC. (“AE”) a registered investment adviser and may only be offered in states where registered. Black Harbor Wealth Management and AE Wealth Management, LLC are not affiliated.

Black Harbor WM a Family LegacyChristopher J. Dixon, RFC®, J. Christopher Dixon, RFC®, Samuel J. Dixon, RFC ®, Matt Dixon, RFC ®



2018IARFCBILTMORE Conference

National Financial Plan Competition

Asheville, NC April 17 – 19, 2018Join us at the Biltmore

Keynote Speaker

Julie Friend eFriend

Why Local Businesses Need to Give a Damn About Reputation ManagementIARFC CE credit

Rick B. Stanzione RFC®R & R Group, Inc.

The List Book a Financial Advisors Best FriendIARFC CE credit

Kai Tu YuanCEO/IARFC China Development Team

Discussion of IARFC China Development

Featured SpeakersRic Edelman RFC® Edelman Financial Services

The Truth About Your FutureIARFC CE credit

Max BolkaComprehensive Business Consulting

Comprehensive Legacy PlanningIARFC CE credit

Harlan Accola RFC®Fairway Independent Mortgage Corporation

A Reverse Mortgage Cinderella StoryIARFC/CFP CE credit

Dr. Jeffrey ChiewRFC®IARFC Asia Chair

Financial Technology (Fintech) in Financial PlanningIARFC CE credit

Monroe “Roey” Diefendorf, Jr. CFP®, RFC®3 Dimensional Wealth Advisory

The Super (“Values Based”) ILIT: Creating a beneficiary designation on steroids.IARFC CE credit

Barry L. Dayley MRFCMoney Concepts

Ethics Program for Financial PlannersIARFC/CFP CE credit

Image used with permission from The Biltmore Company, Asheville, NC

Conference presentations and /or speakers are subject to change.


Biltmore – Guest Specialty Tours

Legacy of the LandGo back in time with a narrated tour on a Biltmore motorcoach. Learn about the history of the land, structures, and former residents from a guide while visiting areas of the estate not usually open to guests. 90 minutes

Wednesday, April 18, 10:00am

Red Wine & Chocolate ProgramHosted by the winery staff. Discover why chocolate and red wine is a match made in heaven. Including locally produced artisan chocolates from French Broad Chocolate and Chocolate Gems, the program centers on production of wine at Biltmore and chocolate where you will taste and experience the tactile attributes of a raw cacao bean and the process of farming origin-specific cacao and its influence on the finished product. You will sample dark and milk chocolates accompanied by four award-winning Biltmore red wines to determine which is more pleasing to the palate. A must-do for any serious chocolate or wine lover. 30 – 45 minutes. Guests must be 21 years or older to attend.

Wednesday, April 18, 1:00pm

Guided Garden WalkEnjoy a meandering walk through the estate’s Italian Shrub and Walled Gardens with a Biltmore host offering insights into the landscaping history behind the estate’s world renowned gardens, grounds and Conservatory. You will discover the choices made by George Vanderbilt and acclaimed landscape architect Frederick Law Olmstead and see how their designs have endured for more than a century. 60 minutes, ¼ – ½ mile

Thursday, April 19, 10:00am

Omni Grove Golf Outing

Package Includes All Three Tours

Golf Outing – Legendary Golf at the Omni Grove Park InnSwing into a round of golf on the legendary 18-hole course at The Omni Grove Park Inn. The 6,400-yard championship course has been played by PGA stars Bobby Jones, Ben Hogan and Jack Nicklaus and even President Obama. Feel a sense of pride and accomplishment after navigating the tree-lined fairways and bent greens with amazing views of the Blue Ridge Mountains all around. Elevated tee boxes on the par-70 course provide perfect sight lines for each drive. Includes golf fees and shuttle from Biltmore Village to Omni Grove Park Inn.

Tee Time, Thursday, April 19, 2:00pm

Golf Outing sold separately

call 800.532.9060 or visit www.IARFC.org



Images used with permission from The Biltmore Company, Asheville, North Carolina

Agenda

Biltmore ConferenceApril 17 – 19, 2018Asheville, NC



Tuesday, April 17

5:00pm – 6:00pm Registration

6:00pm – 7:30pm Welcome Reception

Networking and Exhibiting

Behind-The-Scene Guest Tours & Golf

Exhibitors

8:00am – 9:00am Breakfast, visit with Exhibitors

9:00am – 9:50am CE Session — Ethics Program (2 hour credit)

Barry L. Dayley, MRFC

10:00am – 10:50am CE Session


12:00pm – 1:00pm Luncheon, visit with Exhibitors

1:00pm Closing

Thursday, April 19

Wednesday, April 18

7:30am Registration

8:00am – 8:30am Breakfast, visit with Exhibitors


9:30am – 11:40am National Financial Plan Competition

3 Finalist Plan Presentations

11:40am – 1:00pm Luncheon, visit with Exhibitors

1:00pm – 1:50pm CE Session

2:00pm – 6:30pm Relax & Explore the Estate

6:30pm – 9:00pm IARFC Awards Banquet

Keynote Speaker – Ric Edelman, RFC®

Lioncrest Lobby

Lioncrest Grand Ballroom

Lioncrest Veranda

Lioncrest Veranda


Lioncrest Veranda

Wednesday, April 1810:00am Legacy of the Land Tour

1:00pm Red Wine And Chocolate Program

Thursday, April 1910:00am Guided Garden Walk

2:00pm Golf Outing, Legendary Omni Grove Park Inn

Shuttle Departures Village Hotel Lobby

Lioncrest VerandaLioncrest Lobby

Lioncrest Veranda

Lioncrest Veranda


Agenda is subject to change. All Attendees and Guests receive a Length of Stay Pass, allowing you to take in the Biltmore House Tour, and gives access to our Guest Package which, includes: Legacy of the Land Tour, Red Wine and Chocolate Program, Guided Garden Walk. Golf Outing at Grove Park is separate.

Shuttle Departures Village Hotel Lobby

Added Tours

Images used with permission from The Biltmore Company, Asheville, North Carolina



Attendee Information

IARFC Biltmore Conference Registration

April 17 – 19, 2018, Asheville, NC

Continuing Education Credits: Each state has different insurance and securities CE regulations. This event has not been pre-registered for CE. Varying credits will be available for IARFC, PACE, and state credits, depending on sessions attended.

Lodging: IARFC is not responsible for attendee/guest hotel fees and/or taxes.

Recommended Attire: Business casual is appropriate. A jacket or dress is optional, but recommended for the Awards Banquet April 18.

Cancellation: A refund (less 20% administration fee) will be made if notice of cancellation is received in writing up to three weeks before the event. We regret that no refunds can be given after this period. A substitute delegate is always welcome at no extra charge.

Disclaimer: The program may change due to unforeseen circumstances, and the IARFC reserves the right to alter the venue and/or speakers. IARFC accepts no responsibility for any loss or damage to property belonging to, not for any personal injury incurred by attendees at our conference. The IARFC reserves the right to publish pictures and or video of this event and its attendees. A list of attendee contact information, will be shared with Exhibitors.

Member and Non-Member Registration Includes

Biltmore Length of Stay Ticket

CE Sessions, Ethics Program

National Financial Plan Competition, Judge the Finals

April 17, Reception, Wine & Hors d’oeuvres

April 18 & 19, Breakfast with Exhibitors

April 18 & 19, Luncheon with Exhibitors

April 18, IARFC Awards Dinner Banquet

Guest Registrations IncludesBiltmore Length of Stay Ticket

April 17, Reception, Wine & Hors d’oeuvres

April 18, IARFC Awards Dinner Banquet

(Total Registration, Shuttle, and Tour fees)

Admission ItemIARFC Member Registration fee $595 Registration Deadline: February 15, 2018

Discounted Price If Registered By

$545 Thursday, January 18, 2018

Optional Items

Non-Member Consultant Registration fee $795 Registration Deadline: February 15, 2018

Discounted Price If Registered By

$745 Thursday, January 18, 2018

Guest Registration fee Guest/Spouse/Friend

$275 Registration Deadline: February 15, 2018

Payment Options1. Mail Registration with payment to: IARFC

P.O. Box 506, Middletown, OH 450422. Fax Registration to: 513.345.9479 (credit card only) 3. Email Registration to: [email protected] Make Checks payable to: IARFC

Credit Card# (Visa, MC, Amex, Discover)

Exp. Date Security Code

Total Amount due $

First Name Middle Initial Last Name Salutation

Business Name

Street Address Ste/Apt# City State Zip

Business Phone Cell Phone Email Address

First Name Middle Initial Last Name Salutation

Shuttle Service, Charlotte Douglas International Airport (CLT)

$75 Departing CLT at 2:00pm EST, Tuesday, April 17, to Biltmore Estate

Indicate Quantity Needed

$75 Departing Biltmore at 9:00am EST, Friday, April 20 to CLT


Guest Specialty Tours

$80 Package Tours (includes all three, per person)


Legacy of the Land Tour, Wednesday, April 18, 10:00am

Red Wine and Chocolate, Wednesday April 18, 1:00pm

Guided Garden Walk, Thursday, April 19, 10:00am

Golf Outing - Legendary Omni Grove Park Inn $140 Outing (includes shuttle and golf fees, Thursday, April 19, 2:00pm, Tee Time)


Guest Information

Lodging: Village Hotel on Biltmore EstateSpecial Rate $179 per night online: villagehotel.biltmore.com Click Promo Code and Enter Group Code: 19P6DI, click Update, click Find Rooms, Select Option

Call: 866.779.6277, mention 2018 IARFC Biltmore Conference


How much do you want to grow your practice? How fast do you want to grow it? Whether you do it yourself or form strategic alliances with others to offer a more holistic “one-stop shopping” experience for clients, the trend in the industry is to include some kind of financial planning as well as asset management as part of your offerings, in addition to serving their insurance needs.

While it’s relatively easy to increase your average account size from $250k to $500k, and then to $750k, a funny thing happens as you pass the $1 million mark…you have a lot more competition! How can you differentiate yourself, so you can “swim upstream faster” and build your business with fewer, but larger clients? The first step is to identify the needs and wants of the $1M+ market.

A Matter of Asset SurvivalAccording to Roy Williams in his book, “For Love & Money”, despite having an estate plan, over 90% of all multi-generational wealth transfers fail by the time the assets reach the third generation, the wealth creator’s grandchildren. It’s not an exaggeration to say that the very survival of the overwhelming majority of America’s family legacies are in jeopardy.

In a recent Morningstar survey, when boomers were provided with five assets they could transfer to the next generation but could only select one, over 75% of them chose “core values and life lessons” to pass on, while only 12% chose traditional family wealth, such as financial assets. And finally, according to a survey by Mindscape, over 60% of respondents rated “legacy development” as the top advice they needed.

These primary concerns of higher net worth families are not currently being addressed by their Financial Consultants. By doing so, you can differentiate yourself from the

competition, increase your core business income and its value, and position yourself as your client’s primary consultant.

The Solution — Comprehensive Legacy Planning (CLP)Legacy planning, in the broadest sense of the term means leaving what you want, to whom you want, when you want, with minimum taxes and maximum control. But what about your client’s non-financial assets?

Operating under the assumption that one’s total wealth consists of more than simply one’s net worth, Comprehensive Legacy Planning goes beyond mere finances to help clients clearly define, communicate, implement and perpetuate their total wealth, including their non-financial assets. These “more than money” assets include: core values, family traditions, family unity, family legacy, philanthropic goals, beneficiary preparedness, impactful life experiences and the wisdom gathered over a lifetime.

Attract Million Dollar ClientsBy Adding Comprehensive Legacy Planning

opportunities from multiple disciplines. Tax, financial, investment, insurance and multiple areas of law are addressed as clients progress through their plan. Attorneys, accountants and other non-competing consultants receive vital communication and leadership from you right from the start, allowing you to build credibility and productive working relationships with your client’s existing team of consultants.

For example, your client’s estate planning attorney usually receives more legal work from going back and revising documents to reflect your mutual client’s new wishes. You easily get to discuss your core business during these conversations, with CLP differentiating you from competitors.

Bond with Next GenWhen it comes to family wealth, the next generation often feels dictated to and seeks to have a voice in the vision of the family’s future. CLP provides this voice.

Because CLP expands the nature of your engagement, the entire family now becomes your client. You get to know each family member and build relationships by communicating with each one as they complete a series of exercises designed to help foster clear family communication and unity. And while the subject matter can often be very personal, it’s also very natural, and of extreme importance.

You get to show the next generation how proper planning can help ensure a true lasting legacy. You show them how there can be enough for both them and succeeding generations. You teach them how to become good stewards of their family’s total wealth. You help formalize structures for family governance, incentivizing behavior in alignment with the family’s core values they wish to perpetuate. And you get to place yourself right at the hub of such structures. In short, you become indispensable.

Let’s Get MobileIn today’s world, it’s not only possible, but highly probable, that family members will be spread out geographically. Therefore, for CLP to be a truly effective process, web-based systems must be employed so that you, your client and their heirs, as well as other consultants, can live anywhere in the country and still communicate.

A centralized “digital vault” and journal can be created where members communicate and work through planning issues conveniently and effectively wherever they live, including:

CLP Benefits to ClientsYou can help protect a client’s financial assets tomorrow by creating a plan to help perpetuate their total wealth, including their non-financial assets, and leave a true lasting legacy by passing along their values as well as their valuables. A Comprehensive Legacy Plan helps clients:

• Promotedirect,sincere,meaningfulandinclusive family communication.

• Encourageandenhancefamilyunity.• Mitigatethehighriskofintergenerational

wealth transfer failure.• Addorstrengthenformalfamily

governance.• Improveexistingfinancial,retirement,

investment, estate and succession plans.• Expandandreinforceassetprotection.• Clarifyphilanthropicgoals.• Increasethestructure,directionand

meaningful content of family meetings.• Incentivizepositivebehaviorfrom

beneficiaries.• Reduceresentmentwhenloaningor

granting money to family members.• Preparebeneficiariestohandlean

inheritance and encourage responsible entrepreneurship.

• Increasemeaningfulcommunicationamong beneficiaries and trusted consultants.

• Alignallexistingconsultants.• Passalonglifelessons,messages/

advice, experiences of value and accumulated wisdom.

• Realizeadeeperawarenessandpossibilities of one’s family legacy and how to perpetuate it.

CLP Benefits to ConsultantsIn addition to giving you a truly differentiating competitive advantage with which to attract and retain higher net worth clients, offering Comprehensive Legacy Planning helps you:

• Expandthescopeanddepthofexistingclient relationships.

• Markettoexisting,warmrelationshipsaswell as new prospects & COIs.

• Move“upstream”quicker,gainingsignificantly higher net worth clients.

• Increaseyourcorebusinesswithoutanydisruption.

• Increaseonetimeandrecurringfinancialplanning, insurance and asset management compensation.

• Utilizetheskillsyoualreadyhave,orpartner with other professionals to provide CLP.

Referrals Anyone?Referrals are one of the biggest benefits to consultant offering CLP. You generate

• Alldocumentscanbeshared and stored.

• Familyhistorycanbepreservedinaudio,video and written format.

• Meetingscanbelogged.• Planassessmentsandadjustmentscan

be made.• “Non-financial”balancesheetscanbe

created and tracked.

Building the above features into your CLP system not only enables seamless, secure communication, but also provides the transparency necessary for everyone to track the family’s progress in accomplishing their goals. And finally, an open web-based system promotes accountability and motivation among all family members and their consultants.

In Summary: Be A HeroThe largest wealth transfer in our country’s history has just begun. With a 91% failure rate, you have a huge opportunity to ride one of the biggest demographic megatrends and become a hero to clients. Help them define, communicate, implement and perpetuate a true lasting legacy by adding Comprehensive Legacy Planning to your core business, or by partnering with those who currently offer CLP.

Max Bolka, will be a featured speaker at this year’s IARFC’s Biltmore Conference April 17-19th in Asheville, NC. He is a 30+ year veteran of the financial services industry who developed and served nationwide financial planning and investment clientele. For the past 20 years, he has also been “Building First-Class Financial Advisors” of all kinds through his industry professional speaking, writing and one-on-one mentoring program. For more visit his website.

Contact: 828.713.4116 [email protected]


Max Bolka


Event and Education Programs

HighlightsIARFC Hong Kong, Macau September 16, 2017 Professional Certificate in Financial Consulting (Executive Program)In Macau, the Professional Certificate in Financial Consulting (Executive Program) September 2017 class commenced on Saturday, 16 September. Professor Kong Fanqing, Vice Rector of City University of Macau, delivered her motivational speech at the kick-off. At the same occasion, Mr. Allan Wan, Executive Director of IARFC Hong Kong and Macau Centre, presented on IARFC.

The Executive Program is approved by IARFC. Graduates meeting the RFC® admission criteria are eligible for the conferment of the RFC® professional designation.

IARFC Hong Kong and Macau Centre has been in cooperation with City University of Macau and Macau Institute of Financial Services for the development and promotion of the RFC® education programs in Macau.

IARFC Hong Kong Macau – Professor Kong Fanqing (standing) kicked-off the class by a motivational speech.IARFC Hong Kong and Macau

March 18-20, 2018 IARFC Greater China ConferenceSanya Island, South China Sea

IARFC China

August 2018 Worldwide China Life CongressKunming, China

Upcoming Events

IARFC Hong Kong Macau — Mr. Allan Wan (standing) presented on IARFC.

IARFC Hong Kong Macau — Class group photo, 6th from left — Professor Kong Fanqing, Vice Rector of City University of Macau, 7th from left – Dr. Eva Khong, Executive Associate Dean, Faculty of Business, City University of Macau, 5th from left — Mr. Allan Wan, Executive Director of IARFC Hong Kong and Macau Centre, 4th from left – Dr. Raymond Lee, program lecturer

International News


Insights into the IARFC China Development Team

Register International Profile

As a guest of the International Chapter last year, I was very impressed by the Association structure and their professionalism. I learned how they ran their business – not how we want them to run it.

I think the US members can benefit from understanding how the IARFC is structured in China and how the RFC® designation is promoted - they are an impressive, thriving Association. For an in depth look, we turn to Kai Tu Yuan, Chairman, who gives us insights into the China Development Team, the real backbone of member expansion, training and services. — H. Stephen Bailey, Chairman

Register: First, what is the IARFC China Development Team?

Kai Tu: This is a unit responsible to expand the IARFC membership in China. Its major functions include to: formulate strategy, set up member acquisition plans, design training courses, tools, continuing education, and offer member value added services.

Register: What is their mission?

Kai Tu: To escalate the professionalism, social status and image of financial services and insurance participants in China.

Lance Lin, Secretary Officer & Instructor; Summer Huang, Admin Staff; Robin Wang, Instructor; Kevin Lu, Instructor; Belle Wu, Finance; Lumie Lu, Admin Staff; (Front) Regina Xie Admin Assistant & Admin Manager, (Back) Shou Chi Chien, Instructor; Mia Zhong, Admin Manager, (Front) Shadow Feng, Admin Staff; (Back) Johnson Ouyang, Vice CEO & Instructor; Kai Tu , CEO; Ming Yong Lu, Instructor, R1 Louis Hsieh - Instructor

Kai Tu Yuan


Register: How is the team structured?

Kai Tu: The IARFC China Team is under the Worldwide Chinese Life Insurance Education and Training Institute, which is the educational organization of Insurance Marketing Group (IMG). There are four different categories of personnel related to the team: management, administration, in-house and external faculties, and branch sales.

Register: Explain the role of the different categories?

Kai Tu: Our responsibility roles include:

1. Management team (CEO, Vice CEO, Secretary Officer and Admin Manager) who are responsible for strategy, planning, promotion, coordination, supervision, and execution.

2. Administration staff is the backbone of our unit. They provide daily operational support, training course coordination, membership registration & renewal, website maintenance, quarterly magazine, etc.

3. In-house and external faculties are responsible for the course development and training.

4. Branch Offices — China Center leverages IMG’s sales offices located in eight major cities to promote the RFC® program and provide local membership services.

Register: What countries/cities come under this Association?

Kai Tu: Under the Greater China IARFC Association, we have three separate development centers that cover China, Hong Kong & Macau, and Taiwan.

Register: Explain the training programs conducted by the instructors.

Kai Tu: Due to the different economic and industry development statuses, the training courses vary in each development center. For China, the program includes 14 days of classroom training and the completion of one Financial Plan. The course covers 7 major topics: risk management, economic, taxation, finance, investment, financial planning and case study. Part of the course is conducted by external instructors who are university professors, lawyers and financial professionals.

Register: How does the team promote the IARFC?

Kai Tu: We are working closely with IMG China branches to promote the program. These branches are located in the eight major areas of China with strong distribution power and solid client relationships. Each year the China Development Center coordinates with branch managers to develop an annual course plan and member acquisition targets.

Register: How is membership increased?

Kai Tu: From the beginnings in 2003 to current day, the RFC® program has graduated around 8,000 RFC® designations in China. The majority of IARFC members are working in the Life Insurance Industry. Unfortunately, due to the high turnover rate in this industry, the membership renewal rate is not encouraging with the actual valid member ratio in the 20% range. This is the area we are aiming to improve in the next phase.

Register: What have been your major accomplishments in the past couple of years?

Kai Tu: In addition to membership growth, we developed a number of planning tools, continuing education programs, and branding materials for the RFC®, which improve the member’s productivity and establish personal branding. As of today, the RFC® is recognized as the number one financial professional within the Life Insurance Industry in China.

Register: What are the key secrets to the success of the Association?

Kai Tu: The number of RFCs in China has increased dramatically in last 3 years, I have to give my sincerest appreciation to my colleagues for their contribution and hard work and the IARFC US support that made it happen. In summary, the key secrets to the success of the Association in China is to:

In addition to membership growth, we

developed a number of planning tools,

continuing education programs, and

branding materials for the RFC®, which

improve the member’s productivity and

establish personal branding. As of today,

the RFC® is recognized as the number one

financial professional within the Life

Insurance Industry in China.

Kai Tu, China CEO

IARFC China Development Team

IARFC’s CAREER CENTER atcareers.iarfc.orgJOB SEEKERS,YOUR NEXTFinancial PlanningCAREER OPPORTUNITYCOULD BE CLOSERTHAN YOU THINK.

Job Seeker Benefits• Access to high quality, relevant job postings.

No more wading through postings that aren’t applicable to your expertise.

• Personalizedjobalerts notify you of relevant job opportunities.

• Careermanagement – you have complete control over your passive or active job search. Upload multiple resumes and cover letters, add notes on employers and communicate anonymously with employers.

• Anonymousresumebank protects your confidential information. Your resume will be displayed for employers to view EXCEPT your identity and contact information which will remain confidential until you are ready to reveal it.

• Value-addedbenefits of career coaching, resume services, education/training, articles and advice, resume critique, resume writing and career assessment test services.

POWERED BY


1. Continue attracting and recruiting persons with a desire to change, grow and adapt what he/she learned in the market.

2. Provide practical content and tools to equip members. We constantly review and revise our course to assure it is usable and helpful for our members.

3. Instill the mission of Loren Dunton in our members. We take the statement “To help persons wisely save, spend, invest, insure and plan for the future.” seriously. We leverage it as the guidance and responsibility of an RFC®. This makes the Association unique and different from other training institutions and/or financial professional associations in China.

4. Increase member support and value addedservices–whichiscriticalvia:• Continuingeducationactivities,• IARFCGreaterChinaRegional

Conference • IARFCwebsiteandWeChat(Chinese

version of FB) to broadcast association’s activities and news,

• Planningtoolsandpersonalbrandingmaterial, article contest, etc.

All of the above efforts will bond our members closely together. I sincerely believe this is the challenge and the opportunity for RFC® continued growth in the future.

Register: Where do you see the IARFC headed in the next year?

Kai Tu: I target an increase of 2000 new members via continuous revisions in our training courses and member services, and by promoting a closer connection with IARFC US Association and its members. In 2018, I plan to invite more US members to attend IARFC China activities and to bring the US and the China members more closely together in terms of sharing experience and business exploring if feasible.

Register: What does a 3 year, 5 year, 10 year expansion plan look like.

Kai Tu: I don’t have a detailed plan or figure in mind regarding this question right now. However, I believe the Association in China will continue improving what it is doing. We want to make the RFC® the most prestigious financial professional designation in the Chinese community. Internally, I have to recruit & develop additional instructors and staff to make sure we accomplish this objective.

Register: Are there events that are important for the IARFC US to attend?

Kai Tu: There are a number of events where I intend to invite IARFC US members to engage in China. For example, the IARFC Greater China Conference from March 18 to 20 in Sanya, a beautiful island in the South China Sea, and the Worldwide China Life Insurance Congress in August 2018 in Kunming. I will send the US Chapter the relevant information and enrollment materials if US members are interested. I strongly believe this will be a great opportunity to know what is happening in China.

Register: How can the IARFC US promote the IARFC China?

Kai Tu: I plan to attend the 2018 Biltmore conference in April 2018. Maybe this is best opportunity to present what is happening in Greater China and to promote the IARFC China in person.

Register: Finally, what else would you like the members to know about the China Development Team?

Kai Tu: As a local chapter of the IARFC, China has grown by our own efforts. However, if we wish to continue growth as a true international professional association, then we need a closer connection with the US and other international chapters to leverage its resources. In the meantime, I wish the US Chapter more expansion and the strengthening of their position in the US market.

H. Stephen Bailey, “Steve” Bailey, CEBA, LUTCF, CEP®, MRFC started HB Financial almost 30 years ago after already having a life insurance career. Steve is an elected member of the IARFC Board. He is also the 2010 recipient of the prestigious Loren Dunton Memorial Award. When not working with his clients you will find Steve on a golf course, spending time with his grandson or traveling with his wife, Bobbi.

Contact: [email protected] www.iarfc.org

H. Stephen Bailey CEBA, LUTCF, CEP®, MRFC


After observing human behavior for over 47 years in more than 15,000 client interviews, I have come to the conclusion that there exists a hierarchy in the planning/consulting process. Not only is it important for consultants to determine where their client resides on the spectrum of needs, but it is equally as important for each consultant to determine where he or she is in the spectrum of planning.

Not only will the planning process evolve over time as individuals begin to accumulate financial assets, but the planning professional, the Registered Financial Consultant, must evolve as a practitioner to better service the changing needs of their clients. Change is inevitable, but growth is optional. In the future, it will be mandatory for the values based consultant to go beyond the planning process as we know it today. We must rethink our purpose so that we will be the most valuable consultant to our clients.

Stage I Fragmentation: This is the natural result of an individual beginning to accumulate an array of financial assets. This includes IRA’s, business assets, real estate, insurance, investments, etc. There is not much thought about how these items relate to one another. Typically they are sold to individuals by financial salespeople. Fragmentation by definition is the loss of unity and cohesion. Over time it becomes quite obvious that something must change. To become financially successful we need to enter Stage II.

Stage II Segmentation: After realizing that a fragmented approach to wealth accumulation is not an efficient manner of handling one’s wealth, an individual determines that he or she needs professional advice. So, they hire an accountant, a lawyer, an investment advisor, etc. But what have we done? We have simply reorganized the individual pieces into a segmented structure. Segmentation by definition is the structure of something that is made up of a series of segments. Unfortunately, all too often each of the consultants is acting independently, leaving the client to pull the pieces into a comprehensive plan. But this structure leaves much to be desired, so we seek to move to Stage III.

Stage III Integration: Comprehensive financial planning is the integration of all of the financial products and financial disciplines into a well-designed strategic plan. Integration is a combination of parts or objects that work together well. This has been the ultimate goal of the financial consultant and individual client. To accomplish this, practitioners have had to expand their education, earning professional designations (i.e. ChFC, RFC®, MRFC) that would distinguish them from the consultants of Stage I & II. Over the past 40 years a financial planning profession has been created to service the needs of clients in State III. But is that all there is? I submit that there is more to planning than simply addressing one’s finances. A new dimension hasevolvedasStageIV–MoreThanMoney Planning.

Stage IV Synchronization–Forty-sevenyears of experience has taught me that there is more to wealth than money. In fact, total wealth comes in three dimensions — personal, financial and social wealth. In order to truly help clients with their total wealth planning both a new way of advising and a new kind of consultant is necessary. This new consultant will be one who must understand how to counsel clients through life’s transitions. No longer can the consultant simply be concerned about passing on valuables, but we must be equipped to help clients pass on their values. Leaving a legacy will go beyond one’s last will and testament and insurance. Personal wealth (your values and beliefs) will become part of the total wealth plan. Philanthropy will also be a methodology

used by consultants to help clients leave a social wealth legacy. Exclusion of one of these three dimensions from the planning process will weaken the total wealth transition plan. Synchronization by definition is an intransitive verb that means working together at the same time. This is the pinnacle of the Hierarchy of Planning. Only those consultants who pursue this plateau will be equipped to deal with the clients at this level. It is when one reaches this final stage in the planning process that truly a life of financial success can be transformed into a life of personal significance.

Change is inevitable but growth is optional. The tools currently exist to help you take your practice to new dimensions. I challenge you to join today the ranks of “more than money” consultants who will dominate the landscape of “total” wealth management in the 21st century.

Monroe “Roey” Diefendorf, Jr. CLU, ChFC, CFP®, CIMA, CAP, RFC® will be a featured speaker at this year’s IARFC’s Biltmore Conference April 17-19th in Asheville, SC. Roey has been active since 1970, he is the 4th generation of his family in the business. He has authored over a dozen books, including 3 Dimensional Wealth: A Radically Sane Perspective On Wealth Management. Roey, in conjunction with Shawn Barberis, JD, has introduced MoreThanMoneyVault.com a technology tool to deliver “total” wealth management.

Contact: [email protected] www.3dwealthadvisory.com

Monroe “Roey” Diefendorf, Jr. CLU, ChFC, CFP®, CIMA, CAP, RFC®

More Than MoneyHierarchy of Planning


Highlight those areas where you need to improve, and chart your course accordingly.

1. ProcrastinationProcrastination is one of the biggest

time-wasters. It is the habit of needlessly putting off important tasks that should be given attention. This can cripple every phase of your job and is usually caused by inertia and/or a lack of good planning.

Proactive Methods1. Establish your priorities and let nothing interfere with the execution of your most vital tasks. Be constructively selective in what you will do. You may find it hard to prioritize your first list of “to do” items since the list is nothing but an accumulation of many promises made to yourself and others. To aid in your selection, keep in mind that it will probably take longer to do most things than you estimate. Review your work methods so that you can learn to get the job done faster and easier while maintaining quality and coverage.

Time: Your Greatest Resource

promised was not delivered. You may have been reluctant, even to the last minute, to admit to the possibility of not making the goals agreed upon.

Typically, a manager in this circumstance is surrounded by activity: the phone is constantly busy, people are in the office, others are waiting to get in, etc. Ultimately, team members and family begin to feel the impact as extra hours are spent in the office and pressures build.

Time is a valuable resource. If you find that you’re unable to resist giving away or losing time in your workday, you’re in effect opening your pockets and giving away your earnings. The first line of defense in protecting your time is to identify precisely how it is eroded and then learn effective means of managing your time.

Ten areas where effective time management is essential are further explored. As you read on, assess your time management skills.

Like most success factors in our business, time management is largely dependent upon attitude. Develop your awareness of time and the manner in which you use it. Make it a practice to ask yourself, “What should I be doing with my time right now? What is it that really needs doing now? Am I staying focused on the things that make a difference?” More than anything else, your attitude determines your success in managing time.

If you have ever missed a goal or deadline, you have experienced the effect of eroding resources through poor time management. While there may have been valid reasons or plausible excuses, the bottom line is that the performance

“A moment of time is like a piece of

gold, but a piece of gold won’t buy a

moment of time.”

Proactive Methods1. Build time in the day for fighting fires. Schedule perhaps an hour every day or whatever breakdown is appropriate based on your experience.

2. Think before acting. In many situations this may diminish the need for future firefighting.

3. Analyze patterns. Every time you put out a fire, find out why it started, and determine whether or not it could be handled differently in the future, and how. List and categorize all “fires” over a period of time and set down specific methods of prevention.

4. Do first things first. Stay focused on those things that produce the desired results.

5. Telephone / Email ActivityThe telephone and email should be

considered a servant, not the master. Yet, how often do you accept telephone calls from people you would not see at all, would refer to someone else, or would defer until later? How many times do you look at emails before anything is done about the message? It is surprising how much time can be saved by not being available at the end of a telephone or email at any given moment.

Telephone

Proactive Methods — Outgoing Calls1. Schedule specific times to make calls.

2. Make calls to your Home Office at a time when most people you want to reach will be available.

3. Remind yourself to limit the time spent on calls.

4. When leaving voice mail messages, specify a timeframe when you can be reached for a return call.

Proactive Methods — Incoming Calls1. Never answer the phone yourself. Instead, train your assistant to answer and screen calls appropriately. If you do not have an assistant, activate your voicemail to answer all calls. “I am currently not available, please leave a message and I will return the call after 3:00 this afternoon.”

2. Never allow the telephone to interrupt important meetings or face-to-face conferences.

3. Remind yourself to limit the time spent on calls.

2. Failure To DelegateIn order to use time effectively, you

should never do anything that can be accomplished by others.

Proactive Methods1. Determine what is to be delegated, then assign responsibility and give authority to others.

2. Set deadlines and make sure that they are met if you want specific tasks completed at a specific time.

3. Give increased responsibility to assistants and team members that is commensurate with their ability.

4. Provide thorough training and careful instructions to your assistant and team members. This important aspect is often overlooked!

3. DelaysDelays are sometimes the result of

your procrastination or failure to anticipate a situation.

Proactive Methods1. Set up a schedule for following up on details or projects within a specific time period.

2. When planning a project, anticipate delays. They’re inevitable, so don’t let them bother you. Do what you can and go on to something else if the delay cannot be helped. You must continually juggle several balls in the air at the same time.

3. Communicate delays. When delays are caused by the actions of others, there may be a sense of anticipation or lack of control. For example, if a report is late from a team member that will affect others on the team, communicate the delay and adjust the timelines on the project. This reduces frustration for everyone concerned.

4. FirefightingWouldn’t it be wonderful if there

were no fires, no crises! On the other hand, “if there were no problems, we would all be out of a job.”

The key is to avoid any tendency to actually create fires to fight. While it can give you a sense of feeling important and needed, and can distract your attention from more mundane but important tasks, firefighting is definitely an attack on your time. Obviously, some fires will always be with us, but they can be minimized.

2. Always plan your day the day before. Keep your written, daily plan visible. It will rout procrastination.

3. Place your concentration on the matters that should be acted on immediately, leaving less important ones for later. A general guideline is that anything that will affect someone’s pocketbook or welfare should be acted on immediately.

4. When you start something, be determined to do it right the first time and bring it to a finish. The old cliché “if you don’t have time to do it right, when will you have time to do it over?” still applies. Resist the temptation to leave a job unfinished. It takes more time to re-familiarize yourself with a project than to complete it the first time around.

5. Dive in and get completely involved once you’ve set your priorities. Determine your most difficult job of the day and don’t do anything else until it is complete. Only decisive action can overcome procrastination.

6. Work out a self-reminder system. Make it a practice to write out your daily/weekly objectives and check off each one as it is accomplished. To help keep motivation high, many successful people have signs in their offices such as “When?” or “Do It Now!”

7. Work toward developing your knowledge and skills. People tend to focus on doing what they already do best. If you are procrastinating in one area of the job, it may be a sign that you are unsure of yourself. By developing and applying new knowledge and skills, you build confidence and overcome the resistance to taking action.

8. Discipline yourself in little things. Another natural tendency is to do the easier things rather than the hard ones that are necessary for success. To counteract this tendency, discipline yourself to do something difficult each day. It may be something as simple as getting up a little earlier or making one more appointment interview.

9. Decide what tasks you will not tackle. While setting priorities is essential, it’s just as important to set “non-priority items” — deciding what tasks are not essential and sticking to that decision. You can use A, B, C priorities: A. Must do. B. Nice to do. C. Non-priority item.

10. Beware of perfectionism. If you tend to be a perfectionist, keep in mind that even by your standards you need to do some jobs “quick and dirty.”


3. Develop techniques for closing conversations with others whenever appropriate. For example, you could look at your watch or have your assistant buzz you at a prearranged time.

8. Correspondence / PaperworkThese business functions can waste

big chunks of your valuable time if they are not put in proper perspective and kept under strict control.

Proactive Methods1. Concentrate on getting detail and correspondence out of the way. Sure, it takes work and practice, but spend an hour or two a day when you totally concentrate on drafting correspondence and paperwork. You’ll surprise yourself with how much time is saved when you are disciplined in your approach.

2. Use pre-approved correspondence whenever possible.

3. Guard against preoccupation. Thinking about something else is the greatest thief of concentration and effectiveness.

• Ifthereisanysecretofeffectivenessandgood time organization, it is concentration — doing first things first and doing one thing at a time.

• Managementisabusinessofmanyfunctions and if you do not develop the ability to concentrate on the present task at hand, then you will constantly be preoccupied. In doing so, you will inevitably contribute to the flow of time from the important to the urgent and the urgent often seems to have double the power to preoccupy.

(See #9 – Travel Time/Wait Time) Limit reading to a specific amount of time, and then go on to other tasks. Read in order of importance. Decide on a few subjects or books rather than becoming bogged down with too much material. For example, spend thirty minutes to an hour early in the morning before going to the office or at the close of the business day.

2. Focus on studying materials that can enhance your ability to relate to others, or that can help you in motivating yourself and contributing to your growth.

3. Take a rapid reading course. This can save time and allow you to read additional material. Learn to scan quickly so that you can determine what is worth reading more thoroughly, what you should read and take action on, and what can be passed on to others.

4. Train your assistant to sort your mail by category: Important, Urgent, Important and Urgent, Routine. If necessary, have your mail put in separate envelopes or pockets.

7. VisitorsThe number one objective in dealing

with visitors is to conduct the business of the interview as quickly as possible with the utmost concentration on what’s being said and then terminate the visit as soon and as graciously as possible.

Proactive Methods1. Schedule visits by appointment when possible.

2. Set a dollar value on your time so that the visit will not “spend too much time.” This translates to dollars. Limit socializing.

Email

Remember:• Emailisnotprivateandcanbe

forwarded to others• Emailsaresavedinrecipientfiles,

backups, and archives• Emailsdonotcontainnormalverbal

cues and tone of voice• Emailisdeliveredquickly,butmaynot

be read or replied to as quickly

Proactive Methods — Email Inbox:1. Determine when you read and

respond to your email.

2. Establish a prioritized approach to reading your email.

3. Filter and delete junk mail by sender or subject.

4. If an email is not clear, read it again. If is still not clear, call the sender to resolve the confusion in real time.

5. Once working in emails, keep the inbox to a minimum. Respond to the emails, or send it to a folder. Try to resolve all current emails and only go back to a folder when necessary.

6. Only print an email when it is absolutely necessary.

Proactive Methods —Email Outbox:1. Reply to the email within the

agreed-upon time frame.

2. Act on email immediately, leave in the inbox or send to a folder.

3. Make sure your response is brief and clear.

4. Be sure you have responded to everything.

Remember the telephone and email are tools and not masters.

6. Reading — StudyIt is almost impossible to read all of

the material that comes across your desk, but to prevent obsolescence it’s vital to learn about new methods and approaches. The problem may be discerning what to read. In a leadership role, the best choices are those books and magazines that will help you in your assignment and help you in your career.

Proactive Methods1. Allocate a specific time for daily reading, preferably non-productive time.



4. Plan unavailability. Plan a “quiet hour” each day for concentration and creative thinking. It will pay dividends.

5. Define the ideal week. This serves to reinforce discipline. It eliminates decisions on what to do next and insures scheduling key high-payoff activities.

6. Place greater emphasis on what you do each day, rather than on how much you do.

7. Earn the reputation for being busy. Others will show more respect for your time.

8. Establish deadlines with plans you make. Set time limits for doing certain jobs. You may have an hour to do a job, but don’t take that hour for a thirty-minute job.

9. Have an agenda to save meeting time and circulate that agenda to all attendees prior to the meeting. Have “stand up” meetings to get certain business handled quickly and efficiently.

10. Avoid the false economics of overworking and under exercising. Time management is a lifetime activity. To become good at it you must have the correct attitude, workable strategies and most of all, an adequate amount of self-discipline. You must have the discipline to do what you ought to do and the ability to delegate what you shouldn’t do.

Kinder Brothers International teaches sales and management professionals how to experience lasting success. Dr. William “Bill” L. Moore, CLU, ChFC, FIC, RFC® Vice President and Sr. Consultant, has 32 years of experience in the Financial Services Industry and an immense knowledge of Sales & Marketing, Management Development, and Agency Building.


Dr. William L. Moore, Sr. CLU, ChFC, RFC®

a speed reading course. Establish a system for retaining usable ideas and quotations.

7. If possible, have your assistant confirm all appointments. This can save time by improving your management of appointments.

8. Schedule personal visits to physicians only when you can be the first patient of the day. Many professionals do not value patients’ time as they do their own.

9. Utilize an electronic organizer. You’ll have quick access to important numbers, your calendar and other resources.

10. Habits In Stephen R. Covey’s best seller,

The 7 Habits of Highly Effective People, he defines a habit as the intersection of knowledge, skill and desire. Knowledge is the “what and why,” skill is the “how to do” and desire is the “motivation of wanting to do.” All three factors help to develop the habits of time management.

Proactive Methods1. Be on time for appointments. Expect your Agency Leaders and team to be on time also.

2. Make note taking a habit. Don’t trust your memory to record appointments, activities, details, ideas, etc. All successful leaders maintain electronic calendars or daily planners to help make this process automatic.

3. Have a place for everything so that you don’t spend time looking for lost files and information.

• Itcanbeachallengetojumpfromonetask to another without the previous task affecting your ability to concentrate. For example, if you’ve just returned from a discouraging Agency Leader interview and start to work on correspondence or paperwork, it’s easy to let your mind wander back to the meeting. It’s worth the effort to discipline your mind, though, for the reward of concentrating on the here and now is that your valuable resource is wisely spent.

9. Travel Time / Wait TimeThe time we spend travelling and

waiting is very valuable. This is referred to as transition time, which can take up to many hours a day.

Proactive Methods1. Make the most of your transition time. You can gain a remarkable amount of information and inspiration if you listen during your “in-between” time. Turn your commute into a learning experience.

2. Learn to effectively use your cell phone and email.

3. Schedule breakfast and luncheon appointments with Agency Leaders. You will discover “working meals” can be a great time saver.

4. Become clock-conscious. Set your watch ten minutes fast. It will make you time-conscious and keep you punctual.

5. Take advantage of waiting time. Plan ahead to make this time productive.

6. Skim books and magazines for ideas. Learn to skip over unnecessary details. Take

This is an exciting opportunity for people who are interested in helping the Association with the Master Registered Financial Consultant (MRFC). The MRFC Certification Board has been responsible for creating the policies which will govern the MRFC designation.

To put forth your own name or nominate someone for the MRFC Certification Board, please contact the elections committee staff liaison:

Susan Cappa [email protected] 513.424.1589

Are you interested in serving on the MRFC Certification Board



The MRFC Certification Board needs to fill two positions on their Board of Directors. One Board member Louise Fallica is up for re-election and another Board member Walt Woerheide is retiring.

The positions are for a three year term, beginning July 1, 2018.IARFC members who hold the RFC® or MRFC designation may nominate themselves or a fellow candidate.

To serve on the MRFC Certification Board, the candidate:• MUSTHoldtheMRFCdesignation(oncetheaccreditationhasbeenapproved.Until

then, they must hold the RFC® designation).• MaynotbeacurrentBoardMemberoftheIARFC.• MaynotprovideservicetoIARFCprospectsorMembersasaneducatorof,trainerof

or writer of materials related to designation requirements.• MaynotserveontheIARFCEducationCommittee.

Nominations open March 1, 2018 and will close March 31, 2018. Biographies and photos of nominees will be compiled in early April. A ballot will be presented by email to theMRFCMembershipforavote.ElectionswillrunMay1–15,2018.

Nominees must send in:• Professionalphoto• Agreetointenttoserve(availabletomeetmonthlybyphoneandtoattendany

special meetings as may be needed)• StatementofhownomineewillpromotetheMRFC• CVorBio

Once the results have been tabulated, the new MRFC Certification Board members will be notified; with the rest of the membership of the IARFC being notified in July.



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Contact: [email protected]/jmoss

Many of our clients are looking for a place to put some of this new tax-free money for their future, while taking advantage of the growth and performance of the market.We are forever in search of that elusive instrument unlike any other; one that is highly and consistently profitable, yet safe and well researched.

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Hiding in Plain Sight

The Register taps into the experience and viewpoints of the IARFC Board. They come together from different backgrounds, with different goals and expressing different opinions. The constant is the respect and dedication given to their commitment to the IARFC.

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We had the “beatniks” of the 1950s, the “hippies” of the 1960s and the “yuppies” of the 1970s. Now we are seeing something called the “sandwich” generation emerge. This group finds itself in the awkward position of preparing kids to leave the nest, taking care of elderly parents, and trying to plan for their own retirement.

Studies conducted by the Pew Research Center confirm that as of 2012, roughly one out of every eight Americans aged 40-60 is still caring for both their children and at least one parent. United States Census Bureau statistics indicate that the number of older Americans (over 65) will double to more than 70 million by the year 2030. It is not uncommon for baby boomers to be caring for one child at home, putting another through college and looking for a nursing home for one or both of their parents.

Paying for College Providing our children with a college education is part of the American dream, but American parents are getting a bad case of sticker shock when confronted with the cost of higher education. The cost of attending a four-year private university is now more than $37,000 per year. That includes tuition, fees and lodging. Four-year public universities cost more than $18,000 per year. The average cost of attending a two-year public college has now reached $14,000 per year. The killer is that costs are increasing by about 8% per year. The fact remains, however, that getting a college education is essential for most to pursue the American dream of getting a good job, owning a home and raising a family. So, even though the cost of a college education is high, the cost of foregoing it is even higher.

In order to help pay for their education, students are taking on debt loads that would have been unthinkable when their parents went to school. Nationally, the student loan debt topped $1 trillion in 2011, eclipsing credit card debt for the first time.

Just as there are retirement planning strategies that can save you thousands of dollars, there are strategies that can save you when it comes to paying for college.

Financial AidMany think that financial aid is only for needy families. Not true. As a financial consultant, it pains me greatly to see how much money slips through the hands of students and their parents because they don’t know how the system works. By not helping their children take advantage of grants, scholarships and financial aid, some parents unknowingly forfeit their security in retirement. More than $125 billion in financial aid is distributed each year and, if you are sending kids to college, some of it may have your family’s name on it. In theory, the federal financial aid system is based on need, but in practice and in reality, you don’t have to be needy to get it…you just have to know how the system works. Don’t think it is welfare. It’s your tax dollars at work. Your congressmen and senators have put the rules in place by which you can obtain it.

Federal financial aid comes in many varieties. Nearly 70% of student financial aid is provided by the U.S. Department of Education’s Federal Student Aid (FSA) program and consists of grants, loans or work-study programs.

Grants don’t have to be paid back and they are a great way to help pay for college. Grants can come from private organizations, such as churches and civic groups. They

Planning for and Caring for Your Children

may be awarded by professional organizations, seeking to advance their cause in the world. They may even come from the educational institution itself. Yes, the school charges you on the one hand but offers you a way to pay on the other. And, of course, state and federal governments offer grants. These grants may be awarded based on a student’s race, religion, special interests, or his or her financial need.

Sadly, billions of dollars that are available in grants from both private and government sources go un-awarded because people don’t know how to apply for them. We live in a paperwork world, and just saying the word “application” makes us flinch. But many of these applications can be filled out online. If you are somewhat computer savvy, just throw a few key words at your favorite search engine, and you will come up with thousands of sites containing information on how to apply for these grants.

ScholarshipsThose good grades your kids are getting in high school could be worth thousands of dollars when applying for college. Educational institutions look at grades and standardized test scores in their admissions process, but that’s not all those scores and grades are used for. They are also considered when colleges and universities

Consumer Focus


effort to keep up with obligations, either real or perceived, to other family members. How sad it is to see someone generous of spirit left in undesirable straits through lack of planning.

Those of the baby boom generation have witnessed many soul-stirring events thus far in their time on earth. From placing a man on the moon to the development of the Internet, these marvelous achievements have created a pervasive “anything’s possible”mindsetinthisgeneration–something that their parents, whose lives were tempered by hard times of a world war and the Great Depression, lacked. The boom generation that has earned more money than any other generation in history, has also created more debt than any other generation in history. From where I watch the world, I sometimes see many of the “sandwich” generation bite off more than they can chew. As a professional consultant, I work with budgets. From my experience in dealing with hundreds of situations, I believe that by the simple act of categorizing and prioritizing, we can balance our load when it comes to caring for family members. In most cases, we can do right by them without killing our own chances of a reliable retirement plan in the process.

Peter J. “Coach Pete” D’Arruda, CTC, MRFC

is a Financial and Tax Coach. He is host of the nationally syndicated weekly radio show, The Financial Safari, as well as the author of four books, including Fine Print Fiasco, Financial Safari, 7 Financial Baby Steps and Have You Been Talking to Financial Aliens? Themes of these easy readers include helping others avoid being taken advantage of and translating financial jargon for any layperson.

Contact: 919.657.4201pete@capitalfinancialusa.comwww.capitalfinancialusa.com

pursuing Agribusiness, which enhances the potato industry.

• TheAmericanFireSprinklerAssociationScholarship–Competefor$2,000byreading an essay about fire sprinklers and taking a 10-question test.

• BowlingScholarship–TheUnitedStatesBowling Association offers a number of scholarships to bowling fans with dollar amounts ranging from $1,000 to $2,500.

• StarTrekScholarship–Ifyouareanactivemember of the Starfleet Academy (a club of Star Trek fans) and attend any type of post-high school learning institution, you could receive a $500 scholarship.

• ZolpScholarship–Ifyouwerebornwiththe last name Zolp and you happen to be Catholic, Loyola University will award you its Zolp Scholarship. The amount was unspecified, but any amount would be some compensation for being born with the last name Zolp.

Other Ways to Trim CostsThere are other inventive ways to trim the cost of obtaining a college education:

• Cooperativeeducation(co-op)programsare offered by many universities that allow students to combine a job with their college education. It’s way less expensive and often makes it easier to get hired after earning a degree.

• Makeappropriateadjustmentsinfamilyassets. Financial aid formulas favor some tax-deferred accounts. See a financial professional who is knowledgeable in this field to determine if moving some of your assets into a tax advantaged status may help qualify your student for financial aid.

• Earncollegecreditswhilestillinhighschool. Take advanced placement (AP) classes if possible. Take “dual enrollment” classes if they are offered. You can take those credits with you when you start college. Look into CLEP (College Level Examination Program) exams. Depending on the college and depending on your score, you may be able to trim a year out of the process.

• StartwithaCommunityCollege.Ifyougo for a couple of years to a community college and then transfer to a more expensive school, you will get the same diploma as everyone else and may have saved a considerable amount of money.

All things considered, money is only green, wrinkled paper and numbers on a page, unless it has a purpose. I see too many people forfeit a sound retirement plan because their resources are drained in an

make financial aid decisions as well. Just 10 points higher on an SAT score could be worth thousands of dollars. Why? Universities are businesses. They want students with high test scores, and they are willing to compete to get them. How? By offering students better financial aid packages. Money spent getting tutored for the SAT or similar standardized tests, is money invested.

When families are deciding what university their children will attend, they often make the incorrect assumption that the pricey private schools are beyond their reach. It may surprise you to know that many of these schools have increased their aid budgets, and some so-called elite schools are less expensive than public universities. There are web sites now that will give you a complete rundown by school of both cost and offsetting financial aid. It pays to shop around.

Getting your family’s fair share of the billions of dollars in merit aid on the table comes down to the scholastic performance of your children. Colleges compete for “A” students by giving what amounts to discounts off their “sticker” price. It is not unusual to open a school’s website and find what amounts to an advertisement posted, offering small scholarships for academic performance. One school, in order to attract high performers from other universities, offered what they calleda“TransferPresident’sScholarship”–$7,000 for students who “distinguished themselves” in either college or high school. This school left open for discussion what it meant to have “distinguished” oneself. That means they will review the applications and take the ones they want.

Other colleges will spell out the criteria, such as “$4,000 Provost Award” for students who graduated in the top 10% of their class or have a Grade Point Average of 3.75 or better.

The point is…scholarships are out there. You have to look for them, and compete for them. There is no limit to how many small scholarships you can obtain. Every free dollar helps when it comes to paying for education. Some crazy scholarships we have seen: • CivilWarVeteranScholarship–$1,000if

you are a descendant of a veteran of the Civil War. You have to write an essay.

• ExtremeSportsScholarships–Oneschool offered $8,000 based on your skateboarding skills.

• TallPersonScholarship–$1,000ifyouare male and over 6’2”, or female and 5’10” or taller. You have to write an essay on “What Being Tall Means to Me.”

• PotatoScholarship–TheNationalPotatoCouncil awards annually one $5,000 scholarship to a graduate student

Consumer Focus articles are available to IARFC members. You may view and reprint Consumer Focus articles at: www.iarfc.org/consumers/consumer-resources

Peter J. “Coach Pete” D’Arruda, CTC, MRFC


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