the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits...

24
the Vol. 7 No. 3 March 2006 Official IARFC Publication Single $9 Yearly $99 in this issue Register Letters...........2 Chairman’s Desk ........4 Take the First Step — At the Sales Person You Are ........................5 Long Term Care & Life Insurance .............7 EIAs — Are You Telling the Whole Story? ........8 Who Should Regulate Annuities? ...................9 Thailand RFCs...........10 Consumer Focus.......11 IARFC in the InvestmentNews .......12 Marketing Friendly Compliance ...............13 Communication Strategies ..................16 A New Year — A New You .................18 Stranger Owned Life Insurance ...........19 Best Protection from a Client Lawsuit ........20 Norm Levine..............21 www.IARFC.org 800 532 9060 Serving Financial Advisors Worldwide The Register (ISSN 1556-4045) is published monthly by the International Association of Registered Financial Consultants, Financial Planning Building, 2507 North Verity Parkway, P.O. Box 42506, Middletown, Ohio 45042, ©2006. It includes articles and advice on technical subjects, economic events, regulatory actions and practice management. The IARFC makes no claim as to accuracy and does not guarantee or endorse any product or service advertised or featured. Articles, comments and letters are welcomed by e-mail to: [email protected]. Application to Mail at Periodicals Postage Rates is Pending at Mansfield, Ohio 44901. POSTMASTER: Send address changes to: The Register, P.O. Box 42506, Middletown, Ohio 45042. Prospects Are Looking for You. Every day more than 300 persons are visiting the Association website www.IARFC.org and accessing the “Search an RFC” routine. Some may be seeking an advisor in your area. If your Profile is not current, y ou will no t ge t the ne w client . Opportunity Awaits You. The Profile format in IARFC.org is very sophisticated, and currently the best, by far, of all those in the financial services field. Unlike most others your web visitors will see: • Your Photo (important bonding) • Professional Memberships • Complete Contact Information • Financial Services Offered • Your Fee Range (optional) • Financial Products Offered • All of your Designations • Statement of Services • Your securities B/D (optional) Critical Data. The most important items are, of course, your e-mail address, your website address and your phone number. But all of the other information makes them want to contact you! Edit Your Data Now. Your initial password is your last name, and you can change that when editing. Get the data correct now — there is no cost, just profit for you!. Photo Help. Insert your photo in a JPEG format. You can change a photo from one format to another using Windows Picture and Fax Viewer. But if you need help, after you have edited all the rest of your Profile you can e- mail your photo to IARFC and we will edit, convert and insert it for you. Contact us at: [email protected] or call: 800 532 9060. Is Your Profile Correct?

Transcript of the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits...

Page 1: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

the

Vol. 7 No. 3 • March 2006 Official IARFC Publication Single $9 • Yearly $99

in this issue

Register Letters...........2Chairman’s Desk ........4Take the First Step —At the Sales PersonYou Are ........................5Long Term Care &Life Insurance .............7EIAs — Are You Telling the Whole Story? ........8Who Should RegulateAnnuities? ...................9Thailand RFCs...........10Consumer Focus.......11IARFC in theInvestmentNews .......12Marketing FriendlyCompliance ...............13CommunicationStrategies..................16A New Year —A New You .................18Stranger OwnedLife Insurance...........19Best Protection froma Client Lawsuit ........20Norm Levine..............21

www.IARFC.org 800 532 9060Serving Financial Advisors Worldwide

The Register (ISSN 1556-4045)is published monthly by theInternational Association ofRegistered FinancialConsultants, Financial PlanningBuilding, 2507 North VerityParkway, P.O. Box 42506,Middletown, Ohio 45042,©2006. It includes articles andadvice on technical subjects,economic events, regulatoryactions and practicemanagement. The IARFC makes no claim as to accuracyand does not guarantee orendorse any product or service advertised or featured. Articles, comments and lettersare welcomed by e-mail to:[email protected].

Application to Mail at PeriodicalsPostage Rates is Pending atMansfield, Ohio 44901.

POSTMASTER:Send address changes to:The Register, P.O. Box 42506,Middletown, Ohio 45042.

Prospects Are Looking for You. Every day more than 300 persons are visiting the Association websitewww.IARFC.org and accessing the “Search an RFC” routine. Some may be seeking an advisor in your area. If your Profile is not current, you will not get the new client.

Opportunity Awaits You. The Profile format in IARFC.org is very sophisticated, and currently the best, by far, of allthose in the financial services field. Unlike most others your web visitors will see:

• Your Photo (important bonding)

• Professional Memberships• Complete Contact

Information• Financial Services Offered• Your Fee Range (optional)• Financial Products Offered• All of your Designations• Statement of Services• Your securities B/D

(optional)

Critical Data. The mostimportant items are, ofcourse, your e-mail address,your website address andyour phone number. But allof the other informationmakes them want to contact you!

Edit Your Data Now. Yourinitial password is your lastname, and you can changethat when editing. Get thedata correct now — there isno cost, just profit for you!.

Photo Help. Insert yourphoto in a JPEG format. Youcan change a photo from oneformat to another usingWindows Picture and FaxViewer. But if you need help,after you have edited all therest of your Profile you can e-mail your photo to IARFC andwe will edit, convert andinsert it for you.

Contact us at: [email protected] or call: 800 532 9060.

Is Your Profile Correct?

Page 2: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 2 The Register • March 2006

Register LettersWe welcome your comments, suggestions and ideas.Please direct correspondence to: [email protected] may be edited for length and clarity.

I am not sure what prompted ForrestWallace Cato to write Beware of theClowns!, but I applaud him for doing so. Asthe Director for the Financial Planningprogram at Kansas State University I haveencountered my share of “clowns” eitherdirectly or indirectly. Everything Mr. Catostates as an example or a solution is righton target!

I very much appreciate the stories of whatMr. Cato has witnessed in his 25-years ofpromoting financial planning as aprofession. Before reading this interestingarticle I assumed that I was the only onewho saw what some did as being clownishat best and unethical at worst. Forexample, occasionally my position atKansas State requires that I advertise foradjunct faculty to teach financial planningcourses. In doing so I receive manydifferent resumes -— some of whichresemble the “Sam Dokes Smith”approach to self-promotion. How is it, Iwonder, that someone can honestlybelieve that exaggerated marketing hypeequates to technical knowledge andteaching skill?

It is on this last point that Mr. Cato’s articlespeaks directly to the future of financialplanning, namely, how young people whoare studying financial planning perceive theprofession. There are two prime seasonswhen students and planners tend tointeract — October through December andApril through June. These are the monthswhen students contemplate takingpositions in financial planning firms. Thedemand for young qualified financialplanners is exceptionally good. This meansthat the top-tier students have several solidjob offers in hand long before graduation.Given the job market, I encourage studentsto be prepared to be interviewed and alsoto “interview” financial planners that havejobs to fill.

Based on feedback that I receive fromstudents after interviews I tend to agreethat far more “financial planners” than onemight guess resemble “clowns” than theydo professionals. While none of mystudents has ever been asked to wear a T-shirt emblazed with a planner’s nameacross the front, there have been plenty ofother questionable practices, including: • Advertising a job opening as a financialplanning opportunity when 100% of the job

Clown Articles Tap Reader’s Concerns!

activities involve setting-up client meetingsfor an adviser;• Advertising positions but failing torespond to inquiries from applicants;• Advertising positions simply to obtain aresume file with no legitimate anticipationof hiring anyone;• Requiring a recent hire to pay for alllicenses, designations, and certificateswithout reimbursement for such costs;• Requiring new hires to write articles andbooks for the advisor without givingappropriate recognition;• Exaggerating the size and reputation of afirm during the interview process;• Hiding the fact that a “financial planning”position is really an insurance sales job;• Asking where a student is interviewingand then “bad-mouthing” the other firms;• Assuming that men are the bestsalespeople while women are the bestsupport staff;• Offering women less money than men;• Criticizing a job interviewee for theirappearance when one’s own brandingimage is suspect; and• Offering salaries and benefits that arenot competitive and then lamenting thefact that “young people today are notwilling to pay their dues.”

So thank you Forrest Wallace Cato forhelping unmask the real “clowns” lurkingwithin the profession. I will be sharing theinsights provided in this important articlewith every student that enters the financialplanning curriculum at K-State.

John E. Grable, PhD, RFC®

Manhattan, KS

Mr. Cato’s article, Beware of the Clowns! isright on the mark! This landmark article isbrilliantly written, incisive, certainly timely,and accurately addresses the problemscreated by our “clowns.”

During a period of forty-three-plus years in the financial services industry Ihave observed too large a majority ofindividuals masquerading as financialadvisors/planners/trainers. For the mostpart they are charlatans who have wantonlyperpetrated a fraud on the insurancebuying public and those who seek financialadvice and counsel. Actually these“clowns” do not have clients, but rather

Financial Planning Building2507 North Verity Parkway

P.O. Box 42506Middletown, OH 45042-0506

800 532 9060 • Fax 513 424 5752www.IARFC.org

BOARD OF DIRECTORS

Edwin P. Morrow, Chairman & CEOCLU, ChFC, CFP® , CEP, RFC®

[email protected]

Judith Fisette-Losz, Executive [email protected]

H. Stephen Bailey, PresidentLUTCF, CEBA, CEP, CSA, RFC®

[email protected]

Jeffrey ChiewDBA, CLU, ChFC, CFP®, RFC®

[email protected]

John E. GrableMBA, Ph.D, CFP®, RFC®

[email protected]

Vernon D. GwynneCFP®, RFC®

[email protected]

Derek D. KlockMBA, RFC®

[email protected]

Edward J. LedfordCLU, RFC®

[email protected]

Constance O. LuttrellRFC®

[email protected]

Ruth LyttonMS, Ph.D., RFC®

[email protected]

James McCarty, SecretaryCLU, RHU, LUTCF, RFC®

[email protected]

Burnett Marus, TreasurerRFC®

[email protected]

William J. NelsonLUTCF, CEP, RFC®

[email protected]

Ruben RuizChFC, CLU, MSFS, CSA, RFC®

[email protected]_________________________________

Wendy M. Kennedy, [email protected]

Stephanie Langster, Administrative [email protected]

continued on page 3

Page 3: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 3

INTERNATIONALIARFC COORDINATORS

Jeffrey ChiewAsia Chair

DBA, CLU, ChFC, CFP®, RFC®

[email protected]

Liang Tien LungChina Development Organization (IMM)

RFC®

Ralph LiewPhilippines Chair

RFC®

[email protected] Manalo

Executive [email protected]

Jerry TanSingapore Chair

CIAM, CMFA, RFC®

[email protected]

Zhu Xu LongChina Chair, Shanghai

RFC®

[email protected]

Samuel W. K. Yung, MHChair, Hong Kong and Macao Chair

CFP®, MFP, FChFP, CMFA, CIAM, RFC®

[email protected]. Teresa So

Advisor, Hong Kong and MacaoPhD, MFP, FChFP, CMFA, CIAM, RFC®

[email protected] Wan

RFC®

[email protected]

Ng Jyi WeiMalaysia Chair

ChFC, CFP®, RFC®

[email protected]

Aidil Akbar Madjid Indonesia Chair

MBA, RFC®

[email protected] Soemarto

MA, RFC®

[email protected]

Jeffrey ChenTaiwan Chair

RFC®

[email protected]

Preecha SwasdpeeraThailand Chair

MPA, MM, RFC®

[email protected]

Demetre KatsabekisGreece Chair

MBA, Ph.D, RFC®

[email protected]

continued from page 2 Register Letters

people who have been sold a product(s) on atransaction basis in which the real financialbenefit inures to the “clown.” Probablyworse, if possible, are the manyschemes/scams the “clowns” have foisted onthe public, most of which have been illegaland have cost many hundreds of thousands,possibly millions, of dollars!

If there is any good news, it is that the“clowns” have created a vast market ofindividuals who were ill-advised, possiblyduped, and who are confused. This presents for the genuine professional theopportunity to properly counsel people inthese situations and to provide a substantive“value added” experience.

The only way in which to rectify the “clowns”and the circus that they have created and inwhich they continue to perform is to installsome sort of “supervisory” responsibility at alllevels and, if at all possible, to implementsome form of self-regulation. For those with asecurities license, there is a modicum ofsupervision. But those without a securitieslicense remain free to continue perpetratingfrauds and to wreak havoc.

Len Pappas, CLU, RFC®

Scottsdale, AZ

I was amazed at how brilliantly thorough theBeware of the Clowns! “think piece” was, andhow accurately Cato captured the broadspectrum of our reality today. A differentmorality, a different definition of honesty orcompetency, and a different set of low ethicsor no ethics, should not be available for theclowns. Though Cato did not mention it, Catowrote the first Code of Conduct for the IAFP(now known as the FPA). The high IARFCCode of Ethics was written by Ed Morrow, andI believe the high standards of the IARFCCode of Ethics are taken very seriously by the members.

Phillip A. Calandra, MBA, CFP, RFC®

Kennesaw, GA

Circus clowns are meant to be entertaining.We even pay for a legit clown to make uslaugh. As an industry we are certainlypaying a high price for low-grade “clowns.”

I believe the truth is that the only appropriateform of government or regulation is “selfgovernment.” It is the internal values that wehold that are our guides to our daily activities.It is a lack of character that creates a lack ofvalue. When I lack value in myself then mynatural tendency is to try to take it fromsomeone or something else. I have come toaccept that my value was created firstspiritually, then physically. Therefore, myactions and need to inflate my value to others

when they are in excess of reality is first aspiritual problem. Spiritual problems havespiritual solutions.

When the “clowns” start to “act out” Iunderstand their need to do so, recognizingthat they are humans with excessive egos.They are “flawed” and so am I. My job is tofind humility and worth in the daily work ofhelping people find peace through taking theaction they need to maximize the financialresources they have been provided. Whenwe set an example by operating a financialplanning practice that creates real value, itwill attract clients with the same values andincrease the favorable light shed on theprofession. We will always be irritated by ourindustry “clowns.” Our “clowns” are justactors, not entertainers.

Michael C. Hoffman, CLU, ChFC, RFC®

Grass Valley, CA

For more than 25-years I have known andread Forrest Wallace Cato. I have learned torespect him as a professional, for his editorialabilities. I often heard him mention financialplanning “clowns” but never in print. He is anaccomplished scholar, reviewer, critic, editor,and writer. I respect him for his knowledge ofthe world-wide financial planning industry.His treatise in The IARFC Register is a fairand balanced account. His clown articles aretimely and will improve our still evolvingfinancial planning industry.

Vernon D. Gwynne, CFP®, RFC®

Jacksonville, FL

I find it both amusing and sad that in spite ofreams of compliance and regulations, thelargest number of “clowns” in town are in thecircus over on Wall Street.

Douglas C. Nickson, CFP®, RFC®

Bellevue, WA

Through the years I have witnessed all kindsof self-promotion and claims of self-importance by so called “experts” because ofeducation, designation, or whatever. The trueprofessionals within our industry understandthe importance of excellence. While manydesire excellence and claim to have it, thetrue reward of excellence in our chosenprofession comes from ongoing mutuallybeneficial relationships with our clients, therespect of your community, and what youhelp both to achieve. Excellence results fromstriving for this, maintaining only the higheststandards, and the highest beliefs, pluslooking after the smallest details. “Clowns”do not do this.

Fred R. Hoffman, JD, CFP®, PhD, RFC®

Riverside, CA

Page 4: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 4 The Register • March 2006

Where the IARFCwill be represented:

Hong Kong — RFC ClassesFebruary 15, 2006, Hong Kong University

MDRT ExperienceFebruary 17-19, 2006, Bangkok, Thailand

MarketShare Financial March 2-5, 2006, Clearwater, FL

Financial Pro ExpoMarch 10, 2006, Tampa

Financial Advisors ForumMay 11-13, 2006, Middletown, Ohio

NAIFA – Ohio ConventionMay 15-16, 2006, Dublin, Ohio

Million Dollar Marketing WorkshopMay 22-23, 2006, Minneapolis

MDRT Annual MeetingJune 11-14, 2006, San Diego, CA

International Dragon AwardsAugust 11-13, 2006, Chengdu, China

IARFC Cruise/Conference September 16-23, “Fall Foliage”Through New England and Canada

MDRT Top of Table October 18-21, Cancun, Mexico

Heckerling Estate ConferenceJanuary, 2007, Orlando

APfinSA ConferenceApril 13-15, 2007, Taipei

Financial Advisors ForumMay 15-17, 2007, Nevada

MDRT Annual MeetingJune 10-13, 2007, Denver, CO

If you are going to attend any ofthese events, please let us know.

Are You Planning Your CE? Every year each RFC® must complete 40 units ofProfessional Continuing Education. Most of our members exceed this number of hours— but will you? One easy way to get a large part of your RFC CE is to attend theFinancial Advisors Forum; 19 units are available, 22 if you attend the Thursday morningworkshops. CFP® CE Units 4.

Your Advisor Profile. You are now personally on display, on the new website, with agreatly expanded profile. But have you updated it and added your photo? Go to:IARFC.org and enter Members Area and Edit Your Profile. Call us if you need any help.Do it now, before a valuable prospect tries to check you out and finds a very sketchydescription of your qualifications. 7,980 consumers visited this portion of our websitein January, and some may be looking at your profile.

Million Dollar Workshop. In January I had the pleasure of attending the third of theseevents produced by Katherine and Peter Vessenes. Each of these incredibly valuablesessions was tighter, better organized and better documented with powerful andeffective techniques. I believe that, conservatively, every financial advisor whoimplements these concepts will increase gross income by at least $250,000 per year.If you capitalize this number at 10%, it means that the return on investment will be$2,500,000. And that is a conservative estimate. Shouldn’t you consider attendingthe next session? See page 15.

IARFC in the News. We were very accurately treated in a recent Investment Newsarticle. As the writer, Charles Paikert, indicated there is a difference of opinionregarding financial designations. The FPA feels that the CFP® should be the onlydesignation. The IARFC, as well as the AICPA, SFSP, ASPP and others believe there isroom for various designations and organizations. We feel CFP® deserves to be wellregarded in that list. Actually a very large number of Registered Financial Consultantsalso posses the CFP® designation, including this writer. But, when you read that article,you might ask yourself, or any other doubter about the future of the RFC®, “Whichorganizations are growing?”

IARFC Financial Planning Cruise Conference — Cruises from New York, to NewEngland and Canada, September 16–23, 2006 on Carnival’s Victory Fun Ship.Experience the glory of a northeastern autumn when the summer is still in the air.Explore Boston when the Faneuil Hall Market has piles of fat pumpkins an BostonCommon is carpeted with fall followers. Stroll among the red-brick buildings ofPortland, Maine, in the clear September sunshine. In Sydney, Nova Scotia, you canspend a day being charmed by specialty ships, museums and historical homes. Thesame is true of Halifax where the picturesque beauty of Peggy’s Cove will always beframed in your memory. On the cruise, you’ll enjoy one fun experience after another.Call for details 800 532 9060

From theChairman’s Desk...

Get Involved: We welcome the submission ofarticles from IARFC practitioners. This is a greatway to contribute to the profession.

Professional Articles: The Journal is seekingarticles by practitioners that may deal with theapplication of financial planning techniques,marketing and practice management. Theseare expected to be very high level papers or articles.

Publicity Opportunities: Naturally, weencourage published authors to advise boththeir clients and the media of their beingpublished by sending a press release.

Be Noticed Locally: When you are publishednationally it helps attract your local media.

Call for Papers

Reviews, and practitioner insights on the assessment

and measurement of financial risk tolerance for a special issue

IARFC Quarterly Educational Publication

John Grable, Ph.D., Editor318 Justin Hall, FSHSKansas State UniversityManhattan, KS 66506Phone: 785 532 1486 E-mail: [email protected]

Page 5: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 5

Take the First Step — As the Sales Person You Are

Rev. Dr. John Clements, Th.D., RFC®

have been given a glaring green light.Result: instant mediocrity!

Well, you and I would say that we’re not atall ashamed to identify our respective jobsin so many words. Why would we? Whatpossible benefit could there be in such amaneuver?

We can ask that logically but...the factremains that we all have the tendency touse that jargon! We hide behind words.We absorb this tendency from the culturewe live in — because we’re all a product ofour times and our environment.

If we recognize this game as a needlessbrake on our progress, a blemish on ourpersonal vision of success, then why don’twe stop? How, indeed, can we stop?Well, I want to reassure you that thisdestructive trend towards jargon is, like allother trends, susceptible to change. Thequestion is — are you content to let it runits course, or would you prefer to changeit NOW, to your own specification?

Then bend the immeasurable power ofyour will to the task of reversing the trend!Step forth from the crowd and evolve,evolve, evolve!

“Fine, fine, fine,” you say. “But how do Istart?”

Well, the first step is understanding whatmade you the way you are. Where didyour “blockages come from?” Whatsubstance are they made of? How heavyare they?

Will you need to heave them out of yourmental pathways?

In general, you will find that earlyconditioning was a major influence. Ideas implanted in youth can affect us

A very successful executive once told me,“When I entered the field of selling, I wasexcited about all the potential this fieldhad to offer. Yet when people would askme what I did for a living, I feltuncomfortable telling them I was asalesperson. I would try to use differenttitles such as ‘marketing representative’,‘independent agent’, ‘service counsellor’,‘client liaison executive’, ‘broker’ and soforth. I would use just about anythingEXCEPT ‘salesperson.’ I was proud ofwhat I was doing; however I felt peoplewould reject me or think I was amanipulator or smooth talker, or whatever— until I starting studying my profession. Iread every book I could get my hands on,listened to every audio programme I couldfind, and shortly my attitude changed. Ibegan to really look at selling as an artand a respected profession.”

I never miss an opportunity to share thisperspective with clients who come to meexpressing the ambition to upgrade theirpersonal performance and thus bringthemselves closer to a long-desiredpinnacle of achievement.

Have you noticed, though, the verbalcontortions that people adopt whendescribing what they do for a living? Theyspout vogue-words and juggle with jargon— why, it’s almost as if they are ashamedof calling their career its proper by name!

And yet so many folk insist on doing so, to the extent that the last two or three decades have increasingly beenacknowledged as “The Age of theSuperlative, The Era of the Euphemism” a time of inflated titles and pretentiousterminology. This has inevitably created a mentality whereby hyped status and artificially-inflated image

throughout life. We learn to establishvalues, but also to develop prejudices; tolike, but also to dislike; to trust, but also to fear.

Think back: how many times did yourparents warn you about talking tostrangers? More often than you canremember, right? And all salespeople arestrangers — until, of course, you get toknow them.

But that’s only the tip of the iceberg.You’ve certainly heard statements such as:

Better watch out for that fellow behind thecounter... he’ll tell you anything just to getyour order.

Damned tele-sales — they don’t care whathappens after we buy. They’re onlyinterested in commission.

Familiar comments? Even if they don’tapply to you directly, you must agree thereare unscrupulous entrepreneurs whocause, and deserve, such comments.Which makes things all the harder for therest of us; we have to bear the onus, carrythe stigma of association, whetherdeserved or not. And before we know it,through no fault of our own, the jobbecomes doubly demanding.

And we’re still only chipping at the surfaceof that enormous iceberg called “negativeconditioning”. The great, dark, dangerousmass of it lies submerged at theunfathomed depths of one’s ownpersonality... in the maze of tunnels whichare referred to as the ProgrammedSubconscious.

The list of bellowed “don’ts” to which weare subjected is virtually endless. If asalesperson listened to all thosediscouraging little voices inside him, he orshe would never make a single sale.

The presentation would never be made!

Can you imagine how difficult your jobwould become if you started paying heedto that insistent little inhibitor-phrase“Don’t go where you’re not invited...?”You’d have no option but to sit back andwait for prospects to seek you out, askyou to drop by, enquire what services youcan provide...

How many such prospects would you getwith that approach?

continued on page 6

Note to Members: John Clements haspersonally motivated thousand from hisBritish audiences to change their lives.He may be a “Reverend Doctor” and the former pastor of one of England’sgreat cathedrals— but he is a truetransformationist! He changes peopleslives — from the inside — out.

Do you personally need a transformationto be “all that you can be?” Then youbelong at the Financial Advisors Forum inMay. Hearing John will be a unique pointin your life...

Page 6: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 6 The Register • March 2006

You say, “I’m a financial advisor, asophisticated and trained financialcounsellor.” But I say, “When you areface-to-face with a stranger/prospect thatyou’d like to convert to the status of aclient — then you’re a sales person!”

Let us then come back to that vital matterof image, for it underlies all other factorsin the market-place. You may bethoroughly convinced of the quality of yourproduct and the necessity of yourprofessional service and theimprovements that both could make ineveryone’s life... but you won’t sell any ofthem unless you can sell yourself first.

Today’s salespeople toil relentlessly tomake that fact a living reality. Of course,they are also intelligent, principled, anddedicated; and their professionalexpertise is underpinned by provenscientific behavioural techniques.

But success doesn’t happen overnight, orafter merely reading a book or two. Theapprenticeship — which may be self-taught — lasts a lifetime!

So now we come to the moment when Iask you the quintessential questions thatyou must at some point start askingyourself:

“Am I a top-flight achiever — or just amediocre one? Do I have the right stuff —the true grit necessary to reach the peak?”

Far-reaching questions, to be sure — anddifficult ones to answer. The temptation,perhaps, is to skip over them now and finda paragraph that seems like easier reading.

But, I hope you won’t do that. Otherwisewhat would be the point of readinganything at all? Just to confirm howineffectual you are...?

Well, you’re not ineffectual, of course —otherwise you wouldn’t read the Register.However, if I asked you to assess your truecompetence, what would you answer?That depends on your estimate of howcreatively you sell your primary product —that is, yourself!

What Are You Now? SCORE

Outstanding? 100%

Pretty Good? 75%

Average? 50%

Stretched? 25%

Failing? 10%

To clarify your self-perception, usethe following scale. Don’t just tickoff an item at random; make verysure the category you finally decideon is honest and accurate. Here’sthe question:

If you decided “average — 50”, take heart. Recent surveys showthat 8 out of 10 salespeoplelikewise rate themselves “justaverage”. The surprising bit, in myview, is that anybody in businesscould assess themselves that way and still settle for being lessthan excellent!

I’m going to stick my neck out hereand say that, even if you assessedyourself “pretty good”, you’re stillnot as good as you could be. Andif you assessed yourself“outstanding”... does that reallymean you’re the top salesperson inyour field? Or simply that you can’tbe bothered to worry about it?

Whatever your perceived rating — andwhatever your true rating — you canalways take positive, effective steps toelevate it — and propel yourself evercloser to that desired pinnacle ofexcellence.

So how can you be sure of reaching that desirable peak? From my personalexperience, the sequential steps to take are:

“That’s all very easy to write down,” youmay remonstrate, “but how can Iaccomplish all that stuff at once?”

Who said you hate to do it all at once?

In truth, as I said before, it is a lifetime’swork for most of us. A rare few succeedquicker, but you can’t rely on being one ofthat fortunate breed, and instant andpermanent success. No, you simply needto decide:

Do I want to initiate the process — orshall I not bother?

If not, then forget it. If YES, then you haveto start somewhere. It might as well behere and it might as well be now!

Nobody else holds a magic key to unlockany doors for you — least of all the doorbehind which the culmination of yourentrepreneurial career may be found. Sohere’s the question again: “Shall I assessmy underlying attitudes — or give it all amiss forever?”

It’s not an easy question to answer; thatmuch is certain. But it can be done...ifyou’ll only decide to commit the time andexert the effort required to achieve it —step by step, hour by hour, day by day,week by week.

Sounds too much like hard work? Thenpull out now. Go and live on an island.

Not likely? All right then — the message isclear: “The longest journey starts with asingle step.”

Do I have to spell it out further?

Simply decide...

Rev. Dr. Clements of Lifewise Coaching,Norfolk, England will be one of thekeynote speakers at the FinancialAdvisors Forum in May. He is the authorof sevearl books, including Make YourWalls Tumble. You may contact him at: 44 0 1603 436658 or just e-mail him:[email protected]

continued from page 5 First Step

• Assess Your Underlying Attitudes.

• Identify Your Burdensome Habits.

• Transform Your Old Attitude,

• Transform Your Old Habits,

• Acquire Those Of A Champion!

Page 7: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 7

If it were free, everyone would haveinsurance to cover the sky-high cost oflong-term care in a nursing home($85,000 a year on average nationally),assisted-living community or for care athome. But many clients and prospectsfind the cost of long-term-care insurancepremiums hard to swallow, particularlysince in the client’s mind, there is a fairchance that they would pay premiums foryears and never use the LTC policy.

Another drawback for purchasing a stand-alone LTC policy is that the insurer canraise the premiums after the policy isbought. Some companies have leviedhefty rate increases in the past few yearsafter an LTC book of business waspurchased from a company that decidedto leave the LTC sales marketplace.

In response, the insurance industry hasdeveloped a new type of policy that offersboth life and LTC insurance benefits withinone policy. Your clients & prospect willdefinitely use one or both benefits if theykeep the policy. And, combination policiesusually guarantee that the insurer willnever increase premiums.

There are two basic policy designs. Themost popular type of policy allows the useof a portion of the death benefit to pay forany future long-term care costs. Theamount of benefits used to pay for long-term care costs, if any, is subtracted fromthe death benefit. For instance, if yourclient has a $500,000 life insurance policyand uses $250,000 for long-term care, thebeneficiary will receive $250,000 after thepolicyholder’s death.

The amount that can be used for carevaries according to the insurer and theirissued policy. For instance, one insurerlets you use 2% of the death benefit each

month for 50 months or 1% of the deathbenefit for a 100 months.

With the other basic type, the long-term-care benefits are separate from the deathbenefit. Let’s say the client buys $300,000of LTC benefits and has a $500,000 deathbenefit. Even if the client uses all of the$300,000 of LTC benefits, the $500,000death benefit will remain intact.

Neither type of policy is better across theboard. What’s right for the client dependson their financial situation and long termgoals.

Combination policies are available in whole-life, universal and variable-life varieties.

Whole life offers guaranteed premiums,benefits and accumulating cash values.

Universal life offers a minimumguaranteed interest rate for the principal,with the possibility of a higher return ifinterest rates stay high. But if interestrates drop, the death and LTC benefits candecline too, unless the client agrees to payextra premiums. Read the fine print of apolicy to make sure you are selling thepolicy benefits as the Insurer has stated.

Variable life lets the client place theirmoney in mutual-fund-like accounts withinthe life policy, whose returns vary with theups and downs of the stock market. Thedeath benefit is usually guaranteed andcan’t decline, but the death benefit to theirbeneficiaries may increase if the investmentreturns are better than anticipated.

A Painless Way to Pay for Insurance

If the client has substantial cash value in alife insurance policy that they’ve owned fora long time and the life policy is past thesurrender period, they may be able topurchase a combination policy via a”1035exchange.” If the client is applying for ahigher death benefit in the new policy,some additional cash may be required. Ifthey’re in good health and can sail throughthe Underwriting process with the newcompany, they can replace the old lifepolicy for a new policy offering both lifeand LTC benefits, and they might neverhave to pay another premium again.Replacement of insurance policies has tobenefit the client so be sure to explain theproduct carefully to your client and puttheir reasons for replacing the policy veryclearly on the replacement form that ispart of the application process.

Because it’s an exchange, there is no tax

to pay for the completing the exchange. A1035 exchange is the most tax-efficientmethod to use to purchase the newCombo LTC & life policy for your client.

If your client doesn’t have a life insurancepolicy to exchange but owns one or moreannuities, there is another option. Forexample, they could buy a combinationpolicy and have the premiums paid in fullafter 10 years by taking 10 annualdistributions from their existing annuitiesto pay the premiums. Taxes will be due onthe distributions from the annuities, but inreturn, with the new combination LTC & lifepolicy, the clients will get tax-free deathand LTC benefits that can be roughly threeto four times greater than the after-taxamount in the annuities.

The Pros and Cons

A combination life-LTC policy is one of themost appealing products to be introducedby the insurance industry in years. But it’snot right for everyone. Here are someguidelines.

• Buy a policy only from an A-ratedinsurance company that has theunquestioned financial strength to backup its guarantees.

• If you exchange a current life insurancepolicy, make sure the new policy isbetter than what the client already has.This is especially important for thereplacement forms both you and theclient will need to sign at the time ofapplication. Many B/Ds now have aSuitability Desk for all applications thatare submitted, so this is an importantpiece in the sales process.

• Compare traditional long-term-careinsurance premiums & policies carefullywith your clients. Then show and offer acombination policy if it is appropriate.Each product has its plusses andminuses.

• Be sure to always offer several options. By doing this, the clients willnot feel like they have to shop aroundwith other Agents. They will see you asa Resource.

Wilma G. Anderson is known throughoutthe industry as The LTC Coach. She offers sales workshops, DVDs, and salessystems to help Agents reach theirindividual & corporate sales goals. Visit:www.theLTCcoach.com or contact herdirectly by phone: 720 344 0312 or e-mail: [email protected]

Long-Term-Care & Life Insurance in One Policy

Wilma G. Anderson

Page 8: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 8 The Register • March 2006

Equity Indexed Annuities (EIAs) have beenall over the press of late. Not only thefinancial press; articles about EIAs haveappeared in the Wall Street Journal, theNew York Times, and in local papersthroughout the country. You haveprobably seen them yourselves or beendirected to them by clients and prospects.Is more regulation necessary to assurethat purchasers are protected or thatsellers are better prepared? Are theseproducts in reality “securities” or are they“fixed investments”?

As the former publisher of the insurancemarketing publications, Agent’s SalesJournal and Insurance MarketingMagazine, I regularly stressed the needfor agents and planners to present onlythose solutions that were suitable andcredit worthy. My advice was alwaysobjective and promoted no particularcompany or agenda, other than providingthe best service and building a loyalclientele. As an independent journalistreporting on what I still consider Myindustry, the effort continues.

First, some Background. Annuities werecreated, designed and sold as solutions tothe dilemma of outliving one’s assets.They remain the only products able toguarantee the fulfillment of a steady,reliable, predictable income for the life ofthe purchaser. As such, they have stoodout as beacons of security to thoseseeking an answer to a potentiallyinsurmountable financial conundrum.Purchasers now had the ability to transferthe risk of outliving assets to an insuranceprovider willing to assume that risk. Andafter all, isn’t that what insurance is aboutanyway?

Recent Developments. Over the past tenyears or so annuities have evolved from apurely conservative form of security-building to aggressive wealth-buildingproducts more closely related toinvestments. They are marketedas investment opportunitiesdesigned to grow at rates ofappreciation tied to varioushistorically unpredictable investmentvehicles. For a share of the potentialrewards, purchasers are nowexpected to assume more of thepotential risks. We who havebeen for decades offering asecure, reliable product havefallen into the “greed trap”.We who are supposed tohold steady and look outfor our clients’ bestinterests have letourselves instead be leadby our clients into joining the herd ofnovice, inexperienced market participants.Day trading, options markets, pennystocks have all contributed to fueling thegrowth of greed gratification. Worst of all,do we even fully understand what it is weare offering our clients?

A Knowledge Requirement. I have noargument with a financial advisor who isfully aware of a product’s features,benefits and the liabilities presenting thatproduct. That is provided the product isthe best, most economical and securemethod of meeting a client’s particularsituation. And provided that the productis suitable for that client and the client isfully educated in every aspect of theproduct — positive and negative. Inaddition, clients should be aware of thecomplete costs — immediate and ongoing— inherent to what you arerecommending. Going even further,alternative solutions should be offeredwhere appropriate and suitable, providingclients with choices and options.

The Training Hurdle. Having been in thesecurities industry for 20 years of which12 was in a management capacity, I havehad opportunities to train, administer andmonitor the sales of hundreds ofprofessionals and all forms of investmentproducts. Fully understanding what wasbeing sold or offered was not always easy.That is why I sympathize with the taskfaced by all advisors to be fullyknowledgeable with a growing number ofmore complex products. I have attendednumerous seminars presented by productissuers, product marketers and product

coaches. They generally stress the bestfeatures of what they are promoting andneglect the details — details that have a

direct effect on how you and yourclients are going to live with that

product for years to come.

Performing Your Own Due Diligence.The development of new and exciting

products that more efficientlyrespond to meeting the needs of

our clients is great for ourindustry. When sold byknowledgeable professionalsto educated purchasers theytruly meet the needs of anever-changing financialenvironment. Beforeoffering any product or

responding to a client’squery, fully acquaint

yourself with everyaspect of that product.

Look past the potential commission andtrails and focus on what really makes thatproduct unique and worthy of yourrecommendation. When presenting, takethe time to answer your client’s unaskedquestions — you know they have them.Unasked questions have a nasty way ofbecoming deal killers, or worse, potentiallitigious issues. Just because your clientdidn’t raise the subject of, Whatpercentage of my investment is earningthat minimum guarantee you quoted?doesn’t mean it won’t become an issue ata later date.

Who will Regulate EIAs? Whicheverregulatory authority (insurancecommission or securities department)eventually assumes responsibility for thesale of EIAs is irrelevant. What is relevantis that you are prepared to offer theproduct where appropriate, where suitableand where your clients know everythingthey should about the product. Do all thatand you will have advanced thisprofession to a new, higher level ofprofessionalism.

Lyle Gary, RFC® is a freelance financialjournalist and marketing consultant basedin North Port, FL who uses his years as amarketing executive and editor to assistfinancial advisors in their communicationefforts. He can help with or prepare asingle article, a series of related articles ora regular column for a financial advisor.You may contact Lyle at: 727 858 3135.or by e-mail: [email protected]

EIAs — Are You Telling the Whole Story? Do you Know the Whole Story?

Lyle Gary, RFC®

Page 9: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 9

Few financial products have produced therapid explosion of Equity Indexed Annuities(EIA). In 2003 the annual volume of newpurchases was $14 billion, in 2004 $24billion and in 2005 it exceeded $40 billion.The title of the product makes it sound likea security, since “equity” is a term that isgenerally associated with the investmentmarket place. Furthermore, many repshave sold them as if they were “an equitywith a fixed floor guaranteed by a solidinsurance company.”

The NASD is unhappy. It isn’t currentlyregulating the sale of EIAs. This meansthat most of the EIAs are being sold byagents either directly by the issuing LifeInsurance Company (LIC) or by anIndependent Marketing Organization (IMO).Regardless of the vendor, when the sale isprocessed directly by the financial advisor,outside of the broker/dealer relationshipjust like many do with life and healthinsurance policies, here is no broker/dealer“haircut.”

When the broker/dealers establish theprocedures for their reps to offer EIApolicies, they frequently have only productswith a lower interest rate floor and a muchlower commission rate than those offeredthrough the IMOs, which frequently offerEIAs issued by less highly rated insurers.Plus the b/d “haircut” of course.

It’s Getting Complicated. Some IMOs areconsidering buying small broker/dealers inorder to control their distribution. If so, thiswill place them under the directsupervision of the NASD — which isundergoing a challenge now by a dissidentgroup of board members vying for electionto the NASD board in order to quell whatthey consider “unwarranted compliance,inspection, audit oversight and fines.”

Change the Name? In retrospect the EIA

nomenclature was poorly selected. Itimplied “equity” which had sales sizzle, butit has become a major part of the dispute.Some claim, “If it sounds like security, thenit is a security!” However, many are nowusing different terminology. At the websiteHappyRetiree.com you’ll find them referredto as “Fixed Index Annuities” and the termpreferred by the National Association ofInsurance Commissioners (NAIC) is “FixedIndex-Linked Annuities.”

Information Sources. The Internet is agood place to start doing your re-educationabout these products. But do not expect toeasily find totally impartial advice. Forexample, a very informative website,AnnuityFYI.com is promoted as “Your freeand independent resource for learningabout, comparing, and selecting the bestannuities.” It is a resource center thatappears objective and in fact, it doescontain a lot of excellent information. But itis a service of Raymond James FinancialServices, Inc. member (you guessed it) ofNASD/SIPC.

At another website, provided by an IMODavid T. Phillips & Co. there is an excellent“sales pitch” for EIAs that illustrates how anon-security is made to sound like one.

“With an Equity Indexed Annuity (EIA) youcan participate in the growth of the stockmarket without having to risk a dime ofyour principal. Equity Indexed Annuitiesprovide guaranteed minimum interest ratessimilar to fixed annuities, CD’s and Bonds.But unlike these safe money investmentsyour EIA return is linked to the performanceof the stock market — with 100% downsideprotection.”

To get some idea of the complexity of theproduct features and provisions, you can goto the website, annuity advantage.com andclick on the top tab “Equity-IndexedAnnuities to see 544 policies issued by just19 of the companies represented by thatIMO.

Regulator In-fighting. The Chairman andCEO of the NASD, Robert Glauber, hasrequested a “summit” meeting withstate insurance and securitiesregulators. He has called for “aconcerted effort by all interested partiesto harmonize the rules governing thesale of these three (indexed, fixedand variable) versions of the sameproduct.”

The translation of this is that theNASD wants to regulate and overseeall annuities, or at least add the EIAs to

the variable products over which it currentlyhas jurisdiction. The large broker/dealers(who most persons believed dictate theactions of the NASD which still holds itselfout as an “association” of securitiesdealers) want to get their hair cut on the$40 billion — and that is a lot of motive.

The National Association for VariableAnnuities (NAVA) has held regulardiscussions with the NASD and SECregarding the regulatory climate of annuityproducts and sales. They are alreadyaccustomed to dual regulatory oversight onvariable products.

However, the U.S. Securities and ExchangeCommission has not yet determined thatindexed annuities are securities. Shouldthey decide in that direction, there iscertain to be opposition from the NationalAssociation of Insurance Commissioners(NAIC). The NAIC in 2003 produced the“Senior Protection in Annuity Transactions,”a model regulation covering the sales ofannuities to people over 65. Now the NAICis advocating the expansion of thoseprovisions to purchasers of all ages.

The National Association of Insurance andFinancial Advisors (NAIFA) supports theprovisions in Transaction module but is notconvinced that the “problem in the underage 65 market place has beendemonstrated.”

The Center of Economic Justice in Austin,Texas supports the change in the model, “Itmakes sense that if a model is offeringcertain consumer protections to one group,it would not just benefit some consumers,but all consumers” indicated BirnyBirnbaum, executive director.

Meanwhile, the Life Insurers Council ofAtlanta also advocates the re-opening ofthe Annuity Transactions model and notesthat annuities sold for pre-need purposesare currently exempt in most states.

However, the state insurancecommissioners and their departments,working through the NAIC, want to keep

control, and of course, collect all thoseannuity premium taxes.Recently the American Council ofLife Insurers claim to welcome more

discussion, but their view of the EIAas an insurance product, rather than

Who Should Regulate Annuities?

Ed Morrow, CLU, ChFC, CEP, CFP®, RFC®

continued on page 10

Page 10: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 10 The Register • March 2006

a security, is quite firm. Linda Lanam, ACLIvice president of annuities and marketregulation indicated, “But the most importantthing is for the regulator that has the mostjurisdictions over the product to be the onethat regulates. The primary focus should beon insurance regulation.”

Where is the Consumer? Well, as usual, allof this regulatory, association and corporateinfighting is about big money — a share of the$40 billion and growing annual pool ofrevenue. There is some lip service given toconsumer rights and consumer abuse, butthe issue is mostly about money.

Where does this leave the Advisors? Thereis no doubt that for some clients the EIA, FIAor FILA is a very desirable product. It fitscertain needs for certain clients, and it clearlybelongs in the “product selection bag” forconscientious financial advisors.

For a fee-only advisor, the EIA is onlysomething to recommend and provide adviceabout. It hardly justifies an assetmanagement fee since the insurancecompany is performing that task. However, itis a bewildering research job to validate whichof the thousands of annuities represent thebest overall value for a particular client.

For a commission-based advisor thecompensation, which can be considerable,clearly can offset the time required to selectand explain all the features of the product.Because the terminology is extensive and theconsequences are significant, a lot of clienteducation is required.

If the NASD and the broker/dealers win out,then all securities licensed advisors will haveto select from within the approved product andvendor list of their broker/dealer. And they willhave to look to the broker/dealer for marketresearch, sales materials and education.Maybe some b/ds will start to buy annuityIMOs — or at least hire their personnel.

What will Happen? No one, even Mr.Glauber of the NASD, knows for sure. Don’tbe surprised to see this issue being takendirectly to Congress or to the Supreme Courtto determine jurisdiction.

Now, lets see just, 3% of the EIA $50 billionis… $1.5 billion. That’s a lot of marbles!

Ed is the Chairman and CEO of the IARFC.He specializes in enabling financial advisorsto increase their sales production and clientservice, by building their practices througheffective client relationship management.For information on his services:[email protected]

continued from page 9 Annuities

The Register welcomes your articles about the profession, planning techniques and practice management. You may submit articles of 300 to 1,500 words

via e-mail, with an electronic photo and a bio of about 100 words.

Thailand RFC UpdateSince the financial crisis of 1997,Thailand has undergone a number ofdrastic changes in various industriesincluding financial services. Banks,securities companies, brokers andinsurance companies have seen morerapid development from the convergingprocess of various financial services thatonce were offered rather independent ofone another. More changes are expectedin the coming years which shouldinevitably lead to the full-blowndevelopment of a financial planningindustry (profession) in Thailand.

Introduction of IARFC in Thailand. Withthe objective of playing a key role in thedevelopment of financial planning Industryin Thailand, IARFC Thailand first introducedthe IARFC by organizing, jointly with ThaiLife Underwriter Association (TLUA), aFinancial Forum titled “Transformation fromLife Agent to Financial Consultant” onAugust 16th, 2005 in Bangkok. Ed Morrow(Chairman and CEO of IARFC), Dr. JeffreyChiew (IARFC Asia Zone Chair) and RalphLiew (IARFC Philippines Chair) were themain speakers. All 500 seats at a largeballroom in Tawanna Ramada Hotel were filled.

The Forum generated great awareness ofour Association. It was an excellent andpowerful kick-off activity of the RegisteredFinancial Consultant designation and theneed for education and training.

Cooperation with Thai Life UnderwriterAssociation. In order to effectivelypromote our RFC® membership within the life industry, IARFC Thailand hasentered into an exclusive cooperationagreement with Thai Life UnderwriterAssociation. The signing ceremony and ajoint press conference were held at theend of the Financial Planning Forum onAugust 16th, 2005.

Courtesy Visits to ConcernedAuthorities. As part of our IARFCintroduction, Ed Morrow (Chairman andCEO of IARFC) led our Association’s AsiaTeam to pay courtesy visits to the DirectorGeneral of Department of Insurance, theSecretary General of Securities ExchangeCommission and the Secretary General ofThai Bankers Association. The objectivewas to officially introduce the IARFCpresence and for a possible futurecooperation with concerned authoritiesand organizations.

RFC Conversion Classes. Through thecooperation with TLUA, IARFC Thailandjointly launched the first RFC® ConversionClass on September 28-October 2, 2005at Montian Hotel in Bangkok. It wasofficially inaugurated by Ms. ChumluangChatsuwan, Deputy Director General ofDepartment of Insurance. The feedbacks and responses were sogood that IARFC Thailand and TLUA hadto organize a second Conversion Class onOctober 15-19, and subsequently thirdConversion Class on November 2-6 as anin-house class for Ayudhya Allianz C.P. LifeAssurance Public Company Limited(AACP). AACP is the third largest lifeassurance company in terms of total firstyear premium.

IARFC Future in Thailand. Comparingwith USA and Europe, the personalfinancial planning in Thailand is still in thevery beginning stage. However, the paceof development may not necessarily beslow. In that respect, IARFC Thailandwould like to represent the very key role indeveloping of professional financialconsultants in Thailand via our RFC®

membership and continuing education.We plan to coordinate and work closelywith various other professionalassociations in financial services topromote IARFC as their strategic partnerfor their future success in FinancialPlanning Industry.

MDRT Experience. This was held inBangkok February 17-19 with about7,000 persons expected from across Asia.There was a simultaneous languagetranslation of the sessions, and EdMorrow gave two presentations.

Certificate Presentation Ceremony. OnFebruary 21 there was a graduationceremony for all those completing the firstthree classes, and currently enrolled orinterested candidates attended theaccompanying presentations.

Classes in Thai. While the initialaccelerated courses for experiencedadvisors were presented in English, thematerials have been translated into Thaifor future classes. This emulates thepattern in other Asian countries where allthe curriculum is presented in locallanguage; the courses are based on localtaxes and investments, and sample plansare prepared based on localcircumstances.

Page 11: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 11

“Don’t Get Your Kids Hooked on Credit” was the title of an essay written a few years ago by this writer. This idea wasvalidated in the book “Credit Card Nation”written by Robert D. Manning, PhD,economist and professor of finance atRochester Institute of Technology. Dr.Manning is a specialist in consumer finance,socioeconomic trends, and retail bankingderegulation. He has testified at U.S.Congressional hearings on the use andabuse of credit. He is involved in developingfinancial literacy programs for collegestudents, community-based alternatives tohigh-cost rent-to-own stores, and abankruptcy option for consumers seeking toretain their homes.

Manning has a new report titled: LIVINGWITH DEBT: A Life Stage Analysis ofChanging Attitudes and Behaviors. It wasunderwritten by LendingTree, which waslaunched in 1996 and has since processedmore than 16 million mortgage loanrequests. LendingTree is now focusing on amulti-year consumer advocacy program withthe goal of educating and inspiring people tomake smarter borrowing decisions.

In commissioning this study, LendingTreeindicated it wanted to learn more about howconsumers are living with and managingtheir debt; to explore the attitudes ofAmericans as well as their behaviors. They hope to contribute to the nationaldialogue about the state of debt in our lives, and most importantly, to helpconsumers arm themselves with thefinancial literacy skills they need to makeprudent borrowing decisions.

Study Focus and Methodology. The studyspecifies a life stage approach thatexamines six distinct age and familystructure groups based on the assumptionthat their experiences illuminate current andfuture trends related to consumption andsaving/borrowing patterns:

• College Students (17-27 years old)• Young Singles (under 35 years old)• Young Families (under 35 years old)• Mature Families (45-64 years old)• Empty Nesters (45-64 years old)• Seniors (65 years and older)

The central research question is whether thesix basic life stage groups have differentattitudinal and behavioral responses towardthe use of consumer credit and debt. Theunderlying assumption is that differentgenerational, family structure, and

work/career factors influence the views anduse of consumer credit in American society.

Key Findings — Across All Life Stages. Thefollowing summarizes the key findings of thisresearch, including major trends that areconsistent across multiple life stages andthose unique to each life stage.

1. Living with increasingly higher levels ofdebt has become an accepted and normalstate of affairs. It is considered aninevitable and likely permanent feature ofeveryday life. Adherence to traditional(negative) attitudes toward the use ofconsumer credit and the accumulation ofdebt is declining, especially among youngerlife stage groups. The social stigma of highdebt levels is largely gone.

The traditional pattern of accumulating debtearly in life, which is then reduced asincomes rise and after children leave thenest, is changing. Instead, the rise and fallpattern of debt is being replaced with theaccumulation of higher levels of debt andextended financial contributions to childrenand grandchildren.

Much of the traditional social and culturalviews of good debt vs. bad debt have beeninfluenced by mass marketing to BabyBoomers and to their children andgrandchildren, many of whom expect or feelpressured to pursue immediate gratificationover traditional values like saving for a rainyday. The exception are Seniors, whosepersonal or family experience with thescarcity of the Great Depression and WorldWar II makes them most likely to maintaintraditional notions of needs vs. wants ordesires.

2. Many people attribute their willingnessto go into debt, or to take on additionallevels of debt, directly to a dramaticincrease in spending on children andgrandchildren. All groups, including Seniors,reported using credit more freely whenspending on lifestyle activities for theirchildren and grandchildren. Even parentswho limited spending strictly to needs forthemselves were willing to consciously ignoretheir traditional spending values and makepurchases for their children’s wants anddesires. There is an acknowledged and highdegree of pressure regarding keeping up withthe Joneses, when it comes to spending.Parents described spending on the lifestylerequirements of children as the key factor inpeer driven competitive consumption.

Ironically, increased spending on childrenduring their earliest years is compromisingparents ability to save for the rising cost oftheir children’s college educations in lateryears. It is also contributing to higher debtlevels among their children as they beginadulthood.

3. Attitudes toward homeownership havechanged significantly, from simplyproviding necessary shelter to satisfyingboth a need and a tangible, secure (andnear perfect) investment. Manyrespondents see the uncertainties of thestock markets, as well as the continuedincreases in home valuations, as reasons tobuy a home as quickly as possible. Oftenthey are advised to buy as large a home aspossible. Home ownership has become amuch more important piece of the overallfinancial equation; the real or the expectedappreciation in home equity is considered afinancial stabilizer or way out of trouble formany participants.

4. Despite expressed needs and desires forpractical financial planning services,people feel ill-equipped to create and followa basic financial plan, especially as theytransition between different life stages.Parents and grandparents remain the largestinfluence in personal finance education, butyounger groups in particular lament the lackof training in personal finance at the highschool or college level.

Although financial planning information iswidely available, both younger and moremature groups lack adequate skill sets formaking basic cost-benefit financial decisionsor estimating the true cost of majorpurchases bought with credit. Few develop,let alone adhere to, a personal budget,although older groups were more likely to do so.

Long-term financial planning, with theexception of buying a house, is largely absentamong the Baby Boomers and their children,who acknowledge a fear that they are notaccumulating sufficient resources formaintaining their lifestyles duringretirement.

Next month thiscolumn will exploresignificant key findingsin this report amongthe six different focusgroups.

Life Stage Analysis of Changing Attitudes and Behaviors

CONSUMER FOCUSPaul Richard, RFC®

Institute of Consumer Financial Education [email protected] 239 1401

www.ICFE.info

Page 12: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 12 The Register • March 2006

This appeared in the January 30th edition of

InvestmentNews

This is copyrighted material, and it is re-printed with the

kind permission of the publisher,Crain Communications, Inc.

For more information aboutInvestmentNews,

go to:www.InvestmentNews.com

Page 13: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 13

sending about three per day, my income,working part time in my own little practice,was as high as the big boys, workingfulltime with their big corporate clients.

I am still surprised by the amount of moneySuperstar, advisors making a million dollarsor more per year, spend on expensivemarketing programs. Sometimes during theprocess of seeing their name on a billboard($10,000 per month), or hearingthemselves on the radio ($32,000 permonth), they forget some of the mosteffective marketing programs can be theleast expensive (less than $100 per month).

Effective and inexpensive marketingprograms have never been more important.The former president of Apple computer,John Sculley, noted it takes 16 times morefinancial investment to attract a newcustomer than it does to keep an existing customer.

According to a study conducted by theTechnical Assistance Research Project inWashington, DC there are 4 main reasonswhy any business losses a customer:

3% leave for convenience9% leave for a relationship

15% leave because of problems withthe product, price or delivery

5% leave for miscellaneous reasons,but a whopping

68% leave for the most importantreason: perceived indifference —this group did not feel valued orappreciated.

If we want to keep our clients, make surethey feel loved and appreciated, encouragereferrals, and do it all inexpensively, thebest answer: the simple thank you note.

I have always thought that financialadvisors were about 10 years behindrealtors when it comes to marketing ideasand systems. In this case, I think we areabout 20 years behind. I only know onefinancial advisor who sends thank younotes — or to more precise, his assistantssend thank you notes. He, sells very largelife insurance policies. He learned the hardway, the cases were more likely to stay onthe books, if he could help his clients avoid“buyer’s remorse.” He does this by a hightouch campaign after every large purchasethat includes follow up phone calls and a

The 15-Minute WorkoutBy Katherine Vessenes, JD, CFP®, RFC®

About 20 years ago, my life was changeddramatically by a sales trainer named TomHopkins. He had written a book, How toMaster the Art of Selling that was sopowerful, I read it a half dozen times,listened to his tapes over and over andwent to every class he offered. Hisinformation revolutionized my business,and I still use and teach his techniquestoday.

At the time I was practicing law in a town of3000 people (plus 12,000 deer) inWestern Wisconsin. Much to my despair,no law firm would hire me, even though Ihad been a successful prosecutor,assistant dean of a law school and waseven law review. Apparently pregnantlawyers did not fit into the old boys club.Needing to work, I had one choice: open upmy own law practice. I was determinedbuild it up, using Hopkins’ techniques.

I was particularly impressed with histhoughts on thank you notes. Hopkins is abig advocate and writes about 10 notes perday. Did they work for him? So much so, byhis third year as a realtor, his business wascoming 100% from referrals. I decided if itworked for him, it could work for me.

I sent thank you notes to any and everyonein that town: They included the shoesalesman who was nice to me when Ibrought in three rambunctious kids. Iwould send notes to other attorneys intown. I even sent notes to the physician’sassistant in my doctor’s office, becauseshe knew I was on a tight schedule andwould move me to the head of the queue.The notes were so effective, after a year of

few thank you notes. It is one of the thingshe does to get his income up to over $5million per year.

We are such strong believers in thank younotes, that when H & R Block asked us todesign their new sales strategy, weincluded thank you notes as a key part ofthe process.

How to Use Notes. In case you were asleepwhen your mother taught you how to writethank you notes, here are some pointers:

Every card should have a minimum of threelines, a salutation and close. You can goup to 5 lines. More than that is a letter. Agood format might be:

1. Gratitude for the kindness2. Personalize the kindness3. Reference to a future interaction

Here is a sample note you might send tothe CPA who just referred you a new client,using the format above:

Dear Don,

I so appreciate the confidence you have inme and your many referrals. I met with theMartins this morning and I know they aregoing to be fun clients. As soon as Icomplete their plan, I will give you a calland we can review it over lunch, my treat.

Thanks again for all your support,

Katherine

You will notice what is not in the note:

1. Personal information about yourself.This is not the time to brag about what yournew baby is doing or the latest award youhave received. It is about the person beingthanked.

2. There is nothing in it about specificinvestments or performance. You wouldnever say “The XYZ Fund is a perfectinvestment for you and should easily meetour goals of 12% per year.” First, this willdrive your compliance officer crazy, andsecond, it is not the purpose of the thankyou note.

continued on page 14

Katherine Vessenes, JD, CFP®, RFC®

Page 14: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

However, it is perfectly acceptable to send anote after a client has purchased somethingfrom you and thank them for that purchase.Here is a sample of that note:

Dear Jane,

I wanted to take a few minutes to tell you how much I have enjoyed working with you over the past three months. Iparticularly appreciated all the confidenceyou have expressed in me and myrecommendations. My goal is to now offeryou excellent follow up service so you willhave no reservations about referring me toothers who have similar needs. If there isanything I can do to make your experiencewith our company better, please call me onmy personal number.

Looking forward to seeing you at ourquarterly review,

Katherine

Who Gets Notes: My general rule of thumb:if they don’t live under my roof, they get anote. Even my children, who are all grownnow, get thank you notes from me, and theysend me lovely ones, which I cherish.

When to Send Notes? Whenever you can.Certain times should be part of your salesprocess: after each client meeting, afterkey phone calls, after investmentpurchases, after referrals, after reviews,whenever anyone does anything nice foryou, and for older clients to remind them

how much you appreciate their business.

I found when I set a goal for myself of 5cards per day, I got creative on when tosend them. One thing that has worked wellfor us, is taking a list of client addresses onour over-seas trips. Peter and I will alwaysspend an hour or two in a coffee shop,looking at the ocean, writing postcards tobusiness contacts and clients. We have alittle contest to see who gets morepostcards written. This little kindness is sorare now, it really makes an impression.

Key points to remember when using thankyou notes:

1. Use nice cards or paper, never full sizesheets of paper or letterhead. Avoid thepreprinted thank you notes as theyfrequently look tacky and don’t always fitthe occasion. Ebay has many onlinesuppliers where you can order embossednote cards with your name or initials, veryinexpensively. If money is no object, afterall this is a lot less expensive than steakdinners at your country club, buy fromCrane’s online.

2. Use a nice pen or felt tip in blue or blackink, to handwrite every note. Bolderstrokes make more of an impact.Computer printed cards are never anoption.

3. The cards are hand addressed and usereal postage stamps, not your office Pitneyand Bowes machine. To be frank, I would

consider having the return addresspreprinted, or using a nice return addresslabel. Never print the client’s label on yourcomputer and then paste it on the card.

4. Every card, no matter how many yousend to the same person, includes yourpersonal business card.

5. Set a goal for how many you (and yourassistant) will send out each day. Witheach note taking an average of 3 minutesto write, 5 is not unreasonable. Even at adollar a card, including postage, this costsabout $5.00 per day, $100 per month.

About 6 months ago, I ran into an oldfriend, a realtor from Austin, Texas. He wastelling me that he started using thank younotes again during a dry real estate period.“How is it working?” I asked. “Great,” hesaid. “After doing is for 60 days, I was doingso much new business, I stopped!”

Final piece of advice — if this works as wellfor you as it has for me and many others,don’t stop!

Katherine and her husband Peter are theprincipal presenters of the Million DollarPractice workshops and Marketing.

As president of Vestment Advisors, shehelps financial advisory firms of all sizesbuild better, more profitable businesses.She can be reached at 952 401 1045 [email protected].

Page 14 The Register • March 2006

continued from page 13 Workout

May 22-23, 2006

Page 15: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

PPrintinted Gd Gold Kld Key Ny Note Card OpOptionstions PrPrice Quantity Totatal

� Classic Gold Key Note Cards & Envelopes, 250 Boxed $ 100.00 _______ $_______

� Optional—Your RFC Announcement Message and your $ 50.00 _______ $_______

$_______

address printed inside, per 250 cards

� Smaller Quantities, per Card & Envelope $ 0.60 _______

� Imprinting Smaller Card quantities, cost for each card $ 0.30 _______ $_______

� Gold RFC Seals for envelopes, cost per 250 $ 30.00 _______ $_______

Plus Shipping & Handling $ $ 15 15.00

Name: _____________________________________________

_____________________________________________

_____________________________________________

_____________________________________________

(Please print your name only – no other designations)

Firm: � Visa � MasterCard

Address: � Amex � Discover

City: � Check written to: IARFC

State: ______ Zip: ____________________ Card No. ________________________________________________________

Phone: ______________________________ Expiration: _______________________________________________________

Fax: ________________________________ E-mail: __________________________________________________________

Website Address (optional): ______________________________________________________________________________

Signature: __________________________________________Date: _____________________________________________

Without Without Imprint int $315 = $0.42 each $115 = $0.46 each $75 = $0.75 each $51 = $0.85 each

TotTotal Co Cost $_______

Ohio Residents Sales Tax 6.5% must be added

Unit Cost Cost Analyalysis - Im- Impriprinted d 750 @ $465 = $0.62 each 250 @ $165 = $0.66 each 100 @ $95 = $0.95 each 60 @ $63 = $1.05 each

The International Association ofRegistered Financial Consultants is

pleased to acknowledge the appointment of

William J. Nelson

For having acquired the professional distinctionas a Registered Financial Consultant through

the completion of seven criteria: education,examination, ethics, experience, licensure,business conduct, and annual completion

of ongoing continuing education.

William J. Nelson, LUTCF, RFC®

The Nelson Financial Group2385 Lakeview, Drive, Suite A

Dayton, Ohio 45431-3696

Phone: 937 426 7032

[email protected]

U.S. Shipping Only

Example of how you canimprint your completecontact information insidethe Note Card.

An optional formal RFCannouncement message can be printed by us,or by you.

Use this space for yourhandwritten notes or message.

RFC Code of Ethics

I will at all timesput my client’sinterest abovemy own.

I willmaintain proficiencyinmy workthrough continuing

education.

Whenfee-basedservices are involved, Iwill chargea fair and

reasonable fee based on the time and skillrequired.

Iwillabidebyboththe spirit and the letter of the laws and

regulations

applicableto financial planning services.

I will givemyclient the same service thatI would give tomyselfin

the same circumstances.

TheInternational Association of

Registered Financial ConsultantsThe FinancialPlanningBuilding

Middletown,OH 45042-0506

www.IARFC.org

Classic RFC Gold Key Note Cards Order Form

Fax to: 513 424 5752 Mail to: IARFC, Box 42506, Middletown, OH 45042-0506

The Register • March 2006 Page 15

Page 16: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The 7 Simplest Communication Strategies For Doubling Your Sales In Half The Time

Teresa Easler

of knowledge. The impulse is to share allyour acquired wisdom, all at once because,after all, it’s why you are different from your competitors.

The same problem exists for those withless experience, though the motivation isdifferent. For those new to a profession,the data dump is equated with provingknowledge that makes up for experience.In either case, it is a path away from action,directly to the land of “I’ll think about it.”The old expression -— less is more — is verytrue when it comes to communicating yourmessage to audiences.

The more information you give, the morethat requires evaluating, processing,sorting, and deliberating. Instead, keepyour message simple and clear by focusingon the three key things you want them to remember.

How to avoid The Information Trap™

1. Identify what you intend to achieve withthis particular communication. Be asspecific as possible. Start with the endclearly in mind.

2. Now ask yourself, “If my audienceremembers nothing else from theircommunication withme, what are the threemost important thingsfor them to remember?”Make it count!! Forexample, which is moreimportant for them toremember, that you’vebeen in business 25years or that you havean innovative solutionthat will save them 25%off their tax bill?

3. Always, always,always focus yourmessage on answering“What’s In It For Me?”and “Why Do I Care?”from your audiencespoint of view. If whatyou have decided youwant them toremember doesn’tanswer thosequestions, they won’tremember. It’s assimple as that.

4. Now, focuseverything you have tosay on reinforcing those

The ability to get great results whencommunicating with your clients,prospects, and staff requires that:

• You have the right message for youraudience.

• Your message addresses what’simportant to them.

• You deliver the message in apowerful, effective manner.

Each of the 7 simple communicationstrategies we’ll be introducing over thenext few months are designed to help youand your organization always confidentlycommunicate the right message to theright audience at the right time.

December: Strategy #1: Always take thetime to prepare for your communicationsituation.

January: Strategy #2: Always focus yourcommunication on your audience.

February: Strategy #3: Always keep in mindwhat you appreciate about your audience.

Strategy #4: Always focus on the threekey messages you want your audience to remember.

Do you ever feel frustrated by having toprovide lots of information for prospects oraudiences to see what really differentiatesyou from the pack?

Have you ever found yourself asking, haveI given enough information so they can seethe value I provide?

At what point is it too much?We often equate providing more informationwith providing more value. This is aparticular danger for professionals whohave years of experience and a great depth

three items. Beware of the “kitchen sinksyndrome.” You know, adding everythingbut the kitchen sink back into yourcommunication. If it doesn’t serve aspecific purpose, rather it is justinteresting information, you can alwayssave it for handouts or a later meeting.Focus, focus, focus on three (or fewer!)things to remember.

Remember that providing value is not inthe amount of information you provide.Value comes from clearly communicatingyour grasp of what’s important to them,focusing on how you can support them inachieving that.

Teresa is the creator of The Power toConnect® workshop, author of the book, A Guide to Breakthrough Presentations,co-author of the book The Power toConnect® — Creating Communication thatgets Results and co-creator of the BravoPresentation Coaching® program. She hashelped groom many successfulprofessionals to extend their speakingcapacity and has personally addressedmany associations, including the MDRTand CAIFA. You may learn more abouttheir services at: www.cvcomm.com, andyou can contact her at: 416 696 2020 orby e-mail: [email protected]

Page 16 The Register • March 2006

Page 17: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 17

For more information please call: 800 666 1656 or visit our Website: www.FinancialSoftware.com

PlanBUILDERPlanBUILDER PracticeBUILDERPracticeBUILDERDevelop sophisticated, comprehensive financial plansquickly and easily. Make changes to more than 80financial variables and immediately see results calculatedand graphically displayed. This powerful tool motivatesclients to take action NOW!

Practice Builder a custom Client Relationship Management(CRM) system designed by Ed Morrow, an internationallyrecognized advisor to advisors. Practice Builder is asoftware tool customized for the needs of financialprofessionals. Practice Builder allows you to usetechnology to differentiate yourself, to communicate moreand maintain “Top of Mind Awareness.”

What makes Plan Builder software so unique?

Scenario Manager – This powerful feature allows you to sit witha client and answer their “what-if questions” immediately, on thecomputer screen. This motivates the client to take action TODAY.No more setting another appointment so you can “run thenumbers,” lose momentum and have to start all over again a weekor two later.

Financial Notebook – An innovative and exclusive application foryour clients and prospects use to gather their data. The programruns on their personal computer. This transfers the burden of dataentry to the client while enhancing your image as a technicallyadvanced professional advisor. They run the program in the privacyof their home securely on their computer and at a time that isconvenient to them. A guided interview leads them throughcollecting personal information, assets, liabilities, income, andexpenses. They can also attach notes and questions for your reviewanywhere in the program.

When they have finished, they can send you an encrypted file. Fivekeystrokes later you have all the client’s data in Plan Builder ready tobegin reviewing and analyzing.

Learn More, Get A Free Live Web Demo Plus a Special Offer: 800 666 1656

Professional Software that is creatively designed, continuously enhanced, well-trained and supported.

Features Include:

Contact Manager – The interrelated database stores extensiveinformation on your clients and prospects: all contact data,personal profile, preferences, spouse, children, professional advisors,account values and more.

Practice Management Tools – Incorporating a ComprehensiveToDo System, Task Management, Appointment Calendar andActivity History.

Financial Planning Tools – Checklists, Agendas Interview Notes,Client Attitudes, Objectives and Assumptions.

Powerful Marketing System – Deliver relevant letters andarticles at a frequency and duration you decide to target groups ofcontacts. Maintain “Top of Mind Awareness” with ease.

Resource Library – Preformatted letters and Consumer andAdvisor Focused articles for correspondence with prospects, clients,and other professional advisors.

With extensive information on your clients andprospects you can easily access personal profile,professional advisors, associates, notes and more.

Plan Builder Scenario Manager lets you make“what-if” assumptions immediately!

Page 18: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 18 The Register • March 2006

A New Year — A New You

continued on page 19

Millions of Americans are obese,dangerously so. They are FAT people wantingto be thin. Most of them avoid mirrors forobvious reasons. When you are aroundthem you are careful to find euphemismswhenever size creeps into the conversation.The Chinese, who are exceedingly polite,refer to obese persons as “strong.” Tailorscall them “well built.” Their friends may referto them as “heavy set.”

Many Register readers are already gettingnervous, because this applies to them, to aspouse, to a parent or a child. FAT is ugly —and it is medically dangerous aswell as psychologically demeaning.

I’m entitled to write this column —because “FAT” used to apply to me.When I finished my military serviceas an infantry officer in an airborneunit I weighed 145 pounds and Icould run, not just jog, 5 miles — incombat boots, shouting “Airborne,Airborne, all the way!”

When I entered financial servicesmy 145 pounds of muscle haddeteriorated to 160 pounds. Thatwas still trim, if not at the acme offitness. But from age 24 onward Igained four pounds a year. Doesn’tseem too bad, just one poundevery quarter.

Of course I periodically went ondiets. The grapefruit diet, Medifast,Weight Watchers, Slim Fast and finally theAtkins no carbohydrate plan. My weightwould see-saw down and back up — just abit higher each time.

Every year or so I would buy a new round ofsuits and shirts — just for changing styles,you know. Some shoes even grew too smallto wear comfortably. Do shoes shrink? I nolonger wanted a sporty Karman Ghia; Isought the Lincoln and Cadillac sedans — toenhance my financial image, of course.

I became adept at ignoring the impact of this inexorable weight gain — moreweight meant less exercise, which meantmore weight gain. Food and fine wines werean excellent reward for a day or week ofhard work. The inconvenience of traveljustified an excellent meal, naturally with an appetizer.

My yearly check-ups revealed no cholesteroland a blood pressure just on the moderateside of high. This gradually escalating weightwas being “handled,” or so I thought!

In early 1998 I started on the Atkins Dietand it began to work immediately for me. I

was dropping weight — but postponing therecommended exercise. Soon I had lost 30pounds and found the Atkins no-carbregimen fairly tolerable.

Then, at the end of an IAFP conference inSalt Lake City I felt a very congesteddiscomfort. No shooting pains — justseriously out of breath and feeling a generalchest pain when walking up two flights ofstairs. I rationalized that it was stress fromthe all-day workshop I delivered to asurprisingly large audience. But I thought I’dget a check-up, just in case.

You guessed it — clogged arteries! Thesolution was open heart surgery — fourarterial bypasses and a “stop the heart andfix it” mitral valve repair. The surgery wentwell. But when I returned home and wentpromptly back to work, under doctor’sguidance I was taken off the Atkins Plan.Back came my 30 pounds, plus 5 and then5 more.

Modern medical treatment is really good —I’ve had no complications from the surgery.Of course I was prescribed daily pills forblood pressure and cholesterol, which Iregularly ingested for 6 years.

Then in 2004 two things happened thatfinally changed my destructive eatinghabits. On a trip to China I went to Chengduin the western part of the country, nearTibet. We flew to JiuZhaiGou at 13,000 feetelevation and motored to the GoldenSprings at 14,000 feet where I tried to climb1,120 stair steps to see the gorgeousmineral springs as they cascaded from pondto pond. But I got only halfway up before itwas necessary for two local “Sherpa typemen” to take me up the rest of the way in asling. How embarrassing! How humiliating!

Shortly after retuning home, I started downthe stairs with two small bowls of barbecue,lost my footing, and slid down the rest of thesteps. My left foot encountered the wall,and the wall won! For nearly a month I waswheel-chaired with a broken foot, patchedwith two titanium pins, plus a large, solidcast for the broken leg.

If you think crutches are a nuisance, then you can’t imagine what it is like to be a FAT person in a wheel-chair. Yes, youcan get out of the chair, but it isn’t easy.You are a prisoner — in the chair and

confined to the few places that areeasily accessible.

My resolution was now firm. At allcosts I would address this issue thatI’d been avoiding for 40 years. Ichecked out all the weight lossoptions and finally decided to havethe bariatric surgery.

Most of you have read or viewedsomething about this type ofmedical intervention. There arevarious versions and I elected tohave the Roux-En-Y open surgery.

My physician Dr. Kira Schofield, MD,FACS, said that she’d “rather not dothe cosmetically appealinglaparoscopic procedure,” since shewasn’t sure just exactly how thecardiac surgeon had “re-routed myarterial plumbing.”

November 15, 2004 was like a newbirthday for me. I went into the localhospital on Wednesday morning and camehome on Friday. I returned to work on thefollowing Monday.

And the weight started to fall off! At first Iwas exclusively on a liquid protein diet withsoy-based powders. My new stomachcouldn’t take much food, and to tell the truthI didn’t want any. My biggest obstacles werepeople who still felt I needed to “eat more.”Part of this is sociability. Others justcouldn’t imagine that my new stomach hadonly a half-cup capacity. I was okay onliquids and soups — but rice and bread werea real problem.

Now that I’ve lost 135 pounds, feel 25 yearsyounger, and face the rest of my life with avigorous enthusiasm, I feel compelled toshare these experiences with you. Yes —heredity has a lot to do with weight gain.Three of my grandparents were heavy. The skinny one, my grandmother, lived tonearly 104.

Ed Morrow, Chairman and CEO of the IARFC

Strong — 2004 Healthy — 2006

Page 19: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 19

But we are in sedentary occupations and aswe get busy, it is very easy to give up theexercise our bodies need. We rewardourselves with food — and gradually a smallproblem becomes a big one.

Should I have used discipline to control mydiet and exercise regularly? Absolutely! ButI, who was very disciplined in other areas,simply was very poor at controlling myweight. Like many others I rationalized mypoor behavior and continued with lifethreatening, weight gaining habits.

Does this apply to you? To your spouse? Toa parent or to a child? Maybe the obesepersons in your life are your close friends oryour clients.

If you or they cannot immediate andirrevocably alter these life-threateninghabits, then I strongly encourage theconsideration of bariatric surgery.

Would I do it again? You bet! While ithasn’t been totally without discomfort, it hasmade a big difference in my life. I no longereat 16 ounce steaks or pig out on turkeydressing and sweet potatoes on holidays. Idon’t even like to cook anymore — whichhad been one of my disruptive habits.

Perhaps I can help. I’d be pleased to talkwith you or someone in your family. Thereare lots of resources available. There aredifferent forms of surgical procedures. Thesolution to obesity is at hand!

I will never forget one incident thathappened at our local Wish Center bariatricpatient support group meetings. For nearlya year there had been a very large woman inthe meetings — in the back in a wheel chair.Last month she joined us — with a cane,and no wheel chair. Slowly she walked tothe front of the room and with great emotionsaid, “This is the first time I’ve walked inpublic in twenty years. I’m a new personand I have a new life!” She threw her caneaway and slowly walked down the aisle, withtears streaming down her cheeks, and downa few others, as well.

Medical Improvements. In addition to moreenergy and the new-found ability to exercise,I no longer need blood pressure medicine orcholesterol reduction pills. I have aconsistent blood pressure of 120/85 and Isleep better. No, I’m not exercising as muchas I should, but this is a scheduling andhabit not one of discomfort — and I amdoing light weights and long walks.

Some persons have no weight problems.Others can control their diet, and increasetheir exercise. But for those who cannot,the time to consider the permanentsolution to obesity is now!

Would I recommend this to my family? Mydaughter, Susan, who has a personality andbody frame a lot like mine, had this surgeryon January 11th. This is her new birthday,just as November 15th, 2004 was mine.

You might wonder why I have written thisarticle. When you’ve found a solution tosuch a devastating problem you want toshare it — to pass on to others the solutionsand inspire them with the confidence totake action. Perhaps you think it strange ofme to publish this article in the Register, butfrankly I believe that too often we shy awayfrom direct discussions about some

problems, calling “FAT” people “heavy set”or “strong.” People depend on us and wehave responsibility to safeguard our future.

If you object to my having written this article,or you value the information — write us aletter. Your comments, even your contraryviews, are welcome — and we’ll print them.

Can I help you, a loved one or a dear friendescape from the imprisonment of fat? Wecan talk personally at the Financial AdvisorsForum — or just call me at: 513 424 1656, ext. 11 or [email protected].

continued from page 18 A New Year

Two years ago the public indicated itsdispleasure with the “Janitor Insurance”plans whereby some companiespurchased large policies on employeesfor the purpose of gaining the tax-freedeath benefit, not as key person lifeprotection, but as a tax play. Now there isanother life insurance scheme, and asfinancial advisors you need to be awareof “Stranger-Owned Life Insurance”commonly called SOLI.

On December 19, 2005, the New YorkState Insurance Department issued anopinion by its Office of General Counsel(OGC) indicating that there was noinsurable interest for a transactioninvolving third party financing of the policy premiums where the insured had the option to sell the policy on a predetermined future date.Arrangements of this nature are oftenreferred to as “Stranger Owned LifeInsurance” or SOLI.

Under these transactions, a bank offersto lend money to wealthy individuals inthe form of premium payments on a lifeinsurance policy on the life of theindividual. The loan is secured by thepolicy itself. At the time the policy istaken out, the insured also enters into anagreement with a third party under whichthe insured has the option to sell thepolicy for a predetermined amount to thethird party at a predetermined date in thefuture, referred to as the “exercise date.”Payments under the loan would not bedue prior to the exercise date. If theinsured exercises the option, the policy istransferred to the third party and the loanprincipal amount plus interest is repaidout of the proceeds of the transfer. If theinsured does not exercise the option, heor she remains the owner of the policy

Stranger-Owned Life Insuranceand is liable for repayment of the loan aswell as for future premium payments. TheOGC Opinion addressed two questions:Does an insurable interest exist in thedescribed transaction, and is thetransaction permissible under New Yorkinsurance law? The OGC responded “No”to both questions. Noting that the onlypurpose for the arrangement appears tobe to facilitate the resale of the policy, theopinion stated that “it is theDepartment’s view that the transactionpresented involves the procurement ofinsurance solely as a speculativeinvestment for the ultimate benefit of adisinterested third party [and] suchactivity is ... contrary to the long-established public policy against ‘gaming’through life insurance purchases.”

The opinion also stated that “the policiesobtained by the Clients herein arearguably not obtained ‘on [their] owninitiative’ as required by N.Y. Ins. Law § 3205(b) (1) … [and] the potentialtransferees do not appear to have alegitimate ‘insurable interest’ in the livesof the Clients.”

The OGC also noted that the transactionmight involve a rebating violation, sincethe free insurance that could result fromthe transaction could be viewed as aninducement to enter into thearrangement. This OGC Opinion coulddeal a significant blow to efforts toconduct SOLI transactions in New York,which has always been a “bell-ringer”state with regard to insurance. It is alsoanother example of how efforts to turnlife insurance into investment vehicles —either through SOLI, IOLI or whatever formthey may morph into — continue to beclosely scrutinized on both the federaland state level.

Page 20: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Page 20 The Register • March 2006

In today’s world there are two types offinancial advisors. The one that has beensued by a client and the one that will getsued by a client.

Knowing this; financial professionals ask;“How do I protect myself?” Usually, whenthis question is asked, they are referring onlyto client issues, but there are a number ofareas where today’s financial professionalneeds additional protection.

There is an old adage in the legal profession,“if it is not in writing, it does not exist.” Theold idea that a handshake is a man’s bond isa great idea, but in reality this approach tobusiness can cause serious heartache.Unfortunately, some elect to ignore thisadvice until a legal issue affects thempersonally.

You should always consider writtendocumentation as your first line of protectionfrom a client lawsuit. This is true even whendealing with product wholesalers. Mostproduct wholesalers are individuals who areindependent contractors representing the“sponsored product.” However, manyfinancial advisors assume a productwholesaler is an “employee” of the sponsorcompany. This assumption can bedevastating when verbal statements fromcontracted wholesalers are taken as afactual statement made by the sponsorcompany. Verbal statements made byindependent contractors are not valid. Youhave an ethical and professional obligationto your clients to make sure all statements,promises, and guarantees of performancemade by any “agent” of a sponsor companycan be backed by a written statement of factfrom the sponsor company. The eight mostcrucial words to remember when dealingwith product sponsors and/or securitieswholesalers are: “Always verify in writingwhat the sponsor says.”

Product wholesalers can be an excellent way

to keep abreast on issues related to thesponsor company. Many times, sponsors willallow wholesalers to make productpresentations to your existing andprospective clients. Keep in mind, when itcomes to statements made by a “productwholesaler” that your client will hold youaccountable for their statements.

Another very important area of proactiveprotection is client communication. If youhave a meeting with a client with whomsuitability is discussed, write a letter to thatclient to reiterate your understanding of whatthe client has stated as pertinent issuesrelated to their account, investment goals andlong-term objectives. This is most critical ifthe client affirms investment objectives thatdo not parallel their risk profile.

You may ask — “Why such an emphasis onwritten documentation? Mainly, becausepeople forget — especially when it is in theirbest interest to do so. Written documentationis paramount as evidence in an ArbitrationHearing. Written acknowledgement ofdelivered documents such as a prospectus,risk tolerance profile, financial informationand specific investment objectives aresupposed to be proof positive that the clienthas been informed of all pertinentinformation, transactions and the risksassociated with an investment or yourprofessional services.

If you’re wondering what steps you can takenow to protect your business, our suggestionis to incorporate the following five proactivesteps into your ongoing business procedures:

DOCUMENT: Continually document as muchinteraction with your client(s) as possible.This includes, but is not limited to;

• Dated notes of personal meetings, callsand e-mail messages

• Detail / journal your thoughts andrecommendations

• Keep a complete personal file on eachclient such as: tax return(s), Incomestatement(s), etc. etc. etc.

RETRIEVE: Set up a system of retrieval,which can access your files within 24 hours.Keep in mind — actions against FinancialProfessional’s initiated by a RegulatoryAgency carry no statute of limitation. Todayit’s necessary to be able to obtaininformation on clients you may have donebusiness with several years ago. Thisinformation needs to be at your fingertipswithin a reasonable time frame. Under nocircumstances should you dispose of clientinformation -— no matter how dated.

EVALUATE: Closely evaluate all your clients.

Evaluation forms such as “risk tolerancequestionnaires” are excellent methods ofdetermining a client’s “true intentions.” Anyunbiased information for your files regardinga client’s “risk tolerance” and/or investmentgoals and objectives fares extremely well indetermining “client suitability.” ManyFinancial Professionals who utilize clientevaluation questionnaires can virtually stop asuitability inquiry before it ferments into afull-blown investigation. The reason thesequestionnaires are so powerful is becausethe client fills them out and attests “inwriting” as to the accuracy of the responses.Any tool utilized to determine and documentyour client’s position (whether it is emotionalor objective) is future protection.

TERMINATE: The single commondenominator of successful FinancialProfessionals is their ability to “terminate” aclient before they can pose a litigiousproblem. Everyone has problem clients butonly you know who they are. It’s up to you toweed these problem clients out of yourbusiness before they pose a litigious risk.Obviously, in many instances this can bedifficult, especially if your client is a closefriend or worse yet, a relative, however thelong-term benefits are priceless.

RESEARCH: Research the products yourecommend. Even a public mutual fundneeds to have prudent due diligence prior toa recommendation. Most investmentsponsors are usually happy to furnish youwith the exact due diligence package theyprovide your Broker Dealer compliance / duediligence department. Additionally, you needto have contact phone numbers, faxnumbers, and e-mail addresses in order toset a communication protocol with sponsorsof the products you recommend.

Finally, you need to affiliate withorganizations that can prepare you and yourpractice for litigation. Financial AdvisorsLegal Association (F.A.Legal) is such anorganization. Known as “The Leader inLitigation Prevention and Defense forFinancial Professionals” -— F.A. Legal is oneof the fastest growing organizations in thecountry because we assist you in the mostcritical areas for litigation prevention anddefense. As part of your membership,F.A.Legal provides you with the eDefenseManager. This valuable resource is an easyto follow step-by-step tutorial on how toimplement documentation procedurescritical in all practice areas. We recommendyou join F.A.Legal and take advantage of thisvaluable tool.

For more information about FinancialAdvisors Legal Association you can log on at:www.falegal.com or call: 800 261 0633.

Your Best Protection from a Client Lawsuit...

Robin S. Mills

Page 21: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 21

When asked, “Who are the personswho have shaped your career?” it isamazing how often financial advisorswill include the name of Norm Levine.He began as a life agent with AetnaLife and Casualty in New York City.During his first seven years Norm soldlife insurance and moonlighted as adoor-to-door Fuller Brush salesman. Inthose days life insurance sales trainingwas almost non-existent. But in 1955he became involved as Chairman ofthe Life Underwriter Training Council inNew York City and in four years openeda scratch agency in New York City.

From that point on, his career steadilyadvanced on two tracks — growingproductivity in financial services andincreasing level of leadership toprofessional service organizations. Hebecame president of NYC LifeUnderwriters, then New York State, andfinally president of NALU (now NAIFA).

Aetna decided in 1975 to discontinueagency operations. Norm moved tothe west coast and establishedanother scratch agency, receiving theMaster Agency Award from the GeneralAgents and Managers Association.

The Levine Financial Group was a full-service financial organization, includinglife insurance, multi-line casualty, lifebrokerage, pension, accidental health,securities broker/dealer with additionaloffices for attorneys and accountants.Norm served as Divisional VicePresident for MDRT and addressed theannual meeting main platform eighttimes. He has also served as nationalpresident to GAMA and LifeUnderwriters Training Council.

His awards have been many, butamong them are the General Agentsand Managers Hall of Fame Award andthe John Newton Russell Awardpresented annually by NAIFA.

Forum Speaker: Financial Advisors Forum2006 Exhibitors

FA Legal Association

Financial Planning Consultants

Equimax Lending

Advised by James Investment Research, Inc.

James Advantage Funds

Liberty Publishing

Life Insurance Settlements, Inc.

MarketShare Financial

ProActive Money

National Heritage Foundation

Prudent Bear Funds

Dick Norton –[email protected]

Registered Education Planner

Vestment AdvisorsKeir Educational Resources

Norman G. LevineCLU, ChFC, RFC®

Page 22: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Financial Advisors Forum brings together financial advisors from around the world for threeaction-packed days of sharing information, building knowledge, professional exchange and

networking with the leaders of financial services.

IARFC’s annual conference and exposition features educational programs for all levelsof experience. Expositions that showcase the latest financial services and products,and fun activities where you can meet other professionals. You will gain newbusiness ideas, make contacts, see prospective resource providers, learn newplanning design techniques and explore ways to promote your business. If you’reseeking to build your financial advisor practice, the knowledge can be found at theFinancial Advisors Forum.

Who Should Attend?

Financial planning professionals with all levels of experience in every area ofspecialty will find that these practical educational sessions will exceed theirexpectations. Industry leaders will deliver their most valuable concepts andtechniques in a collegial atmosphere. Whether you are a single practitioner,head up a firm of advisors, or are an executive of a broker/dealer, insurancecompany, bank, or a financial product provider, you will find these ideas,contacts and leadership skills to be invaluable.

Program Schedule

The Forum 2006 opens Thursday, May 11 with six optional pre-conferenceworkshops at 8:30 am. All attendees will enjoy the Thursday opening nightreception to be held in the home of IARFC Chairman, Ed Morrow. Whether youare a first time or international attendee, plan to attend the Loren Dunton AwardDinner on Friday evening. The Forum concludes Saturday, May 13, at noon.Activities are planned during the afternoon for those who fly out Sunday.

Other Financial Forum Highlights

Join us Friday evening for the Annual Loren Dunton Award Dinner —an opportunity for financial advisor professionals to network andhonor Loren Dunton and congratulate the prior recipients, andof course, the distinguished 2006 recipient of the Award —whomever it may be.

As a renowned figure and pioneer in the industry, Dunton is widely recognized as thefather of the financial planning movement in the United States. He started the College for

Financial Planning and the International Association of Financial Planning, was the firsteditor and publisher of Financial Planning magazine, and his precepts on the role of advisors

are the basis for the IARFC.

2006 attendance is limited to the first 200 who register.Call Now! And reserve your position: 800 532 9060

Financial Advisors Forum 2006

Page 22 The Register • March 2006

Page 23: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

The Register • March 2006 Page 23

IARFC Financial Advisors Forum 2006 Registration Form

Manchester Inn and Conference Center, Middletown Ohio ♦ May 11 - 13, 2006

♦ Registrant Information (please only one attendee per form)

Name _________________________________________________

First Name on Badge ____________________________________

Title __________________________________________________

Designations ___________________________________________

Company ______________________________________________

Address _______________________________________________

City_________________________ State______ Zip ____________

Phone_______________________ Fax ______________________

E-mail _________________________________________________

♦ Registrant Investment Non- IARFCMember Member

Very Early Bird, Before 12/31/05 $345 $295

Early Bird, Before 2/28/06 $395 $345

Regular Rate, after 3/1/2006 $495 $445

Spouse/Companion Rate $125 $125

Financial Planning Student Rate $ 95 $ 95

Golf Outing, Wednesday afternoon $ 40 $ 40

Air Force Museum – no charge

SunWatch Indian Village and DaytonArt Institute, Princess Diana Exhibit $ 30 $ 30

♦ Save on your tuition with “Sign-Up-A-Colleague”

Receive a $50 discount for one nominee who signs up forthe Financial Advisors Forum. I hereby nominate:

Name _________________________________________________

Phone_________________________________________________

How to Register Now!

Fax: 513 424 5752E-mail: [email protected]: 800 532 9060Mail: P.O. Box 42506

Middletown, OH 45042-0506Website: www.IARFC.org

♦ Method of Payment

Check (Please make payable to: IARFC)

MasterCard Visa Amex Discover

Card Number ___________________________________

Exp. Date ______________________________________

Account Address (if different from above) _______________

______________________________________________

Signature ______________________________________

Date __________________________________________

♦ Hotel Accommodations

Receive special room rates by calling the Manchesterand using our group code: IARF

Manchester Inn – 800 523 9126

Reserve your room for only $64 or $74 per night.You may extend your stay to enjoy the same low ratefor additional days. No online reservations are availablefor this event.

♦ Additional Conference Information

Registration Location: Second floor at the ManchesterInn and Conference Center.

Continuing Education Credits: Each state has differentinsurance and securities CE regulations. This event has notbeen pre-registered for CE. Varying credits will be availablefor IARFC, CFP, PACE, and state credits, depending onsessions attended.

Recommended Attire: Business casual is appropriate. Foryour comfort, we encourage long sleeves or a light sweateras inside temperatures can occasionally fluctuate. Nojeans, tennis shoes or T-shirts please A jacket is optional,but recommended, for the Dunton Award Dinner held onFriday evening.

Cancellation: A refund (less 20% administration fee) will bemade if notice of cancellation is received in writing threeweeks before the event. We regret that no refunds can begiven after this period. A substitute delegate is alwayswelcome at no extra charge.

Disclaimer: The program may change due to unforeseencircumstances, and IARFC reserves the right to alter thevenue and/or speakers. IARFC accepts no responsibility forany loss or damage to property belonging to, nor for anypersonal injury incurred by attendees at our conferences,within the conference venue.

Fax Registration to: 51

3 4

24 57

52

Page 24: the - IARFCIf your Profile is not current, you will not get the new client. Opportunity Awaits You.The Profile format in IARFC.org is very sophisticated, and currently the best, by

Financial professionals helping people do a better job of spending, saving, investing, insuring & planning

the

International Association of Registered Financial ConsultantsFinancial Planning Building - 2507 North Verity ParkwayP.O. Box 42506 - Middletown, Ohio 45042

phone800 532 9060

fax513 424 5752

[email protected]

webwww.IARFC.org

Members WhoRecommended New

IARFC Members

F. Dean BarberRonald A. Gelok

Tim GearyAndrew Haley

Mark A. MacArthurKevin C. Mason

Ken MatternEd MorrowLew Nason

David M. StittRichard S. Wiedl

Shay Charles H. Woodward

New RFC and RFA Members

Eugene J. Berkes ILDonald J. Bibbo OH

Everett H. Bondurant FLJason D. Borman CA

J. Christopher Boyd MADiana Castro-Arce CA

Cindy Chung CAChristian K. Clark CA

John W. Cook SCHenry Dennard TX

Donald Dimitruk CAHeather J. Dominie FL

Varsha Dubey MDKenneth R. DuBois TXRobert G. Fillmore CO

Michael J. Fiorito ILDonald F. Fulton CA

Robert A. Gravette CAMartin A. Gruszka PA

D. Michael Gunning WARay Harrison CA

Dan C. Hepworth IASteven Herbst WI

Daniel P. Herrema GAEarnest E. Hubbard CO

Eduardo Huerta CATimothy P. Jean TXDavid Kawata CAMicah K. Keel FL

Garry D. Kinder TXAndrew V. Kirby PA

Andre Korchinski WADavid A. Kossak FL

James Kotagides OHMichael G. Kotval LAEdward S. Laskin NY

Richard M. Lazarski ILStanley Lewandoski FL

David C. Lewis NYGeorge Lindell HIDaniel M. Lowe FLKevin C. Mason FL

Tommie B. McKee CAJoseph Menzak NJ

Boris Mitnik ILDaniel J. Mittlesteadt OH

Christopher Nee AZThomas R. Newbauer CA

J. Rand Olson CAJon Cody Olson CA

Kevin Scott Pang HIClark L. Permann WAThomas J. Price NJBrian Savage FL

William J. Schade WADavid T. Sheehan VAEric John Sheerin KS

James J. Stein WILeonard P. Surina IL

Robert C. Trott TXHarlan W. Wiese TXClinton R. Wilson FL