initial rfc course what is real financial four … rhu, lutcf, rfc ® [email protected]...

Serving Financial Advisors Worldwide

the

Vol. 8 No. 6 • June 2007 Official IARFC Publication www.IARFC.org

Initial RFC Course Launched in India ... 7

What Is Real Financial Planning? ... 12

Four Common Home Page Mistakes ... 26

IARFC 2007 Alaska Cruise ConferenceVancouver to Alaska August 17-24, 2007

Get Your CE at Sea and Network with Leaders of the Profession

Begin in Vancouver, British Columbia and cruise the calm and scenic Inside Passage, stoppingin Ketchikan, Juneau, historic Skagway, and Alaska’s wilderness port Icy Strait Point, HubbardGlacier and on to Seward. View the majestic peaks and thousands of untouched wooded islands.Short wildlife trips get you close to whales, moose, harbor seals, bald eagles and mountaingoats. Watch bears fishing for salmon. You’ll be awestruck as you sail alongside the constantlycalving Hubbard Glacier. Enjoy a local salmon bake and embark at Seward for transfer toAnchorage and optional tours.

800 532 9060 www.IARFC.org

The Register • June 2007 Page 1

The Register is published monthly by the International Association of Registered FinancialConsultants ©2007, 2507 North Verity Parkway, Middletown, Ohio 45042-0506. It includesarticles and advice on technical subjects, economic events, regulatory actions and practicemanagement. The IARFC makes no claim as to accuracy and does not guarantee or endorse anyproduct or service that is advertised or featured. Articles, comments and letters are welcomed bye-mail to: Wendy M. Kennedy, Editorial Coordinator, [email protected] ISSN 1556-4045 Periodicals Postage Paid at Mansfield, Ohio.POSTMASTER: Send address changes to, P.O. Box 42506, Middletown, Ohio 45042-0506

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]

Lester W. Anderson, V.P.MBA, RFC®

[email protected]

Wilma G. AndersonRFC®

[email protected]

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

[email protected]

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

[email protected]

Vernon D. GwynneCFP®, RFC®

[email protected]

Derek D. KlockMBA, RFC®

[email protected]

Edward J. Ledford, V.P.CLU, RFC®

[email protected]

Ruth Lytton, V.P.MS, Ph.D., RFC®

[email protected]

James McCarty, SecretaryCLU, RHU, LUTCF, RFC®

[email protected]

William L. MoorePharm D., CLU, ChFC, FIC, RFC®

[email protected]

Rosilyn H. OvertonMS, Ph.D., CFP®, RFC®

[email protected]

Ruben Ruiz, TreasurerChFC, CLU, MSFS, CSA, RFC®

[email protected]

Michael J. ZmistowskiRFC®

[email protected]

in this issue

3 The Long Term Care Coach Wilma G. Anderson

6 From the Chairman’s Desk

7 Initial RFC Course Launched in India

9 Would You Like a Little Cheese With That Whine?by Teresa Easler

10 Keep It Simple — When Explaining and Selling Anythingby Alan E. Anders

11 2007-2008 IARFC Board of Directors

12 What Is Real Financial Planning?by Lew Nason

15 No-Fail Ways to Boost Referralsby Maribeth Kuzmeski

16 Compliance-Friendly Marketing8 Things You Can Do To Prevent ID Theftby Katherine Vessenes

17 Financial Plan Competition

18 Business Success Profile — Girish Thakarby Hesh Reinfeld

20 Electronic Filing Proceduresby Ed Morrow

21 Sell the Process, Not the Productby Roey Diefendorf, Jr.

22 Cato Comments – About Your Image...Elvis (and many others) Needed An RFCby Forrest Wallace Cato

24 Managing Relationships To Build Your Businessby Frances Scott

26 Four Common Home Page MistakesFinancial Visions, IARFC Member Benefit Programby Sylvia Todor

27 Live Rightfrom Kinder Brothers International

28 Business Mirrors Life — Revel in Your Accomplishmentsby Hesh Reinfeld

INTERNATIONALIARFC COORDINATORS

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

Asia [email protected]

Liang Tien Lung, RFC®

China Development Organization (IMM)(Taiwan, China, Hong Kong & Macao)

[email protected]

Ralph Liew, RFC®

Philippines [email protected]

Tony BalmoriExecutive Assistant

[email protected]

Jerry Tan, LLIF, CIAM, CMFA, RFC®

Singapore [email protected]

Choo Siak Leong, RFC®

China Chair, [email protected]

Samuel W. K. Yung, MHCFP®, MFP, FChFP, CMFA, CIAM, RFC®

Hong Kong and Macao [email protected]

Teresa SoPhD, MFP, FChFP, CMFA, CIAM, RFC®

Advisor, Hong Kong and [email protected]

Allan Wan, RFC®

[email protected]

Ng Jyi Vei, ChFC, CFP®, RFC®

Malaysia [email protected]

Aidil Akbar Madjid, MBA, RFC®

Indonesia [email protected] Soemarto, MA, RFC®

[email protected]

Richard Wu, RFC®

Taiwan [email protected]

Nora [email protected]

Preecha Swasdpeera, MPA, MM, RFC®

Thailand [email protected]

Demetre Katsabekis, MBA, PhD, RFC®

Greece [email protected]

Ingram Jeffrey Eshun, PhD, RFC®

Canada [email protected]

George Flack, CFP®, FPNA, AFAIM, RFC®

Australia and New [email protected]

Page 2 The Register • June 2007

Get Involved: We welcome thesubmission of articles from IARFCpractitioners. This is a great way tocontribute to the profession.

Professional Articles: The Journalof Personal Finance is seekingarticles by practitioners that maydeal with the application offinancial planning techniques,marketing and practicemanagement. These are expectedto be very high level papers orarticles.

Publicity Opportunities: Naturally,we encourage published authors toadvise both their clients and themedia of their being published bysending a press release.

Contact Dr. Ruth LyttonE-mail: [email protected]: 540 231 6678

Call for Papers

You Can Write A GreatArticle for the Register

We are accepting articles of from500 to 2,000 words on planning andpractice management topics.Please submit your copy by e-mail,along with an electronic photo and ashort bio statement of less than 100 words to: [email protected]

Your article can be sent to clients,prospects and centers of influence inyour community — either asreproductions, or as complete copiesof the entire publication. This is apowerful and effective form of publicrelations, and your articles are a veryeffective way of attracting favorableattention from your local media.

• Get Published • Get Distributed• Get Noticed!

Register Articles

Register LettersWe welcome all your comments,suggestions ideas and articles.

Please direct correspondence to: [email protected]

Letters may be edited for length and clarity.

To the Editor:

Since being awarded the RFC designation,I have proudly worn my lapel pin. I havereceived many positive comments aboutmy designation. I truly believe that in myinitial client meetings, I am accepted as acredible financial professional.

Robert J. Desch, RFC®

New York, NY

IARFC Staff Directory

Emma BallingerAdmin. [email protected]

513 424 6395 ext. 23Judith Fisette-LoszExecutive [email protected]

513 424 6395 ext. 34Wendy M. KennedyEditorial Coordinator

[email protected] 424 1656 ext. 14

Stephanie LangsterAdmin. Assistant


James LifterEducational Director


Nida ThompsonShipping Director


Register error: It has come to our attention that Vol. 8, No. 5, page 20 article appearedwith a quotation regarding Press Kits incorrectly attributed to Harvey Fuchs.

Wilma Anderson is a highly regardedcolumnist for the Register and is one ofthe newest directors of the IARFC. She isan accomplished financial advisor,insurance agent and one of the nation’sleading authorities on the sale of LongTerm Care Insurance. In fact, herbusiness trade style, as an advisor toadvisors, is The LTC Coach. Here areWilma’s responses to our inquiries.

Register: How, when and where did youfirst enter financial services?

Anderson: In 1989 I was living in Seattleand owned a firm that specialized inbusiness turnarounds for hospitals andhealthcare companies. I had justcompleted a grueling 2-year engagementwith a large multi-specialty group practice.My CPA called with a referral to one of herclient companies who had 30 offices,were growing exponentially anddesperately needed managementexpertise. While I had not workedpreviously with insurance firms, I agreedto meet with the owners. After presentinga Plan for them to continue their growthand become profitable, they agreed to allof it, with the condition that I wouldbecome licensed insurance agent for thenext six months so I could fullyunderstand their business. While I was indisbelief that this was a condition for theengagement, I gave it some thought overthe next week, and agreed to take thetraining become licensed to sell longterm care insurance exclusively.

Next, that company gave me a remoteterritory on the Olympic Peninsula ofWashington State that no one else wanted and supplied me with leads. I discovered it was a 2.5 hour drive andthen a 30 minute ferry ride to my firstclient appointment every week. Needlessto say, this is why I began to perfect the One-Call Close!

After 6 months I was selling more LTCinsurance policies than anyone else in thecountry. I was enjoying every minute ofworking with clients in their homes, at thekitchen tables, and hearing their lifestories. When asked by the company, Igracefully declined their offer to transitioninto management. I had found my nicheworking with Seniors and helping themmaximize their financial resources. Theonly negative was the amazing number ofcookies that were offered to me by

grateful clients as we sat intheir kitchens and madeplans for their care whentheir health changed.

I stayed with this firm foralmost 5 years until it wassold to GE Capital. Part ofthe transition, for the agentsbased in Washington, wasthe choice of staying withGE and becoming a Captiveagent or we could leave andopen our own agenciespursuant to the parametersof the restrictive covenantsof our contracts. With myproduction, I had a 1,000mile covenant. So I lookedat the map, measured thedistance to Denver whichwas 1,030 miles, andmoved there to begin anew.What an adventure!

What was your educationalbackground, before andsubsequent to entering the profession?

My education had alwaysbeen in healthcare prior tobecoming an insuranceAgent. Since then, I have earned mySeries 6, 7, 66 and 65. Even better, I amnow an RFC! Recently I participated in BillNelson’s Life School and learned hispowerful techniques for the use of VariableUniversal Life and “Distribution Planning.”

What jobs did you hold prior to this?

For 7 years I managed the largest dentalpractice in the country, then worked for AMIin Houston recruiting physicians for theirhospitals. After that, I opened my own firmand specialized in business turnarounds forhealthcare operations. I have owned myown firms for over 20 years. I guess youcould say I feel more comfortable workingfor myself than for others.

What were your early job duties and howdid you like or dislike them?

My duties and focus in every position I havehad in my career have always been tocreate effective marketing and operationalsystems to provide the best service to aclient or their customers. In healthcare,service is, and always will be, how the

consumer measures a provider, such as aphysician or hospital. In the insurance andfinancial services arena, the service we asagents and advisors provide to clients andprospects can determine how theymeasure our success with their financialresources. I’ve always laughed easily withclients, so it created the opportunity towork together in a comfortable workingrelationship to achieve terrific results.

Were you successful at first? What influenced you the most?

My success in healthcare and now in thefinancial services profession wasn’t easyat first. I’ve probably made every mistakeyou can make… but I’ve learned thatthere’s always a good lesson in everymistake too!

With every new career or businesschallenge I’ve used a Coach or had aMentor. In fact, the path for success ofmy LTC Coach business was suggested tome by Ed Morrow 9 years ago. I first met

The Long Term Care CoachWilma G. Anderson

continued on page 4The Register • June 2007 Page 3

To Wilma G. Anderson — Life is an adventure

Advice for the RegisteredFinancial Consultant toconcentrate on in 2007 tohave the greatest impacton the next three years?

1. Master the science of marketing and findthe ‘Edge’ that makesyou unique in yourmarketplace to yourclients and prospects.

2. Learn everything you can aboutDistribution planning for tax efficiency.

3. Master technology to make sure you’re in front of your competition.

What do you wish you haddone, early in your career,that you would suggest forother new entrants?

1. Access the mostsuccessful individuals inour field and ask themwhat worked best, whatwill to avoid. Everyoneneeds a Mentor/Coach!

2. Specialize immediatelyin an area of financialservices that mostexcites you, and select an age group that you want to focusyour efforts on for many years.

continued from page 3 The Long Term Care Coach

Ed at a meeting in San Francisco, andeven though we did not know each other,he was kind enough to make some verykey business development suggestions tome. I had been very impressed with Ed’spresentation at that meeting so I listenedcarefully, and decided to put every one ofthem into place. Many times we don’tpay enough attention to, or emulate,those who are already successful in ourfield. It’s important to listen and keepworking on the solutions that fit your ownbusiness to achieve the success you want.

What were your major obstacles?

I grew up in a family where I was notencouraged to go to college. It took a lotlonger to achieve my education and I wasimpatient to succeed. Thankfully, all ofthat energy became well-channeledduring my career and today I’m thankfulfor both the experiences and my success.

Tell us about your current practice or position.

There are two distinct components to mybusiness. First, I am known in theindustry as The LTC Coach. I amcommitted to providing an avenue foragents and financial professionals to learnhow to sell long term care insuranceeffectively so that they can provide theirclients with a product that fits the client’sfuture needs and budget. I also work withinsurance companies to train their Agentshow to sell this product and increase theirsales nationally.

Secondly, I have a financial practice whichfocuses on client and prospects who areage 60 or older. My specialty services tothose clients now involve the distributionphase of their financial resources andteaching them how to create a tax-efficient legacy and retirement income.That is where I have been able to employthe concepts of Bill Nelson, RFC®.

What is unique about the way youmarket for new clients?

For The LTC Coach side of my business, Iwrite articles for the industry about sellingLong Term Care insurance and givesponsored training programs for insurancecompanies and their agents all over thecountry. Every year more financialadvisors are coming to me with this query,“Shouldn’t we be selling LTC coverage toour aging client base, rather than letting itbe handled by agents who may not be verywell qualified or who don’t have theclient’s interest uppermost!”

I prospect for new financial clients throughseminars. I also give Saturday morningworkshops for my clients and prospectsabout how to grow and keep their money,and also how to create a tax-efficientlegacy. The most distinctive difference inmy marketing efforts is that I feel it is SOimportant to teach people about money,how to invest it, how to assess the risk,and how to ask questions of any financialprofessional they choose for theirinvestments, even if they decide not toutilize my own services.

What are you enjoying most about this position?

I love to sell! It’s such a good experienceas The LTC Coach to see an agent reallyget it, who then can go out and sell LTCeffectively to his or her clients andprospects. With a recent insurancecompany client, they saw a 38% increasein their LTC sales nationally after 18months of my presenting LTC workshopsfor their agents.

In my financial practice, I sell a client bygiving information and guidance to themthat no one else is providing. The salesare always excellent when my clients trustme and know that I have given them theinformation they needed to make aninformed decision.

What are your major frustrations?

The frustration in LTC coaching is thatagents get discouraged and just stopselling the product. It’s a completelydifferent process than selling lifeinsurance or a mutual fund. I also get abit frustrated when people are teachingagents to sell LTC but they don’t sell theproduct actively themselves. It isamazing! Some trainers have never evensold a policy themselves.

I am encouraged with the opportunitiesfor those RFCs who are positioned asfinancial advisors. They clearly want tosee their clients well protected, but theyneed product knowledge. They want onlythe best contracts for their clients — andmuch of their previous study has beeninvestment oriented.

What attracted you initially to the IARFC?

Ed Morrow suggested that I join theIARFC. It’s been a great place to learnand network with financial professionalsall over the world.

continued on page 5Page 4 The Register • June 2007

continued from page 4 The Long Term Care Coach

financial advisors be doing NOWabout it?

I believe that we will be in adistinct growth phase over thenext 3-5 years.

It is important that RFCs positiontheir clients’ resources to takeadvantage of this growth and then to be prepared to help aclient when the economy goesthrough a correction.

Learn about distribution planning and make SURE to take Bill Nelson’s five day class the Learning Institute forFinancial Executives — LIFE. (800 678 1480 x 1355)

What will be the impact oftechnology on the practices offinancial advisors?

Technology gives us informationimmediately, makes our practices even more efficient and profitable,and the new technology still to beinvented will be exciting.

Do you see any problems looming on thehorizon for our profession?

The only problem I foresee on the horizon is the abundance of choices we have as Registered Financial

Consultants, and how we can continue toprovide new services effectively andefficiently to our clients.

What is the most important thing youhave done to create a reputation, image,or brand in your professional practice?

I read a book by Peter Montoya, The Brand Called You. In that book he outlines a branding strategy of 15-20 contacts annually to your existing and prospective clients. Use several media venues, be creative in your message, based on what yourmarket wants to buy, versus what youwant to sell. I applied this strategy to bothmy LTC Coach business and to myfinancial practice. It works!

Wilma Anderson, RFC®, is known as The LTC Coach, one of America’s leading LTCI sales trainers and apracticing producer who sells 400 LTC policies a year. She offerspersonalized tele-coaching sessions,workshops, speeches and several salestools to help Advisors learn how to masterthe LTCI sale. Wilma is a widely publishedauthor and frequent speaker atconferences and sales seminars,including this year’s Forum.

Contact: 720 344 [email protected]


Enjoy life — the great view from Wilma’s office.

Wilma’s office greeters Finn and Willow

What feature or benefit of the IARFC hasbeen of greatest value to you?

There is no other organization in our fieldthat compares to the IARFC. There’s awealth of information at hand, greatconferences where you can meet ourindustry leaders, and each program iscreated with a real commitment to eachmembers’ continued success.

What would you personally like to see forthe association in the next five years?

I’d like to see regional one-day educationalprograms, perhaps with several topicscovered — or maybe an in depth course onjust one aspect of financial services.

What do you think will be the majortrends in the financial services field inthe next five years — and how shouldRegistered Financial Consultants bepositioning themselves?

It’s critical that our prospects and clientssee the differences and advantages ofchoosing an RFC versus a financialsalesman. I firmly believe that distributionplanning will become the most requestedareas of expertise for an RFC.

Where will the economy be moving inthe next 3-5 years, and what should

Forum 2008. Many RFC members missed the 2007 Forum in Las Vegas, which wasa great success — judging from the responses from all the attendees. Next year weare taking a very exciting approach — partnering with Financial Advisors Symposium— which is sponsored by the highly respected Financial Advisors Magazine. Markyour calendar now to attend: Chicago, October 13-16, 2008.

Financial Advisors Symposium. The magazine sponsors two events, one in April inLas Vegas and the other in October in Chicago. The later event has somewhat largerattendance, but the line-up of speakers at both is outstanding. For example, thesession last month was opened by an outstanding dual presentation by Russ Princeand Hannah Grove and closed with the master, Nick Murray. I was impressed withthe speakers, the organization and the outstanding collection of exhibitors. We willkeep you informed of the schedule for this October in Chicago, but we will not haveany separate sessions for RFC members at that time.

Financial Advisors Magazine. If you do not already read this publication on a regularbasis you have recently received a copy and a solicitation, as a qualified financialadvisor, to receive a free subscription. This is based on the IARFC and our newrelationship with the publisher. I am personally acquainted with most of their regularwriters, and I can enthusiastically endorse their content. The editor, Evan Simonoff,has an excellent reputation for obtaining cutting edge treatment of important topics.

Client Acquisition. If obtaining a steady flow of highly qualified new clients is aconcern, then by all means, consider purchasing a copy of this textbook developed byI. David Cohen, which is now part of the new RFC Course. See form on page 8.

Found Money Management. Jim Lifter and I attended Lew Nason’s workshop inGeorgia and enjoyed his presentations and the solid endorsement for RFC. He hasrecruited more than 20 new RFC members. See Lew’s article on page 12.

RFC Course Development. As we are putting this new course together we arepreparing a lot of components valuable to all members, including the Archive System,the two Client Acquisition books and the Advisor’s Marketing Plan.

RFC Course Classes. The next class (covering parts 2 & 3) is scheduled for June 6-8in Middletown. Because it is a pilot project, there is no attendance fee. If you want toattend, call Jim Lifter at: 800 532 9060, ext 18.

Designation Compliance. We have recently had several members bring to ourattention concerns of their broker/dealer or regulator about the RFC designation. Wehave a package and a process for addressing this issue, and so far have been able toaddress the legitimate concerns. These regulators are legitimately unhappy with the“designation mills” that do not have substance behind the designation.

IARFC Activity Worldwide. As you can see from the column to the left, we arecontinuing to expand the scope of the IARFC and the frequency of our outreachactivities. If you would like to participate in any of these events, let us know.

Crossing the Border. Americans travel everywhere very easily. Visitors from the“favored nations” come to the U.S. with little obstacle. A resident of the EuropeanCommunity can easily enter the U.S. to attend a conference, or enjoy tourism.However, millions stream across our Southern border every year, with no papers, nojobs, no benefits and no permission — and few are ever returned.

But this easy entrance does not apply to visitors from Asia. Hundreds of IARFCmembers have applied to the U.S. Embassy in their country for a visa to attend theIARFC Forum — last year in Middletown and this year in Las Vegas. But because of“Homeland Security” they cannot gain access. There is no terrorist threat — justgovernment bureaucracy and bungling. If you are as upset with this as I am, then youshould write your Senator or Representative. These RFC members are all successful,educated professionals, and there is no reason for this shabby treatment.

From theChairman’s Desk...


Calendar of Events

RFC Course Part 2 & 3June 6-8, Middletown, OH

MDRT Annual MeetingJune 10-13, Denver, CO

IARFC Hong KongDunton Award, June 29Graduation and CE, July 3

RFC — Forum and GraduationJuly 12, Mumbai, India

RFC Course Part 4 & 5July 25-27, Middletown, OH

RFC Forum and GraduationAugust 3-4, Manila

International Dragon AwardsAugust 10-12, Xiamen, China

IARFC Cruise/Conference — AlaskaAugust 17-24, Vancouver, BC

RFC Forum and Graduation — ThailandSeptember 11, Bangkok

RFC Forum and Graduation — MalaysiaSeptember 21-22, Kuala Lumpur

Financial Service Forum (SFSP)September 27-29, Montreal, Canada

Financial Advisor Magazine ForumOctober 8-10, Chicago

MDRT Top of the TableOctober 17-20, Phoenix, AZ

RFC Forum — Dalian, ChinaOctober 26-28

World Tourism Marketing SummitOctober 28-31, Beijing, China

European FPA ConferenceNovember 22-23, Barcelona, Spain

Financial Planning ExpoMarch 20, 2008, Tampa

MDRT Experience 2008April 11-13, 2008, Chiba, Japan

Financial Advisors SymposiumApril 16-18, 2008, Las Vegas

Worldwide Chinese Life Insurance Conf.June 4-7, 2008, Singapore

MDRT Annual MeetingJune 22-25, 2008, Toronto, Canada

On March 9, the IARFC launched its firstround of accelerated RFC courses in India,under the leadership of Ralph Liew, RFC®

and Dr. Jeffrey Chiew, RFC®. The directorfor the five-day intensive course wasLaazarus Dias, a highly respected financialservices trainer who Ed Morrow and MehdiFakharzadeh, RFC® met while they wereaddressing the Life Insurance Round Tablein Cochin India last September.

The session was held in the TrainingCenter of the Tunga International, not farfrom the busy airport of Mumbai — knownto much of the world by its English nameof Bombay. Mumbai is the largest andmost modern business city this countrythat now has a population in excess of 1.1 billion. Mumbai is a manufacturing,technology and information center, with apopulation of 20 million.

Students came from various areas of thecity, as well as by express train from thecity of Pune and by plane from the city ofGoa, 650 kilometers distant. All had morethan four years of financial experience andmany had multiple degrees.

The opening presentation on the History ofFinancial Planning, the Overview of theProcess, Marketing and PracticeManagement was offered by RFCchairman, Ed Morrow. This included theClient Engagement elements that are partof the RFC curriculum in the U.S., includingthe Client Builder PowerPoint software.

Students became familiar with the use ofthe Satisfaction Guarantee, the FeeSchedule, the Plan Engagement Agreementand display of the Sample Plan.

The second component on Taxation waspresented by Laazarus Dias, founder ofLaazarus Dias Educational Akademy whichhas hosted training programs forthousands of financial services persons.The tax structure of India for its citizensincludes such tax categories as the “HinduUndivided Family” (HUF) and the “artificialpersons, such as schools and temples.”

The advisors learned how to positionpersons into multiple HUF units to reducetaxes. The current income tax structure iseven more complex than that of the U.S.and it changes frequently. This representssignificant opportunities for a well-trainedfinancial advisor to be of service to clients.

The components of Investment Planningand Risk Management was presented byDr. Jeffrey Chiew, RFC® and RetirementPlanning was presented by Ralph Liew,RFC®. All of the Calculation spreadsheetsand Plan Production were presented byPreecha Swasdpeera, RFC® of Bangkok.

This premier class was very enthusiasticand several committees were formed tocontinue the RFC development andmutual exchange of the attendees.Administration matters in Mumbai will besupervised by Ashish Wanjara which, will

include a large Forum event on July 12 inMumbai and the second class of 30-35students starting on July 13th.

IARFC will organize classes in New Delhi,Chennai, Bangalore, Kolkata, Hyderabad,Ahmedabad, Pune, Surat, Kanpur andJaipur, each of which has a population ofover 3 million.

Initial RFC Course Launched in India

Shown above are the first round of accelerated RFC Course completers in Mumbai, India. Seated in the front row are: T.R. Nair, Jalpa Broker, faculty members Preecha Swasdpeera, Jeffrey Chiew,

Ed Morrow, Ralph Liew, Laazarus Diaz, Vijay Wadagbalkar, plus Leena Heblle.


Dr. Jeffrey Chiew, RFC® instructing the firstround of the accelerated RFC Course in India

Training Center of Tunga International

As a member of the IARFC, you are eligible for a special discounted purchase price for Client Acquisition — TheSuccess Guide for Financial Service Professionals. This book was written by RFC® member and insuranceprofessional I. David Cohen and was edited by IARFC Education Director James Lifter. This book is an integralcomponent of the RFC Course and will be just one in a series of texts developed exclusively for the IARFC.

No business succeeds without clients! This textbook is the ultimate resource for developing your prospectingskills. Written by an accomplished salesperson, Client Acquisition gives you the materials you need to expandand elevate your clientele and reach new heights.

Valuable Bonus! The Client Acquisition Supplement — a “hands-on workbook” You may purchase copies foryourself and others in your office at this specially reduced rate.

CLIENT ACQUISITIONA Success Guide for Finanical Service Professionals

Regular Retail Price $59.95Shipping $08.95

Total $68.90

IARFC Special Price $55.00Shipping N/C0

Total $55.00

IARFCFinancial Planning Building2507 North Verity Parkway

Post Office Box 42506Middletown, Ohio 45042-0506

Phone: 800 532 9060Page 8 The Register • June 2007

Purchase Your Copy of“Client Acquisition — A Success Guide for

Financial Service Professionals”Fax this form to the IARFC: 513 424 5752

E-Mail: Jim Lifter, IARFC Education [email protected]

Name: __________________________________________

Address:_________________________________________

_______________________________________________

_______________________________________________

Phone: __________________________________________

E-Mail: __________________________________________

Number of Copies: ________________________________

Credit Card #: ____________________________________

Expiration Date:___________________________________

This article is a little off the normal path about presentations andcommunication yet it is something I’ve noticed over and over in how myclients communicate in their lives. It’s the issue of complaints.

What is it about complaints that warrant adiscussion, aside from the fact that noneof us likes to be at the receiving end ofthem or the nagging that typically getsattached? The primary reason iscomplaining doesn’t get results. In fact,complaining and negative dialogues shutdown communication. Rarely do we getthe response we want nor do theymotivate individuals to take the desiredaction. For this reason, I felt it worthwhileto dedicate some time to the topic andespecially to an antidote.

We All Complain!

Now let’s be honest, all of us complain.Some of us even start the day with acomplaint — even if to ourselves:

“Ah geez, I have to go to work. I justwant to stay in bed.”

“Look at the weather today. What ahorrible day!”

“This traffic is unbelievable. I’m goingto be late for work. Why doesn’tanyone know how to drive?”

WaWaWa. I’d love to say I’m immunefrom complaining; however I recently set agoal for myself that revealed just howmuch I fall into the whining zone. Idecided I would not complain for 30 days.I was able to go for 4 hours, until thatother driver, who really shouldn’t havebeen given a license, made a very foolishturn without signaling.

While I’m still working on this goal, thechallenge of achieving it showed me howingrained the habit of complaining is in allof us. So rather than beat myself up, I’vedecided this is a work in progress.However, I needed to have some accessto changing my behaviors in a way otherthan “Don’t complain.” What I’vediscovered in the process is prettyinteresting.

Essentially, wherever there is a complaint,there is an underlying commitment. It isthe non-realization of the commitmentthat then gets expressed as a complaint.For example, let’s say you are feelingfrustrated, and, yes, whining about howyour highly paid staff is notperforming at a level ofexcellence that you wouldlike. I know you arecomplaining about it. If not to them directly, then to everyone elsewho will listen.

The reason you feel this frustrationis because there is anunderlyingcommitment toprovide anexcellent level of service to your clients.

The dynamic tensionthat is created by themismatch between whatis desired and what is happening gives birth to the complaint.

It’s this realization of the commitment that opens up some real power to actually make a shift in perceptions about your life, work, family, everything really. And that changes how we communicate. When we speak from our commitments, we tap into a place of inspiration, leadership, passion and conviction. When we speak from complaint we incorporateblame, guilt, negativity, anger, and upset. It’s easy to see which place getsthe better results. But how do we makethat transition?

From Complaint to Communication

Admitting that we all have the habit ofcomplaining to one degree or another,and recognizing our desire to get out fromunder the ill feeling complaints leave intheir wake, is the first step. But what doyou do after that?

1. First, identify a couple of issues thatyou are complaining about and thatyou are willing to have resolved. Thislast part is important becausesometimes we just like to whine. I’mnot opposed to that as long as yourecognize that you are indulgingyourself and that you are drivingeveryone around you crazy.

2. Next, identify what yourunderlying commitment is that iscreating the dynamic tension.

3. Identify specificallywhat you want to change.

4. When you speak tothe other partiesinvolved (and usually there are otherparties involved)speak from thecommitment. Thisgets you away fromblaming, which isnever a good way to encouragesomeone to change, to motivatingpositive response.

Like all habits, complaining isone that takes a degree offocus and attention tochange. By replacing yourcomplaints with speaking

from your commitments,those you intend toinfluence, inspire, and prodinto action will be able toreceive your communicationreadily and willingly.

To order Teresa’s book “A Guide toBreakthrough Presentations” or forinformation on how she can help you andyour organization become more effectivein how to communicate your message, orto book Teresa for an upcoming event:

Contact: 416 696 2020 [email protected] www.cvcomm.com

Teresa Easler

Would You Like a Little Cheese With That Whine?


Having been in the life, health andinvestment planning businesses forapproximately 47 years I have learned andadopted a business philosophy which hasproven reasonably successful and easilyfollowed over all that time:

1. The Client. It is based upon the mostimportant premise that there are onlythree parties to any sales problem:

• The company providing themeans to a solution

• The representative (advisor,agent, etc.)

• The client

Of these three, the most important is theclient. We must, legally, honestly andethically provide what the client wantsand needs… or there will be no solution toany problem.

2. Everyone Sells. We must rememberthis next step in the progression.

The garbage man sells. If he leavesyour garbage pail in the middle of theroad, he will have sold himself out of aChristmas bonus.

As advisors, we sell ideas, products andourselves. The client sells his or herwillingness to accept us and our ideas.

3. Cost. Everything that is sold will costthe buyer something. We will,generally be selling to people who arenot as sophisticated as we are at what

we do. Or, if they are well advised inthese matters, when the problem andsolution concern themselves, theyimmediately become less aware.

Recognize this by realizing that evenvery capable doctors (or othersuccessful entrepreneurs), whenconsulting other doctors (or successfulentrepreneurs), suddenly adopt theless confident status of care seekers…not that of caregivers.

4. Life is Simple. Therefore, the nextstep in the progression, is makeeverything simple, because essentially,life is simple.

You Live You Die

Everything in between is, simply,getting there. And, one way or anotheryou must pay for the journey.

5. Give-Away and Take-Away. Thealways proven conclusion is: The moreyou must pay (or give-away), the moreyou should be able to get (take away)…And the obverse.

Understand that true “bargains”should never be assessed by themoney “out-of-pocket,” but should,instead, be judged by how much ofwhat the client wants and needs. Willsomething have to be taken away toarrive at the cost the clientwishes and is able to invest(pay or spend)?

That’s the real cost.

6. Right and Wrong. To makesure that the client nderstandsthis, we must remember that“correct” and “proper” are onlyfashionable words. The truetest words are:

Right and Wrong

Obviously, we must alwaysattempt to do the right thing.

And to make everything easierto understand and accomplish,

Keep It SimpleWhen Explaining and Selling Anything

Alan E. Anders, CLU, ChFC, RFC®, CIS, LLIC

lastly we must come “full circle”.

7. Make it Simple. You don’t have toteach the client all the secrets and“ins and outs” of our business. Justmake it simple for the client tounderstand what he or she must do,give up, or accomplish to arrive at thesolution to his or her problem.

Sell the client that simplicity is,generally, the best business approachto solve almost all of his or herfinancial problems.

Arcane answers, generally, leave the clientin a business fog and dissatisfied.

If we keep it simple, we can, usually,accomplish more… and earn more.

Alan E. Anders, CLU, ChFC, RFP, RFC®, CIS,LLIC was one of the founding members ofthe Long Island Association of RegisteredFinancial Planners. Starting with theinitiation of Brokerage Division of theConnecticut General Life InsuranceCompany, Alan has specialized in financialplacement for Retirement, Life andDisability and Tax Planning for individuals,businesses and estate since 1960.



Basic background ideas to know when initiating client contact during the sales process.


2007-2008 IARFC Board of Directors

Chairman and CEO Edwin P. Morrow, CLU, ChFC, CFP®, CEP, RFC®

IARFCMiddletown, OHP: 513 424 1656, F: 513 424 5752E: [email protected]

TreasurerRuben Ruiz, MSFS, CLU, ChFC, CSA, RFC®

The Ruiz Financial Group, Inc., San Marcos, TXP: 512 396 2487, F: 208 279 1073E: [email protected]/rruiz

PresidentH. Stephen Bailey, LUTCF, CSA, CEBA, CEP,MFP, RFC®

HB Financial Resources, LTD, Charlotte, NCP: 704 563 6844, F: 704 563 1561E: [email protected] www.hbfinancial.com

Secretary Jim McCarty, CLU, RHU, LUTCF, RFC®

Daytona Beach, FLP: 386 304 9684, F: 386 304 9689 E: [email protected]

Vice President Lester W. Anderson, MBA, RFC®

Sugarloaf Wealth Management, LLCDuluth, GAP: 678 812 1003, F: 770 985 5473E: [email protected]

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

Estate Planners Sdn BhdKuala Lumpur, MalaysiaP: 603 2070 4193E: [email protected]

Vice President Ruth H. Lytton, MS, Ph.D., RFC®

Virginia TechBlacksburg, VA P: 540 231 7725, F: 540 231 3250E: [email protected]

Vernon D. Gwynne, CFP®, RFC®

Financial Services Exchange, Inc.Jacksonville, FLP: 352 750 4249E: [email protected]

Vice President Edward J. Ledford, CLU, RFC®

Legacy Solutions, LLCCarmel, InP: 317 844 7857E: [email protected]

Derek D. Klock, MBA, RFC®

Finance and Career Education Team (Facet)Blacksburg, VAP: 540 552 3974, F: 540 250 1519E: [email protected]

Wilma G. Anderson, RFC®

Senior Care Associates, Inc.Littleton, CO 80163P: 720 344 0312, F: 720 344 3663 E: [email protected]

Rosilyn H. Overton, MS, Ph.D., CFP®, CRPS, LTCP, RFC®

Mid-Atlantic Securities, Inc.Little Neck, NYP: 718 631 4000, F: 718 631 4948E: [email protected]

Bill Moore, CLU, ChFC, FIC, RFC®

Kinder Brothers InternationalRichardson, TX P: 214 458 4154, F: 972 250 3681E: [email protected] www.kbigroup.com

Michael J. Zmistowski, RFC®

First Gulf Advisors, Inc.Tampa, FLP: 813 282 7200, F: 813 282 8900E: [email protected]

In 1969, a man with a dream envisionedan organization of highly trained, skilledand dedicated professionals who would“help average people to learn how tospend, save, invest, insure and planwisely for the future, to achieve financialindependence.” That man of vision wasLoren Dunton.

1982 after many years of hard work andsacrifice Loren realized the first part of hisdream with the creation of the “CertifiedFinancial Planner” designation, offeredinitially only through the new College forfinancial Planning.

A short time later the InternationalAssociation for Financial Planning (IAFP)was born.

When Loren Dunton first envisioned afinancial planning profession, it was toserve the needs of the lower and middleclasses, not to help the wealthy makeeven more money. As the saying goes,healthy people don’t need a doctor.Thomas W. Johnson (Financial-Planning.com)

Today, it seems that the vast majority of the organizations who promotefinancial planning and most of the peoplewho call themselves financial plannershave significantly strayed from LorenDunton’s original vision. FinancialPlanning has become all about ‘helpingthe wealthy to become wealthier.’ Theirmain focus has become how to makemoney in the stock market and transferthat wealth to future generations. Thereis very little training about helping averagepeople learn how to spend, save, invest,insure and plan wisely for the future, toachieve financial independence.

“Too many “so-called” financial plannersrecommend placing all of a Middle

American family’s assets at risk in themarket with stocks, bonds, etc., basedsolely on reaping the highest investmentreturns. This is totally wrong and highlyunethical,” according to Forrest WallaceCato, legendary media advocate to thefinancial industry, in his book The TerribleTruths About Financial Planning.

What’s Caused This Change In Focus?

The main reason for this change in focusis that the organizations that areresponsible for training financial plannersare focusing almost entirely on thetechnical aspects of financial planningand very little on the sales aspects offinancial planning. The result is that mostfinancial planners do not understand thatthey are sales people. They are notreceiving any marketing and salestraining. If you don’t know how to marketand sell your services, then you are forcedinto taking the path of least resistance.You end up giving people what the want,even when it’s not in their best interests,instead of helping them to get what theyreally need. You are forced into taking theeasy sale, in order to make a living.

Without marketing skills you cannot helppeople see why they should meet withyou. Without sales skills you cannot helppeople to understand the problems theyface today and the value of investing inthe products and services you provide.

“Loren Dunton was a conceptualsalesman, one who believed the key to the sale was sales training.” Ed Morrow, CEO of the IARFC

This change of focus within financialplanning is a major reason why we have

serious, increasing financial problems inthis country and all over the world. Asfinancial planners we are not addressingthe concerns and problems that mostmiddle-income families face today!Consumer debt is out of control. Mostfamilies have very little saved for theirretirement. And it’s not going to changeunless we, as financial planners, dosomething about it.

“According to the Federal Reserve, thetotal amount of outstanding revolvingconsumer credit, which is primarily creditcard debt, reached $743 billion this year,nearly nine times the amount recorded 20 years ago.” “Secret History of the Credit Card,” FRONTLINE®

“More than half of workers saving forretirement report having less than$50,000 total in savings and investments(not including the value of their primaryresidence or any defined benefit plans).Worse yet, the large majority of workerssay their assets total less than $10,000.”Employee Benefit Research Institute’s 2006 Retirement Confidence Survey

Getting Back to Basics

It’s time for all of us to get back to thebasics of REAL financial planning. Wehave a duty and obligation as financialplanners to really help people. We needto stop focusing on investment returnsand transferring wealth. We need to stoptaking the easy sales. We must focus ourfinancial planning efforts on helpingaverage people reduce and eliminate allof their consumer debt and then helpthem start saving for their future.

What Is Real Financial Planning?

Lew Nason, LUTCF, RFC®


continued on page 13

continued from page 13 What Is Real Financial Planning?

As Loren Dunton believed, that meanswe need to work on developing ourmarketing and sales skills.

“The Pension and Welfare Administrationsays in the coming years, Social Securitywill replace only 16% of income frommarried couples earning between$50,000 and $100,000 a year, and less than 10% for couples earning morethan $100,000.”Karin Price Mueller, Retirement Is Closer Than You Think

“The annual saving rate, hovered close to10 percent between 1970 and the mid-1980s; it steadily declined during the1990s. Between 1999 and 2004, thesavings rate has averaged around 2percent, until it became negative in 2005.”Bureau of Economic Analysis

Where Do We Start?

It all starts with each of us refocusingour efforts and learning how to trulyservice middle-income families. It’staking an hour or more each day to learn(or relearn) basic marketing and salesskills. It’s reading everything we canabout marketing and sales. It’s takingindustry courses (such as the LUTC andRFC) and attending industry-trainingevents. It’s finding training and supportorganizations that promote working withmiddle-income families such as LEAP,Circle of Wealth, Kinder Brothers and ourInsurance Pro Shop. It’s findingorganizations who are not just recruitersin disguise. It’s working with realcoaches and mentors such as Bill Good,Bill Bachrach, Don Blanton and myself tofine-tune your sales process.

You advance your professionalism byjoining, supporting and activelyparticipating in our industryorganizations that promote working withaverage people such as NAIFA (NationalAssociation of Insurance and FinancialAdvisors), GAMA (General Agent andManagers Association), MDRT (MillionDollar Round Table) and the IARFC(International Association of RegisteredFinancial Consultants).

Can You Make Real Money ServingMiddle Income Families?

Consider all of the major insurancecompanies amassed their great fortunesby servicing middle-income families.(Prudential, New York Life, MetLife,Northwestern Mutual, etc.) All of thelargest and most profitable businesses

in the world today amassed their greatfortunes by serving Middle America. (Wal-mart, General Motors, Ford MotorCo., Disney, Exxon, Home Depot, etc.)

Industry sales legends such as BenFeldman, John Savage and MehdiFakharzadeh (the beloved MetLife superagent) all initially built their businessesand their fame by servicing middle-income families.

Legendary master agency builders AlGranum and Norman G. Levine (pastpresident of NAIFA, MDRT and GAMA)each built their agencies and their fameby servicing middle-income families.

Serving Middle-Income families is wherethe real money is to be made… If youlearn the marketing skills needed toattract prospects and the sales skillsneeded to help people to get what theyreally need and want!

Thomas Stanley, in The Millionaire NextDoor, outlined how the typical millionairestarts out as a hard working, middleincome person who simply works hard,saves, invests and insures. They needyour advice and service at the early stage — and they are very loyal to theadvisor who keeps in close touch withthem. Good service counts big!

Remember that ‘Real FinancialPlanning’ is “helping average peoplelearn how to spend, save, invest, insureand plan wisely for the future, to achievefinancial independence.”

If we, as financial planners, don’t helpmiddle-income families… Who Will?

Lew Nason, LUTCF, RFC® is the creator ofthe Found Money Management™Advanced Life Insurance Sales Systemand the Insurance Pro Shop. He isknown as The Nine Out of Ten Guy forhis legendary closing skills — that helearned the hard way — but gives toothers the easy way. Lew has beenhelping financial advisors and agents toachieve long-term success in financialservices industry for over two decades.His unique perspective, on how to trulyhelp clients, has enabled scores ofagents and advisors reach the top levelsof their profession.



Are you looking for a virtually untappedmarket? A market where you won’t havethe competition from all the other FinancialAdvisors, CPA’s, Attorneys, Internet, Banksand Brokers!

Are you looking for a complete,comprehensive, proven, advanced marketingand sales system… with all the tools,training and support? Includes everythingyou need for generating prospects — toclosing the sale!

Are you looking for one of the most trustedand endorsed financial advisor trainingprograms in the financial services industry…

• Examine Insurance Pro Shop

• www.insuranceproshop.com

• Found Money Management™ Advanced Sales Tool Kit

• Found Money Management™ Financial Advisor Boot Camp

There simply isn’t a better, easier or more cost effective way for you to really help your clients and take your income tothe “Top Levels.”

Want more information? Call:

877 297 4608

25% IARFC Member Discount

Our Found Money Management™ FinancialAdvisor Boot Camp will also help you tosatisfy your RFC and RFA CE Creditrequirement. (16 credit hours! )**

Class Schedule:June 20th & 21st & August 29th & 30th

© 2007 Lew Nason, RFC®, FMM, LUTC Graduate — All rights reserved

Found MoneyManagement

Marketing Difference

Financial Advisors Forum

Our Professional Exhibitors and Sponsors

NATIONAL HERITAGE FAMILYLeading The Way In Charitable Giving Programs


In a super-competitive arena, a healthy,steadily growing client base is everything.And of course, one of the best ways tobuild your client base is through referrals.But if you’re like many financial advisors,you’re not quite sure how to persuadecurrent clients to regularly offer them up.

Referral System

The good news is that if you providevaluable, worthwhile products andservices to clients, they will want to share you with others. But you must have a system in place for promoting this positive “word of mouth.” Below arethree proven, referral-boosting strategiesthat don’t require you, the advisor, to doall the asking:

Give clients more than service, givethem an experience!

In order to get your clients spreadingpositive word of mouth, give them anexperience to talk about. Whatdifferentiates you from all the otherfinancial advisors targeting the samemarket and offering the same products?An experience may be somethingunexpected, exceptional service, or itcould even be the environment where youmeet your clients.

An advisor in Illinois has created a “worldtheme” in his office specifically to give hisclients something to talk about beyondthe investments. The conference roomsin his office have been transformed intocities of the world. One room is Londonwith a huge mural of the city on the wallsand items from London throughout.Others are New York, Washington, DC,Venice and so on. The company reportsthat clients bring their friends who are notclients into the office to see the cities of

the world. Can youimagine a better wayto introduce people toyour firm?

If you don’t ask forreferrals —have someone elsedo it!

If your staff believes inwhat you do, it hasbeen proven that theycan be extremelysuccessful atacquiring referrals.And, staff can say kindwords about you thatyou may feeluncomfortable sayingabout yourself. Forexample: I’ve beenassisting Jim in hispractice for 5 years.Not only does he havea high level ofexpertise, he trulycares about clientsand their success... If you run acrosssomeone that needsour services, we arelooking to serve just afew more clients likeyou this year. Do youknow of someone?Also, consider settingstaff referral goals and even attach funincentives.

Reward “referrers” . . . and get more!

The way you say thank you to clients whorefer can actually perpetuate more. If yousend a small gift that is used right awayby the referrer, everyone wins. Forinstance, no one wants to pay the price ofgas these days, so how about sending a$20 fuel card as a thank you gift. Eventhe highest net worth clients haveindicated their thanks for this gift. Clientswill use the card immediately whileundoubtedly thinking of you and your firm.

Most of your good clients want to refer toyou, they may just need a friendlyreminder. Starbucks cards are bigfavorites these days too. Who thinks it’s agood idea to spend $4 on a cup ofcoffee? When it’s free, it’s guilt-free! “Iwant another!”

Many of your best clients found their wayto your firm through referrals. Most of

your competitors, however, do not have aplan for acquiring referrals.

90% of the advisors we’ve asked across the country say they don’t have a systematic method for generating referrals. Why not choose asimple strategy (maybe one of the threelisted above) and be the 10% who does?It can make a significant difference inyour business!

Maribeth is the author of 3 books,including 85 Million Dollar Tips forFinancial Advisors, and is the creator ofClient Delight® communicationtechniques. Her passion at Red ZoneMarketing is to help increase theeffectiveness of marketing for financialadvisors so they can use their brilliance tosee and serve more clients.


No-Fail Ways to Boost Referrals

Maribeth Kuzmeski, MBA, RFC®


wallet, purse briefcase or other hard datato get your information; about 20% camefrom coworkers, friends, neighbors andabout 10% came from family members.

That leaves a disturbing 50% that isunaccounted for. It is this missing 50%that could easily be coming from you. Youcould be unwittingly supporting identitythieves right now and not even know it.

Financial advisors can be particular goodtargets for identity thieves. Think about allthe information you have on your clients:their social security numbers, copies oftheir driver’s licenses, tax returns, estateplanning documents, their accountinformation, their dates of birth, thenames of their children and parents.Sometimes you even have their credit card information and passwords. In short, youhave everything a thief needs to stealsomeone’s assets, credit and identity —and you don’t just have this information onyourself — but on hundreds of clients.

As I visit financial advisors offices aroundthe country, frequently I see importantclient information in unsecured filecabinets. There could be dozens of fileslaying on the desk or credenza of afinancial advisor—they are not even putaway at night. Anyone could have accessto them.

Likely candidates: one would behousekeeping staff. Most of us don’t evenknow who is cleaning our offices at night.We don’t know anything about theirbackgrounds. Your housekeeping staffcould have criminal records and you wouldnot even know it. What they do have is alot of undisturbed time to raid your files —get all the informationthey need to go afteryour client’s property —and no one would evenknow it had been stolenfrom your office.

Here is what you can doto prevent thishappening to you andyour clients:

1. Don’t hire anyonewithout a thoroughbackground check.

8 Things You Can Do To Prevent ID TheftBy Katherine Vessenes, JD, CFP®, RFC®

Your office is a treasure trove for identitythieves. There is a good chance you areenabling identity thieves right now and youdon’t even know it.

The bad news: I estimate about 1 in 10people reading this will have their identitystolen this year.

More bad news: a number of studiesindicate between 80 and 90% of yourclients will walk away from you if theydiscover you have not kept their privateinformation secure.

The good news: there are things you can do to help prevent thieves from getting into your pockets and the pocketsof your clients.

Here are the facts:

Recently the FTC surveyed the amount ofidentity theft in this country. Prior to thesurvey it was estimated that about250,000 people had their identity stolenevery year. Their estimates were off — way off. The number turned out to be a staggering 10 million US victims in 2005 alone! The cost to business: awhopping $50 billion.

Your chance of having your identity stolennext year is estimated to be 1 in 7.

These criminals get access to yourinformation in a number of ways. Onestudy found about 20% would steal your

Your security system is no stronger thanyour weakest employee. I know onebroker dealer that actually hires aprivate investigator to make calls andcheck the criminal records of theprospective employee before ever hiring them. Check their credit rating, too. Avoid anyone with acriminal background or who has a disproportionately large amount of debt. Those who are strappedfinancially are more likely to try to stealthis information.

2. Put better locks on your filing cabinets.

3. Consider making one person in your office the file librarian. They are responsible to make sure all filesare secure and properly returned.Make it a practice to only take out onefile at a time and leave the restsecurely locked up.

4. Use better passwords. Never use justa single word — a thief can hook up adictionary program and figure out aword within two minutes. Use upperand lower case and make sure youthrow in some symbols. Avoid usingchildren and pets names. Considerusing the name of your first car and changing it a bit. For instance, my first car: a Chevy Nova in 1965.Here is how to defeat thieves:©hevY1965N0v@ — the c becomesthe copyright sign. Then the year I got the car. Y and N are capitalizedand the a becomes @ — making this a very difficult password to break, but still easy for me to remember.

Katherine Vessenes, JD, CFP®, RFC®




continued from page 16 Compliance-Friendly Marketing

Change them about once a month atthe office.

5. Make sure your WIFI network has asecure fire wall. Last November I wasin Denver meeting with my father’sestate planning attorney. While sittingin his conference room, my husband,Peter e-mailed the attorney somedocuments he needed. Peter was ableto do this by using the firm’s WIFI. Theproblem — there was no security at allon their system. Peter said the minutehe logged on he was actually in theirvirtual file room and had access to anyclient file he wanted! An estateplanning attorney’s files, full of socialsecurity numbers, tax returns andaccount information, are just whatthieves are looking for. Who knowshow far their WIFI went — it is possiblepeople sitting in their parking lot or onthe next floor would also have accessto this information.

6. Secure your laps tops, particularlywhen they are in cars. Three largecompanies: GMAC, Wells Fargo andAmeriprise have each reported thatemployees had cars stolen. In eachcase there was a laptop in the car and200,000+ names, and accountinformation on the laptops. In WellsFargo’s case — this type of theft hashappened twice! No one knows if thisinformation was used by thieves, butanyone stealing a car will certainly nothesitate to steal someone’s identity.

7. Educate everyone in your family and atthe office about the dangers of ID theftand what they can do to keep yourclient’s information safe.

8. Finally, spend some time telling your clients what you are doing tosafeguard their information. They maynot ask you about it, but they areconcerned. Putting your client’s fearsto rest can be good for them and goodfor your business.

Katherine Vessenes, JD, CFP®, RFC®, is anationally known author and speaker,focusing on sales, marketing, complianceand practice management issues forbroker/dealers and advisors. Look for her latest book: Building a MultimillionDollar Practice.

Contact:: 952 401 [email protected]

Financial Plan Competition Case Presentations

A prominent list of schools were invitedto participate in the Financial PlanCompetition sponsored by the IARFC.The competition was open toundergraduate students enrolled in acurriculum of personal financial planningor financial services.

Each school was presented with multiplecopies of the Plan Builder Financialsoftware and all of the facts of the samplefamily for whom to prepare the plan.

The three best (finalist) plans wereselected, and the plan preparers invitedto present their plans at the FinancialAdvisors Forum, where an audience ofexperienced financial advisorsdetermined final rankings.

Students at seven universities, who are allenrolled in the career course to becomefinancial advisors, submitted plans.

The schools that have been selected asthe first round winners of the competitionwere: Appalachian State, Kansas Stateand Virginia Tech University.

The Financial Plan Competition requiresstudents to construct a comprehensivefinancial plan for an invented case study. It required the submission of acomprehensive personal financial plan to be evaluated by a national PlanEvaluation Board of very experienced andhighly credentialed financial advisors.

The student teams from the top 3Universities were invited to attend the Forum and present their plan.Teams are judged on rationale forrecommendations, creativity in thepresentation and suggested strategiesand recommendations for accuracy.Public recognition will be granted to thewinning school and students.

According to David Stitt head of the PlanReview Board, “All of the plans wereoutstanding! It was very difficult toselect the best three of nine very wellprepared comprehensive plans.

The Plan Competition Committee includeseducators such as Dr. John Grable ofKansas State, Dr. Ruth Lytton of VirginiaTech University, Derek Klock of RollinsCollege and Virginia Tech University,Rosilyn Overton of New Jersey City

University, Dr. Jeffrey Chiew of Malaysiaand experienced practitioner David Stitt,CLU, ChFC, CFP®, RFC®.

If you are looking for a new associate oran intern, contact these Faculty Advisors,since their students have demonstratedthe ability to prepare a quality plan:

Appalachian State UniversityFaculty Advisor: Ivan C. Roten416 Howard Street, Boone, NC, 28608P: 828 262 6943, E: [email protected]: www.appstate.edu

Fort Hays State UniversityFaculty Advisor: Dr. Thomas Johansen600 Park Street, Hays, KS 67601P: 785 628 5805, E: [email protected]: www.fhsu.edu

Kansas State UniversityFaculty Advisor: Dr. John Grable318 Justin Hall, Manhattan, KS 66506 P: 785 532 1486E: [email protected]: www.ksu.edu/ipfp

Missouri Southern State UniversityFaculty Advisor: Brian Nichols, Asst Prof.3950 E. Newman Rd., Joplin, MO 64801P: 417 625 9599E: [email protected]+F9 W: www.mssu.edu

Ohio State UniversityFaculty Advisor: Sherman D. Hanna1787 Neil Avenue, Columbus, OH 43210P: 614 292 4584E: [email protected]: www.osu.edu

Virginia Tech UniversityFaculty Advisor: Ruth Lytton324 Hutcheson Hall-0401Blacksburg, VAP: 540 231 6678,E: [email protected]: www.vt.edu

West Carolina UniversityFaculty Advisor: Grace Allen319 B Forsyth BuildingCollege of BusinessCullowhee, NC 28723P: 828 227 3189E: [email protected]: www.wcu.edu

Introduction: Hesh Reinfeld usuallyconducts his interviews of RFC membersin their offices, during the business day.However, for this interview Hesh metGirish Thakar at his home in Mt. Lebanon,PA on Christmas morning. They bothfound the day (Girish as a Hindu andHesh as a Jew) a perfect time to leisurelymeet and get some quality time together.They sat in Girish’s living room sippingIndian tea.

Hesh: You have a market niche thatwould be the envy of most financialadvisors, the Indian Americancommunity. Do you agree?

Girish: I imagine that other advisorsmight think I have the inside track. I speak the language and attend the same houses of worship. However, I have built up my practice like most successful advisors, by working hard to meet and exceed the expectationsof my clients.

I won’t let you get away that easily. The U.S. census identifies the IndianAmerican community as the country’swealthiest ethnic community. Your competitors would want to hear your secrets.

Secrets? OK here is an example. I’vebeen involved with the philanthropiccommittee of my Temple for over 10years. And yet it took me eight years toget the chairman to feel comfortableenough to have me advise him on a smallportion of his assets.

Now eight years is a long sales cycle. AndI supposedly had the inside track, beingan Indian and a member of the Temple.

Good point. Do you face any challengesfocusing your practice on primarily oneethnic community?

Actually, like most business professionals I worry that I am too narrowly focused. I’d like to have my practice more equally dispersed over many differenttypes of clients. Hesh maybe you canintroduce me to some of your friends at your synagogue?

That’s rather presumptuous of you toask me for a referral during thisinterview, don’t you think?

Me pushy? On thecontrary some of my Indian clients feel I am too humble andreserved. And for the record Hesh, I was joking.

What other concerns do yourclients express?

Some worry that I amtoo isolated since I’ma sole practitioner.

Do you agree?

I plan to grow mypractice and bring ona CPA and perhaps anestate planningexpert. I would like tobe able to serve allthe needs of myclients within my own organization.

If you brought in some associates wouldthey have to be Indian?

Definitely not. I’m looking for someonewith the skills and the ability tocommunicate well with clients.

I feel I need to push you on this, Girish,in the past have your employees beenIndian or not?

Yes, but it hasn’t always worked out. For example, an Indian employeeexpected that I would approve his veryflexible work schedule. I on the otherhand felt I had an employee that wasn’table to focus on getting his work done. I had to let him go. I also had a nonIndian employee that I had to let go. It’s actually a little humorous, but pleasedon’t print this.

I won’t (I lied).

I discharged the assistant because he couldn’t pronounce the names of my Indian clients. He struggled. I even spelled out the names phonetically for him. Unfortunately, it didn’t help and I received some iratecalls. And, as you know in any business,you must be able to pronounce the names of your clients.

Business Success ProfileGirish Thakar — Making Clients Feel at Home

I can see someone stumbling over anIndian name, and a client getting upset.But doesn’t this reinforce the perceptionof your colleagues feel that you have theinside track with fellow Indians.

Maybe I can get an introduction moreeasily, but then it’s hard work developingand maintaining the relationship. MyIndian clients are professionals and mostspend 60-70 hours a week interactingwith others in their fields. They’reconstantly meeting and hearing aboutother financial advisors.

You are right about that. In preparationfor this interview I spoke to a couple thathave been your clients since they weremedical residents. They are frequentlyapproached by advisors. However, theyrealize that even when they had verylimited assets you spend hours withthem helping them plan for their future.

I don’t know how to do business any otherway. Face time is critical.

You’ve considered moving back to Indiato start a financial planning companythat sounds exciting.

When I left home 25 years ago, India wasa third world economy. In the last few


Girish Thaker, MBA, AWMA, RFC®


continued from page 18 Business Success Profile

years it has boomed, and in many waysresembles the developed world of the U.S. and Europe. Like many Indians, I am closely tied to my home country and my family.

When I was offered this opportunity, Ispent over a year visiting Mumbai(Bombay) and meeting a group of localfinancial advisors who wanted me toreturn and run their business. I was verytempted. I got to the point of actuallylooking at housing with my wife. In theend, I decided to stay in the USA and growmy current practice.

You sound like you were torn emotionallyover this decision.

Let me give you some more backgroundon my family. I was 22 years old when I left India. On my second day of school in Oklahoma (I was going for my Masters in Engineering) I received thenews from India that my oldest brotherhad died in a car crash. He was only

33 years old, and left a wife and twoyoung children. My parents had expectedtheir oldest son to care for them in theirold age but were now faced with thereverse — they had the responsibility ofcaring for his family.

So you can imagine the feelings I hadwhen I thought I might be able to returnhome to my extended family.

Were your parents excited about theprospect of you returning home?

My mom was actually ambivalent (myfather passed away a few years ago). She visits me often in the USA andrealizes the lifestyle and opportunities I would be giving up.

From a business perspective what wouldyou have missed?

I would’ve missed most theprofessionalism, ethics, and hard work thatwe put into our practices here in the U.S.

What would you have not missed?

The fast paced lifestyle we all lead. We’re always rushing from one activity to other, both in business and in ourpersonal lives.

Is life that different in India?

Indians find it difficult to comprehend our emphasis on timeliness andpunctuality. Things are done slower inIndia. “What’s the hurry?” seems to bethe question they ask us Americans. Inhindsight, that might have been theproblem I had with the Indian employee Imentioned earlier.

My last question is: you come from aculture that places a lot of emphasis onfamily ties and yet here you are in theUSA without any family. I guess, I amasking a personal question here — howdo you cope?

Interestingly, my profession has helpedme cope. Many of my clients are also myfriends. As I became their primaryfinancial advisor our friendship seemed toblossom. I didn’t plan it that way but itjust seems to have evolved that way.Perhaps it’s the nature of the service weoffer. Clients are sharing their dreamsand their fears with me. I often sharemine. It might be inevitable for some ofus to become good friends.

So when you meet a prospect do youevaluate if he could also be a friend?

Of course not. My primary goal is to offerprofessional and impartial investmentadvice. If a friendship develops, thenwe’re both even more fortunate.

And I am fortunate to have spent thistime with you. Thank you, Girish.

You are most welcome. Now, Hesh, putdown your notebook and let me serve youa cup of freshly brewed Indian tea madeby my wonderful wife, Lina. And let’s talkabout those referrals….

Thakar Financial GroupRaymond James Financial Services421 Cochran Rd, Suite 203Pittsburgh, PA 15228

Contact: 800 909 0090 [email protected] www.raymondjames.com/ThakarFinancial


Enjoying Indian tea at home with Girish Thaker and his wife, Lina

If you use Practice Builder Financialsoftware you will ignore theserecommendations, since this computerprogram automatically creates and relocates in electronic folders foreach client.

The following procedure would work if youuse Microsoft Word.

It will also work for the filing of Excelspreadsheets, Adobe PDF files and PowerPoint presentations made to one client.

1. Create a folder off of your main drive(normally this is Drive C) for client fileslocations. We suggest you designatethis for your clients as:

C: CLIENTS

2. When you schedule the first interviewwith a prospect create a folder insideCLIENTS for that person, using the lastname and two initials, such as:

BrownJC

Therefore you would have a series offolders like:

C:\CLIENTS\BrownJCC:\CLIENTS\SmithTWC:\CLIENTS\WhiteWA

These will be sorted alphabetically for youby the standard folder/file displayprocedure that is used by Microsoft.

Then, when you wish to prepare aparticular item for any of your prospects orclients, you would follow this procedure touse a standard item that you have

identified as one you will be using again,edit it for your client and save it in a placewhere you can easily relocate it.

1. Open Word Click on the W icon

2. You will want to Open a file

• Go to the folder where you havestored all of the basic files we havefurnished, such as: Services

• Select the file desired such as:LT_701

• When it has opened, save the fileinto the folder created for your newclient, such as:\CLIENTS\BrownJC

• Make your edits and print thenumber of copies desired

• Save the file, then make edits.

3. If you follow this procedure, then all the documents that you prepare for this client will always be located in the same folder. They can beidentified by the standard file nameand the date originally created —an effective due diligence andadministration procedure.

Ed Morrow is the chairman and chiefexecutive of the IARFC and he speaksfrequently at professional conferences ontopics related to his practice experience,computerization, and enabling financialadvisors to increase their salesproduction and client services, by buildingtheir practices through effective clientrelationship management.

Contact: 800 666 1656 ext. [email protected]

Electronic Filing Procedures

Ed Morrow, CLU, ChFC, CFP®, CEP, RFC®


Improve your practicewith Builder Suite!

For a FREE Web Demo Contact:[email protected]

800 666 1656 ext. 13

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Manage client relationshipsHundreds of letters and articlesTargeted Drip Marketing Identify clients/prospects byproducts, services or items of interestDue Diligence and Liability Protection

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Dramatize your prospect’simmediate need for acomprehensive personal financialplan with PowerPoint presentations.Establish the basis for requiringyour professional help to createthis plan. Close the engagement of yourservices on a profitable Plan Feeplus commission basis.

Presenting Your Financial Services to Prospects

“I started selling more life insurance, onceI stopped selling life insurance!”

I began my career in the financial servicesindustry on the life insurance side. I wasthe 4th generation of life insurance men.I was proud of my heritage and I actuallysold my first life insurance policy before Igraduated from high school. I lovedselling this product and during my collegedays determined that I too would be a lifeinsurance salesman.

I went on to Georgia State University toobtain a Masters in Insurance and upon

graduation, I returned to New York tobegin my career in sales. In those daysthe products were limited and the level ofsophistication was moderate at best.

After only a couple of years, my father ledthe charge into “needs selling,” primarilyusing Tom Wolff’s Capital Needs Analysis.Our agency was successful in making thetransition. But it wasn’t long before Irealized that something was missing.

Our early days into “financial planning”was done on a “gratis” basis. Weprovided “programmed” planning in order to sell our products. But in 1980, I was introduced to a pioneer in thefinancial planning industry, Ed Cox of Salt Lake City. He began a crusade that changed my career forever. He told me to “sell the process.” And by the way, charge for it! Would mypolicyholders really be willing to pay for our planning services?

In 1981, we created a financial planningcompany; Structured Capital Designs, Inc.(SCD), to actually do fee based planning.This corporation was strictly fee based.

SCD did not sell products, it sold aprocess. It sold a process that wouldsystematically review the key elements offinancial planning; Debt and Cash Flow

Management, Risk Management,Education Planning, Tax Planning,Investment Planning, Retirement Planning and Estate Planning. Iremember the first time I told one of mypolicyholders that we charged a fee forour services. The bone got caught in mythroat. But I swallowed hard and witheach passing interview the request forpayment became easier. What I found outappears in the sidebar box.

This past year, I began my 37th year,selling life insurance. And I am proud ofthe job I do. But I must say that the past25 years as a “planner” salesman havemade my career more interesting, andmore lucrative.

Now I have entered another stage of mycareer as a “Certified 3 DimensionalWealth Practitioner” (C3DWP). Thisapproach to “total” wealth managementhas taken the planning process I deliver tomy clients to the penultimate.

Here’s my advice to those of youbeginning your career. Seek out anorganization with whom to affiliate thatutilizes fee based planning as itsmethodology for delivering solutions toclient’s problems.

Grab hold of a software vender thatprovides a totally integrated system for analyzing client data. Charge for your services.

To be a professional, make a commitmentto obtain your professional designations,but don’t stop there.

“The best way to predict the future is tocreate it.” There will always be a need forthe life insurance product. But yourcareer will never reach its maximumpotential by simply selling the product.Create a process of needs selling thatworks for you and your career will take ongreater significance and fulfillment.Remember, it’s up to you.

Monroe “Roey” M. Diefendorf, Jr., CLU,ChFC, CFP®, C3DWP®, RFC® was a speakerat the Forum and will be on the cruise. Hecan be reached at: Diefendorf CapitalPlanning Associates, 152 Forest Ave.,Locust Valley, NY 11560.


Sell the Process, Not the Product

Monroe “Roey” Diefendorf, Jr.ChFC, CLU, CIMA, CFP®, C3DWP®, RFC®


1. I started selling more life insurance once I stopped selling life insurance. Myproduction doubled over night.

2. My client’s perception of me radically changed. I was no longer the insurancesalesman but rather a real financial planner.

3. Our planning fees created added cash flow to improve our services to ourclients.

4. Policyholders became clients. In addition to increasing my life insurancesales, my securities sales were boosted.

5. The planning software must be report driven, not text driven. Again I leanedon Ed Cox and his Financial Planning Systems (FPS) software to give us theanalytic tools to make recommendations. No fluff. No superfluous verbiage.Just the facts. This did require a greater degree of understanding and a needto increase my knowledge base beyond my life insurance degree.

6. There are no tricks to the trade and education is not optional. Professionaldesignations are mandatory. Licenses are not enough to be called a financialplanner.

7. Boredom rarely sets in when you sell the process vs. a product. Rather thangiving the same old sales pitch, which ends up sounding like a broken record,you let your clients “play their record” which is new with each client.

The Elvis “financial story” is possibly themost incredible aspect of the late singer’slife and career! The entire financialexperience of the late Elvis Presley was atotal disaster, complete absurdity, andeven a bizarre farce! This may be themost shocking of all Elvis sagas. At thetime Elvis was beginning his career inNashville, I lived in “Music City” and myclose friend who sang with Elvisintroduced me to the then-aspiring “rockand roll” performer. Several times I wentwith Elvis when he performed on theNashville sidewalks for free and could notattract even a small crowd — the peoplejust kept walking by. But ..

By the age of forty, Elvis Presley hadearned a hundred million dollars!However …

Elvis was financially broke! Yes, Elvis wasflat busted! The explanation for thisastounding state of affairs is found in thedeadly combination of profligacy,extravagance, lack of intelligent moneymanagement, no financial planning, plusPresley’s countless unwise decisionsabout managing his money.

His manager, Colonel Tom Parker,actually paid himself 50% to 80% ofeverything Elvis ever earned. Thus,Parker benefited more from the ElvisPresley success than did Elvis. Elvis didnot know this however, being uneducated,unsophisticated, not intellectual, andpossibly (I suspect) not very bright. Col.Parker kept much of his actions secretfrom Presley and was able to easilymanipulate Elvis. Elvis was always moreinterested in sex, playing, and extremeimpulse spending, than he was in “takingcare of business.” Ironically “TCB” wasthe theme Elvis chose for his businessmanagement operation.

Elvis Presley Was A “Total Disaster” WithMoney! Col. Parker did take a person

whom I believe was a mediocre talent,and promote him into one of the mostsuccessful singers in show businesshistory. But Parker also exploited Presleywithout mercy. Col. Parker “locked” Elvisinto mostly “schlock” recordings and “B”movies. Eventually the Elvis recordingsbombed, his movies finally tanked, andhis Las Vegas shows were drawing fewerand fewer people. Time and again theElvis career would be revived by mediapublicity and image building thatpositioned him as the leader in hisspecialty.

Then more millions would be made …and again the money would be wasted!Always foolishly squandered. Spendingmoney was something that Elvis did in aprogressively more reckless and self-destructive manner as he grew older andbloated from over-eating and drugs.

Presley’s apparent total lack of evenelementary economic sense wascombined with his narcissus state, hisimmaturity, his foolish obsessions, and hisstrange dictates to the “anything-to-please-Elvis” staff (Memphis Mafia) he“commanded.” Elvis “demanded” thatthis staff worship him and he over-paidthem for excessive attention, screwballrequests, and constant praise. As wehave often observed among people whoearn more-and-more money, (until theyacquire great wealth) Presley’s egocontinually grew-and-grew. By the time hewas rich Elvis was also an egomaniac.

In my youth I often discussed possibleimage-building events (“publicity stunts”)for Elvis with Col. Parker during theformative months of the Presley career.From time-to-time I attended the earlyPresley recording sessions at the RCAStudio on Music Row. But I alwaysthought that my friend, Ray Walker, thelead singer with the Jordanaires, was amuch better singer than Elvis. The

Jordanaires singing group backed-up Elvison many of his early recordings. Ray wasthe person who introduced me to Elvis.Ray also had greater stage presence but … It was Elvis who received theskillful market leader image promotion inthe media. Thus the Elvis career zoomed.

Often I have toyed with the idea of writinga book about the bizarre aspects of ElvisPresley’s finances. But the researchwould be a pain and his fans are notmuch interested in that part of his life.Most everything else about Elvis has beenwritten to excess and then re-writtenagain-and-again.

I never was very interested in Elvis AaronPresley personally. Back then I was farmore caught-up in the work ColonelParker was accomplishing in promotingElvis Presley and building the Elvis myth. I never thought Elvis Presley was verytalented, or even very interesting. For methe story about all the massive amountsof squandered Elvis money is the mostinteresting aspect of his amazing show bizcareer. From the start, until today, mosteveryone firmly believes what the Elvispublicity effectively established.

Colonel Parker would never allow Presleyto be involved with a financial planner.Parker always killed that idea. He did notwant anyone to have any influence (of anyimportance) on Elvis, other than himself.Now we know why.

While Elvis was financial destitute, afterhis death August 16th, 1977 he hasearned many millions post mortem, andthe Presley Estate today is a viableenterprise. Lisa Marie Presley sold an85% (retaining 15%) share of the estatefor over $100 million and Graceland isone of the five most visited home tours inthe U.S. Half of the visitors are under age

Cato Comments – About Your Image...Elvis (and many others) Needed An RFC


Forrest Wallace Cato, RFMA, RFC® has over 25-years experience as a multi-national Media Advocate for financialprofessionals. He is former Editor-In-Chief of Trusts & Estates, the Journal of Wealth Management and FinancialPlanning magazines. Cato wrote the Introduction to the classic book, How To Sell Your Way Through Life byNapoleon Hill, author of the all-time best selling motivational book Think And Grow Rich. He presents The CatoAward at the IARFC Forum. As a media advocate he helps financial advisors receive the local publicity theydeserve by promoting and publishing their services in an effective manner.

Contact: 770 516 9395 [email protected] www.CatoMakesYouFamous.com


35 who never heard The King of Rock andRole in a live performance.

Elvis badly needed financial advice from askilled financial advisor such as readersof the IARFC Register. But most likely helacked the intellect and discipline to “staythe course” and follow sound financialrecommendations.

Did You Know That Debbie ReynoldsWent Bankrupt? Show biz veteranDebbie Reynolds, born in 1932, singerand movie actress, purchased a hotel inLas Vegas in 1992 and renamed theplace the Debbie Reynolds Hotel andCasino. She thought she could operatethe hotel successfully. However, it wasplagued by a weak cash-separate flowalmost from the start. I n July 1997 thehotel filed for Chapter 11 bankruptcy andMs. Reynolds filed for personalbankruptcy. Her hotel was sold at auctionin 1998 to the World WrestlingFederation. Ms. Reynolds is disciplined,talented, and hard working. A class act,both on and off the stage. She gave it herall. She is to be admired.

Football Hero Johnny Unitas could haveused some sound financial advice from

an RFC. Unitas Also Went Bankrupt!Unitas was born in 1933, one year afterDebbie Reynolds. He was a highlysuccessful athlete and became alegendary Hall of Fame footballquarterback. But Unitas was a terriblebusinessman. Each of his seven businessventures — a bowling alley, three landdeals, and three restaurants, wasunsuccessful. Unitas filed for Chapter 11bankruptcy in 1991.

Other football players who filed forbankruptcy include Tony Martin andLawrence Taylor. Unitas could havebenefited if he had made his biz decisionsafter appropriate financial consultationswith an RFC.

It Is Now Legal For You And Your ClientsTo Be Treated Brutally! Walt Disney wentbankrupt, but Disney Enterprisescontinues on. So did Larry King and LaToya Jackson. Even Donald Trump oncefiled for bankruptcy.

Tens of thousands of Americans andbusinesses file for bankruptcy every year.The numbers grow by vast amounts every12-months. The new federal bankruptcylaws, (passed by the now defeated largely

Republican Congress and Senate) isactually a more brutal collection servicefor the banking industry. America’sfederal law is made today by specialinterest groups that pay-off Washingtonlegislators. The laws are even written bylobbyist or other representatives forspecial interest. Federal laws now enableAmerica’s citizen consumers to beexploited more-and-more.

The National Center for BankruptcyAccountability (NC4BA) proclaimed, to noavail, that the current law was atrocious,overly favored banking, and was tooharsh. But, as usual, our citizens didn’thave a “chance” against corruptpoliticians. Their best “chance” is to workwith an RFC.

Here Is A Prediction That Should ConcernEvery RFC! The NC4BA estimates thatwithin ten-years one in every fiftyAmerican households will go bankruptduring the occupant’s “working years.”Go to www.NC4BA.org. Their websitereveals more about how Americans areexploited more-and-more each year. Ourcitizens at any financial level need advicefrom members of the IARFC if they are tosurvive and prosper.


continued from page 22 Cato Comments

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Successful financial planners knowsomething about marketing that theircompetition doesn’t. The successful onesare nurturing their business relationshipsby communicating with them on a regularbasis and they don’t always have theirhand out. And even the successful onesknow that if they are not nurturing theirrelationships, they should. Now beforeyou say.” That seems so touchy-feely —and it doesn’t sound like me.” I ask youto just think about it for a moment.

So what does nurturing mean? All of us,to some degree, know what it is like to benurtured. If someone has dinner readyfor you when you get home, you are beingnurtured. If someone sends you a note ofencouragement and thanks, you are beingnurtured. It really is a very powerfulstrategy because it affects all ourrelationships and more so in businesstoday than ever before.

So you say, “But my customers don’texpect that from me.” “We’ve never done that before”. Maybe not, butwouldn’t it be a nice surprise to yourclient? In fact, wouldn’t it be somethingthat your competition is not doing? But we forget one important thing and that is the fact that we have thepower to astonish our clients — to delightour clients beyond what they expect. Ipromise you this is the ‘edge’ you arelooking for. In today’s world where ourcustomers have so many choices, guess how they select their financialprofessional — by how they feel. I don’tdisagree that ‘price’ can be an issue, but

where an irresistible relationship exists,price becomes secondary. And whenprice is not the issue you have theopportunity to tell them everything elseyou do to help them. The only way toavoid a price war is to develop theseirresistible relationships with your clients.When people feel special they don’t goelsewhere. Nurturing relationships withcustomers demonstrates that youunderstand that your customer can fire you anytime. Are you willing to takethat chance?

So what is a nurture process? Well it is astrategy that includes well thought outtactics, all written in a series ofcommunications. These letters gain topof preferential awareness that you are‘out of the ordinary’. These letters tellyour prospect that you understand themand these letters focus on one issue at atime, always referring to the prospect’sneeds. You know enough about yourtarget market to write a profile of the ideal client. Now you can start writingsome letters that cause the recipient toknow, like, trust and respect you and bestof all, call you.

Nurture is so much more. In order for arelationship to impact our lives, and sincewe are talking about business specifically,we all need to look at what we are ‘notdoing.’ Sure, we buy the latest CRMsoftware, we write a letter now and then, we say thank you, we send out asurvey and we spend most of our time onthe phone to customers. But does thisreally count?

Firstly, respect implies recognition of aperson’s worth. It involves courtesy anda condition of being esteemed. This iswhat Webster says. I believe these aresimply words that over time have lost agreat deal of their meaning. Respectmeans acknowledging others boundaries,it means possessing a high degree ofempathy and it means knowing what tosay and how to say it.

Let’s deal with the foundation of thisbuilding first. If I respect someone I will not — not ever — communicate withthem in a form or manner that is notappealing to them. For exampletelemarketers are not conditioned torespect the recipient of their call -althoughthey may possess the quality. Neither arecold callers. The idea is to get anappointment, buying intention or a sale.Quickies do not make good relationships.Neither do they demonstrate respect ofanother’s time and responsecharacteristics. Now, if you are sellingwidgets and you don’t care because theyare incremental in nature — then go for it.But for those of us who depend onbuilding trust, this manner ofcommunication is disrespectful.

Walking a mile in someone’s shoes iswhat causes us to be empathetic but iflife has not handed us the same trials orexperiences it is difficult to demonstrate alevel of understanding. However we haveall been blessed with an imagination andthat imagination is what moves us topicture what someone might be feeling.The picture in our mind of losing aspouse, of struggling in business or ofkids gone wrong, is one we can ask ourfriend, partner, client to tell us about.When they do, we begin to fill in thepieces of that picture and as we do, ourfeelings become attached to that pictureand we become empathic.

Now about those letters! Understandingwhat causes people to open your mail;what causes you to get their attention;how they read it and how they react to it iscritical to any nurturing you do. You are ina business of high trust. Communicatingin a meaningful way with your client andprospect, over time, will help them to seeclearly that you understand them, you likethem, you think of them, and you want tosee them succeed. I believe this

is irresistible and so does your client. Inaddition your prospect will want to know

Managing Relationships To Build Your Business

continued on page 25Page 24 The Register • June 2007

continued from page 24 Managing Relationships

more about the financial professional whoseems to really understand them.

Think of your envelop. What motivatesyou to open your mail and what makesyou throw some away?

In addition are your letters easy to scanfirst? People will always scan to findrelevant information before reading thewhole thing. If you got their heart racingin the first sentence, chances are they willread the whole thing. Also if you wantpeople to find your stuff easy to read thenwrite your letter to a grade 8 level. It’s notthat your client is slow, just that you don’twant your letters to be cumbersome.

The conclusion is to write in a mannerthat demonstrates your humanity andthen let technology work for you! Youcreate that series of communications thatcause people to respond to you. And ifyou do more than just compliance work,why not use these letters to tell them yoursecrets. Financial professionals are ableto do much more than even they areaware of. I know what the next questionis. “How do I find the time to write abunch of “nurturing” letters and organizethem so that, over time, they makesense?” And then you ask “What kind ofsoftware should I use that will managethese relationships so I don’t have tosimply remind myself?”

Reminding yourself to do somethingdoesn’t guarantee it will get done,especially when it comes to relationshipmarketing. What you need is a softwareprogram that will do it for you. In additionyou may not have a poet hanging around

the water cooler with nothing to do butwrite letters that will knock the socks offyour customer and prospect. Findsomeone who will do it for you, but get itdone because it is what people want.

Once you have automated your lettercampaigns, you have taken control of yourmarketing and you have found a way tomanage your relationships in anorganized and systematic manner.

Now you got them, how do you keep emcoming back? Again by being irresistible.One of our clients thought he had anirresistible relationship with at least 20 ofhis clients. We put it to the test. He sentout a questionnaire focused totally on therelationship and found only one clientcould be called irresistible. ‘Irresistible’simply means that your client cannot bewooed away by another supplier. Neitherprice, nor good deals, nor great offers, norany other manner of influence will enticeour client to leave you for the competition

Nurturing in Action: One client, afternurturing their prospects for 4 monthsdecided to call 60 of those prospects. Outof the 60, they booked 15 appointments,4 people said definitely ‘no’, and 41people said they liked the information theywere receiving and to keep writing till theywere ready to buy. Nurturing works.

Automation makes nurturing easy: Yourcustomer garden will grow whether you are there or not. Hooray fortechnology. Now you can truly becustomer focused and your competitionwill never know what you are doing. Nowthat’s a competitive advantage.


Frances Scott is owner and founder of Nurture Services, based in Surry,British Columbia,. Her clientele is equally divided between Canada and the U.S. Drawing on her years ofbusiness management and marketingexpertise, Fran has developed asystemized approach with a series ofcommunications to a target audience and managing activities.

She enables financial advisors toexperience highly effective levels ofcommunication with remarkable results.Her process is based on the principle thatbuilding sales begins with buildingrelationships.

Fran will be a workshop presenter at theRFC Alaska Cruise Conference.


Frances Scott

Display the IARFC Code of EthicsWhere does the IARFC stand? We solidly re-affirm our Code of Ethics.The simple, straightforward yet thorough Code is easily and clearlyunderstood by consumers as well as other advisors, and it sends astrong message of your professionalism.

Proudly Display your Code of Ethics Wall Plaque in the entrance ofyour office, waiting area, or in the room where you meet with clients.The Code of Ethics is handsomely placed behind clear plastic on awalnut base. Wall or tabletop display.

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There are four common mistakes that many people make on their website home pages. Actually, these mistakes are common throughout the Internet, but we focus, of course, on the websitesthat we manage for Registered FinancialConsultants. These are easy issues to address, and we hope you will spendsome time to make the followingrecommended changes if your website is due for a tune-up.

Using “Welcome” as a Headline

There are several problems with this.First, it is a rather dated, old-fashionedheadline for a website home page.

Second, there is nothing that tells thevisitors why they should bother readingthe rest of the message. You haven’t toldthem, What’s in it for them?

A third reason that this is an extremelyweak headline is that it does nothing to help your online marketing throughsearch engine rankings. The searchengine spiders will “index” your site based on relevant keywords. Do you think anyone who’s looking for financial services will type “welcome” into a search engine?

Here’s the scary part. A large percentage of our customers’ websitesuse “Welcome” as the title of the home page, probably because it appeared as a default on some other,perhaps temporary websites. If yours is one of them, please, please, please update your title to a keyword-rich, meaningful headline

that will stimulate your visitors to read further down the page. You can see samples of titles and home page copy in the Customer CentralSection, Marketing Tips page on www.iarfcwebsites.com

Not Focusing on Clients’ Issues

You only have a few seconds to grab anew web visitor’s attention. The best wayto do this is to quickly mention issuesthat are important to him or her. It’s notabout you. It’s about the need forinsurance, or concerns for financialsecurity, or a nagging doubt that time isrunning short to get financial plans inbetter shape.

You talk to your clients every day. Usetheir words. What are the concerns thatthey most frequently discuss with you?Who is your target market? Make everyword relevant to them. You can elaborateon your credentials and experience inother places on your site. Or make a briefreference to your qualifications furtherdown the page, with a link to a page withmore details.

For example, if your practice centersaround retirement planning, for those not yet retired, you might pose a question, “Retirement — Will You Have Enough?”

If you focus on those already retired youmight use, “Retirement Income — What ifit’s Not Enough?”

Four Common Home Page MistakesFinancial Visions IARFC Member Benefit Program

No Phone Number Up Front

Why make people search for your phonenumber? Even though it’s on your“Company Location” page, it should be onevery customized page, and especially onyour home page. There’s plenty of room— no problem there. You can even add itto the disclaimer section so that itappears at the bottom of every page.

In the review of websites mentionedabove, only 5% had phone numbers onthe home page. Actually, this is apervasive problem throughout the Web.Just for fun, try to find phone numberswhen you visit other sites. Even the“Contact Us” pages often rely entirely onelectronic communication options, with nophone number anywhere to be found.We’re human beings, after all, and someof us like to pick up the phone —especially in the relationship-buildingfinancial services arena.

No Call-to-Action

Every financial advisor is in a salesbusiness — you need more high qualityclients. This sales posture is a very basictenet of marketing and building yourpractice. The Internet is no different thanoffline marketing when it comes to astructured sales process. It starts withoffering something compelling, often at nocost! This action will encourage visitors tocontact you, or provide their contactinformation.

If you have a Financial Visions websitethat is sponsored by the IARFC, you havea built-in tool called the “Response Form.”See an example of how it is used atwww.advisordemo.com. On this demo siteexample, click on the menu item “10%Premium Bonus” (in red) or click on thegraphic that reads “Leave a Legacy forYour Loved Ones.” They both go to thesame response form.

As demonstrated, the Call-to-Action canbe a text statement that links to theresponse form, and/or a graphics imagethat links directly to the form. If you areuncertain how to set it up, call CustomerSupport at Financial Visions, and we willwalk you through the process. 800 593 9228.


Sylvia Todor


continued from page 26 Four Common Mistakes

Added Benefit of Improvements. Anotherreason to review and update your homepage information is that frequent updateswill be viewed favorably by the searchengines. They look for the rate ofimprovements, knowing that a website thatis frequently updated contains moreinformation. It will help your search enginerankings, and your website will work betterfor you in many ways.

Sylvia Todor is the Marketing Director forFinancial Visions, an IARFC technologypartner that creates affordable, high-content websites. To view the websiteservice that hundreds of RFCs are usingto connect with prospects and clients, visitwww.iarfcwebsites.com.

Contact: 800 593 9228 [email protected]

REMINDER: Post your website address in as many places as possible:

Your e-mail signature line

Your printed stationery and business cards

Any display advertising in newspapers and magazines

Premiums such as pens or other handouts

Forms and other printed material that have your company name on them

Signage

License plate frame... etc.


Let us remember that, as much hasbeen given us, much will be expectedfrom us, and that true homage comesfrom the heart as well as from the lips,and shows itself in deeds.

We believe you create a future foryourself, characterized by highperformance and fulfillment, by making aresponsible commitment to think right,work right, sell right, study right, and liveright. Here are ten strategies for formingthe habit of living right.

Compete, don’t compare. Be yourself,but learn to be your best self. Winningmeans excelling at being you, not acarbon copy of someone else.

Live on the right side of “but.” Whenwe live on the wrong side of that littleconjunction “but,” we say things like,“Oh, I guess the sales meeting was OK,but it was a little long.” Living andselling on the right side of “but” causesyou to affirm, “Yes, the competition getstougher, but I work for the best company.And I sell the best products and it’s greatto be alive and serving my clients!”

Develop what it takes. It’s often saidabout successful performers, “They’vegot what it takes!” They are intenselygoal oriented, have high energy levels,know their lines, do not take “no”

personally, are impeccably honest withthemselves and customers, show highlevels of empathy, and are 100%accountable for results.

Enrich your mind. Learn the riches ofreading. Setting aside 15 minutes a daywill enable you to read up to two dozenbooks a year. To get the most from yourbooks and periodicals, read with a penor highlighter in hand. Enrich your mind— and improve your sales!

Build goodwill. In selling financialservices and products, as in businessand politics, you will need a lot of people,spread out in the right places, whom youcan depend upon — because they candepend on you.

Know what is important. The greatestthing in the world, love — love of family,home, friends, associates, company, and country.

Live within your income. Somewherealong the line, the lack of good financialmanagement becomes a barrier toprofessional growth, no matter howtalented the person. It eats intoconcentration and confidence.

Extend your stay. According to theexperts, there are seven steps to take ifyou wish to live longer, healthier days on

earth: stay active, be optimistic, copewith adversity, reduce your weight, plansignificant events, change the pace, andhave periodic check-ups.

Live in balance. Successful individualsmany times fail in life for reasons thathave nothing to do with how they performin their jobs. Keep your professional,physical, financial, personal, and spiritualdimensions in balance, and you willfunction at full capacity.

Finish strong. It is the spirit thatmotivates, that calls upon our reservesof dedication and effort, and thatdecides whether we will give our best, finish strong, or just do enough to get by.

Kinder Brothers International teachessales and management professionalshow to experience lasting success. BothJack and Garry are members of theIARFC and authors of books and courseson financial services.

Their associate, Bill Moore, delivers theProfessional Patterns course and isdeveloping the Registered FinancialManager workshop.


Live Right — Advice from Kinder Brothers International

So, I waited, well not really.I updated my resumeadding that I was featuredon National Public Radio. Isent e-mails to friends andclients telling them thegood news. I even lookedup the local public radioaffiliate in their city so thatthey knew where to findmy commentary on theirradio dial.

And I waited some more.My kids started asking me ifthey’d missed the show. Itold them that they (and I)needed to be patient.However, I finally called myeditor. She took my calland delivered the news.Her boss, the executiveproducer, didn’t find mypiece humorous enoughand he killed it.

I felt like crap. But Imaintained mycomposure. I thanked her.She told me I would getpaid even though theyweren’t going to use mycommentary on the air. Isaid, “Thanks.”

(I lied; I needed thepublicity a lot more then the few dollars.)

However, I didn’t give up. I had herattention. I kept on sending her newmaterial. And she always took my calls.But she offered me very little hope.

My left brain said, “Give up.” But my rightbrain said, “Hesh she always takes youcall. Don’t give up.”

I finally said to her, “Just tell me it won’twork and I’ll stop bothering you everyweek.”

She said, “Hesh I feel so bad, I really likeyour humor, but my boss doesn’t.”

I said. “You can say, ‘No’, Its OK, I’m a bigboy.” I didn’t know her age but I had asense she was the same age as my 27year old daughter — and she just did notlike delivering bad news.

She finally said it, “No.”

Business Mirrors LifeRevel in Your Accomplishments: Don’t Dwell on Missed Opportunities


I never called again. I still wonder whatwould have happened had I gotten onNational Public Radio. But I also realizefrom my other accomplishments that itusually takes more than one big break tomake a career.

So stop wondering about a missedopportunity. It’s like meeting your highschool sweetheart who dumped youduring your senior year. You see her everyChristmas and you know what? She stilllooks good, maybe even a little hot.

But remember you haven’t done so poorlyyourself.

It’s what every religious traditionpreaches, “Be happy with your lot.” Ithink it makes sense in business too.

Hesh Reinfeld uses his story telling skillsto help financial advisors with marketingbiographies that transform their imagefrom financial calculators into authenticand appealing people. Hesh prepares theBusiness Success Profiles for theRegister, see page 18 for his profile of Girish Thaker, RFC®.

As an experienced journalist, Heshpassionately believes that a properly craftedbio or marketing profile will cause aprospective client to be sufficiently attractedto read it, and to feel, “I’d like to meet thisperson.” If you would like Hesh to help youprepare a similar biography for you, or toassist you with writing assignments that willhelp you in your market.


Do you remember the customer that gotaway? The client you almost got, but justmissed. And you always seem to hearthat they’re growing exponentially. It’s oneof those should’ve could’ve things.

For me it was almost getting on NationalPublic Radio as a business humorcommentator. I got through to the righteditor, after she had turned down myinitial proposal. I had many more ideas topitch, but I knew I should present onlyone. Either she’d buy it or she wouldn’t.

She loved it. We worked together. It wasa very high tech interview; she in a studioin LA, me in a studio in Pittsburgh, linkedby satellite. We worked hard. It was onlytwo minutes of radio but took us an hourand a half to record.

“Hesh, you’re lucky,” she said. “Yourcommentary is evergreen, it timeless. Idon’t have to pressure my boss to use it inthe next three days. We can use it whenit’s a slow news day.”

Hesh Reinfeld

Cruise rates are in U.S. dollars, per guest, based on double occupancy. Government taxes, fees and air transportation are additional.

My signature indicates that I have read the cruise/conference policies and fully understand the charges involved, and if requested above, I am autho-rizing the amount indicated to be charged to my credit card. I agree to the terms and conditions of the IARFC Cruise/Conference refund policy.

IARFC Cruise Conference

Get Your CE at Sea

Vancouver, British Columbia to Seward, Alaska August 17—24, 2007 on the award winning Summit Celebrity Ship. Appropriately named, Summit will leave you feeling as if you’ve reached the absolute pinnacle of premium cruising. Large in size, yet intimately elegant in ambience, Summit boasts all the services and amenities that have made Celebrity the preferred choice of avid cruisers around the world. Come aboard and scale the heights of luxury on Summit.

This cruise features the most famous of Inside Passages in the world, virtu-ally everything you come to Alaska hoping to see, including rain forests, gla-ciers, fjords, American Eagles, bears and majestic white-capped peaks. All of which create a setting that’s perfect for viewing whales and sea lions.

� Vancouver, British Columbia � Juneau, Alaska

� The Inside Passage � Ketchikan, Alaska

� Icy Strait Point, Alaska � Seward, Alaska

� Skagway, Alaska � Glacier Bay

Professional Continuing Education. The presenters and the attendees will be among the most elite in the financial services profession: authors of many books, articles and popular speak-ers. You will spend seven exciting days and evenings in the com-pany of the world’s leading professional advisors.

Optional Pre and Post Tours. You can extend your trip in the beautiful city of Vancouver, in Anchorage or take the scenic train to Denali Park.

Airfare is not included in any of the quoted cruise prices. Consider using your frequent flyer credits. Contact Talgood Travel for airfare and the pre– and post– cruise options at: 877 651 9997

Deposit of $500 per person to secure space availability for a stateroom. Final payment is due May 25, 2007.

Cruise and IARFC Registration Refunds. Until April 1 — 25% penalty. April 1 - June 6 penalty of 40%. June 7 - July 15 - 50% penalty. After August 8 non refundable. You can purchase insurance (through Talgood or another agent) to cover unfore-seen medical circumstances that might require trip cancellation.

Port Charges and Government Fees. Presently $295. These charges are subject to change and beyond our, or Celebrity Cruise Line’s control or authority.

� Number of Adults in your party: _____

� Number of Children in the party: _____

� Royal Suite & Veranda, $4,530 _____

� Sky Suite with Veranda, $3,030 _____

� Balcony, Concierge Svc. $1,780 _____

� Balcony, Traditional Svc. $1,630 _____

� Oceanview, windowed, $1,280 _____

� Interior Cabin, no window, $930 _____per guest, based on double occupancy

� Port & Government Fees, $295 _____

� Airport Transfer (optional)� Seattle $139 � Vancouver $99Fees & Transfers are per person round trip based on 2006 pricing and subject to change.

Subtotal: ___________

Less Deposit: ___________

Balance Due: ___________Deposit $500 Per Person

Name exactly as it appears on your Passport Address

Companion Name exactly as it appears on Passport City, State, Zip

Phone Country

Your Preferred Salutations - for our Name Tags E-mail

Credit Card Number Expiration Date

Method of Payment� Check payable to the IARFC � Visa� Discover � MasterCard � American Express

Signature

The International Association of Registered Financial Consultants

Phone: 800 532 9060Fax: 513 424 5752E-mail: [email protected]

www.IARFC.org

Imagine yourself here watching the glaciers calve and the whales jumping.

� I am interested in Cruise Insurance. � I am interested in a Luxury Suite.

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

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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

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