2011 Major Firms Symposium Event Highlights
The seventh annual Major Firms Symposium was held September 14-15, 2011 in San Diego, CA. Just over 90 industry executives representing 45 companies participated in this event. Highlights from this event are below.
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State of FPA
Financial Life Planning as the Value Proposition
Practice Management Focus: Know More! Advisor Relationships
Keynote Speaker Richard Ketchum, Chairman and CEO of FINRA
Practice Management Case Study Discussions
Social Media & the Large Firm
Thought Leadership Discussion: Who is a Financial Planner
Marv Tuttle, Executive Director
Tom Potts, Chair
Marty Kurtz, President
Paul Auslander, President-elect
- Good news to share on FPA's membership. August 2011 was our best monthly membership revenue number going all the way back to 2004 - driven by strong retention.
- FPA, along with the coalition, is looking into how we might build the financial planning profession at the state level. FPA is considering a number of key questions like; What should it look like? What should it accomplish? What do our members think? How would it complement or conflict with existing laws and jurisdictional oversight? We invite major firms to participate in the discussion.
Consumer awareness and financial literacy continue to be key initiatives for FPA. The 10th annual Financial Planning Week is October 3-9 and FPA chapters will be hosting events across the country. Financial Planning Days also take place in October to provide free financial education and advice to consumers.
George Kinder, the father of life planning, shared his experiences working with many large financial service companies to increase profitability through lasting client relationships. Advisers can generate increased referrals, a larger percent of AUM, and lifetime clients by helping clients answer key questions like, "Imagine that you have enough money to take care of your needs, now and in the future. How would you live your life? Would you change anything? Don't hold back on your dreams." Download the presentation now!
Sam Richter talked about how to leverage research, the "fourth R", to enable advisers to land more clients, increase client satisfaction, and provide more value. Using free online tools, he demonstrated how to take the cold out of cold calling, keep relationships current and fresh, and generate leads.
Richard Ketchum talked about his expectations for the future of financial planning regulation and how FINRA would operate with an expanded role if it becomes a/the SRO for advisers. He also addressed attendee questions and expressed interest in a continued line of communication between FINRA and the large firms.
Attendees were provided with a case study and a topic for discussion by table including technology adoption, marketing, pricing, compensation, culture, sales management buy-in, and training. Access the case study and the discussion write-up.
Mark Cohen from Cambridge Investment Research shared the approach they are taking with social media and how they are encouraging/enabling adviser participation on various social media sites. They are partnering closely with various vendors, including LinkedIn and SocialWare, to enable adviser participation in a compliant manner. Download the presentation now.
While previous discussions revolved around the definition of the service of financial planning, this year marked the first discussion on who is a financial planner. Attendees participated in table discussions evaluating what general areas distinguish a financial planner from a non-planner. Access a summary of the discussion.