business update webinar december 1, 2016

Business Update WebinarDecember 1, 2016

Today’s Presentation

Moderator:

Melissa Sotudeh, CFP®

Wealth Advisor/Chief Compliance OfficerHalpern Financial, Inc.

Copyright © 2016, Certified Financial Planner Board of Standards, Inc. All rights reserved.

Today’s Topics

■ Report from Board of Directors Meeting

■ A Look Ahead to 2017

■ CFP Board’s Center for Financial Planning

■ CFP Board’s Commission on Standards

■ CE Policy Updates & Quality Improvement Initiative

■ Answers to Audience Questions

Housekeeping

■ Accessing Today’s Webinar- To refresh console, press F5

(Command-R on Mac)

■ Submit questions through webinar interface

■ No CE for attendance

■ Recorded webinar presentation will be available on CFP.net

Today’s Panel

Mike R. Greene, CFP®

2016 Chair, Board of Directors

Blaine Aikin, CFA, CFP®, AIFA®

2016 Chair-Elect, Board of Directors

Kevin R. Keller, CAECFP Board’s CEO

New Board Directors

■ Jack Brod, CFP®

Principal and Head, Vanguard Financial Advisor Services RIA Group

■ Denise Voigt Crawford Former Texas Securities Commissioner

■ Susana Duarte de SuarezPresident and CEO, Media Moon Communications

■ Douglas S. King, CFP®

CEO and President of Cetera Advisor Networks at Cetera Financial Group, Inc.

■ Dane SnowdenChief of Staff, NCTA - The Internet & Television Association

AGRA Strategic Priorities

Overarching Outcomes Awareness Growth Recognition/Regulation Authority

AGRA Achievements

Awareness Doubled awareness of CFP® certification among

campaign target in only 4 years

Growth 75,635 CFP® professionals in U.S. (as of 10/31/2016)

Nearly 7,000 took CFP® exam in 2016

Recognition/Regulation Financial planners increasingly recognized as

distinct, client-focused profession, and important voice in policy debates

Authority Growing the profession’s body of knowledge

Strategic Planning Process

Environmental scan with leaders from CFP Board, FPA and NAPFA

Future issues scan with CFP certification-granting organizations from 25 other countries

Board and Senior Staff strategic discussions to refine the issues and develop strategic priorities

OUTCOME A strategic plan for 2017-2021

Sought feedback on draft strategic priorities from CFP® professional community

Updated Strategic Priorities

CFP Board benefits the public by:

■ Growing Awareness of CFP® certification as the recognized standard for competent and ethical financial planners;

■ Expanding Access to competent and ethical financial planning by increasing the number and diversity of CFP®

professionals;

■ Assuring Accountability by holding CFP® professionals to rigorous standards and by advocating for fiduciary advice, recognition of financial planning as a profession, and effective regulation of financial planners; and

■ Serving as the respected Authority for the profession by setting standards, certifying financial planners, and by advancing the Center for Financial Planning.

Creating a More Diverse and Sustainable Financial Planning Profession

■ Mission: Create a more diverse and sustainable financial planning profession.

■ Vision: Every American has access to competent and ethical financial planning advice.

■ Areas of Focus: DiversityWorkforce Development Academic Home & Body of Knowledge

Center for Financial Planning

2016-17 Agenda:Diversity1. Launch “Faces and Voices of Diverse CFP®

Professionals” campaign to showcase leaders in the profession who epitomize gender, racial, and age diversity

2. Launch WIN-to-WIN” Mentorship Program connecting women who are pursuing CFP® certification with a network of CFP® professionals serving as mentors

3. Continue work of Women’s Initiative (WIN) Council to advise on the development and implementation of additional projects related to gender diversity

4. Establish Diversity Advisory Group to advise on development of projects related to racial and ethnic diversity

5. Conduct Diversity Research Study to identify barriers to racial and ethnic diversity in the financial planner workforce articulate the business case for a racially diverse workforce

2016-17 Agenda:Workforce Development1. Launch Financial Planner Reentry Initiative with

iRelaunch to support financial services firms in establishing re-entry internship programs for experienced professionals seeking to return to the workforce

2. Expand CFP Board Career Center to include a greater number of entry-level positions, as well as internships available to graduates of financial planning programs

3. Launch Scholarship Programs for qualified students seeking to complete CFP® certification and pursue careers in financial planning

4. Facilitate Financial Planning Internships for diverse college students

5. Launch Research Studies to gain insight on how to raise awareness of financial planning careers and develop clear career paths into the profession.

2016-17 Agenda:Academic Home1. Create Financial Planning Body of Knowledge Website,

a searchable online compilation of research from financial planning and related disciplines for use by academics, practitioners and the public.

2. Convene first-ever Academic Research Colloquium for Financial Planning and Related Disciplines, a forum to gather, share and showcase relevant research within financial planning and related disciplines

3. Develop framework for Academic Research Journal for Financial Planning and Related Disciplines

4. Develop and implement the Columbia University - CFP Board Teaching Program, designed for both existing faculty and CFP® professionals who desire to become adjunct faculty in CFP Board Registered Programs

5. Develop and publish Communication Essentials for Financial Planners: Strategies and Techniques, the first in the CFP Board Center for Financial Planning Series of Books written for students, faculty, and practitioners

centerforfinancialplanning.org

WIN-to-WIN Mentoring Program

CFP.net/WINMentor

Commission on Standards

■ Established in December 2015 to review and recommend changes to four sections of CFP Board’s Standards of Professional Conduct:□ Terminology□ Code of Ethics and Professional Responsibility□ Rules of Conduct□ Financial Planning Practice Standards

■ Periodic review of the Standards maintains the value, integrity and relevance of the CFP®

certification.

Commission Members

V. Raymond Ferrara, CFP®, ChairProVise Management Group, LLCClearwater, FL

Chris Beard, CFP®

Gateway Wealth StrategiesGreenville, SC

Allison BishopBank of America Merrill LynchNew York, NY

David Foegal, CFP®

VanguardScottsdale, AZ

Diahann W. Lassus, CFP®

Lassus WherleyNew Providence, NJ

Linda Leitz, CFP®

It’s Not Just MoneyColorado Springs, CO

Terry Lister, JDEdgerton & WeaverKansas City, MO

The Commission is made up of CFP® professionals and others in the financial services industry who operate under diverse business models; regulatory experts; a consumer advocate; and a representative of the public.

Sue MeisingerOrleans, MA

Matt Murphy, CFP®

Murphy Capital AdvisorsPhoenix, AZ

Robert PlazeStrook & Strook & LavanWashington, DC

Christopher Rand, CFP®

Fides Wealth Strategies GroupSan Francisco, CA

Peter Richardson, CFP®

Northwestern MutualMilwaukee, WI

Barbara RoperConsumer Federation of AmericaWashington, DC

Jeffery Sills, CFP®

Capital One InvestmentsWilmington, DE

The Board approved the launch of the Commission

in November 2015

Commission formed in December 2015

CFP Board held public forums in early 2016

The Commission met in person in April, June and

September 2016

The Commission obtained in-person feedback from the Disciplinary & Ethics

Commission and the Business Model Council

The Commission formed subcommittees that have

met regularly

Progress to Date

Proposed revisions to Standards anticipated for public release and comment period in mid-2017

CE Policy Revisions

■ CFP Board has adopted revisions to several provisions of its CE policies, including□ CE Credit for coursework related to

Designations & Licenses□ Changes to Teaching and Authorship CE

Standards□ CE Credit for Authors/Instructors of CFP Board-

Approved Ethics CE Programs□ Online Self-Reporting of Non-Registered CE

Programs □ Increase in Reporting Fee for Non-Registered

CE Programs■ Revisions effective beginning February 1, 2017■ Find full details at www.CFP.net/CE

CE Quality Improvement Initiative

■ Phase 1:□ Updated Program Standards

Enhanced Instructor/Author Criteria Subject matter experts must be involved in the

authorship of a course□ Updated Self-Study Standards □ More Robust Program Descriptions

Level of Complexity – Overview, Intermediate or Advanced

Learning Objective(s)□ Updated Search Function: www.CFP.net/FindCE

■ Phase 2:□ CE Quality Partners Program (QPP)

Public Awareness Campaign

Target: ■ Mass Affluent Initiator (MAI): Adults between 35-64 with

investable assets between $100K-$1 million with a mindset more likely to seek out financial advice

Primary Campaign Goal:■ Unaided Awareness: Increase the

percent of MAIs who think of CFP®

certification as a financial planning designation

Awareness

Preference

Intent to

Use

2016 Fall Advertising■ Radio: Sponsorships and ads were on NPR and ESPN radio for four

weeks in October.

■ TV: "DJ" television ad was back on the air from October 24 through November 13, alternating with an updated version of the “Faucet” online video.

■ Online: Online banner ads and online videos, including three new online videos reflecting the humorous side of the political season, displayed through November.

■ Social Media: On Facebook and Twitter, our weekly series of tips from Jill Schlesinger, CFP® continues through the fall, along with our bi-weekly posts, “C is for…” featuring our CFP Board Ambassadors.

■ World Series Game 7: On November 2, the “DJ” ad aired on FOX channels during the pre-game show, and again during innings 3 and 9 of the final game of the exciting series, which was reportedly the highest-rated baseball game since 2001, with around 40 million viewers.

2017 Campaign Planning

■ Continue building on the successful message: “Work with the Highest Standard”

■ Drive traffic to “Find a CFP® Professional” search tool on LetsMakeaPlan.org

■ New creative for digital and social media ■ “DJ” ad will continue to air on TV with “Faucet” ad

Learn how you can become involved with the new CFP Board Center for Financial Planning at:


Your Support Makes a Difference!

Did You Know?A recent study by Aite Group reported on CFP®

certification’s positive impact on advisors, financial firms & clients, finding:■ CFP® professionals earn 26 percent more in compensation

than other financial advisors, adjusted for years of experience; ■ 70 percent of CFP® professionals surveyed believe the CFP®

certification has had a positive impact on client trust, confidence with clients and technical expertise;

■ Practices with CFP® professionals generate 40 percent more revenue and are generally more productive than other firms; and

■ Practices with CFP® professionals attract 53 percent more ultra-high net worth and high-net-worth clients than companies without CFP® professionals.

Learn more at: www.CFP.net/AiteStudy2016

CFP Board Swings for Fences with World Series Ads

The Fox telecast, the highest-rated baseball game since 2001, included three ads sponsored by the CFP Board designed to raise awareness about the designation among investors.

The CFP Board had not advertised during the previous six games, but learned that the baseball viewers fit the demographic it covets: investors who have $100,000 to $1 million in assets and households that earn more than $125,000 annually.

“It was a target-rich environment,” said Kevin Keller, CFP Board chief executive. “We have to be hyper-efficient with our media buy. We think it was a big win.”

InvestmentNewsMark Schoeff, Jr.November 3, 2016

Notable Quote

Did You Know?

As of October 31, 2016, the total number of CFP® professionals in the U.S. was 75,635.

The states with the largest number of CFP®

professionals are:

California 8,499

Texas 5,234

Florida 5,121

New York 4,462

Display the CFP® Marks with Pride

CFP Board’s online store offers CFP®

professionals promotional items featuring the CFP® mark. www.CFPBoardstore.com

Notable QuoteConcerned Strivers Could Be Your Next Pool of Prospective Clients

In a new series of surveys, the CFP Board has divided Americans into distinct groups based on their saving patterns and financial outlook: concerned strivers, stretched worriers, confident savers and tentative savers, each representing roughly one-quarter of the U.S. adult population.

One segment, the concerned strivers, is optimistic about their financial futures despite having difficulty navigating between the need to save on a monthly basis and paying down their debts. This segment made up 27 percent of the CFP Board’s respondents, making them the largest consumer segment in the country by a narrow margin.

Financial AdvisorChristopher RobbinsSeptember 30, 2016

From CFP Board’s 2016 Consumer Segmentation Survey – find more at www.CFP.net/news

Did You Know?CFP Board’s website allows you to search for CE programs by level of complexity: Overview, Intermediate or Advanced. www.CFP.net/FindCE

Looking to Hire New Talent?

The CFP Board Career Center can help streamline your hiring process by providing targeted access to highly-qualified financial planning professionals. CFP Board’s position in the profession means our Career Center offers a unique value proposition:■ Connections with more than

75,000 CFP® professionals■ Relationships with hundreds of

CFP Board-registered education programs that graduate financial planning students each year –both degree and certificate programs

■ Significant traffic to www.CFP.netwebsite

www.CFP.net/Career-Center

Did You Know?

Candidates now have a new tool to help track their advancement on the path to CFP® certification.

Visible when candidates log into their CFP Board online accounts, the CFP®

Certification Tracker tool provides an at-a-glance view of their progress and helps them navigate their way through the four major requirement areas for CFP® certification.

https://login.cfp.net/eweb/DynamicPage.aspx?WebCode=forgotpassword&Site=secure&newAccount=1

https://login.cfp.net/eweb/DynamicPage.aspx?WebCode=forgotpassword&Site=secure&newAccount=1

Notable QuoteTexas Judge Denies All but 2 Briefs in DOL Fiduciary Hearing

The federal judge overseeing the case in Texas against the Department of Labor’s fiduciary rule on Wednesday denied considering all but two of the eight amicus briefs filed in the court, allowing only the briefs filed by the Financial Planning Coalition and the American Association for Justice....

The Coalition is comprised of the Financial Planning Association, the Certified Financial Planner Board of Standards, [Inc.] and the National Association of Personal Financial Advisors. The “Coalition’s brief does not repeat arguments made by either party,” Lynn said.

ThinkAdvisorMelanie WaddellAugust 31, 2016

Get Involved with WIN

www.CFP.net/WIN

CFP Board is asking all to join in the work of attracting more women to the financial planning profession and making the profession and CFP® certification more attractive to women.

Sign up for the WIN-to-WIN mentorship programShare our “Great Career for

Women” brochureVolunteer to be a WIN Advocate

and work in your community to help us get the word out that financial planning can be a rewarding career for women

Did You Know?The CFP® Certification Examination is now administered exclusively in a computer-based format during three testing windows each year, one in March, July and November.

In 2016, each testing window was 5 days; in 2017, the testing windows will expand to 8 days.

The next CFP® exam will be administered over an 8-day testing window from March 14-21, 2017.

Learn how you can become involved with the new CFP Board Center for Financial Planning at:


Your Support Makes a Difference!

Did You Know?CFP Board has developed customizable client letters that CFP® professionals can send to clients and potential clients to highlight their qualifications as a CFP® professional and encourage them to take the next steps with their financial planning.

CFP® professionals can access these templates and other marketing resources on CFP Board’s website at www.CFP.net/marketing

Stay Connected

■ Business Update Webinars

■ CFP® Certificant Connections

■ Conversations at conferences

■ Emails to [email protected]

■ Volunteer at www.CFP.net/volunteer

business update webinar december 1, 2016

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