This past week was the NAPFA 2011 National Conference in Salt Lake City. Pulling almost 500 attendees from across the country, it’s one of the top financial planning events of the year. Unfortunately, though, many did not have the time or opportunity to attend the conference. The good news, however, is that a growing cadre of Twitter users “live-Tweeted” the conference for all to enjoy, using the #NAPFA11 hash tag. So for those of you who missed the conference, here’s a quick synopsis of the entire 3-day conference from start to finish… from those who Tweeted it!
With #NAPFA11 preparing to kick off, my reevaluation of fee-only post seems particularly appropriate. http://goo.gl/tG6BB – @NathanGehring#napfa11 Woman’s Initiative today was incredible. Kudos to Jean, Annette, and Diane on a great job. – @CarolynMcCGrand America hotel is fantastic! Looking forward to the start of #NAPFA11 – @VitaVie#napfa11 at national regional joint meeting. Incredible plans and ideas from region board members. – @CarolynMcCWelcome to everyone coming to #NAPFA11 – we look forward to seeing you all! – @NAPFATucked in after great precon day at #NAPFA11. Amazing agenda thanks to NAPFA, Women Advisors Initiative team and TD Ameritrade! – @MarieSwiftI’m looking forward to “attending” #NAPFA11 via Twitter! Thanks in advance to all who will be tweeting. – @NathanGehringSitting down for opening remarks from @NAPFA president Susan John to kick off #NAPFA11 – @MichaelKitcesInteresting. @NAPFA rolling out new brand announcement here at #NAPFA11 – “NAPFA: Power of Trust” – @MichaelKitces“Being exceptional doesn’t take magic – it’s about doing ordinary things extraordinarily well” -Kipp #NAPFA11 – @MichaelKitcesFormer Disney exec Doug Lipp leads off #napfa11 with great presentation on client service. – @NAPFADoug Lipp at #napfa11: Snow White can’t ever have a bad day… – @NAPFA“Be willing to change (your biz model, approach, mgmt style, etc., or be willing to perish.” -Kipp #NAPFA11 – @MichaelKitces“Balanced businesses have a dreamer and a doer. Do you have a succession plan for each person/role in your business?” -Kipp #NAPFA11 – @MichaelKitces“The time to innovate & dream is when you’re on the rise. If you wait until decline has begun, it’s difficult to recover.” -Kipp #NAPFA11 – @MichaelKitcesLipper at #NAPFA11: Think outside of your “blocks”. Great story how Starbucks created 1000% increase in one target market asking what needed – @MarieSwift“We can’t control the markets or what OPEC does, but we can control his we interact and reach our staff and clients.” -Kipp #NAPFA11 – @MichaelKitcesKipp recommends that you walk in your client’s shoes to give exceptional service. Echoes @RickKahler planning for planners. #NAPFA11 – @MichaelKitcesLipper at #NAPFA11: Even monkeys fall from trees. No matter how good we are we will all fall at one time. Ask clients and colleagues help. – @MichaelKitcesGetting ready for a panel discussion on the applicability of financial coaching and therapy in the financial planning process #NAPFA11 – @RickKahler#napfa11 People need a roadmap to create value for your firm. Cheryl says read Ram Charan – “The leadership pipeline” – @CarolynMcCJohn Kotter “Leading Change”. Communicate your vision 7 times for people to get it. #napfa11 – CarolynMcCPanel discusses finding if deceased had life insurance- no one mentioning MIB policy locator! http://bit.ly/5ZPDkh #NAPFA11 @ronlieber – @MichaelKitcesQuestions re- knowing if life policy is priced well- oddly again, no one mentioning PPC service: http://bit.ly/lPqcUO #NAPFA11 @ronlieber – @MichaelKitcesScott Witt: many advisers have huge knowledge gap when it comes to insurance. Conflicts too w aum comp model. #fightenwords #napfa11 – @RonLieberScott Witt re- indexed insurance products: “run, don’t walk” – thinks projections are highly uncertain & probably unrealistic. #NAPFA11 – @MichaelKitcesThere’s a lot of promise in inflation-adjusting immediate annuities, but market isn’t deep yet. -Witt #NAPFA11 – @MichaelKitces“Insurance companies are relying on unrealistically high lapse rates to sustain many policy lines.” -Witt #NAPFA11 – @MichaelKitces“I wouldn’t buy longevity insurance on myself – don’t think I’ll make it to 85!” -Ryan – mirrors client fears more than we realize? #NAPFA11 – @MichaelKitces#napfa11 Cheryl says to approach things from a place of curiosity. Instead of anger, worry, anxiety use curiosity. – @CarolynMcCPic of NAPFA banner w/ new brand/logo from “Truly Comprehensive, Strictly Fee-Only” to “Power of Trust” #NAPFA11 http://yfrog.com/h222nkdkj – @MichaelKitcesPlanners: a CE budget is not an expense, it’s an investment in the firm and your employees. Spend lavishly #NAPFA11 – @DaveGrant82#napfa11 first break in the exhibit hall was off the hook. Tons of cloud minded individuals. – @DannymJohnsonFinally a session on succession plan: owner speaker but more importantly internal buyer speaker perspective. Need more of these #NAPFA11 – @PhilixirLet’s Make a Plan vs. The Power of Trust. Which organization do you think created a better tag line? CFP Board or NAPFA? #NAPFA11 – @BillWinterbergA good place to file W-2s and 1099s onine is filetaxes.com #napfa11 – @FeeonlyplannerBXM, PUT, and CLL indices from the CBOE captured most of the S&P500 performance, but with less overall risk. #NAPFA11 – @BillWinterbergFrom 07-09, S&P500 was down 16%. Over the same period, the Put-Write Index was up 5%. Option premiums grew in high volatility. #NAPFA11 – @BillWinterberg“You don’t buy home insurance when your house is on fire. Use options to manage risk when volatility is low.” -Cott #NAPFA11 – @MichaelKitcesAguilera: Much of the fixed income allocation in client portfolios is ballast because most clients can’t handle equity volatility. #NAPFA11 – @BillWinterbergAguilera: Option premiums are ridiculously expensive when everyone wants them & ridiculously cheap when nobody wants them. #NAPFA11 – @BillWinterbergNext up at #NAPFA11 – Ted Klontz on dealing with clients when logic leaves the room. – @MichaelKitcesRather earn $100k while your peers earn $200k, or $50k when they earn $25k. Most choose the latter. -Klontz Money is social! #NAPFA11 – @MichaelKitcesWhy do we spend 30% more on credit cards than if we used cash? Dr. Ted Klontz #NAPFA11 – @TheMoneyGeekIf u use a word that people don’t know their brain takes 20 seconds to process and recover #napfa11 – @RonLieberGreatest fear of the human brain for thousands of years is the risk of being thrown out of the tribe, of not belonging. -Klontz #NAPFA11 – @MichaelKitcesExpecting people to be convinced by the facts flies in the face of… the facts (about how our brains function). -Klontz #NAPFA11 – @MichaelKitcesKlontz shows “A day in the life of an advisor” video I posted on my blog 3 months ago! http://bit.ly/iLYPkT #NAPFA11 – @MichaelKitcesTed Klontz speaking #NAPFA11: Bottom 2/3 of brain no ability understand high level concepts like love. Responds better to pictures, tactile. – @MarieSwiftShowing people a picture of what they’ll look like in 30 yrs increases savings 200%. Engage multiple senses. -Klontz #NAPFA11 – @MichaelKitces87% of clients leave b/c of relational issues. Planners don’t know b/c clients are uncomfortable telling them. -Klontz #NAPFA11 – @MichaelKitcesClients feel truly listened to so little, when they are it will register as a special moment with you. -Klontz #NAPFA11 – @MichaelKitcesKlontz at #NAPFA11: Try never to ask people questions. Questions make people think they need to have a brilliant answer. Just dialog instead – @MarieSwiftNAPFA rebranding is part of a full reevaluation of organization. Reorg, restructuring, as well as rebranding and new message. #NAPFA11 – @MichaelKitcesPrograms have come and gone as volunteer leaders came and went. We needed a new vision to bring focus and consistency. -John #NAPFA11 – @MichaelKitcesNAPFA new direction focused onto a vision of NAPFA & the profession by 2020. It’s about the next 10 years. #NAPFA11 – @MichaelKitcesJohn Ritter presenting vision for NAPFA 2020 as created by “all star team” of NAPFA members led by David Brand at a 2 day retreat. #NAPFA11 – @MarieSwiftNAPFA 2020 vision includes a residency process where new planners cut their teeth doing supervised planning in an existing firm. #NAPFA11 – @MichaelKitcesTrusted, competent, objective planners is NAPFA’s vision. Very close to FPA’s focus on “competent & ethical” planners? #NAPFA11 – @MichaelKitcesNAPFA vision is to be the leading organization that supports the personal and business development of the best financial planners. #NAPFA11 – @MichaelKitcesNAPFA 2020 vision 3 core messages: standard bearer for profession, champion for public, beacon for objective financial advisors. #NAPFA11 – @MichaelKitces#napfa11 NAPFA is working on a membership structure that will encompass and support the entire firm, from owner to admin. – @CarolynMcCThis is a really big deal. I think @NAPFA new vision is about becoming center of the future of the profession… & supplant FPA? #NAPFA11 – @MichaelKitcesNAPFA website rebuild will be able to pull blog & other soc media content generated by members to main site, incl video. Awesome. #NAPFA11 – @MichaelKitcesNAPFA is taking the mantle of the profession on itself: standard bearer for profession, champion for public, beacon for advisors. #NAPFA11 – @MichaelKitces#NAPFA11: New slogans (1) Standard Bearer for the Profession (2) Champion for the Public (3) Beacon for Objective Financial Advisors. – @MarieSwiftFull pic of new NAPFA brand, logo, and 3 core vision messages. http://yfrog.com/gy90awjj #NAPFA11 – @MichaelKitcesI feel like a just witnessed NAPFA throw down the gauntlet to FPA for the leadership of the profession’s future. #NAPFA11 – @MichaelKitces#napfa11. Genesis social 7:00 pm Fontainbleau room. – @CarolynMcCDo you believe in the “Power of Trust”? #NAPFA11 – @NAPFAKick-off meeting of @NAPFAGenesis gathering by leader @davegrant82 http://yfrog.com/h2dsiqrj #NAPFA11 – @MichaelKitces#napfa11 hospitality suite rocking. Room 2473 – @CarolynMcCToday’s unveiling of “Power of Trust” is just the beginning. Much more in store for members to leverage this important messaging! #NAPFA11 – @NAPFAWhat a fantastic day! Thanks to all who came to the @NAPFAGenesis social – it was so great to have so much support. #NAPFA11 – @DaveGrant82Interesting thought. #NAPFA11 is like summer camp for FO planners: We come away with great memories and friends, and will return next year – @DaveGrant82@MichaelKitces The public doesn’t understand fiduciary. They do understand trust. Good branding move. #NAPFA11 – @RickKahlerHeaded downstairs for a pre-session tech pow-wow w/ Jeffrey Daniher, Frank Moore & Davis Janowski. #NAPFA11 – @BillWinterbergTom Bradley from TD Ameritrade kicking off morning general session for #NAPFA11 – @MichaelKitcesTD AMERITRADE’s Tom Bradley: I believe NAPFA is at the forefront of the changes in the financial planning industry. #NAPFA11 – @BillWinterberg73% of practices are growing and adding clients. Only 5% of firms report that they’re losing clients. -Bradley #NAPFA11 – @MichaelKitcesSince trough, independent RIA assets outpacing wire house asset growth by whopping 35%. -Bradley #NAPFA11 – @MichaelKitces63% of clients believe wirehouse/B-D advisor are fiduciaries. Only abt 6% of those advisors state they’re fiduciaries. -Bradley #NAPFA11 – @MichaelKitcesBradley reports breakaway broker trend still underway. But trend looks small: <100 per quarter out of… >100k brokers out there? #NAPFA11 – @MichaelKitcesBradley: In the early days, fee-only advisors operated in an island. Today there’s more competition in the independent RIA market. #NAPFA11 – @BillWinterbergGen X & Y require incremental value, beyond what they can learn online. -Bradley #NAPFA11 – @MichaelKitcesGen X & Y clients show a preference for advisors close to their own age. -Bradley #NAPFA11 – @MichaelKitcesBradley: I mentor young professionals in our organization, but I expect to be reverse-mentored in the relationship, too. #NAPFA11 – @BillWinterbergTDA’s vision for tech – unbundled integration where any vendors can code to standard protocol. -Bradley #NAPFA11 <- This is the future! – @MichaelKitcesIf ADVICE is being provided to a client, it needs to be delivered under a client first fiduciary standard. Period. -Bradley #NAPFA11 – @MichaelKitcesStill a place for salespeople AND fiduciary advice, as there was 70 years ago. We just need to make them separate again. -Bradley #NAPFA11 – @MichaelKitcesEliminate the two hat standard. A firm can have some of each, but a particular individual must choose one or the other. -Bradley #NAPFA11 – @MichaelKitcesBradley – “Financial services don’t need more regulation, they need better regulation.” #NAPFA11 – @RickKahlerThe more efficient NAPFA members are as a group, the more good we can do for the industry at large. #NAPFA11 – @BillWinterbergNext up is Sunit Bhalla on “Creating an Efficient Financial Planning Practice with Apple Products” #NAPFA11 – @BillWinterbergInside Bhalla’s infrastructure: PreciseFP, Redtail CRM, LaserApp, Pershing NetX360, Black Diamond, ByAllAccounts, MoneyGuidePro #NAPFA11 – @BillWinterbergHow Bhalla keeps multiple devices (desktop, laptop, iPad, iPhone) in sync: Dropbox, 1Password, Things, & MobileMe. #NAPFA11 – @BillWinterbergBhalla encrypts all client files before adding to Dropbox for extra security. #NAPFA11 – @BillWinterbergBhalla uses LogMeIn on the iPad to connect back to his desktop computer when attending conferences. #NAPFA11 – @BillWinterbergAudience recommendation of the Zaggmates iPad cover with built-in keyboard for super-simple travel accessory. #NAPFA11 – @BillWinterbergMiller-if immediate annuities are best for a client it’s incumbent on NAPFA advisors to figure out the conflict in compensation. #NAPFA11 – @RickKahler#tech #napfa11 about half the room has a dedicated server in their office. Same people raised their hand when asked who doesn’t like that. – @DannymJohnson#tech #napfa11 “computers are great for storing stuff, but if you can’t find it, it’s useless” – Daniher – @DannymJohnson#napfa11 #techpanel Daniher’s mistakes: spending too little on tech, trying to do everything ourselves and being too bleeding edge. – @DannymJohnson#napfa11 #techpanel only 1 or 2 ppl in the room actively using social media. Evidence is the lack of anyone else tweeting in here. – @DannymJohnson#napfa11 #techpanel apps speaking to other apps will be a huge movement over the next few years. – Janowski – @DannymJohnson#napfa11 #techpanel you are far more likely to have an employee or insider to steal confidential data than a cloud provider – Janowski – @DannymJohnsonRhoades: Financial Planning Commission has a much stronger voice together to work on common positions in favor of #fiduciary std. #NAPFA11 – @BillWinterbergRon A. Rhoades: If FINRA regulates advisers, what happens to state-registered advisers, FPA, CFP Board & NAPFA? #NAPFA11 – @BillWinterbergNAPFA is launching an educational program-called 24/7-to help fee-only advisors with marketing and public relations.#napfa11 – @Registered_RepLooking forward to Kenneth French’s keynote address here at NAPFA Friday morning on financial regulation and the global crisis.#napfa11 – @Registered_RepDavid Gergen about to take the stage at #NAPFA11. Very excited to hear his speech. He is always good. – @MarieSwift#Gergen #napfa11 The fact that the Bin Ladin plan had no leaks is a huge credit to the Obama administration. – @DannymJohnson#napfa11 #Gergen it’s not how the gvnmt handles a recession, but how it manages the debt after the recession. This based on historical data – @DannymJohnsonDavid Gergen- Countries that have a financial crisis go into debt so deeply that they then go into a fiscal crisis. #NAPFA11 – @RickKahlerDavid Gergen – We are on track to hit 100% Federal debt to GDP within the decade. Historically we’ve been at 38%. #NAPFA11 – @RickKahler#napfa11 #Gergen politicians want to kick the deficit can until after the election. S&p does not agree with that. Politicians in tough spot – @DannymJohnson40% of babies born today are eligible for Medicaid. #napfa11 #Gergen increasing social gap is huge concern #educatingthepoorisanswer – @DannymJohnsonDavid Gergen – The debt situation is a Niagara Falls and we are in a boat that is dangerously close to the edge. This is serious. #NAPFA11 – @RickKahlerDee and Gene Balliett win Special Membership Award at #napfa11. Congrats Dee and Gene!!!! – @NAPFANAPFA University Chair Bob Maloney wins Distinguished Service Award at #napfa11. Congrats, Bob! – @NAPFAIsn’t this how most clients really view the fiduciary conversation? My contribution to the cause http://ow.ly/4YLmR . #NAPFA11 – @AlexMurguia1Blog post: At #NAPFA11, @NAPFA Throws Down The Gauntlet (to FPA?) For Leadership Of The Profession http://bit.ly/kEPSOS – @MichaelKitcesNext up is Kenneth French on Financial Regulation and the Global Financial Crisis. #NAPFA11 – @BillWinterbergFrench: Financial bailouts are horrible. They are the antithesis of capitalism. #NAPFA11 – @BillWinterberg#NAPFA11 Kenneth French: ‘Financial Bailouts suck for many reasons’ – @FeeonlyplannerFrench: Difference between 2001 & 2008 crashes: People who lost in 2001 weren’t over-leveraged & not financial utilities. #NAPFA11 – @BillWinterbergFrench: Is Dodd-Frank good or bad? Neither. But it let’s the regulators solve individual problems. #NAPFA11 – @BillWinterbergThe killer app: Financial planners who “walk the walk” and hire their own financial planner. #NAPFA11 – @BillWinterberg“We’re not in the knowledge business, we’re in the wisdom business.” @rickkahler #NAPFA11 – @BillWinterbergWSJ survey of consumers, #1 reason cited why they don’t use financial planners: “I can do this myself” #NAPFA11 – @BillWinterbergIn a survey of planners, the #1 reason why planners don’t have planners: “I can do this myself” (78%) #NAPFA11 – @BillWinterbergKahler on self-planning: “I have 78 clients, so as a client, I would be number 79” and not receive the same attention. #NAPFA11 – @BillWinterbergWrite a check to your planner. Do not trade services! Experience the pain and/or joy of writing a check just like clients. #NAPFA11 – @BillWinterberg“Quit missing out on the fruit of the profession and go hire your own financial planner!” @rickkahler #NAPFA11 – @BillWinterbergOne of many #NAPFA11 highlights: Susan John elected to 2nd term as National Chair. Congrats, Susan! – @NAPFA@NAPFA #napfa11 I think this was one of the best conferences ever, if not the best! Thanks to everyone who was a part of it! – @FeeonlyplannerHeading home from #NAPFA11 Very useful and fun conference with superlative networking and relationship building! – @VitaVie
If you enjoy this kind of content and want more, be sure to follow some of the active Twitter users who are broadcasting conferences, including Tech guru @BillWinterberg and yours truly, @MichaelKitces. Stay tuned for another conference live-Tweeting experience as we broadcast the FPA NorCal conference on the #FPANorCal hash tag. And let us know what you think!