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FPA NCA HEADLINES NEWSLETTER SEPTEMBER 2020 VOL 21
Welcome to the new format of our newsletter. We hope that you find it more visually appealing, interesting to read, and helpful in notifying you of our upcoming chapter events.
As most of summer is now in the rear view mirror, we start to kick things back into gear. Through all of the craziness, I hope that you were able to find a way to get a little well deserved rest and relaxation. This fall will present special challenges with most, if not all, local public schools starting back virtually which will require many of us to have to put on a teacher hat.
PRESIDENT’S PODIUM
FPA NCA IS BACK BY PARKER TRASBORG, CFP®PRESIDENT, FPA NCA
Call For Submissions 2
Upcoming Events 3
Article: Tips For Managing Your Office Remotely 5
FPA National News 7
Career Day - Oct 16
See page 4FEATURED EVENT:
CONTENTS
Financial Planning Association - National Capital Area
In addition, we are now in the home stretch of a presidential election with less than 70 days to go until November 3rd. While we can likely expect heightened volatility in the markets heading into the election, I think it is important to note that historical market returns have shown that it does not matter too much for stock performance which party resides in the White House.
We have several upcoming events this fall that we are excited about:
September 15th - NexGen Quarterly Study Group
September 17th - Monthly Member Meeting - featuring two speakers:
• Lisa Kueng - Platinum Sponsor, Invesco (11:00 -12:00pm) “The Living Zoom – thriving and surviving in the new era of virtual presenting” (1 hr CFP® CE.)
• Ben Lewis - FPA National Media Training (12:10 – 1:10pm) “Making Your Pitch: Engaging the media to elevate your visibility” - FPA National created a media source system allows journalists to reach out to FPA members for interview or quote requests on various pieces they are writing. In order to get on the list and begin receiving those requests you must attend a media training. In a normal week, there are probably 15 – 20 requests from the media that come through the system. This is a valuable member benefit provided by the National organization.
September 24th - Community Forum on International Investing – (1 hr CFP® CE.) Hosted by Sonya Morris - Gold Sponsor, Harbor Capital Advisors
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 1
October 16th - Virtual Career Day *Sponsorships still available* We are shifting the timing of our annual Career Day, from February to the fall. As mentioned previously, this shift better aligns the event with when many of the top students are being hired for positions that will start next summer following graduation or for summer internships. Register soon as the early bird rate ends on September 10th!
Throughout everything, the board has been meeting by Zoom on a nearly monthly basis. We are continuing to plan events for the remainder of 2020 while also exploring different ways to support our members and our sponsors while we aren’t able to meet in person. As always, we welcome any and all feedback on how we can make the chapter a better experience for you especially as we navigate through uncertain times. You are welcome to e-mail me directly at [email protected]. Enjoy the tail end of the summer and I look forward to seeing you at an upcoming event.
Best wishes,
Parker2020 SPONSORSFPA OF THE NATIONAL CAPITAL AREA
PLATINUM SPONSORS
ALTMAN & ASSOCIATESGary Altman 301-468-3220 [email protected]
AMERICAN FUNDSBrian Casey [email protected]
FAIRWAY MORTGAGE CORP.Todd Jarvis 703-371-1469
HINES SECURITIESMike Kondras 609-221-8735 [email protected]
INVESCOChad R. Morgan, CFA 630-280-4537 [email protected]
MFS FUND DISTRIBUTORS, INC.Emily Dupre 617-954-6702 [email protected]
NATIONWIDEJoe Richardson 502-587-3837, [email protected]
OSTERWEIS CAPITAL MANAGEMENTMark Schug 800-700-3316 [email protected]
PERSHINGKane Kennon 973-360-2583 [email protected]
SCHWAB ADVISOR SERVICESDennis Parlante [email protected]
We recognize our FPA NCA’s Sponsors for their special commitment and support of our chapter. Their contributions allow us to bring
you quality speakers and programs throughout the year. Please remember to thank our
Sponsors for their support and remember to open your door to them when they call.
THANK YOU TO OUR SPONSORS!
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 2
FPA NCA 2020 BOARD MEMBERS
CALL FOR SUBMISSIONSThe new quarterly FPA NCA Newsletter is going
to feature more articles from members and other industry professionals. Have a topic that you would like to share with members? Submit your topic or article to Peggy Nelson at [email protected] for
consideration.
FPA has partnered with leading companies to provide you resources and discounts on products and services that can help you build and manage
your practice. Whether you are looking to increase your knowledge, streamline your processes, or
more meaningfully engage with clients, FPA has you covered. Including:
• compliance-approved back office solutions • branding & marketing • investment research• financial software
Check out the current benefits available exclusively to
FPA members today!
FPA Member Benefits
Jeffrey Levine is a nationally-recognized and award-winning financial advisor, speaker, and educator. He is the Lead Financial Planning Nerd at Kitces.com, home of the popular Nerd’s Eye View blog, and also serves as Director of Ad-vanced Planning, Buckingham Wealth Partners
NextGen Roundtable
UPCOMING EVENTS SEPTEMBER
Date: September 15Topic: Group DiscussionLocation: Online via ZoomTime: 5:30 pmSee website for details!
Member Program - CFP CE Credit Available! Date: September 17Topic: The Living Zoom & Media Training Location: Online via ZoomTime: 11:00 amSee website for event details!
CE APPROVED!
Community Forum - CFP & CIMA Credit! Date: September 24Topic: Activating International Equities Location: Online via ZoomTime: 11:00 amSee website for event details!
Member Program Date: October 8Topic: TBDLocation: Online via ZoomTime: 11:30 amSee website for details!
OCTOBER
Virtual Career DayDate: October 16Location: Online via ZoomTime: 9:00 amSee website for event details!
The natural appeal of a Roth-style retirement account is the potential for tax-free growth for life. However, the reality is that creating a Roth account has a “cost” – the upfront tax liability of contributing to (or converting into) the account, which is avoided with a traditional pre-tax IRA or 401(k). As a result, optimal Roth strategies involve not merely contributing to or converting into Roths, but managing the timing and leveraging the available tax law to maximize the strategy. In this session, we explore techniques to maximize Roth contributions, including so-called “Backdoor Roth” IRAs and “Mega Backdoor Roth” 401(k) strategies, and leveraging the Roth recharacterization rules to optimally fill lower tax brackets, and be able to ensure that an investment in a Roth has a positive return before being required to commit to it!
REGISTER ONLINE NOW!
DECEMBER
Speaker
Community Forum Date: October 15Topic: TBDLocation: Online via ZoomTime: 11:00 amSee website for event details!
CE APPROVED!
Community Forum Date: October 1Topic: Back to the OfficeLocation: Online via ZoomTime: 11:00 amSee website for event details!
Sponsored by:
Sponsored by:
Date: December 10Topic: Advanced Roth Conversion Planning Location: Online via ZoomTime: 11:00amSpeaker: Jeffrey Levine, CPA/PFS, CFP®, CWS®, MSA
PREVIEW!
FPA National 2020 ConferenceDate: September 30 - October 2Location: Online via ZoomTime: 9:00 amSee FPA National website for event details!
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 3
2020 CAREER DAY
• 9:00 AM -- Check-In • 10:00 AM -- Interviews & Roundtable Discussions• 12:15 PM -- Break• 1:05 PM -- Interviews & Roundtable Discussions
Tentative Schedule
Students Looking for Internships
Firms Looking to Hire Interns or Full Time Professionals
New Full Time Positions or
Job Changers
Registration Deadline:
NOON - Sept 25th
Virtual Professional
Development Program & Job Fair
OCTOBER 16, 2020
Student & Professional Applicant Price: • Early bird Rate before September 10th - $20• Regular rate after September 10th - $35 Employer Price (includes two people): • Early bird Rate before September 10th -
Members $150, Non-members $250 • Regular rate after September 10th -
Members $250, Non-members $350
More details available online! Note:
Two separate registration forms are available: Interviewing Attendees seeking a job, or
Firms/Attendees seeking to hire.
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 4
*Sponsorships still available*
Career Day is a professional development event, intended to provide educational content, while also connecting hiring firms with financial professionals seeking employment. We will engage with participants by delivering speakers focused on career development issues, as well as help candidates to find employment opportunities by scheduling interviews with hiring firms.
TIPS TO HELP YOU MANAGE YOUR OFFICE REMOTELY BY ROSE PRICE, CFP® AIF® Board Member, FPA NCA
GOLD SPONSORS
AMERICAN CENTURY INVESTMENTSNate Morris 571-245-1123, [email protected]
DPL FINANCIAL PARTNERSCody Williams 502-398-6771 [email protected]
FIDELITY INVESTMENTSJoe Carbone401-641-1174 [email protected] Kubie 617-279-3492, [email protected]
FIRST EAGLE FUNDSSean O’Brien Sean.Obrien@ FirstEagleFunds.com
HARBOR FUNDSBryan Sullivan, 617-603-6318, [email protected]
HARTFORD FUNDSPatrick Coyle, 804-641-4944 Patrick.Coyle@ hartfordfunds.com
IVY FUNDSEugene Eignor 703-266-8225 [email protected]
SANDY SPRING BANK - MORTGAGE DIVISIONMike Eastman 703-906-4716 [email protected]
THORNBURG INVESTMENT MANAGEMENTHal Whalen 877-215-1330, ext. 7299 [email protected]
TRANSAMERICAChris Parks, CFPC 202-439-7311 [email protected]
VANGUARDTom Galgano, CFA 516-509-5572 [email protected]
VIRGINIA 529Rebecca Lyons 804-310-0961 [email protected]
Since the appearance and rapidly increasing infection rate of COVID 19 in Northern Virginia this spring; my partners and I have been faced with some very unusual management choices. We made the decision in early March to move our entire workforce move remotely, originally this was going to be a temporary measure, but after the first two months we realized that this virus was not going anywhere any time soon.
Since 4 of our 18 full-time employees already worked remotely we thought we were prepared to move everyone online, but there were quite a few new issues and things to consider. Below are the key lessons we learned which may be helpful for some of you going through the same transition.
1. Give employees the tools they need – About a week after the transition; we had our Director of HR check in with each individual employee and ask them what would help them be more efficient at home. Most employees lost some productivity at first as they adapted to working remotely, but the slow down was temporary. This loss of productivity makes sense, everything an employee does changes, from how they access their desktop and files to how they scan and copy documents. After about a week our employees could identify what was missing from their home offices and we did our best to fill in those gaps. Some employees needed additional hardware (a second monitor, a headset for their phone, etc.) some had software issues and needed to download programs to their remote desktop and we needed to purchase more licenses. It is key for you to reach out to your employees and not expect them to voice their productivity issues without prompting, we found that most employees assumed they would need to work around any issues they encountered.
2. Your technology may need an update – We realized pretty quickly that our phone system had the capability to handle a few remote employees, but not our entire office. We decided to invest in a new system that was specifically designed to work with remote employees and had extra features (such as video and screen sharing) that our original phone system did not. This transition was a bit painful at first and did require some retraining but it was 100% worth the investment. We tried to focus on the bigger picture of our office becoming more flexible moving forward, and not the short term pain points.
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 5
AMUNDI PIONEER ASSET MANAGEMENTGarrett Boyd Garrett.Boyd@ AmundiPioneer.com
ASSET MARKC. Shane Chareonchump, CFP® 202-297-4815 shane.chareonchump@ assetmark.com
FLEXSHARESMatt Radano 312-557-3405 [email protected]
TD AMERITRADE INSTITUTIONALBob Yunger 803-526-2915 Robert.Yunger@ TDAmeritrade.com
ORION ADVISOR TECHEllen Murphy [email protected]
BRONZE SPONSORS
2020 TECHNOLOGY SPONSOR
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 6
3. Communicate expectations – This is important to both new employees and long-term employees; we hired two people during the office closure and setting expectations was incredibly helpful in getting them up to speed. Initially, we were worried that it would be impossible for our new team members to learn their jobs without face-to-face contact but it actually worked out very well. We created training schedules and had them shadow other employees via screen share so they could see what the day-to-day work being done. We also had periodic check-ins to see how they were progressing and allow them to give feedback on areas where they felt the training was unclear. This was also important for our long-term employees as they had to adjust their work styles and team interaction. Discussing expectations in our new reality was key.
4. Keep in touch - I have always been an advocate of weekly meetings of our entire staff in order to discuss what is going on and to bring any issues to the forefront, these meetings proved to be invaluable when we were all remote. One of our partners has also made it his duty to contact every employee once a month to check in, say “hello”, see how they are doing, and address any questions or concerns they may have. We have received feedback from employees that they appreciate the calls. It is easy to bypass the in-person “stop by the office to say hi” interactions that come so easily when everyone is in the office, but they are an important part of office interaction that can be easily replicated. There are also times where we needed to break in to smaller groups and help set priorities. For example, in late March when the market bottomed out we decided to rebalance all of our clients’ portfolios and perform some loss harvesting. This created a lot of extra work for our portfolio managers. We held a meeting and set clear priorities on where this project fell in comparison to everything else our portfolio managers were working on and discussed what could be handed off or put on the back burner.
5. Be flexible - COVID 19 is an entirely new situation, especially for those who are caretakers. With schools going remote and daycares closed, it has put extra strain on those who provide care for family members. Even those with older children will still need to help monitor their kids. Some parents may not be accessible every minute of the work day and you need to be reasonable when it comes to the sense of urgency you approach each situation with. We have found that mutual respect for each other’s time has been key in navigating these issues, and have shifted the focus from office hours instant accessibility to getting the work done in a timely manner.
6. Trust your employees – This is a big one, don’t forget that your employees are adults and should be able to manage themselves without constant oversight, your instinct that an employee that you cannot see is not going to be productive may be very wrong. I’ve had discussions with other managers who do not believe their employees can be trusted to work remotely, I think this points to a larger issue, an employee who needs constant supervision to complete their work is a drain on the manger’s time and the company as a whole. We have been incredibly lucky to have some great problem solvers in our staff that have really shined at identifying issues and coming up with solutions, all we needed to do was to empower them and then get out of the way.
WHATS GOING ON AT FPA NATIONAL?
CLICK HERE TO READ THE
LATEST REPORT
FPA NCA HEADLINES NEWSLETTER - SEPTEMBER 2020 - VOL 21 - Page 7
The Financial Planning Association is the owner of trademark, service mark and collective membership
mark rights in: FPA, FPA/Logo and FINANCIAL PLANNING ASSOCIATION. The marks may not be used
without written permission from the Financial Planning Association.
CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) are certification
marks owned by Certified Financial Planner Board of Standards Inc. and are awarded to individuals who
successfully complete CFP Board’s initial and ongoing certification requirements.
7. Understand everyone has different risk tolerances – just like our clients and investment risks, our employees have different thresholds of comfortability when it come to this virus. We have begun discussion about re-opening the office and we are not planning on forcing anyone outside of their comfort zone. Employees who have medical issues or are caring for family members have entirely different risk tolerances than those who are young, healthy and/or live alone. When we do re-open the office we will enforce strict mask wearing and personal space protocols to protect the most vulnerable.
In the end, we found that the best approach to management at this time is to focus on making sure everyone is safe and that the work is getting done. Our employees have done an excellent job navigating this tremulous time and we have very impressed by the efficiencies we have seen.
FPA On- Line Learning - Webinars & Podcasts
FPA National 2020 Conference
Date: September 30 - October 2Location: Online via Zoom
Time: 9:00 am
More Information at the FPA HQ Website
COVID 19 Volatility Resource
CenterSupporting FPA
members and chapters through today's uncertain
times.
