Take 5

FPA Members Advise Congress on Salvaging Retirement in Volatile Economy
Two FPA members testified February 25 in separate congressional hearings on the effects of market volatility on retirees and plan sponsors.

FPA Board member Deena Katz testified before the Senate Special Committee on Aging in a hearing entitled "Boomer Bust? Securing Retirement in a Volatile Economy.” During the testimony, Deena suggested that baby boomers should continue to contribute to 401(k) plans, control expenses, and “recognize that investment market returns historically have been relatively modest and do not come in smooth patterns.”

Former FPA Government Relations Committee Chairman Andrew Keeler, a Columbus, Ohioarea practitioner who specializes in setting up defined contribution plans for small businesses, testified in a hearing of the House Small Business Committee, asking them to examine the impact the recession has had on small businesses' ability to fund pensions and other retirement benefits. During Andrew’s hearing, "Drop in Retirement Savings: The Challenges Small Business Face Funding and Maintaining Retirement Plans in a Struggling Economy,” Andrew urged Congress to enhance the tax credit that is used by small businesses to offset costs in setting up plans.

To review their full testimony, visit the FPA Web site at www.FPAnet.org.


Find Success in Unsure Times with Free VLC Seminars
In an effort to create a learning community for members to gather and share best practices and ideas for addressing challenges and opportunities emerging in these unsure times, FPA is offering various relevant, free Virtual Learning Seminars (VLCs), as part of its "Uncertain Times" series. March sessions include: Managing Employee and Personnel Reductions in Challenging Times, Peer-to-Peer and Client Opportunities in Uncertain Times. To view a complete schedule of dates, times and future sessions, visit the FPA Financial Crisis Resource Center. You can find the center on the front page of FPA Web site at www.FPAnet.org.


FPA President Meets with Schapiro
As part of a series of meetings with policymakers, financial services and consumer organizations in late February, FPA President Richard Salmen met with SEC Chairman Mary Schapiro on February 19 to discuss regulatory reform.

Richard said he was very pleased with what he would call an upbeat, courteous and frank discussion of some of the issues facing financial planners in the near future. He also said that Chairman Schapiro clearly recognizes that in her new position, there is a need to emphasize investor protection even more so in the wake of the highly publicized Ponzi schemes and market volatility.

Other meetings by Richard and FPA executive director/CEO Marv Tuttle included AARP, CFA Institute, the U.S. Conference of Mayors, the U.S. Department of Labor, the U.S. Social Security Administration and other Wall Street organizations.


FPA Chapters Offer Financial Advice to Thousands
Helping those in need is a hallmark of the financial planning profession, and FPA chapters have definitely stepped up to the plate by helping thousands of underprivileged individuals through pro bono services and financial education initiatives.

Last year, more than 280 FPA chapter program volunteers assisted nearly 500 individual pro bono clients and reached more than 9,250 individuals through group pro bono seminars and financial education classes, according to a recent survey sent to FPA chapter pro bono directors.

The survey was sent in late January to 68 FPA chapters with a designated pro bono director or other point person. Twenty-four chapters responded to the survey, which means that true figures of volunteers and clients are likely to be much higher. In the survey, the term pro bono was defined as activities serving targeted populations in need, including low-income individuals, domestic violence survivors and foster children. Financial education was defined as activities serving a more general audience, such as high school financial classes.

If you’re interested in helping your community, Contact your chapter's pro bono director. FPA's pro bono program is supported by a generous grant from the Foundation for Financial Planning.


Featured Discussion of the Month
After you’ve finished reading thought-provoking articles in FPA’s Journal of Financial Planning, be sure to visit the FPA Community Building’s public forum at http://community.fpanet.org/cs/ to participate in the Journal of Financial Planning Discussions – public forum!

Visit the forum regularly to discuss topics covered in the Talking Point postings taken directly from the pages of the Journal. Past discussion topics include serving your client base, regulation and standards for planners, concerns facing women business owners and more.