FA Legal, based in Las Vegas, is designed to benefit financial services professionals of nearly every ilk by providing its members with legal defense services in the areas of securities law, SEC and NASD complaints, litigation, and investment-related legal issues. You may have read NASDR’s findings that arbitration claims against securities professionals were up 22% for the year as of the end of May. FA Legal notes that while the average tab to defend a case is $23,000, it only costs $730 to join (membership covers all lawyers’ fees). Recent polling data confirms that the registered financial professional’s greatest fear is litigation. If you’ve received any ominous overtures from clients, you might give FA Legal a call.
Lawsuits notwithstanding, the economy has taken the wind from many a planner’s sails, forcing some to trim budgets and run lean. Has this adversely affected association membership rosters, or has it served as a clarion call to sign up? In the past five years: NAPFA’s membership crept up from 558 to 740; AICPA (its Personal Financial Planning section) grew by 214 persons, to 8,214; and AIMR jumped from 28,763 to 50,000. Five years ago NAIFA had 77,000 members; today it reports a resoundingly non-specific “more than 77,000.” The Society of Financial Service Professionals, however, watched its membership fall from 33,000 to 27,265. A Society spokesperson attributes the lion’s share of this drop to a recent increase in membership dues, from $125 per year to $165. With all the membership perks, it’s hard to fathom anyone quibbling over shelling out an extra $40–about enough to fill a planner’s SUV with gas or foot a modest meal.
When it comes down to it, all our listed associations provide members an invaluable benefit that is aptly noted by FA Legal member Walter Baumgardner: “The exchange of information, which will hopefully make your life easier and less stressful.’” Well, who doesn’t want their life made easier and less stressful, other than those diehard ultra-independents mentioned earlier, who prefer to keep company with themselves?
| American Institute of Certified public accountants(PFP Section) |
| Anat Kendal, CPA, Director, Financial Planning Jersey City, New Jersey 888-777-7077 www.aicpa.org Annual membership cost: $100 Annual budget: NA Permanent staff: 4 membership: 8,214 Membership requirements: An AICPA member with an interest in financial planning Membership categories: Members; 3,000 are accredited personal financial specialists Membership demographics: Most members are in small CPA firms and have an average of 15-plus years doing financial planning; 75% are providing investment advice or selling investment products membership benefits: Newsletter, conference discounts, PFP practice handbook in CD-ROM Meetings: AICPA PFP Technical Conference (Jan. 7-9, 2002, Orlando) Publications: Journal of Accountancy; Tax Adviser; The Planner; consumer brochures; PFP Practice Handbook in CD-ROM How directors are chosen: AICPA nominations committee future Plans: Increase member and public awareness about CPAs’ role in financial planning and benefits of hiring a CPA with PFS designation; increase content, products, and services offered in the Personal Financial Planning area to support member firm practices |
| Association of Independent Trust Companies, Inc. |
| Tom Batterman, President Naperville, Illinois 630-579-2488 www.aitco.net Annual membership cost: $750 Annual budget: $269,000 Permanent staff: 2 membership: 200 Membership requirements: State or federally chartered independent trust company (regular member) Membership categories: Regular; associate; special; resource partner Membership demographics: NA membership benefits: Annual conference; newsletter; legislative information; membership directories; marketing assistance. Meetings: Sept. 13-15, 2001 (Tucson); Sept. 11-15, 2002 (Boston) Publications: Quarterly newsletter; annual membership directory How directors are chosen: Voted by membership future Plans: NA |
| Financial Advisors Legal Association |
| Robin S. Kern, President Las Vegas, Nevada 800-261-0633 www.falegal.com Annual membership cost: $730 Annual budget: NA Permanent staff: 10 membership: NA Membership requirements: Any individual who deems himself a financial professional Membership categories: Legal services Membership demographics: NA membership benefits: Prepaid retainer and legal services; quarterly newsletters; legal flashes; exclusive discounts Meetings: NP Publications: Quarterly newsletter, The Litigious Times How directors are chosen: Qualifications based on professional background within the industry Future Plans: NA |
| Financial Planning Association |
| Guy M. Cumbie, CFP, President; Robert Barry, CFP, President-elect; Janet G. McCallen, CAE, Executive Director 800-322-4237 www.fpanet.org Annual membership cost: $275 Annual budget: $15 million Permanent staff: 75 membership: 29,000 Membership requirements: All members, regardless of designation or lack thereof, agree to adhere to FPA’s Code of Ethics Membership categories: Financial Planner Division; Allied Professionals Division; Broker/Dealer Division; Corporate Division Membership demographics: 26,000 members hold a professional designation or license, including approximately 17,000 that hold the CFP certification membership benefits: Professional networking opportunities through conferences and meetings; 300-plus continuing education credit hours offered each year; free subscription to the Journal of Financial Planning; weekly e-mail newsletter, FPA This Week; advocacy on legislative matters; access to special-interest groups; online information and service through the Web site; business and marketing tools to help members build practices and enhance job performance Meetings: FPA Broker/Dealer Conference (Jan. 31-Feb 2, 2002, Los Angeles); FPA Success Forum (Sept. 28-Oct. 1, 2002, New Orleans) Publications: Journal of Financial Planning How directors are chosen: Directors are nominated by members, chapters, and councils of the association; participate in an extensive interview process and are selected by the current Board of Directors Future Plans: Vision is to achieve universal acceptance of the value of financial planning and be the community that fosters success of the financial planning profession |
| Investment Management Consultants Association |
| Evelyn Brust, Executive Director DENVER, COLORADO 303-770-3377 www.imca.org Annual membership cost: $395 Annual budget: $4.7 million Permanent staff: NA membership: 2,920 Membership requirements: Active in the industry Membership categories: NA Membership demographics: NA membership benefits: Education; networking opportunities; newsletters; legislative information; professional development Meetings: IMCA Investment Management Expo (Oct. 4-6, 2001, Dallas) Publications: The Monitor Newsletter; Journal of Investment Consulting How directors are chosen: Nominating committee and elected by members Future Plans: Expand education programs |
| National Assn. of Insurance & Financial Advisors |
| Dennis R. Merideth, President CLU, ChFC Arthur D. Kraus, CEO, CLU, ChFC Falls Church, Virginia 877-866-2432 www.naifa.org Annual membership cost: $225-$350 Annual budget: $16 million Permanent staff: 100+ membership: 77,000 Membership requirements: All members, except for associate members, must hold a life license Membership categories: Active; regular associate; student associate Membership demographics: Life and heath insurance advisors/agents; multiline agents; financial advisors; many members are NASD-licensed registered reps or registered investment advisors membership benefits: Legislative representation; subscription to Advisor Today magazine; product discounts; services discounts; continuing education opportunities; local, state, and national meetings; networking; leadership development opportunities; online tools Meetings: NAIFA Annual Convention and Career Conference (Sept. 8-12, 2001, Salt Lake City); Financial Advisors Forum (April 18-20, 2002, Dallas) Publications: Advisor Today magazine; Political Frontline; eTips; Financial Services Journal; Messages from the Masters; Financial E-News How directors are chosen: By state and local association delegates at our annual convention Future Plans: To develop more programs and tools to enhance membership in NAIFA and advance members’ careers |
| National Association of Personal Financial Advisors |
| Steven Kanaly, CFP, Chairman Buffalo Grove, Illinois 800-366-2732 www.napfa.org Annual membership cost: $375 Annual budget: $1.9 million Permanent staff: 8 membership: 740 Membership requirements: Agree to code of ethics and fiduciary oath; at least a bachelor’s degree; specialized education or training; continuing education requirements; must offer comprehensive financial planning services; submission of a written comprehensive financial plan for review by NAPFA membership committee; at least three years’ experience Membership categories: Member; provisional; sustaining; financial services affiliate; academic affiliate; student affiliate Membership demographics: Midwest 135; Northeast/Mid-Atlantic 243; South 181; West 181 membership benefits: Consumer referrals; discounts to conferences; monthly newsletter; networking Meetings: 2002 National Conference (May 16-19, 2002, Nashville); 2003 National Conference (April 24-27, 2003, Sparks, Nevada) Publications: NAPFA Advisor; Newslink How directors are chosen: Elected by members Future Plans: NA |
| National Tax Sheltered Accounts
Association |
| Martha L. Sutherland, Executive Director, CEO Lawrence, kansas 800-543-0152 www.ntsaa.org Annual membership cost: $195 Annual budget: $675,000 Permanent staff: 3 membership: 1,100 Membership requirements: Pay annual dues; abide by professional code of ethics Membership categories: Individual; practitioner; product/service provider employee; business official; industry member Membership demographics: National, all 50 states represented membership benefits: Bimonthly technically oriented professional journal; toll free technical hotline; discounts on meeting registrations and all publications Meetings: Annual National Conference (Jan. 5-8, 2002, Tucson) Publications: NTSAA Advisor; Primer Plus 403(b) How directors are chosen: Board members are elected by the general membership Future Plans: Expand membership and services to members; continue to enhance educational programs |
| Society of Financial Service Professionals |
| Joseph E. Frack, CPA, CEO Bryn Mawr, Pennsylvania 800-927-2427 www.financialpro.org Annual membership cost: $165 Annual budget: $8 million Permanent staff: 47 membership: 27,265 Membership requirements: Hold one ore more of the following: CLU, ChFC, RHU, REBC, MSFS, MSM, CEBS, CFP, CPA, JD, CLF; adhere to a strict code of professional responsibility Membership categories: Regular; associate Membership demographics: 67% hold two or more professional credentials; average experience in their profession is 25 years. membership benefits: Continuing education and professional development; Journal of Financial Service Professionals; free E-Bulletin; member discounts Meetings: Financial Service Forum 2002 (March 3-6, 2002, Seattle) Publications: Journal of Financial Service Professionals; Newsletters: Assets; 21st Century Retirement; The Financial Monitor; The Business Edge How directors are chosen: Members elect a total of 19 voting directors, including four members of the executive committee Future Plans: Continue to provide timely, high-quality continuing education |
| Association for Investment Management and Research |
| Thomas A. Bowman, CFA, President and CEO Charlottesville, Virginia 800-247-8132 www.aimr.org Annual membership cost: $225 Annual budget: NA Permanent staff: 200 membership: 50,000+ in 100 countries Membership requirements: Varies Membership categories: Regular; affiliate; CFA Charterholder Membership demographics: 18% sell side; 45% buy side; 22% institutional and private client investment advisors and consultants; 15% other (regulators, academics, etc.) membership benefits: Educational programs; conferences; publications; AIMR Code of Ethics and Standards of Professional Conduct Meetings: 2002 AIMR Annual Conference (May 12-15, 2002, Toronto) Publications: Financial Analysts Journal; The CFA Digest; AIMR Exchange; AIMR Advocate How directors are chosen: AIMR Board of Governors is composed of 20 governors, 19 of whom are elected by members for staggered three-year terms Future Plans: NA |
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September 03, 2001 at 08:00 PM
