Articles

FPA San Diego Weekly Events Bulletin

Note:  June 12 quarterly meeting is in Del Mar (North County... be there!) 

And the May 10 Meeting slides are HERE

Summary (Details and Registration Pages here)

 

6/05 WOMEN'S INITIATIVE - COMMUNICATE WITH CONFIDENCE AND CREDIBILITY WORKSHOP

6/12 11 a.m. Sponsored Pre-meeting Lunch Details HERE  1 hr CE Box Lunch at the Residence Inn across from the meeting at the Marriott

6/12 FPA QUARTERLY EDUCATION MEETING: Del Mar Marriott - 3.5 Hours of CE and Validated Self-Parking

Registration at 12:30 with presentations at 12:45 

PRE-EVENT SPONSORED CE LUNCH AT 11 A.M. RISK ASSESSMENT AND RISK MANAGEMENT AT AND DURING RETIREMENT: DOES YOUR CLIENT STILL NEED LIFE INSURANCE?  SEPARATE REGISTRATION AND MORE INFORMATION AT https://fpasandiego.org/articles/34 



KEYNOTE SPEAKER:

Amy Florian, CEO OF Corgenius

ADVISING CLIENTS THROUGH THE TOUGHEST TIMES OF LIFE

You know what to do with money. How many times do you wonder what to say to the client? When clients cope with death, divorce, retirement, empty nest, or other life transitions, what you say and do in the office has more influence on your client relationship than your financial savvy ever did. Understand how to answer the dreaded “bad news” phone call, the unique issues that your clients face, the differences between men and women, and the best ways to communicate at appointments and on the phone. Find out how to handle a crying client and whether the stages of grief are applicable. Gain skills to deal with irrational fears, bring humor into meetings, and help clients make wise decisions in the midst of loss. Walk away with practical, proven strategies that you can implement immediately.







Learning Objectives:

  • Learn the most important principles of grief support, what questions to ask a grieving client, and how to support clients in transition without intruding into their personal lives.

  • Understand why the “stages of grief” are insufficient knowledge and what to expect instead from grieving clients and family members.

  • Gain skills for handling client fears, establishing empathetic bonds, and building long-term loyalty.

     

     

Leslie Klein, CFP®, AEP®

Gift Planning Advisor for The San Diego Foundation


Make A Difference with DAF’s - For Your Clients, Your Business, and the World 

Make A Difference with DAF’s - For Your Clients, Your Business, and the World 

Leslie Klein is Director, Gift Planning Advisor for The San Diego Foundation.  She joined The Foundation in 2013 and provides high-level expertise in estate and financial planning while overseeing the Foundation’s professional advisor outreach program.  She is responsible for working with advisors and their clients to establish donor advised funds, new endowments and legacy funds.  She advises on complex gifts of real estate, non-publicly traded stock and partnership interests.  She will discuss the opportunities for setting up a donor advised fund to achieve maximum charitable impact.

Leslie has more than 35 years of experience in the fiduciary and investment management marketplace. Her career includes twelve years as Vice President/Wealth Management Advisor at First American Trust and additional corporate trustee work at First National Bank, Wells Fargo Bank, Bank of California, and HomeFed Trust.  She attained her CFP designation in 1992 while working as a financial planner at CIGNA. Leslie graduated from Miami University, Oxford, Ohio with a bachelor’s degree in Business Administration. She is the past President of the Estate Planning Council of San Diego and of the Financial Planning Association of San Diego.

This presentation is pending 1 hour of CFP® CE.





 

PHILLIP L. JELSMA – PARTNER AT CGS3

OPPORTUNITY ZONES – HOW THEY WORK AND IMPORTANCE CONSIDERATIONS

 

 

  • Opportunity Zones were created under the 2017 Tax Law and is designed to encourage investment in distressed communities by providing tax incentives to invest in qualified opportunity funds. Similar to a 1031 exchange on a rental property, this program enables investors to deploy assets with unrealized gains in new investments based in physically in these “Opportunity Zones”. Phil Jelsma is a leading attorney in San Diego who focuses on business planning with an emphasis on real estate.






Phil will help explain what these Opportunity Zones are and how individuals and business can potentially benefit from the program.Phil’s extensive experience supporting corporate mergers and acquisitions includes representing buyers and sellers in consolidations, stock and asset purchases, management buyouts, and related transactions. He also advises on entity formation, fiduciary duties, inter-partner relationships, the issuance of stock and other ownership interests, recapitalizations and reorganizations, officer and director issues, corporate governance, stock option and appreciation rights plans, and contract preparation.This presentation is pending 1 hour of CFP® CE.

TICKETS

 

$60.00 Member Ticket

$120.00 Non-Member Ticket

 

7/30 NEXGEN - ALLIED PROFESSIONAL MIXER

9/18 FPA ANNUAL EDUCATIONAL SYMPOSIUM

10/16 FPA NATIONAL EDUCATIONAL CONFERENCE

11/06 CFA/FPA OF SAN DIEGO ANNUAL JOINT EDUCATIONAL AND SOCIAL EVENT

12/11 FPA QUARTERLY CONTINUING EDUCATION MEETING

BOARD OF DIRECTORS MEETINGS: 5/14, 6/12, 7/09, 9/18, 10/08, 11/13, 12/11  




Details of fUTURE MEETINGS

 

WOMEN'S INITIATIVE - COMMUNICATE WITH CONFIDENCE AND CREDIBILITY WORKSHOP

June 05, 2019
4:00 PM - 6:00 PM

Gurtin Municipal Bond Management
440 Stevens Avenue, Suite 260
Solana Beach , CA 92075

Learn to communicate with credibility and confidence.

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BOARD OF DIRECTORS MEETING

June 12, 2019
10:30 AM - 11:30 AM

San Diego Marriott Del Mar
11966 El Camino Real
San Diego, CA 92130
Venue website

All members are welcome...

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JUNE 12 IN DEL MAR: FPA QUARTERLY EDUCATION MEETING

June 12, 2019
12:30 PM - 6:30 PM

San Diego Marriott Del Mar
11966 El Camino Real
San Diego, CA 92130
Venue website

Speaker: Amy Florian, CEO of Corgenius, Advising Clients through the Toughest Times of Life. Leslie Klein, CFP®, AEP®, Make A Difference with DAF’s... , and Phillip L. Jelsma – Partner at CGS3, Opportunity Zones – How They Work...

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BOARD OF DIRECTORS MEETING

July 09, 2019
12:00 PM - 1:30 PM

Hacienda Del Mar Conference Room at Entrance
12625 High Bluff Drive
San Diego, CA 92130

All members are welcome...

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SAVE THE DATE: 7/24 FPA SUMMER SOCIAL MIXER LOCATION TBD

July 24, 2019
5:30 PM - 7:30 PM

TBD 

Join us Wednesday, July 24th from 5:30pm to 7:30pm as we kick off 2018 with our Summer Social Mixer. Enjoy a selection of (we will let you know!) beers on tap! We will provide a selection of appetizers and a friendly environment for you to catch up with l

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NEXGEN - ALLIED PROFESSIONAL MIXER

July 30, 2019
5:30 PM - 8:00 PM

Ballast Point
9045 Carroll Way
San Diego, CA 92121
Venue website

Come build your network of personal-finance professionals

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SAN DIEGO FPA ANNUAL EDUCATIONAL SYMPOSIUM

September 18, 2019
8:30 AM - 6:30 PM

SDSU Alumni Center (Park in Garage #5)
5250 55th St 
San Diego, CA 92182

Save the Date! First Speaker announced!

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BOARD OF DIRECTORS MEETING

September 18, 2019
10:30 AM - 11:30 AM

SDSU Alumni Center (Park in Garage #5)
5250 55th St 
San Diego, CA 92182

All members are welcome...

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SOCAL NEXGEN GATHERING

October 01, 2019 12:00 AM to October 31, 2019 12:00 AM

TBD 

Date, time, place and topic To Be Determined... watch for the email announcement

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PRO BONO DAY - VOLUNTEERS NEEDED!

October 03, 2019 12:00 AM to October 10, 2019 12:00 AM

TBD 

Save this week: Dates, Times, Locations TBD - but let us know if you are interested!

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BOARD OF DIRECTORS MEETING

October 08, 2019
12:00 PM - 1:30 PM

Hacienda Del Mar Conference Room at Entrance
12625 High Bluff Drive
San Diego, CA 92130

All members are welcome...

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FPA NATIONAL EDUCATIONAL CONFERENCE

October 16, 2019 12:00 AM to October 19, 2019 12:00 AM

Minneapolis

All members are welcome...

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CFA/FPA OF SAN DIEGO ANNUAL JOINT EDUCATIONAL AND SOCIAL EVENT

November 06, 2019
12:30 PM - 6:30 PM

Grand del Mar
5300 Grand Del Mar Court 
San Diego, CA 92130
Venue website

Speaker information now available! Join in on the education and fun at the annual joing meeting of the FPA and the CFA Society. Great speakers followed by a social hour. Registration with pricing not yet open.  Watch for the announcement in your email!

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BOARD OF DIRECTORS MEETING

November 12, 2019
12:00 PM - 1:30 PM

Hacienda Del Mar Conference Room at Entrance
12625 High Bluff Drive
San Diego, CA 92130

All members are welcome...

READ MORE

REGISTER NOW

BOARD OF DIRECTORS MEETING

December 11, 2019
10:30 AM - 11:30 AM

SDSU Alumni Center (Park in Garage #5)
5250 55th St 
San Diego, CA 92182

All members are welcome...

READ MORE

REGISTER NOW

QUARTERLY CONTINUING EDUCATION MEETING

December 11, 2019
12:30 PM - 6:30 PM

SDSU Alumni Center (Park in Garage #5)
5250 55th St 
San Diego, CA 92182

Save the Date! Program TBD: Watch for the email announcement

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Consumer article: Your Credit Score Matters. Here’s How to Increase It

Your Credit Score Matters. Here’s How to Increase It

If you care about keeping hundreds or even thousands of extra dollars in your pocket by securing a lower interest rate on a loan or a credit card, if you want the ability to borrow money when the need arises, or if you want your debt history to reflect positively rather than negatively on you in the eyes of a potential employer or landlord, then there’s good reason to be aware of your credit score — and the steps you can take to increase it.

Credit score is a figure calculated by tracking a person’s financial activities, including their payment histories on loans (home, car, education, etc.), rent, credit cards, utility bills and the like. Lenders use it to gauge a person’s creditworthiness, wherewithal to repay a debt and general financial responsibility. Credit scores typically are indicated as a FICO score (FICO is short for Fair Isaac Corporation). Three credit bureaus, Equifax, Experian and TransUnion, generate credit scores for a person, and those scores typically range from 300 to 850.

“They keep a file on you, essentially,” explains FPA member Michael Ciccone, a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional with Tradition Capital Management in Summit, NJ.

Generally, a FICO score of 670 or above is considered good, a score of 740 or above is considered very good and a score of 800 or above is deemed exceptional. Scores tend not to differ much, if at all, between credit bureaus. The higher a person’s credit score, generally speaking, the greater their leverage to borrow money or to secure a line of credit, and to get favorable terms on those loans or lines of credit. On the other end of the spectrum, the lower a person’s credit score, the less leverage they generally have to obtain a loan or line of credit with favorable terms.

In short, your credit score matters. “It impacts some really important aspects of a person’s life — home ownership, car loan, credit cards, even job and rental property applications,” says Ciccone.

Want your credit score to work for you, not against you? The following recommendations from financial professionals can help to bolster a sagging credit score or make an already strong score even better.

  1. Review your credit report in detail at least once a year, and if you see anything suspicious — a credit card account you didn’t open, for example, or a credit application you didn’t make — contact the three major credit bureaus to initiate the process of removing those items from your report. These suspicious items on a credit report may mean you’re a victim of identity theft. So be sure to review your credit report on an annual basis. Visit www.AnnualCreditReport.com to access a free credit report from the three bureaus. 
  1. Avoid late payments — on any debt or line of credit, including mortgage, other loans, credit card balances, utility bills, etc. Late payments “are highly impactful on your credit score for a number of years. If you do happen to pay late for some reason, contact the lender right away to explain the situation and see if you can prevent it from being reported as late,” Ciccone suggests.

  2. Keep an eye on the credit card balances you’re carrying as a percentage of your overall available credit limit (across multiple cards, if you own more than one, and for each individual card) and try to keep those percentages low. “Carrying a high balance in proportion to your individual card limits and/or aggregate total available credit will negatively impact your score, potentially even if you pay it off in full each month,” Ciccone notes. He suggests keeping that credit utilization level at 5% or under.

“It’s not a bad idea to build up your available credit and keep those older cards active with at least occasional spending to ensure you have a larger credit pool for these calculations.”

As a general rule of thumb, try to avoid closing older credit card accounts that carry a higher credit limit, because those tend to factor positively into a credit score calculation, echoes FPA member Jan G. Valecka, CFP®, who heads Valecka Wealth Management in Dallas, Texas. Make most of your credit card purchases on a single card, and with other credit cards, “play the game of using the card once per year then paying it off to keep the line of credit open.”

  1. Be mindful of, and limit, how often you apply for credit. The number of times a person applies for credit within a two-year window impacts credit score. “But it is a bit of a balancing act,” Ciccone points out, because getting a new card increases a person’s number of credit lines, and their total aggregate credit limit, both of which can boost credit score. “New accounts will bring down your average age of accounts, which is a negative factor, but not hugely impactful. It may make sense, if you aren't planning any major financed purchases (house, car, etc.) in the next two years, to get a number of no-fee credit cards when you are younger. The negative impact of these [new accounts] will eventually fall off after two years, but the positive impacts (age of oldest account, average age of accounts, increased total credit limit) will remain.”

Ciccone says he tends to favor no-fee credit cards (those without an annual fee) unless a card with an annual fee generates enough points or rewards for the cardholder to merit using it. 

  1. Try giving yourself a “boost.” People with a limited credit history (those whose lack of credit/borrowing activity limits their ability to generate a credit score) now have access to a service via Experian where they can opt to let the credit agency see their banking account records so it can begin to develop a positive credit history based on payment activity from those accounts — making on-time payments for a cell phone, utilities, etc. The service, Experian Boost, is free. “It won't make a huge impact, but it also is guaranteed not to harm your score, so it may be worth a try,” says Ciccone.
  1. If you have a low credit score, consider using secured credit cards and secured loans to rebuild your credit score. With a secured credit card or a secured loan, explains FPA member Thomas I. Rindahl, CFP® with TruWest Wealth Management Services in Scottsdale, Ariz., a cash security deposit is used as collateral for a revolving line of credit (credit card) or a fixed-term loan. The amount of the deposit essentially becomes the credit limit on the account. “Pay off the credit card each month or pay the fixed-term loan as agreed upon and then the [financial institution providing the line of credit or loan] will report this positive info to the credit bureaus.”  
  1. Be wary of credit repair services. Most are a “waste of money,” asserts FPA member Peter T. Palion, CFP® with Master Plan Advisory in East Meadow, NY. Basically, a person may be better off taking steps (like the ones described here) on their own to remove negative items from their credit report instead of paying a credit repair service to take those steps on their behalf, according to a recent article from Credit Karma. 

May 2019 — This column is provided by the Financial Planning Association® (FPA®) and FPA of San Diego, the principal membership organization for Certified Financial PlannerTM professionals. FPA seeks to elevate a profession that transforms lives through the power of financial planning. Through a collaborative effort to provide more than 23,000 members with tools and resources for professional education, business support, advocacy and community, FPA is the indispensable resource in the advancement of today’s CFP® professional. Please credit FPA of San Diego if you use this column in whole or in part. 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.