Missed NAPFA National 2011? Experience The Entire Conference In Minutes… Twitter Style!

Author: Michael Kitces

Team Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth, which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners, a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Read all of Michael’s articles here.

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.  - @CarolynMcC

Grand 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.  - @CarolynMcC

Welcome to everyone coming to #NAPFA11 - we look forward to seeing you all!  - @NAPFA

Tucked in after great precon day at #NAPFA11. Amazing agenda thanks to NAPFA, Women Advisors Initiative team and TD Ameritrade!  - @MarieSwift

I'm looking forward to "attending" #NAPFA11 via Twitter! Thanks in advance to all who will be tweeting.  - @NathanGehring

Sitting down for opening remarks from @NAPFA president Susan John to kick off #NAPFA11  - @MichaelKitces

Interesting. @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  - @MichaelKitces

Former Disney exec Doug Lipp leads off #napfa11 with great presentation on client service.  - @NAPFA

Doug 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  - @MichaelKitces

Lipper 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  - @MichaelKitces

Kipp recommends that you walk in your client's shoes to give exceptional service. Echoes @RickKahler planning for planners. #NAPFA11  - @MichaelKitces

Lipper 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.  - @MichaelKitces

Getting 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"  - @CarolynMcC

John Kotter "Leading Change". Communicate your vision 7 times for people to get it. #napfa11  - CarolynMcC

Panel discusses finding if deceased had life insurance- no one mentioning MIB policy locator! http://bit.ly/5ZPDkh #NAPFA11 @ronlieber  - @MichaelKitces

Questions re- knowing if life policy is priced well- oddly again, no one mentioning PPC service: http://bit.ly/lPqcUO #NAPFA11 @ronlieber  - @MichaelKitces

Scott Witt: many advisers have huge knowledge gap when it comes to insurance. Conflicts too w aum comp model. #fightenwords #napfa11  - @RonLieber

Scott Witt re- indexed insurance products: "run, don't walk" - thinks projections are highly uncertain & probably unrealistic. #NAPFA11  - @MichaelKitces

There'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.  - @CarolynMcC

Pic of NAPFA banner w/ new brand/logo from "Truly Comprehensive, Strictly Fee-Only" to "Power of Trust" #NAPFA11 http://yfrog.com/h222nkdkj  - @MichaelKitces

Planners: 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.  - @DannymJohnson

Finally a session on succession plan: owner speaker but more importantly internal buyer speaker perspective. Need more of these #NAPFA11  - @Philixir

Let's Make a Plan vs. The Power of Trust. Which organization do you think created a better tag line? CFP Board or NAPFA? #NAPFA11  - @BillWinterberg

A good place to file W-2s and 1099s onine is filetaxes.com #napfa11  - @Feeonlyplanner

BXM, PUT, and CLL indices from the CBOE captured most of the S&P500 performance, but with less overall risk. #NAPFA11  - @BillWinterberg

From 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  - @MichaelKitces

Aguilera: Much of the fixed income allocation in client portfolios is ballast because most clients can't handle equity volatility. #NAPFA11  - @BillWinterberg

Aguilera: Option premiums are ridiculously expensive when everyone wants them & ridiculously cheap when nobody wants them. #NAPFA11  - @BillWinterberg

Next up at #NAPFA11 - Ted Klontz on dealing with clients when logic leaves the room.  - @MichaelKitces

Rather earn $100k while your peers earn $200k, or $50k when they earn $25k. Most choose the latter. -Klontz Money is social! #NAPFA11  - @MichaelKitces

Why do we spend 30% more on credit cards than if we used cash? Dr. Ted Klontz #NAPFA11  - @TheMoneyGeek

If u use a word that people don't know their brain takes 20 seconds to process and recover #napfa11  - @RonLieber

Greatest fear of the human brain for thousands of years is the risk of being thrown out of the tribe, of not belonging. -Klontz #NAPFA11  - @MichaelKitces

Expecting people to be convinced by the facts flies in the face of... the facts (about how our brains function). -Klontz #NAPFA11  - @MichaelKitces

Klontz shows "A day in the life of an advisor" video I posted on my blog 3 months ago! http://bit.ly/iLYPkT #NAPFA11  - @MichaelKitces

Ted Klontz speaking #NAPFA11: Bottom 2/3 of brain no ability understand high level concepts like love. Responds better to pictures, tactile.  - @MarieSwift

Showing people a picture of what they'll look like in 30 yrs increases savings 200%. Engage multiple senses. -Klontz #NAPFA11  - @MichaelKitces

87% of clients leave b/c of relational issues. Planners don't know b/c clients are uncomfortable telling them. -Klontz #NAPFA11  - @MichaelKitces

Clients feel truly listened to so little, when they are it will register as a special moment with you. -Klontz #NAPFA11  - @MichaelKitces

Klontz at #NAPFA11: Try never to ask people questions. Questions make people think they need to have a brilliant answer. Just dialog instead  - @MarieSwift

NAPFA rebranding is part of a full reevaluation of organization. Reorg, restructuring, as well as rebranding and new message. #NAPFA11  - @MichaelKitces

Programs have come and gone as volunteer leaders came and went. We needed a new vision to bring focus and consistency. -John #NAPFA11  - @MichaelKitces

NAPFA new direction focused onto a vision of NAPFA & the profession by 2020. It's about the next 10 years. #NAPFA11  - @MichaelKitces

John 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  - @MarieSwift

NAPFA 2020 vision includes a residency process where new planners cut their teeth doing supervised planning in an existing firm. #NAPFA11  - @MichaelKitces

Trusted, competent, objective planners is NAPFA's vision. Very close to FPA's focus on "competent & ethical" planners? #NAPFA11  - @MichaelKitces

NAPFA vision is to be the leading organization that supports the personal and business development of the best financial planners. #NAPFA11  - @MichaelKitces

NAPFA 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.  - @CarolynMcC

This is a really big deal. I think @NAPFA new vision is about becoming center of the future of the profession... & supplant FPA? #NAPFA11  - @MichaelKitces

NAPFA website rebuild will be able to pull blog & other soc media content generated by members to main site, incl video. Awesome. #NAPFA11  - @MichaelKitces

NAPFA 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.  - @MarieSwift

Full pic of new NAPFA brand, logo, and 3 core vision messages. http://yfrog.com/gy90awjj #NAPFA11  - @MichaelKitces

I 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.  - @CarolynMcC

Do you believe in the "Power of Trust"? #NAPFA11  - @NAPFA

Kick-off meeting of @NAPFAGenesis gathering by leader @davegrant82 http://yfrog.com/h2dsiqrj #NAPFA11  - @MichaelKitces

#napfa11 hospitality suite rocking. Room 2473  - @CarolynMcC

Today's unveiling of "Power of Trust" is just the beginning. Much more in store for members to leverage this important messaging! #NAPFA11  - @NAPFA

What a fantastic day! Thanks to all who came to the @NAPFAGenesis social - it was so great to have so much support. #NAPFA11  - @DaveGrant82

Interesting 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  - @RickKahler

Headed downstairs for a pre-session tech pow-wow w/ Jeffrey Daniher, Frank Moore & Davis Janowski. #NAPFA11  - @BillWinterberg

Tom Bradley from TD Ameritrade kicking off morning general session for #NAPFA11  - @MichaelKitces

TD AMERITRADE's Tom Bradley: I believe NAPFA is at the forefront of the changes in the financial planning industry. #NAPFA11  - @BillWinterberg

73% of practices are growing and adding clients. Only 5% of firms report that they're losing clients. -Bradley #NAPFA11  - @MichaelKitces

Since trough, independent RIA assets outpacing wire house asset growth by whopping 35%. -Bradley #NAPFA11  - @MichaelKitces

63% of clients believe wirehouse/B-D advisor are fiduciaries. Only abt 6% of those advisors state they're fiduciaries. -Bradley #NAPFA11  - @MichaelKitces

Bradley reports breakaway broker trend still underway. But trend looks small: <100 per quarter out of... >100k brokers out there? #NAPFA11  - @MichaelKitces

Bradley: In the early days, fee-only advisors operated in an island. Today there's more competition in the independent RIA market. #NAPFA11  - @BillWinterberg

Gen X & Y require incremental value, beyond what they can learn online. -Bradley #NAPFA11  - @MichaelKitces

Gen X & Y clients show a preference for advisors close to their own age. -Bradley #NAPFA11  - @MichaelKitces

Bradley: I mentor young professionals in our organization, but I expect to be reverse-mentored in the relationship, too. #NAPFA11  - @BillWinterberg

TDA's vision for tech - unbundled integration where any vendors can code to standard protocol. -Bradley #NAPFA11 <- This is the future!  - @MichaelKitces

If ADVICE is being provided to a client, it needs to be delivered under a client first fiduciary standard. Period. -Bradley #NAPFA11  - @MichaelKitces

Still a place for salespeople AND fiduciary advice, as there was 70 years ago. We just need to make them separate again. -Bradley #NAPFA11  - @MichaelKitces

Eliminate the two hat standard. A firm can have some of each, but a particular individual must choose one or the other. -Bradley #NAPFA11  - @MichaelKitces

Bradley - "Financial services don't need more regulation, they need better regulation." #NAPFA11  - @RickKahler

The more efficient NAPFA members are as a group, the more good we can do for the industry at large. #NAPFA11  - @BillWinterberg

Next up is Sunit Bhalla on "Creating an Efficient Financial Planning Practice with Apple Products" #NAPFA11  - @BillWinterberg

Inside Bhalla's infrastructure: PreciseFP, Redtail CRM, LaserApp, Pershing NetX360, Black Diamond, ByAllAccounts, MoneyGuidePro #NAPFA11  - @BillWinterberg

How Bhalla keeps multiple devices (desktop, laptop, iPad, iPhone) in sync: Dropbox, 1Password, Things, & MobileMe. #NAPFA11  - @BillWinterberg

Bhalla encrypts all client files before adding to Dropbox for extra security. #NAPFA11  - @BillWinterberg

Bhalla uses LogMeIn on the iPad to connect back to his desktop computer when attending conferences. #NAPFA11  - @BillWinterberg

Audience recommendation of the Zaggmates iPad cover with built-in keyboard for super-simple travel accessory. #NAPFA11  - @BillWinterberg

Miller-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  - @DannymJohnson

Rhoades: Financial Planning Commission has a much stronger voice together to work on common positions in favor of #fiduciary std. #NAPFA11  - @BillWinterberg

Ron A. Rhoades: If FINRA regulates advisers, what happens to state-registered advisers, FPA, CFP Board & NAPFA? #NAPFA11  - @BillWinterberg

NAPFA is launching an educational program-called 24/7-to help fee-only advisors with marketing and public relations.#napfa11  - @Registered_Rep

Looking forward to Kenneth French's keynote address here at NAPFA Friday morning on financial regulation and the global crisis.#napfa11  - @Registered_Rep

David 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  - @DannymJohnson

David Gergen- Countries that have a financial crisis go into debt so deeply that they then go into a fiscal crisis. #NAPFA11  - @RickKahler

David 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  - @DannymJohnson

40% of babies born today are eligible for Medicaid. #napfa11 #Gergen increasing social gap is huge concern #educatingthepoorisanswer  - @DannymJohnson

David 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  - @RickKahler

Dee and Gene Balliett win Special Membership Award at #napfa11. Congrats Dee and Gene!!!!  - @NAPFA

NAPFA University Chair Bob Maloney wins Distinguished Service Award at #napfa11. Congrats, Bob!  - @NAPFA

Isn't this how most clients really view the fiduciary conversation? My contribution to the cause http://ow.ly/4YLmR . #NAPFA11  - @AlexMurguia1

Blog post: At #NAPFA11, @NAPFA Throws Down The Gauntlet (to FPA?) For Leadership Of The Profession http://bit.ly/kEPSOS  - @MichaelKitces

Next up is Kenneth French on Financial Regulation and the Global Financial Crisis. #NAPFA11  - @BillWinterberg

French: Financial bailouts are horrible. They are the antithesis of capitalism. #NAPFA11  - @BillWinterberg

#NAPFA11 Kenneth French: 'Financial Bailouts suck for many reasons'  - @Feeonlyplanner

French: Difference between 2001 & 2008 crashes: People who lost in 2001 weren't over-leveraged & not financial utilities. #NAPFA11  - @BillWinterberg

French: Is Dodd-Frank good or bad? Neither. But it let's the regulators solve individual problems. #NAPFA11  - @BillWinterberg

The 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  - @BillWinterberg

WSJ survey of consumers, #1 reason cited why they don't use financial planners: "I can do this myself" #NAPFA11  - @BillWinterberg

In a survey of planners, the #1 reason why planners don't have planners: "I can do this myself" (78%) #NAPFA11  - @BillWinterberg

Kahler on self-planning: "I have 78 clients, so as a client, I would be number 79" and not receive the same attention. #NAPFA11  - @BillWinterberg

Write 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  - @BillWinterberg

One 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!  - @Feeonlyplanner

Heading home from #NAPFA11 Very useful and fun conference with superlative networking and relationship building!  - @VitaVie