Board of Directors
Mark McCandless, CFP®, CPA
Molly Balunek, CFP®
Patrick Hanratty, CFP®, CPA/PFS
Kevin Kroskey, CFP®
Mary Farrell, CFP®
Mario Gigante, CFP®, CPA, AIFA®
Ken Paull, CFP®
Pamela Sandy, CFPzzr
Bill Russo, CFP®
|Upcoming Program Dates
|March 18, 210
Topic: "Securities Fraud and the New Environment of Regulation"
Speaker: Kelly Igoe
Ohio Division of Securities
8 - 10:30 a.m.
Click here to sign up on-line
April 15, 2010
Topic: "Pilgrimage to Warren Buffett's Omaha"
speaker: Jeff Matthews, Author
Place: Joseph Beth Booksellers/Bronte Bistro
3 - 6 p.m.
May 20, 2010
Annual anetworking Event
Topic: "Networking with Social Media"
Place: The Club at Key Center
127 Public Square
3 - 6 p.m.
No programming held
September 16, 2010
Annual Ethics Program
Speaker: Patrick Kuhse
October 18, 2010
7:30 a.m. - 5 p.m.
November 18, 2010
The State of the Profession
2 - 6 p.m.
Thanks to Our Sponsors
Charles Schwab Institutional
Franklin Templeton Investments
Long Term Care Financial Partners
Ohio Tuition Trust
SS&G Financial Services
Tri-C Corporate College
FPA/NEO March 2010 Newsletter
by Mark McCandless, CFP®, CPA
How the heck are we going to get out of this mess?
My clients, a husband and wife,
and their daughter, were sitting at the table in our large conference room. They have been with my firm for many
years and appreciate our guidance. As we started our meeting, the husband made an observation
about the news he watches and all of the problems facing the country. He then asked (with reference to our
country): "How the heck are we going to get out of this mess?" We had a discussion about the "mess" we
are in. I told them I also have
many concerns. I mentioned a
recent seminar I attended. The speaker was David M. Walker, President & CEO
of The Peter G. Peterson Foundation (www.pgpf.org),
former Comptroller General of the United States and CEO of the Government
Accountability Office (GAO). You
may recognize David Walker's name from the film "I.O.U.S.A.".Mr.
Walker has written a book titled: Comeback America: Turning the Country
Around and Restoring Fiscal Responsibility. While I had not yet read the book, I told my clients about
some of the issues he raised in his speech:
Our country has moved from an opportunity
society to an entitlement society.
The government has made too many unfunded
promises. About the Social Security
Trust Fund he says there is no "trust" in it and it is not "funded". We are facing crises in unfunded
promises related to Social Security, Medicare, and State and Local Government
50% of our public debt is foreign owned and this
percentage would be higher without Federal Reserve action.
The single largest line item on the federal
budget in 12 years will be INTEREST EXPENSE. This assumes interest rates will stay where they are right
now at historically low rates.
Our tax system is so complex that government
officials cannot prepare their own tax return. He thinks Congressmen should be required to prepare their
returns WITHOUT TAX SOFTWARE. (I really like that one!)
I related to my clients a
discussion I had with a friend of mine who is also a CPA. I expressed some of my own feelings
about what is going on in the country. I told him about the many clients who express worry but I
couldn't quite put my finger on the root of their concern. My friend stated that most of his
clients are worried about the future of capitalism. Is the perceived erosion of capitalism at the root of many
of our concerns?
At this point in our lively discussion, turning to my
clients, I said: "I really don't know how the United States is going to get out
of this mess. The important thing
is how has your financial planner (me!) helped you to avoid this mess?" Our clients reminded me of how well we
had taken care of them since they joined us many years ago. We chatted about how their portfolio is
structured to adapt to a changing world as well as a changing country. They know that their portfolio team
looks forward to assessing opportunities and risks rather than relying mainly
on hindsight. Our clients
appreciate how we are transparent in terms of reporting their portfolio returns
net of the fees they pay to us. I
mentioned one of my favorite areas, income taxes. Keeping an eye on tax changes and helping them to minimize
taxes has been an important role in their financial security. We regularly discuss estate planning and
risk management with them. We want
to ensure that the assets accumulated during their lifetime are protected and
ultimately will be distributed in accordance with their wishes, while
minimizing the estate taxes and fees, which often deprive heirs of
inheritances. Through it all, we
have monitored cash flow to help maintain their retirement lifestyle. Our guidance allowed them to purchase a
new residence while simultaneously providing financial assistance to a family
Our role as planners is to help
and grow our clients' wealth by integrating the various facets of financial
planning. We help them create and
implement individual life plans and goals. Achieving goals is a lot like trying to put together a
complicated puzzle. You not only
need all of the pieces but you need the right pieces in the right places to
finish the puzzle. As my clients
left the office that day, I told them that I intended to use their quote in my
article. I'm not sure they thought
I was serious. Well, I was!
As planners we help our clients
avoid "the mess" by helping them put together the puzzle. We don't pick up
individual pieces and say "I wonder how this fits?" We turn over the puzzle box and look at the big picture! As we complete the puzzle, I hope our
clients feel that one of the most important pieces is the one that has the FPA
logo on it!
Pro Bono: Another Success
By Mary Farrell, CFP®
Our FPA/NEO / Cleveland Saves brainstorming session was great. Thanks so much to Pamela Sandy, Karen Bordonaro and Allen Porter who came out on that snowy Wednesday evening to participate. Over Happy hour drinks and lively conversation, the five of us were able to provide some solid suggestions and advice for ways Cleveland Saves can improve on their mission. In addition to this event as part of Cleveland Saves Week, there are other programs in the works. Link to Cleveland Saves Keep a look out for more information on their Shred It Event coming in April. At this event, Cleveland Saves will promote the proper disposition of confidential documents.
Picking up momentum is the coaching program with The University of Akron. Ten planners have stepped up to volunteer to partner with the students in Doug's finance class. This is a significant first step in developing a strong relationship between the University of Akron and our FPA chapter. More importantly, through, the students are so looking forward to working with professionals and getting some real-world experience.
Call for VolunteersWe want to develop more ways to reach out to our members and bring people together. Social Media is gaining prominence and a terrific tool to share information and build relationships. We need the help of volunteers to establish a social media presence for our chapter. Members who are familiar with Facebook, Linkedin and Twitter are welcome, but anyone with an interest in learning about and using these tools is welcome. Please contact Molly Balunek at 216.839-5134 or email@example.com
|New FPA/NEO Web site!
By Kevin Kroskey, CFP®
We are happy to announce that our chapter Web site has received a much-needed makeover. The new site will be more fully integrated with FPA National and will still have chapter-specific information on meetings, initiatives, and our sponsors to just name a few. While our www.fpaneo.com domain will still be active and redirected to the new site, the domain transfer hasn't been complete just yet. However, you can peruse the redesigned site at www.fpanet.org/Chapters/NortheastOhio/. Remember, members can provide job postings that we will include at no charge on the site.
Our chapter thanks Kevin Kroskey for all of his help in getting our Web site up and running!
John W. Lesjak, CFP®
Michael G. Shinn, CFP®
Michael J. Lesjak, CFP®
James R. Kickel, CFP®
Paul A. Hrisko, CFP®
Lawrence W. Pelland, CFP®, CLU
Edward L. Fouch, CFP®
Samantha Ospelt, CFP®
Mario C. Giganti, CFPzr, CPA, AIFA®
Margie C. Carpenter, CFP®
Matthew T. Carbone, CFP®
Edward J. mazza, CFP®
Charles J. Avarello, CFP®
David W. Demming, Jr., CFP®
Kenneth J. Paull, CFP®
John C. Hindman, CFP®
Joe L. Flinner, CFP®, CRPC
Jack Zugay, CFP®
Emily a. Drake, CFP®
Philip G. Moshier, CFP®
Jacqueline S. Glasscock, CFP®
Daniel J. Lauletta, CFP®, ChFC, CLU, LUTCF
Michael F. Cleary, CFP®
Anne T. Palmer
James F. Henyey, CFP®
Douglas B. Robinson, CFP®
Michael D. Andrews, CFP®, EA, CPA
Brent R. Horvth, CFP®
Andrew I. Hayek, CFP®
Charles Grimm, CFP®, CPA/PFS
Paul D. Guerra
Mark M. Tepper