Lauren Schadle on the Future of FPA, Elevating the Profession, and Leading with Power and Purpose

Transcription

1 Lauren Schadle on the Future of FPA, Elevating the Profession, and Leading with Power and Purpose interview by Carly Schulaka WHO: Lauren Schadle, CAE WHAT: Executive director and CEO of FPA WHAT S ON HER MIND: To say that FPA exists to elevate the profession that transforms lives through the power of financial planning that s a pretty awesome statement. 1. You ve talked about the need for FPA to build the association of the future. Why is this necessary, and what does it mean for FPA chapters and members? The financial planning profession is still a relatively young profession, and as such, it s experiencing a tremendous amount of growth and transition including things like emerging new business models, regulatory shifts in the landscape, and the fast pace of technology change. The profession is evolving. Associations are experiencing challenges and changes, as well. Professional membership associations even ones that have been around a lot longer than FPA that are not responding to these challenges are suffering. So, with the board, I ve been focused on leading a massive change effort called the OneFPA Initiative that envisions a transformational restructuring of our organization that will cement FPA s relevancy and keep up with the evolving needs of our diverse membership. 2. The FPA board of directors has been working on defining the association s strategic framework since What is a strategic framework, and why is having one critical for an association like FPA? A strategic framework is our road map for the organization. It explains why we exist, what we believe in, where we focus our energy, who we serve, and how we serve them. It helps us stay focused on the things that matter to our members, and it provides an appropriate filter to help us make strategic and business decisions about our priorities and our resources. It also provides a useful guide for leaders across the country as new volunteer leaders rotate into positions locally and nationally each year. 3. What process did the board use to develop and define this strategic framework? The board has dedicated a tremendous amount of time over the past several years to make sure that we set the right FPAJournal.org November 2018 Journal of Financial Planning 15

2 With Noteworthy People road map for the organization. The process started with listening to what FPA stakeholders and that included members from all backgrounds, chapter leaders, corporate partners, and other allied professionals said about FPA s role in the profession and our role in serving members. Our board actively listened to all that input before finalizing a strategic framework that will provide a strong foundation upon which we will build the association of the future. 4. The first element of the strategic framework is the primary aim. How do recent adjustments to the primary aim position FPA for the future? Our primary aim is our purpose statement. It s meant to answer the question of why we exist. It was revised earlier this year to clearly state FPA s role in building the financial planning profession. I think the board s intention with the new primary aim was to be bold and invite members and others in the profession to be bold as well to think big and act big. There really is a tremendous amount of work that needs to be done when building a profession. We wanted to make an impactful statement that everybody could see themselves in. We wanted to make an impactful statement that everybody could see themselves in, but that also carried with it a certain level of momentum, energy, and transformational change. We wanted a primary aim that any member would be able to not only recall but be really proud of. To say that FPA exists to elevate the profession that transforms lives through the power of financial planning that s a pretty awesome statement. 5. This summer, the FPA board of directors codified FPA s core values. How can FPA use these values in advancing its work on behalf of members and the whole profession, so they are not just words on a piece of paper? With our core values, the board really sought to be clear and very descriptive about what our organizational beliefs are. Our core values are meant to inspire our members and others within the profession. They describe how we want to show up as leaders in the profession. The board, our staff, and all of FPA s work The highest standard in risk profiling is also the most engaging one Bring behavioral economics to your practice TRY IT FREE 14 day free trial 40% off for FPA members 16 Journal of Financial Planning November 2018 FPAJournal.org

3 groups are being asked to think about how these values show up and manifest themselves in our day-to-day work, and that includes our chapters as well. Our core values may not be what you would traditionally see from an organization. But I hope everybody who reads them can see themselves reflected in them. They are certainly something that our organization aspires to really live into. [Editor s note: see pages for the FPA strategic framework.] 6. Given where FPA is now and your intention as CEO to build FPA into the association of the future, is there a particular value, in your opinion, that s critically important? This is tough because I think all five values are very important in our endeavor to build the association of the future. That said, I think more than ever, FPA must lead with power and purpose. Our members are asking us to be bold. They re asking us to be visionary. They re asking us to act on their behalf to elevate the profession and help them be the best planners they can be. 7. The first piece of the FPA strategic framework that the board adopted was the strategic directive to be the indispensable resource for CFP professionals. Why is it important to define CFP professionals as the core audience? Since FPA s inception, we ve been a CFP-focused organization, and our board has retained that focus over the years to ensure that we are building a profession on sound standards, and our board believes that those standards are embodied in the CFP mark. This notion of one profession, one designation has been around for many years, and it continues to be a foundational principle of FPA. Many special interests are looking to define financial planning some inappropriately and FPA sees that part of our job is to build a profession by rallying around one standard, both for the profession s interest and for the public s interest. 8. The four value lines provide clarity on where FPA is working to provide members value. How does the FPA staff drive the areas of community, education, business support, and advocacy? The value lines really do define how we serve our members. As a professional membership organization, we exist to make sure our members are the best practitioners they can be. From that standpoint, we focus on four areas: being a diverse gathering place through our community efforts, being the authoritative source through our educational efforts, being the resource for business success through our business support value line, and having the backs of CFP professionals through our advocacy efforts. I think more than ever, FPA must lead with power and purpose. It s a heavy lift; it takes all of us coming together. The staff works in partnership with our chapter leaders across the country and other volunteer leaders of different work groups at the national and local levels to make sure we are not only going as deep as we can in each of these value lines, but that there is the appropriate integration and alignment that emerges between the value lines. Our members count on us to provide the resources, tools, connections, and the expertise to help them do their jobs most effectively with their clients, and staff can t do that alone. The beauty of FPA is that we are a community that values all the different pieces of knowledge, whether they re coming from an academic, a practitioner, a staff member, or someone who has been very steeped in the financial planning profession. We leverage the best of everybody s skills and expertise to bring this value to life and create a great member experience. 9. Does FPA allow for different perspectives and opinions that may fall outside the strategic framework? FPA s membership is very diverse. We believe that there is strength in that diversity in pushing each other, challenging each other to continually improve, and to consider alternative opinions. We hope that individuals will see themselves in the different aspects of the strategic framework, and particularly, in the values that are the essence of the culture that we want to nurture as an organization, but of course, there is room in FPA for diversity of thoughts and opinions. We welcome all who seek to elevate the profession and help us create an association that will continue to make a difference today and for years to come. 10. Now that the strategic framework has been solidified, where does FPA go from here? The next step is to continue to have dialogue at the board level and at the staff level with volunteer leaders across the country to breathe life into the strategic framework and to actually use it as a policy filter and a business filter, as we make decisions and choose directions for the organization. We will work with all communities within the overall FPA community to engage in conversations to discover how they interpret this document, and we ll be open to having that dialogue continuously so we can learn and grow from each other, but most importantly, so that we can make sure that we are taking care of our members, which is at the core of why we re here. FPAJournal.org November 2018 Journal of Financial Planning 17

4 FPA STRATEGIC FRAMEWORK Financial Planning Association (FPA ) Strategic Framework I was motivated to join the FPA Board of Directors to work on elevating financial planning as a recognized profession. The Primary Aim speaks to that goal. The financial planning process does indeed have the power to transform lives, and we will continue to work to make those services available to all Americans. Skip Schweiss, President of TD Ameritrade Trust Company Our Primary Aim To elevate the profession that transforms lives through the power of financial planning Financial planning is a people-focused occupation, built around helping individuals and families shape financial resources to meet life goals. Given this, the Primary Aim clearly highlights FPA s vision: to elevate the profession, to increase the quality and quantity of ethical, competent financial planners and to reaffirm the purpose of financial planning as being to transform lives. Martin Seay, Ph.D., CFP, Program Director and Associate Professor of Personal Financial Planning at Kansas State University The Primary Aim expresses what it means to be financial planners. It s a calling that requires a special person who is truly sincere in wanting to help people be better and maximize their potential. While I know financial planning won t solve all societal ills, when done right, it can be a pretty good starting place FPA President Frank Paré, CFP, President of PF Wealth Management Group, LLC The Primary Aim captures the aspirational essence of FPA. As planners, we encourage clients to envision what their lives could be and help them synthesize these visions into actionable plans. FPA helps planners by providing ways to put structure and discipline around this process through best practices, education and peer support. Michael Shockley, J.D., CFP, Managing Director of RGT Wealth Advisors Every day in every community, FPA members help people navigate challenging life decisions and realize their goals. The Primary Aim is to elevate our profession by helping our members grow their skills, their businesses and their recognition. A strong profession will help us help our clients get control of their finances and realize life goals. Ann Dowd, CFP, Vice President of Fidelity Investments The FPA Values represent everything I believe about the profession and our association. I am passionate about what we do for our clients and I couldn t be a successful financial planner without FPA. Our sense of community in sharing ideas and supporting one another is an invaluable and enriching resource. My professional life has been fulfilled through FPA. John R. (Dick) Power, CFP, Founder and Principal of Power Plans The FPA Values describe everything I strive to embody as a financial planner and a person. I choose to be a member of FPA because I choose to develop relationships with others who think and act as I do. In FPA, I am a part of the community of financial planners who are passionate leaders and who strive for improvement. Molly Balunek, CFP, Founder and President of Laurel Tree Advisors The FPA Values describe who we are at our core our DNA. From my earliest exposure to FPA as a student, I could tell that I had found a group who were passionate about the profession, who cared for one another, and who strove for continual learning and improvement. I would not be where I am professionally without FPA. Kimberly Bridges, Ph.D., CFP, CPWA, CDFA, Vice President and Director of Financial Planning of BOK Financial The FPA Values resonate with me because they give voice to the passion and commitment that I bring to my clients, my team and my community. They provide a visible touchstone to guide not only our organization, but our profession, and they inspire me to be a financial planner who can say she lives by these values daily FPA President-Elect Evelyn M. Zohlen, MBA, MS, CFP, President of Inspired Financial The FPA Values drive home the caring and sharing aspect of a profession that delivers a social good for society and practitioners. FPA truly lives its values. They are the driving principles that dictate the requisite behavior on my part as a member in order to bring about success for myself, our members and our clients. D. Tony Mahabir, MBA, CIM, CMC, RRC, CFP, Chief Executive Officer of Canfin Financial Group of Companies Our Core Values We lead with power and purpose We take bold, courageous and visionary action. We are passionate about our calling We pursue our passion with heart, spirit and drive. We strive for personal and professional excellence We pursue learning and continuous improvement, always and everywhere. We connect for collaborative impact We forge communities to make a difference, knowing we are wiser together. We care for and support each other We foster belonging, mutual care, and the spirit of service in our relationships. 18 Journal of Financial Planning November 2018 FPAJournal.org

5 FPA STRATEGIC FRAMEWORK Organizations today must be able to clearly define who they are, what they do and, most importantly, why they exist. At FPA, this means being clear about our commitment to shaping the financial planning profession; our dedication to living the values that guide our efforts; and what we strive to achieve each day both for our members and with their support. The FPA Strategic Framework is the articulation of what defines the association, our role and charge in elevating the profession, and how our values and our Strategic Directive manifest themselves in service to our members. Since 2012, the FPA Board of Directors has been working to refine the Strategic Framework, which started with the adoption of the Strategic Directive and identification of our four value lines: Professional Education, Business Support, Advocacy and Community. The Directive states who we strive to be for our members, while the value lines represent where we focus our efforts. The work was further advanced with the adoption of the Primary Aim in March 2018 and the embrace of new organizational Values in June The result is a crystal clear Strategic Framework, guiding the association s efforts today and into the future. Our Strategic Directive To be the indispensable resource for CFP professionals Great organizations have a clear sense of their core ideology why they exist, who they are, and who they serve. The Strategic Directive is part of the essential glue that binds all FPA communities and stakeholders into one powerful, unified force. We use it unceasingly to shape policy, guide resources and strengthen our identity as we build the association and profession of the future. Lauren M. Schadle, CAE, Executive Director and CEO of Financial Planning Association (FPA) I truly believe FPA is the indispensable resource for all CFP professionals. As long as I ve been associated with financial planning, I ve been involved with FPA. FPA has enabled me to enhance my own skill set from leadership to public speaking to time management. My career path would have looked very different than what it is today without FPA. Dennis J. Moore, CFP, MBA, Chief Operating Officer of Quest Capital Management The Strategic Directive reflects FPA s foundational roots and belief in being the home of the CFP professional and advocating for a recognized profession. This strategic focus guides FPA in connecting our members to unsurpassed benefits and belonging to a community that is the one membership association committed to one profession, one designation FPA Chair Shannon J. Pike, CFP, Vice President of Tanglewood Legacy Advisors, LLC As the profession grows, the FPA Strategic Directive obligates the association to be the professionals leader. It compels FPA to focus on the unique needs of members, including business support, education, and networking. These, coupled with pro bono financial planning and advocacy, provide FPA the know-how to accomplish this Strategic Directive. Todd A. Stanard, CFP, ChFC, CRPC, Founder of Aspire Performance Wealth Partners The FPA Strategic Directive provides clear focus for the association. FPA exists to meet the needs of CFP professionals, whether that s advocating on their behalf, fostering professional development, enabling business success or creating a community of like-minded, passionate professionals. FPA is where CFP professionals can get all of this and more. Chris Draughon, CFP, Director of Financial Planning of First Coast Wealth Advisors, LLC Our Value Lines ADVOCACY BUSINESS SUPPORT COMMUNITY EDUCATION The CFP Professional s Voice The Resource for Business Success The Diverse Gathering Place The Authoritative Source Where members engage in protecting their practices and guiding the profession. Where members enhance their ability to build and manage their businesses. Where members connect with and learn from their peers. Where members fulfill their educational needs to become better practitioners. FPAJournal.org November 2018 Journal of Financial Planning 19