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Contact Us
513-554-3062
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Thank You to our Silver Sponsors
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2017-2018
Board of Directors
President
Kenneth Byers,
CLU, ChFC, AEP, RFC
President-Elect
Secretary
Anne Conway,
CLU, ChFC, LUTCF
Treasurer
Mathew Whited,
CPA
Professional Development Chair
April Caudill,
JD, CLU, ChFC, AEP
Membership Chair
Michael Comperchio,
CLU
Sponsorship Chair
Anne Conway,
CLU, ChFC, LUTCF
Bill Hesch
CPA, PFS
Michael Kinzie,
CLU, ChFC, CASL
Past President
Robert Herum,
CLU, ChFC, MSFS
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We are looking for LEADERS!
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President's Message
January, 2018
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Ken Byers, Jr. President |
Dear Friends,
January has always been a time to look forward to the new year. It's an exciting time to reflect on the changes we want or need to make to accomplish our goals into 2018 and beyond.
FSP will be a great place for you to accomplish some of your goals. Our goal in 2018 is to continue growing the chapter. We have put together excellent programs and speakers and have committed to continue to our educational meetings.
In 2018, the strength of our chapter is the diversity and the growth of our membership. We have an active board who continues to come up with great ideas and opportunities for all of our members. So as you enter 2018, make sure you take advantage of the monthly programs and come early to network with other members. If you have someone you would think would be a right fit to become a member, bring them to the meeting as our guest to see what we offer. May each and every one of you have a great and prosperous 2018.
Ken Byers, Jr. CLU, ChFC, AEP
President - Cincinnati Chapter of FSP
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| January 17, 2018 Cincinnati Chapter Meeting
Business Succession for Planned & Unplanned Events
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MSFS, CLU, ChFC, RHU, REBC, DIA, DIF, LTCP
Ameritas Life Insurance Corp.
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Business succession is not just for clients, it's personal to every advisor. Many of us work with business owners every day to help them plan for unexpected events, as well as for the succession of ownership that they know will take place at some point in the future. But have you focused that planning process on your own business?
Even if you believe you're on track, you'll want to hear this timely two-part presentation to help you identify planning gaps in your own business, as well as applying your knowledge to helping your clients. Start the year with a clear plan for your own future and a vision to help your clients protect their own dreams. Space is limited, so register soon.
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November Meeting Recap
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 In Case You Missed It.... At our November meeting ... we had a live video teleconference on Strategies for Student Loan Debt.
Moderator Elvin D. Turner, JD, MBA, and expert panelists, Allison Anne Hoyt, JD, CLU and Ross A. Riskin, CPA/PFS relayed real-world scenarios and case studies that revealed how best to guide and educate clients with the goal of helping improve your clients' overall financial health.
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December Meeting Recap
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At our December meeting ... Cincinnati FSP Board Member William Hesch Esq., CPA, PFS
of William E. Hesch CPA and
Law Firm, LLC
, reviewe
d the very timely topic of Tax Mistakes Business Owners Make and Year-end Planning Strategies.
Bill discussed the status of Trump's tax reform and thoroughly answered many questions from fellow FSP members. We were grateful to have Bill present this timely discussion.
Our Chapter President, Ken Byers, Jr., also awarded our Past Chapter President Bob Herum recognition of his leadership in 2016-17.
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A Pending Shift in Multigenerational Wealth Transfer
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Provided by:
Eric Robbins, CFA, CFP
Financial advisors make a living from helping people manage their finances. Ideally, this occurs alongside the cultivation of long-term client relationships. If your longstanding clients were to pass away today, would your firm continue to help the families manage their assets? Research suggests that only 29 percent of children plan to retain their parents' financial advisor, and only 38 percent of recent widows retain their deceased spouse's advisor 5 years after the death occurs. These statistics should make every financial advisor's ears perk up.
Isabel Blunt, a principal at State Street Global, recently presented her thoughts on the looming passing of the financial baton from members of the baby boomer generation to their heirs. The facts presented above and throughout this discussion come from her presentation. She shared some results from the MetLife Study of Inheritance and Wealth Transfer, which showed that $30 trillion to $41 trillion is expected to change ownership from baby boomers to the next generation over the next 30 years.
State Street Global Advisors conducted its own national survey of 400 financial advisors and 560 clients. It found that only 28 percent of the firms surveyed are currently deploying a formal multigenerational wealth transfer strategy. The most common strategy for managing the multigenerational shift is to intentionally build relationships with the heirs of existing clients. Many advisors also suggested that clients involve their heirs in wealth transfer conversations. The reality is that only 45 percent of clients surveyed have ever discussed wealth planning openly within their immediate family and only 4 percent hold regular family meetings to discuss wealth management.
The real question is, "Do advisors want to be reactive or proactive?" Advisors often wait until either a health issue occurs or their clients attain a subjective age level before they actively consider these issues. Clients also tend to put off the discussion, because the longer we avoid talking about death the less likely it is to happen-right? The last time that I checked, the probability of death is still 100 percent. Timing is the real unknown.
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