Certified Financial Planner Board of Standards Inc. - CFP Board's 2009 Financial Planning Clinic

On Saturday, September 19, 2009, hundreds of Detroit-area residents attended the Financial Planning Clinic at The Westin Southfield Detroit to meet one-on-one with volunteer CERTIFIED FINANCIAL PLANNER™ professionals to discuss their personal finance questions, concerns and interests free of charge, with no strings attached.

The CFP® professionals at the event provided information and advice on a wide range of topics, including:

GENERAL FINANCIAL PLANNING
Purchasing a Home - Debt Management -
Building a College Fund - Savings Goals
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SPECIAL CIRCUMSTANCES
Job Loss and Job Change - Foreclosure Assistance -
Change in Marital Status
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INVESTMENT PLANNING
Investment Strategies - Asset Accumulation -
Generating Investment Income
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RETIREMENT PLANNING
Building a Retirement Fund - 401(k) and 403(b) Plans -
IRA Accounts - Social Security
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INCOME TAX PLANNING
Tax Reduction Strategies - Charitable Contributions -
Small Business Taxation
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ESTATE PLANNING
Building an Inheritance - Wills and Trusts -
Estate Tax Strategies
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INSURANCE PLANNING
Life Insurance Coverage - Disability Insurance -
Long-term Care Planning
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EMPLOYEE BENEFITS
Managing Health Insurance - Health Savings Accounts -
Pension Benefits
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The Financial Planning Clinic also offered Educational Workshops on diverse and popular financial topics presented by leading experts in personal finance.

The event raised public awareness of financial planning and the benefits of working with a financial planner who holds CFP® certification, the recognized standard of excellence for personal financial planning.

View a video from CFP Board’s Financial Planning Clinic in Boston.

A Financial Planning Clinic is a special event that provides the public an opportunity to address specific financial questions to professional financial planners who volunteer their time and expertise to provide unbiased financial planning information tailored to each visitor's unique situation. All financial planners at the Clinic hold the CERTIFIED FINANCIAL PLANNER™ certification (CFP® certification) and are highly qualified to discuss your financial issues to help you find the answers you need.

At the Clinic, each volunteer is seated at a table designated for a specific financial planning topic. You decide what topic you’re interested in and head over to the appropriate table. The volunteer CFP® professionals meet with only one individual, couple or family at a time but there is no limit to the number of volunteers you can meet with.

The Financial Planning Clinics further CFP Board's mission of serving the public by upholding the CFP® certification as the recognized standard of excellence in personal financial planning. In addition to this event in Detroit, Financial Planning Clinics held in Los Angeles, Boston, Washington, DC and Miami were resounding successes for thousands of consumers who attended, as well as for the hundreds of CFP® professionals who gave back to their communities by sharing their talents.

CFP® Certificants

CFP Board would like to give special thanks to the dedicated group of CFP® professionals who served an advisory role in the planning of the Financial Planning Clinic and its promotion to Detroit-area community groups and media outlets: Harriet Adams, CFP®, Leah Arnold, CFP®, Nicholas Bonn, CFP®, Gunther R. Brieger II, CFP®, Jason Close, CFP®, Lawrence J. Fisher, CFP®, Karen Norman, CFP®, Laurie Renchik, CFP®, Jeffrey J. Smith, CFP®, John Stelman, CFP®.

CFP Board thanks the following CFP® professionals who helped make the Financial Planning Clinic a success:

Robert E. Arnold, Jr., CFP®
John Broman, CFP®
Martin Brosnan, CFP®
Leonard Brunkey, CFP®
Carolyn Bruns, CFP®
Steven Close, CFP®
Daniel de Varona, CFP®
Elizabeth Deutch, CFP®
Mary Kenny Ewasyshyn, CFP®
Adam Finch, CFP®
Ray Fitzgerald, CFP®
Claudia Freeman, CFP®
Catherine Gearig, CFP®
Kenneth E. Hall, CFP®
Thomas Hardy, CFP®
Virginia Hathorne, CFP®
Joe Henderson, CFP®
Valerie Johnson, CFP®
Vera Johnson, CFP®
Ralph Keene, CFP®
Thomas Lawson, CFP®
Celia Magro, CFP®
Dana Margiotta Frellick, CFP®
Teresa McClelland-Sargent, CFP®
Amelia Michniak, CFP®
Mark Mitchell, CFP®
Susan North, CFP®
James Odell, CFP®
Steven Osterink, CFP®
Todd Perry, CFP®
Wayne Pirmann, CFP®
Jack Riashi, Jr., CFP®
Richard Sechler, CFP®
Phillip Serra, CFP®
Francis St.Onge, CFP®
Paul J. Sullivan, CFP®
Makram Talia, CFP®
Colleen Theuerkauf, CFP®
Michael Wharton, CFP®
Cyril White, CFP®
Timothy Wyman, CFP®
Terrie Zitzelsberger, CFP®

The Clinic also provided attendees an opportunity to select from a series of Educational Workshops and benefit from expert information on a wide range of financial topics.

Workshop Schedule:

12:00 p.m. Sessions:

Managing Money in Hard Times: Dealing with Credit Cards, Foreclosure and Unemployment
This workshop, by Cyril White, CFP®, CDFA™, CSSC, MBA provides several steps you can use to survive financially through difficult and challenging times. Topics covered will include: how the emotions associated with losing a job can impede sound financial decisions; financial steps to take immediately when facing a job loss; and dealing with creditors and foreclosure. Also discussed are considerations related to other areas of your financial life, including insurance, budgeting, debt, investing and resources for additional information.
Planning for Your Financial Goals
Financial planning provides direction and discipline and has the power to change lives. Without it, people typically make impulsive, random decisions: they buy this insurance, invest in that stock, or adopt the latest tax strategy. If the pieces not only don't fit together, they may actually conflict with each other and compound the problems. But building a successful financial plan can be confusing. Many individuals and families have no idea how much money they have, how they spend their money, or what they want their money to do for them. This presentation by Timothy Wyman, CFP®, JD, will help you discover how the financial planning process integrates your assets (what you have) – with your goals and objectives (what you want).
Estate Planning Basics and How to Implement Them
Estate Planning is about protecting your assets in the event of disability or death, and from creditors and predators. In this workshop, Wayne Pirmann, CFP®, MSFS introduces the Big Five concerns and discusses the basic documents that all Americans should have prepared and on file, such as wills and powers of attorney. The final stage of the workshop shows specific examples of how to – and how NOT to – title or re-title assets and beneficiary designations. The overall thrust of the workshop is for families to make sure that their money and property goes to whom they want, when they want, and in the amounts they want – and to accomplish all of this by avoiding probate.

1:00 p.m. Sessions:

Financial Planning for Small Business
In this trying economic climate, Leah M. Arnold, CFP® teaches business owners where to look for the information that is critical to turning a business around and/or improving the performance of their business, and how to make decisions based on that information. She shows owners how to ”take the pulse” of their company in ten minutes, how to squeeze more profitability out of their balance sheets, and how to manage their cash flow more effectively. She also discusses how small business owners can reduce their tax liability through deferral, and how to plan and implement strategies that will increase the value of their organizations for sale, merger, or succession planning.
Planning for Your Financial Goals
Financial planning provides direction and discipline and has the power to change lives. Without it, people typically make impulsive, random decisions: they buy this insurance, invest in that stock, or adopt the latest tax strategy. If the pieces not only don't fit together, they may actually conflict with each other and compound the problems. But building a successful financial plan can be confusing. Many individuals and families have no idea how much money they have, how they spend their money, or what they want their money to do for them. This presentation by Timothy Wyman, CFP®, JD, will help you discover how the financial planning process integrates your assets (what you have) – with your goals and objectives (what you want).
Young Professionals: Launching Your Financial Plan
This workshop by Thomas W. Lawson, CFP® outlines key investment strategies that may enhance your possibility of investment success and reduce the probability of monetary failure. (Remember, there are no absolutes in investing.) Financial planning is a process, not a single solution. This session covers such topics as: successful investing, hiring a financial advisor, power of compounding, suitability of an investment, current expenditures, asset allocation factors and parameters, risk quantification, and investment selection rules and parameters.

2:00 p.m. Sessions:

Investment Planning for Retirement Assets
This workshop by Nicholas Bonn, CFP®, CFM, CSNA® provides a straightforward and graphic approach to explaining retirement plan distribution options, the fundamentals of investing when nearing retirement and the value of having a well-developed retirement income plan. The presentation has been developed to help clarify the daunting and complicated choices individuals face as they leave or switch employers and plan for retirement.
Managing Your Employee Benefits: From Pensions to Severance Packages
This workshop by Harriet Adams, CFP®, CEP® is designed to address issues related to employee benefits during your working years, retirement or a job loss. Employee benefits play an increasingly important role in the lives of employees and their families. Learn how to avoid the common misconceptions of employee benefits, pension plans, and severance packages.
Managing Money in Hard Times: Dealing with Credit Cards, Foreclosure and Unemployment
In this workshop, Cyril White, CFP®, CDFA™, CSSC, MBA provides several steps you can use to survive financially through difficult and challenging times. Topics covered include: how the emotions associated with losing a job can impede sound financial decisions; financial steps to take immediately when facing a job loss; and dealing with creditors and foreclosure. Also discussed are considerations related to other areas of your financial life, including insurance, budgeting, debt, investing and resources for additional information.

3:00 p.m. Sessions:

Living Beyond Paycheck to Paycheck
In this workshop by Claudia Freeman, CFP®, CRC®, MBA, learn how to increase your wealth, decrease your debt, and manage your cash flow. Many individuals find that their paycheck is spent all too quickly, leaving them wondering where it all went. This presentation helps you “get a grip” on your current financial situation so that you can discover the steps you need to take to reach your goals. Learn how to: prepare personal net worth and cash flow statements; clearly define and prioritize your financial goals; develop a plan for eliminating debt; and build an easy-to-use Spending Plan that really works!
Managing Your Employee Benefits: From Pensions to Severance Packages
Whether you are currently employed, dealing with job loss or retired, employee benefits play an important role in your life as well as the lives of your loved ones. This workshop by Vera Johnson, CFP®, CIMA®, ChFC® has been designed to help you navigate the various employee benefits options which may affect your financial future and retirement. Healthcare options, pension plans, severance packages will be among the many topics discussed during this session.
Investment Planning for Retirement Assets
Have you spent more time planning for your last vacation than you have for a 30-year retirement? Most people do. Are you financially and emotionally ready to retire in today’s new retirement reality? This workshop by Jeff Smith, CFP®, ChFC®, CRPC® teaches what steps you need to take financially to prepare for a retirement longer than your working years; find out common mistakes most people make in retirement that they typically don’t make during their working years; learn ways to protect your life savings in today’s challenging market; and learn the rules and regulations of gaining access to your 401(k) and IRA before the age 59 1/2.

Workshop Speakers:

		Harriet J. Adams, CFP®, CEP® has over 18 years experience in the financial services industry and is founder of Retirement Planning & Investment Services, L.L.C., an Investment Advisory firm in Southeast Michigan. Serving as President since 2001, she specializes in providing personal financial and retirement planning. Harriet has presented numerous seminars and has served as a retirement counselor for employees and executives of several key industries and many public schools in the Metropolitan Detroit area. She has taught retirement and financial planning classes as an adjunct professor for Macomb Community College and Schoolcraft Community College. She is a member of the Financial Planning Association (FPA). Harriet is a CERTIFIED FINANCIAL PLANNER™ professional, CERTIFIED ESTATE PLANNER™ and holds FINRA Series 6, 7, 24, 26, 51, and 63 registrations as well as life and health insurance licenses.

		Leah M. Arnold, CFP®, a former business analyst and consultant, is the founder and lead instructor of the Academy for Strategic Business Solutions, and a financial advisor with Merrill Lynch (Bloomfield Hills). She has an extensive background in financial management and planning, business valuation and analysis, and quality consulting. She has successfully mentored hundreds of businesses in Michigan, and through The Academy, has taught business financial planning in conjunction with Walsh College, CEED, and the National Association of Women Business Owners, where she currently serves on the board of directors. She works closely with companies, their executives and employees, helping them develop and implement plans for growth, and maximization of personal and company value.

		Nicholas Bonn, CFP®, CFM, CSNA® is a financial advisor and CERTIFIED FINANCIAL PLANNER™ professional with over a decade of specialization in retirement planning and investment advisory. Nicholas also holds the Certified Special Needs Planner™ designation. With over 50 years of experience, Nicholas and his advisory team provide comprehensive financial and investment advisory services to individuals, families, and organizations. Nicholas is a highly-regarded advisor often requested to provide presentations and participate in symposiums to professional organizations, unions, and industry associations. Several large corporations have retained Nicholas as a part of their retirement planning education resources for their executives and employees.

		Claudia Freeman, MBA, CFP® (US & Canada), CRC® is a Senior Planner with Keats, Connelly and Associates LLC, where she provides comprehensive financial planning services to high net worth clients. Her specialty lies in the area of cross-border planning for individuals moving from Canada to the United States. Prior to joining Keats, Connelly Claudia was Vice President, Retirement Services for Comerica Bank where she designed and delivered customized employee education programs focused on retirement planning and investment management. Claudia also taught Accounting and Finance at the University of Windsor for ten years. Claudia holds Bachelor of Arts, Bachelor of Commerce, and MBA degrees from the University of Windsor, and a Series 65 license. She is an elected member of the Board of Standards & Policy Development for the International Foundation for Retirement Education (InFRE) at Texas Tech University.

		Vera Johnson, CFP®, CIMA®, ChFC® is a Wealth Management Advisor for Merrill Lynch in Farmington Hills, Michigan. Vera focuses on total wealth management and provides solutions for multidimensional personal and business finances. Vera has a defined process by which she works with each client and insists on understanding the specific situations of the people she works with; thereby being able to establish objectives, develop an appropriate strategy, recommend solutions, and review the progress we are making together toward reaching those goals and objectives. Vera embraces the total financial planning model and works with a variety of specialists to customize a solution that meets each individual’s unique financial objectives.

		Thomas W. Lawson, CFP® is president of T. W. Lawson Financial LLC in Ann Arbor, Michigan. He has been a CERTIFIED FINANCIAL PLANNER™ professional for over twenty years, and he was an adjunct college professor in business at Schoolcraft College for 15 years and instructor at Wayne State University for 8 years. In addition, Mr. Lawson was a stock broker with Edward Jones for almost 5 years, managing almost 40 million dollars in assets. He is presently an arbitrator for FINRA/NASD. Mr. Lawson spent 30 years in computer systems and operations research for a major auto manufacturer and has a BS in business and an MBA. Investor financial education has always been a primary and major focus of Mr. Lawson's efforts.

		Wayne Pirmann, CFP®, MSFS is president of Pirmann Financial Services in Auburn Hills, Michigan. Wayne’s credentials include CERTIFIED FINANCIAL PLANNER™ certification, ChFC (Chartered Financial Consultant) and an MSFS (Master of Science in Financial Services) from The American College in Bryn Mawr, PA. He has also earned CFS and CAS designations that indicate advanced work in both mutual funds and annuities. He also holds the Series 6,7,24, 63, and 66 licenses with FINRA and a bachelor’s degree in mathematics and anthropology from an Ivy League institution. Wayne’s background includes collegiate and professional soccer coaching and raising three kids all of whom played soccer. His soccer coaching has contributed to his financial planning practice as he adopts more of a coaching, rather than demanding, attitude towards advising clients.

		Jeffrey J. Smith, CFP®, ChFC®, CRPC® is Assistant Vice President & Wealth Management Advisor with Merrill Lynch in Bloomfield Hills, Michigan. Jeff holds the CERTIFIED FINANCIAL PLANNER™ certification, as well as Chartered Financial Consultant and Chartered Retirement Planning Counselor professional accreditations. Jeff joined Merrill Lynch in 2007, coming from UBS Financial Services where he was also a Wealth Management Advisor. He specializes in comprehensive wealth management solutions as well as & retirement income strategies. Over the last decade, Jeff has regularly conducted educational seminars about retirement planning and investing at General Motors, Delphi, Ford and AT&T. He has also been a featured guest lecturer at Michigan State University and Wayne State University. A graduate of the Eli Broad College of Business at Michigan State University, Jeff and his wife Elizabeth reside in Huntington Woods, MI.

		Cyril White, MBA, CFP®, CDFA™, CSSC is the founding member and Managing Director of White House Financial & Settlement Consulting, LLC, a leading Financial Consulting and Investment Advisory Firm, in Chelsea, Michigan. The firm specializes in working with people in the community or who are undergoing a life changing event such as the death of a loved one, physical injury, job loss, retirement and divorce. Prior to founding his firm in January 2001, Cyril served as a Financial Advisor with Merrill Lynch & Co. in Detroit, Michigan and as an Investment Banking Associate with River Capital Markets, Bloomfield Hills, Michigan. He graduated with a Bachelors of Science in Engineering Physics from the University of Michigan in 1991 and a Masters in Business Administration and Finance from the University of Chicago in 1996. He holds the CERTIFIED FINANCIAL PLANNER™ certification and Certified Divorce Financial Analyst® designation. He also received his designation as a Certified Structured Settlement Consultant (CSSC) from the National Structured Settlement Trade Association at the University of Notre Dame. In addition, he holds Series 7, 63 and 66 securities licenses as well as Life, Health and Variable Annuity insurance licenses.

		Timothy Wyman, CFP®, JD is a partner with the Center For Financial Planning, Inc. The Center, established in 1985, is recognized as one of the leading Financial Planning and Investment Management firms in the Midwest. A leader in his profession, Wyman served the national Board of Directors for the 28,500 member Financial Planning Association™ (FPA®) from 2005-2007. Wyman has appeared on WDIV/TV4, WXYZ/TV7 & UPN/TV50 in Detroit and has contributed to lead articles in numerous national publications including: The Wall Street Journal, Money Magazine, SmartMoney, The Chicago Tribune, NY Post Online Edition, Wall Street Career Journal, Parents Magazine, Essence, Bloomberg Personal Finance, Financial Advisor, Investment Advisor and InvestmentNews in addition to local news print such as The Detroit News, The Detroit Free Press, and The Oakland Press. Wyman holds a Bachelor of Arts degree in Economics & Management from Albion College, the CERTIFIED FINANCIAL PLANNER™ certification, a Juris Doctorate cum laude from Detroit College of Law at Michigan State University, and is admitted to practice law in the State of Michigan. Moreover, Wyman holds various securities and insurance licenses.

Financial information provided by CFP® professionals at the Clinic is free and tailored to your needs. The volunteer CFP® professionals are not allowed to sell products and services or hand out business cards or marketing materials. In other words, there are no strings attached.

CFP Board organizes Financial Planning Clinics to help people experience first-hand how financial planning can improve their lives and bring the expertise of CFP® professionals to people who may not normally have access to reliable and ethical financial planning information.

Any attendee who wishes to follow-up with a volunteer CFP® professional will have access to the volunteer’s name and contact information in the information package provided at registration.

The Financial Planning Clinic in Detroit follows successful Clinics held in Los Angeles (2006), Boston (2007), Washington, DC, (2008) and Miami (2008) where volunteer CFP® certificants made a positive difference in the lives of thousands of people by sharing their time and expertise to help individuals and families sort out their personal finance questions and concerns.

Learn more about CFP Board's past Financial Planning Clinics

If the enthusiastic and grateful comments from attendees and volunteers weren’t enough to validate the benefits these events provided, post-event surveys confirmed that more than 95% of attendees found their experience so rewarding that they would recommend it to others. The same percentage of volunteers stated that they would participate again.

Past Financial Planning Clinics have featured partnerships with a large number of community organizations who invited their constituents to attend the events, including AARP, America Saves, City of Miami, Georgetown University, Goodwill Industries International, United Way and University of Miami. Among the many media outlets that have supported the Clinics are ABC, CBS, NBC, The Los Angeles Times, The Miami Herald and Univision.

The independent professionals at this Financial Planning Clinic have volunteered to provide free general financial planning information. By accepting this information without paying any costs or fees, you expressly agree that you will hold all individuals and parties associated with this Clinic harmless regarding any action you may ultimately decide to take in connection with information, conversations, advice or recommendations you may receive at the Clinic.

Any facts, recommendations or advice you may receive at the Clinic are for informational purposes only, and reliance on it is solely at your own risk. No client, representative or agent relationship may be formed at the Clinic.

CFP Board does not recommend or endorse individual professionals or professional services. CFP Board's Mission focuses on benefiting the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning.