2016 Industry Issues Competition

Transcription

1 2016 Industry Issues Competition The Foundation for Financial Service Professionals (FSP) will host the fifth annual national Industry Issue Competition giving teams of students from colleges and universities the opportunity to examine a critical issue of high relevance to the financial services profession. The title of this year's issue is: Career Opportunities: Evaluating Careers and Attributes for Success in the Financial Services Profession Papers written and submitted in response to the title should cover the following: A. Three professional career paths (from the provided list) must be researched and analyzed. The career paths should be diverse enough that unique research is required for each path. Researchers should demonstrate an understanding of what practitioners actually do in their career and who they serve. What practitioners particularly enjoy and dislike about their chosen path should also be covered. B. The importance of belonging to and being active in a professional association to career success must be examined. The value provided by at least three professional associations, including the Society of FSP, should be researched in terms of the type of members that belong and the benefits provided to practitioners. C. Researchers should examine and provide insights into the benefits derived from developing and maintaining professional relationships. This may include but not be limited to the value derived from peer relationships, relationships with practitioners in other related disciplines, and participation in formal/informal study groups. D. The subject of mentorship must be covered. Researchers should investigate and cover the importance of mentors to career success, why a mentorship commitment is of value, the specific characteristics they would seek in a mentor along with the outcomes they would expect from mentorship. Scholarship awards will be made to the universities of the winning teams in the amounts of: 1st Place...$5,000 2nd Place...$3,000 3rd Place...$2,000

2 To be eligible to compete, students must attend an FSP University Partners Program (UPP) school and submit a written solution in the manner described below to the issue by November 9, Teams entering the competition may be comprised of up to three undergraduate and/or graduate students per team. A panel of judges will select three finalist teams with the top written solutions covered in submitted papers. The three finalist teams will then compete for scholarship funds in an oral competition on January 25, 2016 at the Society of Financial Service Professionals (FSP) prestigious Arizona Institute in Phoenix, AZ. (Marriott Resort at the Buttes). A judging panel selected from among experienced practitioners and members of the Society will judge the final three teams and announce the winners at a reception following the presentations. CAREER PATHS IN FINANCIAL SERVICES Financial Planning/Investments Careers Interfacing with Consumers or Advisors Financial Planner (Fee Based, Commission Based, Fee Only) Stock Broker/Investment Advisor Mutual Fund Wholesaler Careers in Supporting Roles within Financial Service Entity Stock Analyst Portfolio Counselor/Manager Internal Marketing Insurance/Employee Benefits Careers Interfacing with Consumers or Advisors Life and Health Insurance Broker Employee Benefits Broker General Insurance Broker/Personal Lines Pension Administrator/Third Party Administrator Insurance Wholesaler/Group Rep pg. 2

3 Careers in Supporting Roles within Financial Service Entity Home Office Marketing Department Sales Case Design Support/Home Office Underwriter/Customer Service Home Office Advanced Marketing Internal Marketing Attorney/Accountant/Actuary Careers Interfacing with Consumers or Advisors CPA/Tax Accountant/Business Evaluation Specialist Estate planning, elder law, tax or business attorney Trust officer/professional fiduciaries Careers in Supporting Roles within Financial Service Entity Pension Actuary Insurance Actuary Categories of Questions to Consider Asking Practitioners A. What You Do for a Living 1. How did you get started in business? What led you to where you are today? 2. What did you expect your career path to be like when you started? How has that changed through the years? 3. How are you compensated? Give examples of situations which make you money. 4. Have your income sources changed throughout your career? How? B. Professional Challenges 1. What were your biggest fears starting out, and how did you address them? 2. What was the most distasteful/stressful thing about your business when you started? How does that differ today? 3. How has technology changed your way of doing business, and what future changes do you expect? 4. Do government regulations threaten your profession? If so, how? C. Professional Growth 1. Did you continue your professional education? If so, how, and was it worth it? 2. How has what you have learned helped you with your own personal financial planning? 3. Have you been involved with local study groups? If so, what value have you gotten from your involvement? 4. Have you used a business consultant or a strategic coach in your career? If so, what benefits have you received? pg. 3

4 D. Future Outlook for your Practice 1. How do your clients view your relationships with them, and has that changed through the years? How do you expect that to change in the next ten years? 2. How do you think your best clients would describe you? 3. What would need to happen to make you feel comfortable in stepping down from your business? 4. What, if any, is your exit strategy? Have you considered a younger professional to take over your business to help you exit gracefully and profitably? E. Future Outlook for your Profession 1. What does your profession look like in years? 2. What changes would you have to make to your business model to adapt? 3. What are the biggest challenges for new entrants into your profession? 4. What single piece of advice would you give to a new practitioner? Sample Interview Questions for Practitioners Regarding Professionals Associations: 1. Do you belong to professional associations? Which ones? 2. How has engagement in a professional association helped your career success and growth? 3. What are the essential benefits that you receive from a professional association? 4. Which association benefits have you found to be of greatest value? 5. What advantages do you personally receive by belonging to a professional association? 6. How has belonging to professional associations assisted the service you provide to clients? Examples of Applicable Associations to Consider for Review: Examples of relevant (but not limited to) associations to consider are: Society of Financial Service Professionals (must be included), National Association of Estate Planners and Councils, Affiliated Local Estate Planning Councils, Financial Planning Association, National Association of Insurance and Financial Advisors, American Bar Association, American Institute of CPAs, Investment Management Consultants Association, Million Dollar Round Table, Association for Advanced Life Underwriting. Sample Interview Questions for Practitioners Regarding Professional Relationships: 1. Describe the value obtained from developing/maintaining professional relationships with others in your same practice specialty? 2. Describe the value obtained from developing/maintaining professional relationships with professionals in different practice specialties or disciplines? 3. Is their value derived to your practice from working as a team with other types of advisors? 4. Is their value derived to your clients from working as a team with other types of advisors? 5. Have relationships developed with other types of advisors assisted in building your practice? Sample Interview Questions for Practitioners Regarding Mentorship: 1. Have you worked with someone who was a mentor to you? 2. If so, describe the value/outcomes you derived from working with a mentor. pg. 4

5 3. What specific characteristics did you seek or would you seek in selecting a mentor? 4. Have you acted as a mentor to a younger professional? 5. What benefits did you personally derive from being a mentor to someone? Student teams should follow the below procedures in performing research and preparing manuscripts for submission: The research documented should include results from interviewing actual practitioners professionals making a living within that career path. (See list of sample practitioner interview questions above). One of the Society of FSP s 120 local Chapters may be able to help you connect with appropriate practitioners. For assistance in reaching out to practitioners within a local Chapter please contact FSP s CEO, Joe Frack, at jfrack@financialpro.org or SUBMISSION PROCEDURES 1. Manuscript Submission Authors should submit the following through to rgarrett@financialpro.org. (Please note: submissions only!) Abstract: An abstract, between 50 and 100 words, that is a synopsis of the paper, giving a preview of its contents and explaining why the topic is important to the reader. The abstract should precede the body of the paper. Manuscript: A Word document of the paper, set double-spaced in12-point type with numbered pages not to exceed 25 pages. Title Page: Because the manuscripts are sent out for blind reviews, the author s name(s) and school must not appear on any page of the body of the text. Instead, provide a separated title page with the paper s title and the author(s) name(s), designations, school, complete address, phone, fax, and address. The title page should be submitted in a separate file, labeled "Identifying Information." Repeat the title on the first page of the paper. Biographical Sketch: One or two paragraphs about each author, limited to 50 words, which should include designations, education, work experience with responsibilities (if any), other published works, industry awards or recognition, address and phone number. The bio(s) should be submitted in a separate file also, labeled "Identifying Information." Professionals Interviewed: The practitioners interviewed should not be named in the paper. A brief un-named description of the practitioners interviewed along with the work they do, the designations or degrees held and the professional organizations they belong to should be noted in the paper. However, a document entitled "Practitioners pg. 5

6 Interviewed" should be submitted which identifies (Names, Firms, Addresses) the practitioners interviewed. This should be submitted in a separate file, labeled "Identifying Information." Contact Information: Complete address, phone and address of each author. These materials should be ed to the aforementioned address, either as a separate document or included in the separate title page. Adherence: Submissions that do not adhere to all guidelines are subject to elimination 2. Review Process Each manuscript submitted will be blind reviewed by a panel consisting of individuals from industry and academia who will select the top three papers to be presented in the final competition at the Society of Financial Professionals Arizona Institute. The target date to notify finalist teams is December 7, A judging panel selected from among experienced practitioners and members of the Society will judge the final three teams and announce the winners at a reception following the presentations. IMPORTANT: All manuscripts should be spell-checked by the computer before final submission. Authors should use Word, on either an Apple or IBM PC compatible computer, to prepare their documents. Figures and tables may be prepared in Excel format. 3. Multiple Submissions In submitting, authors agree that they have not submitted, and will not submit, the same (or a substantially similar) manuscript to any other publication. In exchange, the Foundation agrees to process submissions promptly and accept or reject manuscripts in a timely manner. Upon learning of a multiple submission, further consideration of the manuscript in the competition will cease. FORMAT AND WRITING STYLE 1. Writing Style Manuscripts should be written in the third-person style. To ensure anonymous review, authors should not identify themselves and school directly or indirectly in their manuscripts. 2. Inclusive Language Every effort should be made to use inclusive language, avoiding the sexist use of he, she, "salesman, or other such terms unless the content clearly demands it. The style should be to use either the plural pronoun forms (they, them, their, etc.), to include both sexes ( he or she, him or her, etc.), or to use a neuter term ( salesperson, persons, etc.) pg. 6

7 3. Length and Page Setup Papers should be a minimum of 8 double-spaced pages, in 12-point type, up to a maximum of approximately 25 pages (2,000 to 8,000 words) including endnotes. Manuscripts should be set on 8 ½ x 11-inch size, with a page number assigned to each page. Margins should be at traditional settings (top and bottom margins at 1 inch and side margins at 1.25 inches). 4. Paper Titles Paper titles should be a scholarly reflection of the subject matter of the paper. Authors should avoid language that appears boastful, overreaching, or nonobjective in nature (i.e., not revolutionize or the greatest ). Titles should be no longer than 12 words. Because the manuscripts are sent out for blind reviews, the author s name and school must not appear on any page of the body of the text. Instead, submit a title page with the paper s title and the author(s) name(s), school, designations, address, phone, fax, and address preceding the first page of the paper. Repeat the title only on the first page of the paper. 5. Headings Authors should subdivide their material to show the logical sequencing of the paper. In typing manuscripts, insert main headings and subheadings at appropriate places throughout the paper. 6. Charts, Graphs, and Tables All charts, graphs, and tables should be inserted at their appropriate places within the body of the manuscript. 7. Endnotes When appropriate for credit to a source, clarity, or completeness, papers should contain: (1) endnotes that provide simplified explanations of, or rigorous technical support for, a complex concept used in the paper (as, for example, with regression analysis); (2) endnotes that provide references to bibliographical materials that either support a statement, represent the source of a quotation, or should be read if further information is desired. All endnotes should be numbered consecutively and double-spaced. They should also appear at the END of the paper, beginning on a new page but continuing the page numbers of the body of the paper. Do not cite parenthetically in the text. The paper should use the Chicago Manual of Style, as a standard for documentation of books and periodicals. Endnotes with legal citations may conform to the style prescribed by A Uniform System of Citation, ( The Bluebook ), published by the Harvard Law Review Association, or may follow a simplified system. COPYRIGHT The copyright to all accepted papers will be held by the Foundation for Financial Service Professionals. Authors will be required to complete and return a Copyright Transfer Form. If any material in a paper is based on a study or research data, please note that the Copyright Transfer Form does not preclude in any way the author s use of the data from this study in future papers, nor does the Foundation assume ownership of the data just the submission based on it. pg. 7