RIIA Holds Annual Meeting, Communications Conference & Awards Dinner; Professor Zvi Bodie Cited for Lifetime Achievement
Apologies to OppenheimerFunds’ Kathleen Beichert, Chair of RIIA’s Research Committee as well as to RIIA’s research partners, Elvin Turner of Turner Consulting, and Larry Cohen of SRI-BI. Also, my sincere apology to JordenBurt’s Joan Boros.
A cut/past error earlier caused the contributions of these individuals at RIIA’s Annual Meeting to not be mentioned in yesterday’s article (I create these articles in Word and them past them into the blog application). Please see the section I’ve added in the text below.
On Monday of this week the Retirement Income Industry Association (RIIA) held its Annual Meeting and Awards Dinner. Over the course of a long but stimulating series of presentations attendees were left with a vivid sense of the unique value RIIA brings to the retirement income industry. Where else does the cross-silo retirement income conversation take place?
RIIA’s Founding Chairman, Francois Gadenne, kicked-off the day with a presentation summarizing RIIA’s mission and goals including a report card on the substantial progress that has been made in achieving them.
The various morning sessions offered specific insights into the important work being undertaken by RIIA’s various committees. Laura DeFraia (Wachovia), Laura Varas (Financial Research Corporation) and Elmer Rich (Rich & Co.) highlighted results from RIIA’s Employment Survey.
Rick Nersesian, formerly Director of Retirement Income at UBS and now a private consultant, discussed ongoing efforts to expand RIIA’s membership ranks.
Royal Bank of Canada’s Ron DeCiccio, Chair of RIIA’s Education Committee, was joined by Retirement Learning Center’s John Carl, in a presentation about the expansion the curriculum that will lead to the awarding of the professional designation, RIIA Retirement Income Expert (RIE).
Kathleen Beichert, Chair of RIIA’s Research Committee, invited Elvin Turner and Larry Cohen to describe RIIA’s latest research efforts. Larry and Elvin delivered a concise overview of RIIA’s next research report addressing, in part, the number of financial relationships consumers in different market segments maintain and the implications arising out of a shrinking of that number as retirement draws near. Like, the first research report in this series, the new report will provide completely new insights.
Russell Investment Group’s Richard Fullmer, Chair of RIIA’s Methodologies Committee, introduced RIIA’s Statement of Principles. These principles govern software used to illustrate retirement income projections. Larry and Elvin delivered a concise overview of RIIA’s next research report addressing, in part, the number of financial relationships consumers in different market segments maintain and the implications arising out of a shrinking of that number as retirement draws near. Like, the first research report his series, the new report will provide completely new insights.
Next, Joan Boros of JordenBurt LLP delivered a presentation on the organization of RIIA’s Compliance Committee including an overview of the Committee’s goals and future value to RIIA members.
Matthew Greenwald (Matthew Greenwald & Associates) delivered the lunchtime Keynote address entitled, “The Inevitable Grassroots Change”. Greenwald presented a moving and candid analysis of US retirement security in the context of real life examples.
In the afternoon it was my privilege to Chair RIIA’s Communications Conference. I began with remarks detailing the reasons why I believe that, for retirement income businesses, success is synonymous with excellence in communications.
The program then shifted to multiple presentations from elite financial advisors – “Income Pioneers”- who have already made a successful transition to income generation oriented practices.
Phil Lubinski, CFP® and Briggs Matsko, CFP®, demonstrated their communications techniques and financial strategies for income generation. Rick Miller, Ph.D., CFP®, talked about the impact of technology on fiduciary advisors and nimble product providers.
Harold Evensky, CFP, ®, summarized how financial advisors should be preparing to meet the retirement income needs of the Boomer generation. Evensky provided helpful glimpses into the strategies he has used to manage clients’ expectations across volatile market conditions.
The financial advisors’ presentations were enormously insightful and really drove home the point that the genius of successful advisors is due, in part, to their genius as effective communicators. I concluded the Communications Conference with the observation that Lubinski, Matsko, Miller and Evensky are members of an elite minority of advisors, and that the real challenge for the industry will be in introducing the educational tools and communications technologies needed by the 95% of advisors who have yet to acquire equal income planning skills.
RIIA’s Lifetime Achievement Award Goes to Professor Zvi Bodie
The next part of the program was the presentation by Research Magazine Editor, Gil Weinreich, of RIIA’s Lifetime Achievement Award to Professor Zvi Bodie of Boston University. Bodie is the Norman and Adele Barron Professor of Management at BU. He was selected for the award for his many achievements in applied research. Bodie holds a Ph.D. from the Massachusetts Institute of Technology and has served on the finance faculty at the Harvard Business School and MIT’s Sloan School of Management.
Professor Bodie’s textbook, Investments, is the market leader and is used in the certification programs of the Financial Planning Association and the Society of Actuaries. His textbook Finance is coauthored by Nobel Prize winning economist, Robert C. Merton. Professor Bodie’s latest book is Worry Free Investing: A Safe Approach to Achieving Your Lifetime Financial Goals.
Prior to the RIIA Excellence in Communications Awards Dinner there was a cocktail hour which included a book signing opportunity with two noted authors, Terry Burnham (Mean Markets & Lizard Brains) and Harold Evensky (Retirement Income Redesigned).
The Keynote Address was presented by Professor Bodie. His talk, entitled “Encouraging Adaptation” was funny, motivating and highly insightful. Bodie has a unique capacity to both simplify complex issues and pummel conventional wisdom. For instance, I’d bet money that his comments on Target Date mutual funds caused many audience members to re-examine their views on these popular investment vehicles.
After Professor Bodie’s address it was time to present the RIIA Excellence in Communications Awards in the categories of Best Advertising Award, Best Retail Communications Award and Best DC Communications Award.
RIIA’s media sponsors selected the various award winners from the many entries submitted. Armee Lee chaired the Investment Wires Committee that selected Nationwide Financial as the winner for its “Life Comes at You Fast” campaign. AXA was runner-up for its “800-pound Gorilla” campaign.
Evan Cooper of InvestmentNews presented the Retirement Income Communications Award in the New Media category to Morningstar for its Retirement Income presentation, part of Pincipia Presentations & Education module. Runner-up went to Jackson-National Life for the “But What if I Live” DVD presentation.
In the print category, Columbia Management took the top honors for its Columbia Management Retirement Learning Center. Securities America Investments was runner-up for “Imagine Your Life without Limits.”
Allison Cooke of Sponsor of PLANSPONSOR presented the DC Advisor Award to Genworth Financial for its “ClearCourse Personalized URLs.” Receiving the runner-up award was Pacific Life for its “Destination Independence” piece.
Francois Gadenne closed out the eventful day with a gracious thank you to all that participated.
In thinking about the RIIA event I feel that attendees gained tangible value, and that RIIA may have exceeded the expectations of some. Important insights emerged that could only have come out of a meeting where multiple silos across multiple industries are brought together in a single conversation. That’s both unique in the retirement income industry and very much needed.
©Copyright 2007 David A. Macchia. All Rights Reserved