Recently Partha Iyengar, Founder and CEO, Accretus Solutions attended the FPA Retreat held in Palm Springs in California, USA. On request, he shared his learnings with the study group in Mumbai and has also prepared this excellent presentation which is kind of self explanatory to some extent. With permission... we are sharing this with all Network FP members. We would like to thank Partha for same.

1. Partha Iyengar
14 June 2013
FPA RETREAT 2013
Highlights

2. Content
• Fiduciary
• Circle Gathering- Reflections
• Neuroscience of Change
• Financial planning and Uncertainty
• Spinning Fire: Flow Arts and Change
• Technology
• Under the Trees - Conversations
• Future Think
• New Business Model- Rick Khaler
• End of Growth
• Imagining the World of 2020
Photo Credit: David Niblack, Imagebase.net

3. Fiduciary- Bill Aikin-fi360
• Fiduciary Standard - 3000 Years History
• Trustee by Nature > Morals of Market
Place
• Fundamental - Loyalty and care
• Loyalty - Obligation to serve Client's
Interests
• Care- Obligation to act with skill and
good judgement
• FPA Standards of Care = Core Fiduciary
Duty - loyalty and care
Source : Google Images

4. Circle Gathering
• Stories
• Reflections
• Listen
• Deep Insights
• Transitions
• Humility and Integrity
Photo Credit: David Niblack, Imagebase.net

5. Neuroscience of Change- Judith Glaser
• Transformational Conversations
• Healthy Conversations = experience
change differently
• Human Beings - 99% like rats!
• Reaction to change-fight or flight,freeze
or appease
• 3 Levels of Conversation
- Level 1 - transactional-distrust -phase 1
- Level 2 - positional- phase2
- Level 3 - transformational - trust- phase 3
• Power of circles and rituals
Source : Google Images
http://www.creatingweinstitute.com/

6. Financial Planning and Uncertainty – Elizabeth Jetton
• Life is filled with uncertainty.
• We have chosen a profession that by
definition must accept and address it
• Young ones live with virtual world all the
time.
• Sharing economy is in- collaborative and
project based
• Nanotechnology will extend our lives.
• Retirement Planning is passé Photo Credit: David Niblack, Imagebase.net

7. Financial Planning and Uncertainty
• We need to know who we are and what is
our role
• New world with new issues
• Neuroscience and money
• Gig economy- future clients
• Resilience economy
• "We are called upon to help people deal
with the most powerful secular force on
the planet- MONEY" - Dick Wagner, CFP
• "Ability to maintain your core purpose
with integrity in the widest variety of
circumstances,to recover, persist or thrive
amidst disruption"
• New Business Models and competition
Photo Credit: David Niblack, Imagebase.net

8. Financial Planning and Uncertainty
• What moves the needle is spending and
how much you save, the life choices must
be done human to human.
• Advisors play a role in the high touch and
in offering the ability to some one to think
about and manage their whole financial
life ,to re-integrate their financial lives.
• Have empathy and let the curtain go
behind us
• If Advisors want to provide value ,they
have to earn their keep by ascertaining the
part that is so difficult to figure out: " How
financial decisions map on to the things we
want out of life" - Dan Ariely
• You must help your clients see the
potential of abundance they have, to look
at what they already have : their gifts and
resources..."
Photo Credit: David Niblack, Imagebase.net

9. Spinning Fire: Flow Arts and Change- Holly G Kindel
• Ask clients simple questions: How can I
help you? And then shut up and listen
• What is it like to change? Change is
uncomfortable
• If you want to change, you have to be
willing to be uncomfortable
• Facilitating vs Normalizing
• Clients wants us to facilitate change
• Our primary role is to normalize the
discomfort of change
• Her teacher taught her to overcome fear
through process and procedure
• Process, commitment and procedure for
change
• Experienced the fear, challenge and
triumph of the change process
Photo Credit : Holly Kindel - Spinning Fire

10. Spinning Fire: Flow Arts and Change
•Application and practice of tools brings her
success
•Pre-contemplators:
- reluctant - rebellious
- rationalizing - resigned
• Three Principles
- leave your judgment at the door
- choose your language consciously, reflecting
positive attitude
- utilize self-to- self comparisons instead of
self to others
•Remain grounded in our journey to progress
•Give space in your life. What is feeding you
and nourishing you.
Photo Credit : Holly Kindel - Spinning Fire

11. Technology – Bill Winterberg
• Google Glass Video-
http://www.google.com/glass/start/how-
it-feels/
• Next big thing- use videos to optimize Seo.
50 times easier to end up in search results
• Google Hangouts- sharing
knowledge,ideas, social settings,etc
• Telepresence
• Biggest blue ocean - social video
- vine, you tube ( top 2 search engines in
the world)
Source : Google Product Demo

12. Under the Trees- Conversations
• Profound Experience
• Ecosystem and Expertise
• Space
• Listen
• Group financial life planning
• Correlation- neuroscience and circle
gathering conversations
• Right brain focus to solve deep seated
money issues.
Photo Credit: David Niblack, Imagebase.net

13. Future Think- Michael Kitces and Bill Winterberg
• Interactivity
• What if scenarios across the table
• Technology has to answer in 90 sec
• Lessen the back and forth iterative
process
• Fin planning experience has to be 'felt'
and clients have to be at the 'heart' of the
financial plan
• Gamification and identify trends- the
need for it to help clients
• Behavior change, nudge through
technology
• Success stories- mint.com for budgeting
Photo Credit: David Niblack, Imagebase.net

14. Future Think
• In stream Wealth- intelligent,
collaborative,alerts, etc.
• One to one nudges and through friends
and apps - accountability partner
concept- eg.weight watchers.
• Data gathering- make it easier and less
painful
• Money is still a taboo subject. apart from
sex, religion, etc.
• Clients will find advisors through YouTube
and other social medias. Bill's experience.
• Bill's example- 5th or 7th contact reached
to CPA. it helps to have digital presence
through multiple channels
• Robot advisors- investment advice and
portfolio management at 0,25% p.a.
Photo Credit: David Niblack, Imagebase.net

15. Future Think
• Financial Planning - Differentiator
• But Learnvest and Personal Capital have
both planners and technology
• People with less money need more
planning and budgeting
• Skills needed for the future- interactive
planning,effective and efficient
documentation through electronic
mediums
• Find content faster by organizing
effectively and use mobile to access and
present to clients.
• Soft wares like Instream using crowd
sourcing.
Photo Credit: David Niblack, Imagebase.net

16. New Business Model- Rick Khaler
• Future Financial Professionals will work as
Team
• Financial Planner and Financial Advisor
• Financial Planning:
- 10% Products/Comprehensive Planning
- 90% Life Planning/Coaching/Mentoring/
Financial Therapy
• System 1-90% - Psychology, System 2 -
10%- Financial Planning Photo Credit: David Niblack, Imagebase.net

17. New Business Model- Richard S Khaler
• The Power of Whole Brain- financial
planner and therapist/coach
• Define career path and promoted junior
planner to planner/ senior planner and
owner to financial advisor.
• Rick through scientific tests identified
people suited for various roles in his team.
Since implementing the concept as a two
member team for clients with clear
responsibilities, has seen great
improvement in business and happiness
among staff members.
Photo Credit: David Niblack, Imagebase.net

18. End of Growth-Planning Opportunities in a Resource
constrained World – Rick Vodra
• Energy=Population=GDP
• Two parallel energy systems- "WTF OMG"
• Magnitude of oil problem- US
consumption for this year > 6 years usage
during World War II by everyone on earth
• Discoveries peaked in 1960s
• Hard to predict the future
• Shale oil is expensive and only few big
fields
• Peak Oil impact- volatile prices, economic
competition, disruption etc.
• Biggest impact - transportation and
agriculture
• Without more oil, end of overall growth in
real economy
• Impact of global warming
Hurricane Irene- East Cost 2011

19. End of Growth-Planning Opportunities in a Resource
constrained World
• Four possible 21st century paths:
- business as usual
- techno fix
- power down- we' ll respond rationally,
creative and cooperatively
- catastrophe
• Applying financial planning principles with
PO + GCC
• What are positive or less depressing
• How would we plan for clients who have
comparable problems.
• PO+GCC is a risk management problem.
• Risk management is what financial
planners do
• Resiliency is the key to responding to PO +
GCC

20. End of Growth-Planning Opportunities in a Resource
constrained World
• PO+GCC creates an opportunity for values
based planning
• Pursue real work- interior work, spiritual
work
• Appreciative enquiry - abundance vs stuff
• Material prosperity does not equate with
happiness
• Two kinds of financial planning responses
we can suggest - investment decisions and
life planning
• Impact- PO+GCC will likely cause disruption
and new rules at all levels
• Responses- reduce risk exposure generally
and reduce personal debt
• Financial planning responses-PO+GCC =
traditional energy more expensive, less
reliable or less available

21. End of Growth-Planning Opportunities in a Resource
constrained World
• Responses- downsize,live close to family
and work,take vacations now
• Transportation of all kinds will be
expensive. Agriculture will be affected
• Localization and support becomes the key.
Repairing and reusing will be common. Self-
reliance will become important.
• Become and stay healthy. Learn new skills
• Investment Responses- Lowering expected
returns
• Investment Responses- World view One
and World View Two - similar returns
• Develop a blended mix of portfolio
consisting of alternative energy and bet on
global climate change

22. Imagining the World of 2020 – Lowell Catlett
• People will afford what they want
• 4 Billion people in the world will need
financial planning
• Those who have rich and deep social
connections die at only 1/4 the rate of
any/all causes. 50% less infection rate.
• 3D Printing will be revolutionary and
change the world.
• U.S. citizens after disposable income
spend only 31% on housing, utilities,
alcohol, food, etc. Lowest in the world.
• Food consumption in average American
household is 9.6% of income. Lowest
ever in history and the world.
• Americans spend 69% of their disposable
income by buying crap
Source : Google Images