Minutes

FMA First Meeting
September 18
Meeting called to order at 1:05
-Great Events and Trips Upcoming to Inform about business world
-Officer Introductions: Goal of FMA Inform Students and Members about financial world situations; answer financial questions
-Run through of events

• Today: Richard Grossman, CEO of Energy Concepts
• Financial Advisor on Oct. 2nd (financial planning)
• Oct 16th- Omari Thomas
• Nov 6th- Trip to New York
• Panel of Teachers for MBA explanations
• Discussion of Chicago Conference
  Richard Grossman

• Partners in two staffing companies in New York Companies
• Formed NRG Concepts-sales coaching
• How to reduce stress?-Must Prepare-it is your career and life
• Check Company’s Website, Know Resume, PREPARE
• Must Return Questions to Interviewer
• Extra Circular Activities which make YOU stand out; what do you excel in academically (Deans’ List,  Study Abroad, the quality of the courses you took(challenging); Same internship for past few years, land big account in an internship, captain of sports team ~Motivate, Bring People Together, Delegation, Conflict Resolution-Problem Solving)
• Must Differentiate on Resume
• Tangible (i.e Network Engineer)/Intangible (Leadership, Flexibility)  Skills : FLEXIBILITY IS KEY-Flexible Workers Don’t Get Laid Off; Must have POSITIVE attitude
• Keep Notes about Yourself-Report on Your Strengths and Weakness
• Interviewer-Wants to Find Right the Person-time consuming

Describe Yourself:
Show that you’re a leader, stand out by specific events, show strengths and provide examples. Two paragraphs and right to the point.
Tips:

• People on Interviews have to be Accomplish Discussers (increase membership by 40 percent, involved in programs that created more interest, PROUD of the fact-must show self-esteem)
• Ask Interviewer about Question-get some more information about question
• Mistakes-show risk and able to recognize them and tell the employee
• Responding after Interviews: “I appreciate your most competitive (fair) offer”- DON’T SHOW YOUR HAND-losing leverage-Experience is worth more than anything else
• Never burn bridges, “I want to consider the job”, always say I am interested in the position
• On Follow Up Emails-Spell Check, Punctuation Check, Reiterating Strengths (I would bring x y z to the job-this will catch the employers eye)
• Find hiring manager on follow up Email
• Answer Weaknesses by Making it Positive and Show Steps to Improve
• Always ask questions at the end-employers want you to ask questions-extremely important, distinguish yourself by asking good questions: primary questions: Day to Day challenges of the job, KEY: What are the most important parts of this job on a daily basis?, What are the key things to do in this job that make me stand out? Elaborate on personal questions (Drilldown question, specificity), How will my work be evaluated?   Secondary questions: ask about competition, history

Entrepreneur Facts/Advice

• Most businesses fail in the first five years of business
• Entrepreneur- good selling skills and advertisement
• Know when to cut your losses and say you made your mistake
• Have thick skin

Richard Grossman’s email address: conceptsbynrg@aol.com
Meeting Ending: 2:02
Respectfully Submitted by Joseph Capodicasa Jr.

 

 

Second Meeting
October 2, 2009
Meeting Begins: 1:00
-Introduction of Shaun Hood, financial advisor at Wells Fargo.
Shaun Hood

• Degree of Finance, no CFP, or Masters; has series 7 license
• 2005-Present Wells Fargo Financial Advisor
• Helping clients manage assets and money-average client aged 65-70;  200 Families
• Average client owns $170,000 in investments

Current state of economy is both adversely and benefitting the financial advisors firm
Advisors Age Affects clientele retention. Advisors with increased age have increased experience thereby having the edge against young advisors.

What advisors Do:
Clients must understand what assets they own. Advisors act as “hand holders helping clients remain calm and make rational decisions.

Four Step Process of Financial Advising:

• Sitting down with couple, set up goals (Risk, inheritance, health care costs); What is important to them?
• Run some analysis; Realistic checks about retirement-Is the client on track? Which adjustments must clients make-more risk to retire now, willing to work longer, less money to children?
• Getting through plan, specific recommendations, where to draw income from (pensions, CDS, IRA) Suggest, Recommendations and Why
• Keep in touch with clients, Talk two three times with client, Meet at least one a year. One out of ten families actually worry about managing money directly

Financial Information:

• Must tie up investments with goals (time horizon) Example: Shorter the goal more conservative –long time horizon must be more aggressive
• Aggressive=stocks; historically nine to ten percent return. One out of every four years stocks lose money. Shorter time periods-->invest in bonds and cash
• Rule of 72: Earn 7 percent: double money every ten years
• Thirty year old saving for house in year or two typically has forty percent in bonds and twenty percent in cash
• Sixty year old saving for retirement has fifty percent of assets in stocks
• During the first couple of years financial advisors are underpaid. Advisors need to build a niche and receive referrals. Fifteen to twenty years later, financial advisors make twice as much as what the average college student makes.

Follow Up Advice:

• Be Financially Comfortable with making less money and having a big house or expensive car during the first years of operations
• Must market and sell yourself: average advisor is making 200,000 from 15-20 yrs
• Take advantage of 401 and matching employer-must not put an exorbitant amount of money away due to the availability of needed cash. Rule of thumb=two to three months take home pay
• Start out as Bank Advisor and take advantage of internships in banks

Follow up Questions
Meeting Ended 1:56
Minutes Respectfully Submitted by Joseph Capodicasa Jr.

 

FMA Third Meeting
Meeting Begins: 1:02
Officer Reports
Aaron Lipton-President

• Discussion On New York Trip
• Details about Trip

John Lindinger- Vice President

• No Report

Vickie Gunnerson-Events Planner

• Haunted Mansion October 29

Joseph Capodicasa- Secretary

• Progress Reports and Service Projects
• Working on Website

Alyshia Monticollo- SGA Representative

• Trying to Gain More Cash for Conference in Chicago

Eric Sanders- BOBA Representative

• Fundraiser for Bureau of Business Association: Selling Candy

Dana Zeinker- Treasurer

• Rowan College of Business T Shirts (Rohrer College)
• Mary Kay Fundraiser

Omari Thomas (Not an Entrepreneur), Financial Advisor
Background Information

• Graduated Rowan in 1999 and was a Marketing Major. Worked at Janny Montgomery Scott and got licensed
• Recruited by Merrill Lynch in 2005 and managed 250 million in worth of assets. Learned about corporate environments. Resigned in 2008
• Managed ETFs in Merrill Lynch and Merrill Lynch spent a great amount in training. Merril Lynch’s motto: “the bull knocks down doors”
• Currently Owns Discoverpoint Holding which works with Financing Opportunities for Africa (five billion a year for investing in Africa)

Professional Advice

• Need Relationships from Clients (discounted fees)
• Must Network! The sooner the better
• Get Experience Early
• Know What You Want To Do/ Find your Passion
• Always Try to Impress: Don’t Hesitate to Know Craft
•  Know People are Always Watching; People are Testing You
• Stress Work Ethic-Can Be Taught To Do Anything
• The Business Environment is Cutthroat-Corporate Environment means having strong relationships
• Discipline, Passion, Decision-Be prepared to do mundane projects such as cold calling
• Financial Positions Pay Well but it takes time

Interview Advice

• Always Confirm the Meeting and Follow Up
• Appearance is Vital-Shoes Shined, Hair Managed, White Collar Shirt, Dark Collar Suits, Ties, Handkerchief in Pocket
• Look person in Eye
• Questions: How to improve sales? How is the training here?  Always have five questions for interviews
• Identify Objects in the Office-Helps determine ego of person working with.
• Send Thank you Letter
• Be competitive; there is competition on the global level
• Show Passion During Interviews(Teamwork and Discipline Portrayed as in Sports)
• Very Few People Who Can Find Deals and Take Chances

Personal Advice

• Always Think outside the box, for example different countries have the opportunity to create growth
• Graduate School Depends on What Job Is-Not going to learn on the go experience in school
• Always Keep in Contact with Relations- Don’t Discount Meetings
• Have a Mentor- Try to Pick a Professor
• Be open to Constructive Criticism
• Financial Advisor is compared to as Sales Partner; know how to sell yourself
• Balance Personal Life with Business Life (Especially Marriage)
• Twelve Hour Days to be Successful-No Such Thing as Luck in Business, Simply Work Hard

Meeting Closed at 1:58
Minutes Respectfully Submitted by
Joseph Capodicasa Jr.

 

Fourth Meeting
November 20, 2009
Meeting Begins at 12:25

Review of Officer Roles

President Introduction-Aaron Lipton

Overview of topics for meeting

Review/Demonstration of website

Discussed Presidential and Vice President of Career Development positions using website as guide.

Responsibilities include, coordinating guest speakers, preparing workshops, informing the organization of important events, appointing board members, overseeing general meetings, and serving as a liaison to Dr. Wang, FMA advisor.

 

Vice President Report- John Lindinger

Reviewed Vice Presidential and VP of Publicity Requirements and Roles which include creating newsletters and reports, overseeing presidential position on president’s absence, maintaining FMA board in Bunce Hall, and publicizing FMA activities

Publicity Committee Formulation and Goals

 

Vice Presidents of Membership- Dana Zeinker and Alyshia Monticollo

Reviewed Responsibilities of Vice President of Membership which include creating Resume Book Construction and FMA Bulletin Board Project, increasing attendance numbers, and distributing information about the Financial Management Association  

Recruitment Committee Formulation, Goals, Recruitment

 

Vice President of Event Planning-Victoria Gunnerson

Prepares Service Projects and Fundraisers for the year and oversees contact information and attendance records

Prepares major events for the Financial Management Association, such as the New York Stock Exchange

Event Planning Committee Formation, Goals, and Recruitment

 

Secretary- Joseph Capodicasa

Responsibilities include, taking minutes, acquiring attendance, updating website, and keeping accurate records of chapter activities

Website Committee Formation, Goals, and Recruitment

 

Treasurer- Dana Zeinker

Responsibilities entailed include, preparing budget, keeping executive board ascertained about the financial matters of the chapter, and overseeing chapter dues

 

SGA Senator- Alyshia Monticollo

Responsibilities include attending the SGA meetings, reporting concerns to the Executive Board of Student Government, checking mailbox, and handing in service and progress reports.

 

BOBA Representative- Eric Sanders

Responsibilities include attending BOBA meetings, reporting on the status of the Financial Management Association’s  activities and relaying information from BOBA Meetings to the Financial Management Association

 

Committees

Joining Committees is an excellent way to get involved in FMA

By participating in committees it is good experience for a position which a member wishes to run for in the future

Committees include, Website, Recruitment, Publicity, and Event Planning

Review website for more information: http://www.rowan.edu/clubs/fma/

 

FMA Superior Chapter Designation

The Rowan Chapter of FMA is currently looking to apply for the Superior Chapter Designation

To effectively complete this goal, our chapter must apply at year’s end with many requirements fulfilled (set by nationals) by May 2010

Interested in applying for FMA Honors Designation

More information will be given in the upcoming meetings next semester

Meeting Ended at 1:20