BOARD OF DIRECTORS MEETING · 2018. 10. 24. · Bethany has graciously accepted our invitation to...

BOARD OF DIRECTORS MEETING 11:30pm Friday, October 26, 2018 See below for location; there is no call-in option for this meeting

AGENDA (as of 10/23/2018) The presiding officer for this meeting is President Mark Peiler, CFA. WELCOME PAGE(S) TIMING LEADER(S)

1. Welcome; call for additional agenda items; phishing - 11:30am Peiler

OFFICIAL BUSINESS

2. Consent Agenda (APPROVAL NEEDED) Minutes*, membership applications

4-6

Peiler Richardson, Lyons

3. Projected FY2018 financials; FY2019 budget update * Seltz, Jamison 4. Sponsorship 21-24 Salter 5. Live Prep Classes (DISCUSSION) - Peiler 6. 2019 Annual Dinner 7-8 Berube, Crandall

Lunch 12:15-12:45pm

STRATEGY

7. Overview of afternoon session - 12:45pm McAdams 8. Highlights from 2018 Americas SLC 9-11 1:00 Crandall, Lyons 9. Mission assessment 12-20 1:10 McAdams 10. Environmental analysis – member survey results,

member & candidate data, Board survey results - 1:45 McAdams

Afternoon break 2:30 11. Strategic objective development - 2:45 12. Group discussion – strategic objectives - 3:30

13. Wrap-up; confirm next steps - 4:00

ADJOURNMENT 4:15pm * See separate spreadsheet LOCATION Immediately following this meeting, please join us

for happy hour in the new Gray Fox Coffee & Wine Bar in the atrium of our building!

CFA Society Minnesota 121 South Eighth Street Marquette Conference room (2nd floor), Minneapolis

ACTION REMINDER: Committee reports will be on our November 15 meeting agenda. Please submit your updated Committee Action Plan by Monday, November 5. Online Board manual is at https://www.cfasociety.org/minnesota/Pages/CFAMN-Board-Manual.aspx

OUR MISSION To promote and advance the professional excellence,

ethical behavior and fellowship of our members through quality programs, educational offerings and volunteer opportunities.

OUR VISION

We envision a CFA Society of Minnesota that is highly valued, well respected, and widely recognized by investors, academia,

and the business community in our region.

Board of Directors Meeting Documents October 26, 2018 of 24

https://www.cfasociety.org/minnesota/Pages/CFAMN-Board-Manual.aspx

KEY DATES 2018-19 BOARD OF DIRECTORS MEETING SCHEDULE (as of 10/19/2018) DATE ATTENDEES ACTIONS / FOCUS

✓ Sep 14 Full Board Orientation | Strategic Planning kick-off Oct 26 Full Board Strategic Planning follow-up Nov 15 Full Board Committee Action Plan updates due 11/5 Dec 20 Executive Committee + Strategic Planning Committee Jan 17 Full Board Approve 2019 membership dues Feb 21 Executive Committee + Strategic Planning Committee Mar No meeting Apr 18 Full Board Committee Action Plan updates due 4/8 May 16 Executive Committee + Strategic Planning Committee Jun No meeting Jul 18 Full Board Committee Action Plan updates due 7/8 Aug 15 Full Board Ratify board election results; approve budget

NOTE: Outlook invitations have been sent for these meetings; please check your inbox and make sure you RSVP. OTHER IMPORTANT DATES DATE EVENT LOCATION Sep 13 Volunteer Recognition Event Pinstripes (Edina) Sep 20-21 CFAI Alpha & Gender Diversity Conference San Francisco Sep 27-29 CFAI Americas Society Leadership Conference Vancouver Oct 4 Objective Measure Conference Ames Center (Burnsville) Oct 11 Research Challenge Kick-off CFAMN Nov CANCELLED Live Class – Level I * CFAMN Nov 8 New Charterholder Celebration Minnekahda Club (Edina) Dec 1 CANCELLED CFA Level I Exam – Post-Exam Party ** The Liffey (Saint Paul) Dec 13 Holiday Social Atlas Grill (Minneapolis) Jan 31 Annual Dinner Hyatt Regency (Minneapolis) Feb Research Challenge Finals tbd May 9-11 CFAI Global Society Leadership Conference London May Live Class – Level I, II, III CFAMN Jun 15 CFA Exam – Post-Exam Celebration The Liffey (St. Paul) Aug 13-14 Intellisight 2019 UST Law School (Minneapolis) * Live class canceled due to lack of instructors ** Post-exam party canceled due to lack of venue (Wild game); inviting candidates to holiday social instead


MEET YOUR 2018-2019 BOARD COLLEAGUES Visit the online board manual for bios and contact info

President Chair, Board of Directors Mark Peiler, CFA

Vice President Chris May, CFA

Past President Chair, Nominating Committee Josh Howard, CFA

Secretary Chair, Changing Perceptions Teri Richardson, CFA

Treasurer Chair, Finance Committee Jake Seltz, CFA

Assistant Treasurer Chip Jamison, CFA, CPA

Director Chair, Annual Dinner Subcommittee Sheila Healy Berube, CFA

Director Amanda Carter, CFA

Director Co-Chair, Programs Committee Tom Crandall, CFA, CAIA

Director Chair, Institutional Outreach Subcommittee Matt Dornik, CFA

Director Chair, Programs Committee Ben Duininck, CFA

Director Chair, Education Committee Matt Grimes, CFA

Director Chair, Strategic Planning Committee Carol Kuha, CFA

Director Chair, Research Challenge Subcommittee Jon Levy, J.D.

Director Chair, Membership Committee Kathryn Lyons, CFA

Director Andrew Rem, CFA

Director Chair, Career Development Committee Carol Schleif, CFA

Director Chair, Advocacy Committee David Slegh, CFA, CAIA

Director Sam Somuri, CFA, CFA, CAIA

Director Mark Traster, CFA

Executive Director Mark Salter, CAE, ABC



MEETING OF THE BOARD OF DIRECTORS

September 14, 2018;11:30am Attendance

First Last In Person Online Absent Sheila Berube, CFA X Amanda Carter, CFA X Tom Crandall, CFA X Matt Dornik, CFA X Ben Duininck, CFA X Matt Grimes, CFA X Josh Howard, CFA X Chip Jamison, CFA X Carol Kuha, CFA X Jon Levy X Kate Lyons, CFA X Chris May, CFA X Mark Peiler, CFA X Andrew Rem, CFA X Teri Richardson, CFA X Carol Schleif, CFA X Jake Seltz, CFA X David Slegh, CFA X Sam Somuri, CFA X Mark Traster, CFA X Lauren McAdams, CAE X Diane Senjem X Amanda Sullivan X Mark Salter, CAE X

WELCOME

Presiding Officer: Mark Peiler

1. Mark Peiler called the meeting to order at 11:35 and called for additional agenda items.

• No items were added to the agenda.

OFFICIAL BUSINESS

2. Consolidated motion - ACTION: Motion made and seconded to approve consolidated motion. Motion carried.


3. Proposed Committee/Subcommittee Chairs – ACTION: Motion made and seconded to approve the committee/subcommittee chairs for 2018-2019. Motion carried.

Note: The Institutional Engagement Subcommittee is new.

4. Mark Salter provided an update on sponsorships and requested to notify him of any other ideas the board has. In addition, the list of sponsors will be added to the Board Manual to make it easily available for all board members.

5. Societies 2.0 Vision Statement – Action: Motion made and seconded to accept Societies 2.0 Vision Statement. Motion carried.

STRATEGY

6. Board Orientation

a) Mark Peiler began orientation with a review of expectations regarding board meetings. Board

members are expected to attend meetings unless they notify staff of conflicts. Members are expected to be prepared for meetings – read materials in advance. If not able to attend the meeting, read the materials and send comments/questions to staff or appropriate board member in advance if possible. Also, try to attend in person.

b) Mark Salter then introduced the CFA MN online Board Manual. The link to the manual was provided.

This link will not appear in a search which means it cannot be found by people who do know the link. It is intended to be available to only board members. Not all items in the table of contents are populated yet – this will be an ongoing process as policies are developed where needed. Mark highlighted tab 1.1 which has a link to Board Source, a resource for information regarding boards. He also mentioned that tab 1.2 provides a Society Leadership training module that all board members are encouraged to complete. Tab 1.4 has access to the Society Databook which is a resource for statistics for our society. https://www.cfasociety.org/minnesota/Pages/CFAMN-Board-Manual.aspx

c) Lauren McAdams from the CFA Institute provided information regarding resources available from the Institute. She reviewed Society Center which board members can use – this requires logging into the Institute website. A sample of the information available is information regarding the role of Presidents Council Representatives. Lauren also reminded us to remember that Project Funding is available - now is a good time to review needs and make eligible requests.

GENERAL ADMINSTRATION

No items on the agenda

Meeting adjourned at 3:30pm.

Respectfully submitted

Teri Richardson

Attachment: September 14, 2018 Board Meeting Packet



https://www.cfasociety.org/minnesota/SiteCollectionDocuments/Online%20Board%20Manual/1808914%20Board%20Meeting%20Packet%20v2.pdf

Membership Applications for Board Review September-October 2018

Name Type Employer Notes

Tyler Akerlind, CFA Dual Securian Financial Group

Katherine Buesgens, CFA Dual RBC Wealth Management

Erin Burke, CFA Dual Nordstrom Card Services

Andrew Cooper, CFA Dual Wells Fargo

Papa Diop, CFA Dual Channel Partners Capital

Eric Dryer, CFA Dual UBS

Christopher Duncan, CFA Dual ECMC Group, Inc.

Donald Hunter, CFA Dual Ameriprise

Ronnie Jackson, CFA Dual Allianz Life Financial Services

Mitchell Lang, CFA Dual Dougherty & Company

Jacob Lauer, CFA Dual RBC Wealth Management

Renator Melo, CFA Dual Ernst & Young LLP

Theodore Owen, CFA Dual UnitedHealth Group

Anthony Perala, CFA Dual Advantus Capital Management

Jared Plotz, CFA Dual Ulland Investment Advisors

Wei Qiao, CFA Dual Thrivent Investment Management

Jacob Rice, CFA Dual Abbot Downing

Joshua Schettle, CFA Dual RBC Global Asset Management

Nishad Shah, CFA Dual

Tyler Smith, CFA Dual Nuveen

Luke Sperling, CFA Dual TCF Bank

Andrew Walker, CFA Dual Allina Health System

Colt Wolfram, CFA Dual Parametric

Michael Zaslavsky, CFA Dual Parametric Portfolio

Miao Zhu, CFA Dual The Mosaic Company

Charlie Bahnson Local-only Fiduciary Counselling, Inc 3C

Ryan Doyle Local-only UnitedHealthcare 2C


2019 ANNUAL DINNER SPEAKER The Annual Dinner Subcommittee is excited to announce our speaker for 2019, best-selling author Bethany McLean.

Bethany is a contributing editor at Vanity Fair. Previously, she was an editor-at-large at Fortune magazine, where her 2001 piece, “Is Enron Overpriced?” was one of the first skeptical articles about Enron. After Enron collapsed into bankruptcy, she co-authored The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron with her Fortune colleague Peter Elkind. A documentary based on the book was nominated for an Academy Award in 2006.

In 2008, McLean joined Vanity Fair as a contributing editor. In 2010, her book All the Devils are Here: The Hidden History of the Financial Crisis, which she co-authored with New York Times columnist Joe Nocera, was published. In 2015, Columbia Global Reports published her mini book Shaky Ground: The Strange Saga of the US Mortgage Giants, and in the fall of 2018, CGR published Saudi America: The Truth About Fracking and How It’s Changing the World.

Her 2016 Vanity Fair story on disgraced pharmaceutical company Valeant was used as the basis for Netflix’s “Dirty Money” episode about the drugmaker.

She is also a columnist for Yahoo Finance and a contributor to CNBC.

McLean graduated from Williams College in 1992 with a double major in math and English, and from 1992 to 1995 she worked as an investment banking analyst at Goldman Sachs. Our Vision Bethany has graciously accepted our invitation to not only speak at the Annual Dinner but to spend some time during her visit to connect with young female professionals and students through our Changing Perspective outreach. One of the first to question the accounting used at Enron, Bethany McLean is a role model. As a relatively young female financial journalist, she publicly challenged authority figures, some of whom retaliated by claiming she was not smart or sophisticated enough to understand and appreciate complicated accounting processes. Because of this, she is in particular a role model for young women in the financial services industry. We expect her story will be inspiring … encourage all of us to stand firm in our convictions … and appreciate the significant positive contributions we make to the financial services industry.


Call to Action The annual dinner is one of the two marquee events put on by the Society and our success in this event hits both our financial goals and our advocacy, member engagement, community presence initiatives. We aim to have this annual dinner draw record attendance, and the subcommittee has identified a number of avenues and tactics to grow awareness and diversity beyond the reach of an e-mail campaign - but we need your help! Specifically, we need each of you to step up in one (or all) of the following ways:

• To serve on the Annual Dinner subcommittee • To drive attendance at your workplaces • To identify and connect with champions at other firms, regardless of whether the champion

has the CFA designation or is a member • To connect with other local societies (FPA, ACG, TMA, CMT, CAIA, etc.) • To connect with other Fortune 500 companies around town (Treasury or Finance at TGT,

BBY, MDT, MMM, UHG, etc.) • To help drive our social media outreach (Tom Brakke??) • To help drive our traditional media outreach

Questions • Do you know anyone looking for an opportunity to develop their marketing portfolio

or brand? • Do you know a student or young professional whom we could bring in as a marketing intern

to help promote the event?


Board:

We recently had the opportunity to represent Minnesota at the Society Leadership Conference in

Vancouver. This was the first time either of us have attended the conference and we’re excited to share

with you the initiatives of the CFA Institute, particularly as they relate to ‘Societies 2.0’, and ideas and

questions for the board. We spent our time making connections, brainstorming (poor Mark Salter had to

put up with two days of ‘let’s do this’ and ‘can we do that’ … don’t even ask about the 11:30 pm session

on Friday) and comparing/contrasting our society with others. At a high level we both came away

grateful for the stability our organization has shown, impressed by the foresight of those who took the

plunge and staffed our society appropriately, and encouraged by the strength of our board and

volunteers.

It was evident through our conversations that our Society has a good reputation for being innovative

and generally well run, but we question whether we are ‘an inch deep and a mile wide’ and whether we

can more fully find and use our voice. In our opinion our Society has two big opportunities:

1) Find one-to-three key initiatives that we truly want to be known for. CFA Societies of Texas is

known for political advocacy, CFA Society of New York and CFA Society United Kingdom are both

known for local and global professional development, CFA Societies of Canada is known for

governance … what is, or more importantly what should, CFA Society of Minnesota be known

for?

2) Leverage our good reputation by taking a more proactive role with the Institute. We view this as

an opportunity to really advocate on behalf of our local members, doing what we can to make

sure the Institute of making choices that benefit our members rather than just being “takers” of

policy.

o Paul Smith said that we would be “pushing on an open door”

o James Bailey (Midwest PCR) said that by and large the Institute is still dominated by the

wants and needs of the “XL’s” (extra-large societies), Minnesota is in a good position to

move the needle.

CFA Institute Initiatives:

Most of the conference was spent discussing ‘Societies 2.0’, which is the initiative to change the way the

Institute and Societies interact to be more Society-centric. As part of ‘Societies 2.0’ there is a push to

view our collective selves as a professional body, not simply a group of test-passers, but this requires

more active advocacy (per Paul Smith the institute has “done a poor job, not included Societies, hasn’t

defined advocacy and hasn’t delivered it well) and continuing education.

At the heart the Institute has three objectives which it believes Societies 2.0 will help solve:

1) To develop future professionals through relevant and accessible credentialing programs, high

standards of entry and professionalism

2) To deliver member value that accelerates the professional success of our members and that

continues to develop educated, ethical members at the top of their profession


3) To build market integrity that benefits investors and our members that serve them

The Institute argued that to meet Societies 2.0 we need Continuing Professional Development (CPD) but

stopped short of efforts to make it mandatory. Further, the Institute’s stance thus far is that the

Societies individually should determine what counts as CPD for their region. To accommodate this the

Institute is spending resources on making CPD both easy to track and integrated with other professional

bodies but needs the Societies to “step up their game” on providing the course work.

The Institute is investing in Societies to help ease the strain of fulfilling the 2.0 initiative. Specifically, the

Institute is/has:

• Changed the Society funding formula (which we saw at our last board meeting)

• Increased the Brand Activation support to $11 million

o Paul Smith, in a side conversation, challenged us to take risks. He indicated that the

Institute has trouble giving this money away as CFA’s are “too pragmatic”.

• Aligned the planning schedule to provide funding insight earlier in the fiscal year

o The Institute will be looking for clarity on Societies books by the end of September, we

question whether we will be able to give an accurate enough picture by this time given

the timing of the Intellisight conference and its impact on our budget. We will need to

explore the best path forward with the Institute.

Societies, by and large, agreed with the 2.0 initiative but questioned how it would work in practice. For

instance, they questioned how they can appropriately staff to meet 2.0 without a better understanding

of the long-term changes to funding (the Institute hasn’t committed to the long-term formula). We

believe the 2.0 initiative affects us less than it does others, primarily because we are already structured

to meet many of the objectives – the increased funding is helpful but not critical.

Midwest Societies Initiatives:

The primary initiative of the Midwest Societies is to be more collaborative. The CFA Society of

Indianapolis will be starting a monthly connection of Program chair(s) to share best practices, coordinate

speakers, and to communicate successes and failures. A good bit of time was spent considering a

regional get-together, much like the Western Societies do. This conference would be put on by the

Societies for the Societies with the attention focused on sharing ideas and working together.

Board Questions:

• What do we want to be known for?

o Do we want to be ‘an inch deep and a mile wide’ or find a few items to be global leaders

on?

• Ought we take a more proactive approach with the Institute?

• Should we take the lead (or even participate) in a Midwest Societies get-together?

o There is a lot of passion around this initiative, but someone needs to drive it.

o The Western region has had good success with their own conference


Next Steps:

• Meet with Lauren McAdams at the board meeting on October 26

o Get Lauren’s thoughts on any/all of the questions above (including the planning cycle)

o Get Lauren’s guidance on ‘Societies 2.0’ and how we should navigate

• We will share findings, ideas and connections with committee chairs and staff individually

through the month of October

• We will write a piece for both the e-mail newsletter and the Freezing Assets blog

Thank you for reading and providing us the opportunity to represent Minnesota,

Kate and Tom


Default Report

CFA Society Minnesota 2018

October 21st 2018, 5:02 pm EDT

Q1 - The mission of CFA Society Minnesota is "To promote and advance the professional

excellence, ethical behavior and fellowship of our members through quality programs,

educational offerings, and volunteer opportunities.” Please rate how well your mission

statement expresses the strategy for your Society.

Should be 6 for

“Very well” –

duplicate

response.


# Field Minimum Maximum Mean Std

Deviation Variance Count

1

The mission of CFA Society Minnesota is "To promote and advance the

professional excellence, ethical behavior and fellowship of our members through quality

programs, educational offerings, and volunteer opportunities.” Please rate how

well your mission statement expresses the strategy for your Society.

1.00 3.00 1.60 0.61 0.37 15

# Answer % Count

1 Extremely well 46.67% 7

2 Very well 46.67% 7

3 Moderately well 6.67% 1

4 Slightly well 0.00% 0

5 Not well at all 0.00% 0

Total 100% 15


Q2 - What internal or external forces are restraining your society (i.e. weaknesses or

threats) from succeeding at it's mission statement? Please consider up to three items,

and reflect upon your own experiences as well as previously provided information on

candidate and member trends, top employer reports, membership profile, and other

research or background information.

Item 1 Item 2 Item 3

Need more volunteers for education program

Too many infrequent participants/volunteers in

membership

Member engagement Clear vision and demonstration of

value to members There's a need to focus on

execution.

Building the brand continues to be a challenge

Establishing measures/tracking to better understand what we are doing

well and what we aren't.

Board dynamic. I don't believe board members are aligned on

strategy or tactics

Incomplete and uncategorized data about members and employers

Our geographic spread - it's hard to deliver value to members outside the

two downtowns

Competing with increasing demand for our members' time

from work and family commitments

Intellisight consuming too many of our resources of staff/volunteer time for a long stretch of time for 1-2 day event for the year?

Downtown Mpls location as the primary site for live content

Phone, apps, social, what other ways do we use to engage and

communicate with our members in a strategic way

too large of a board improve focus

I am not sure we have good information on how much employers are recognizing the value of what we are trying to do. Of course, if an employer is sponsoring CFA MN, that can be a sign that they value the organization, but we really do not know. Also, we try to get interest from HR reps who are hiring talent - need to have support from execs to improve that connection. Bottomline, we are not able to assess if the local firms are on board with our mission.

As far as research and background, I do not think we connect Institute

research well with our everyday strategy. Lots to sift through - would like to be better at finding a relevant

topic every now and again to highlight with a program or event.

We still are often viewed as the group that sends too many emails

- possibly due to confusion over the Institute vs the local society.

We are not sending as many emails, yet we are having trouble

changing that outdated impression. Continued help from

the Institute is critical to making that chnage.

Society memeber too busy to be involved

Board members feeling stretched

lack of funding, especially from the institute

shrinking or changing employer base

Lack of interest in focusing on the 'ethics' part of the mission

Geographically diverse membership with not enough commitment to

We may not have the requisite resources/ability to 'advance


foster the fellowship of non-metro members

professional excellence' beyond a junior level

Investment jobs leaving Mpls attracting quality speakers attracting teachers for CFA exam

review courses

members who are spread out over a wide geographical area

lack of funding not as many jobs in the twin cities

areas as there used to be

We think we're doing well but we don't have the data to answer the question

Though we try to partner and collaborate with other professional

societies we find lack of enthusiasm on their part

Limited flexibility in the budget to take risks


Q4 - What internal or external forces are driving or compelling yoru society (i.e. strengths

or opportunities) to succeed at its mission statement? Please consider up to three items,

and reflect upon your own experiences as well as previously provided information on

candidate and member trends, top employer reports, membership profile, and other

research or background information.

Item 1 Item 2 Item 3

Very strong and passionate volunteer base

Great staff; good communication and efforts with programming

Dedicated (if small) group of volunteers

Good size (big enough for programming variety, but not

too large that members feel disconnected)

Volunteers have energy Board continues to build after nearly

being combined with Chicago Lots of great ideas

Strong programming. I am often impressed by the quality of the events.

I believe the staff contributes materially to our success.

The success is also reliant on key board members to move

initiatives forward

A strong tradition of volunteerism and engagement

Board of directors that wants, and is trying hard, to be more strategic and

effective

Operational infrastructure that works well enough for now

Active committees Knowledgeable, relatively

seasoned staff

engaged membership organized and efficient

Our board represents a great variety of employers of our member which means we are well connected!

We need more help from the Institute to help promote local societies and end the

confusion. I am not sure we have properly identified our target audience.

The CFA charter remains valuable CFA Charterholders have a self interest

in networking and continuing education

great volunteer base large candidate pool great university / student

groups in area

A young and growing population of members and candidates works to our strengths of offering high quantity and quality programs

ongoing CFAI support to an increasing degree (withdrawal of this support down

the road could be problematic)

engaged volunteer base comitted board of directors top firms supporting the local

society

members need more help with their careers

Dedicated volunteers, board members and staff


Q5 - What is one thing we, as society leaders, could change to be more successful as a

board?

What is one thing we, as society leaders, could change to be more successful as a board?

More ongoing communication between meetings. Quarterly Board only social event (not connected to a meeting).

Engagement/Act as champions. Engage with society outside of board and be a consistent, persistent and actionable champion within your firm and externally.

Align thinking on strategy and tactics.

Make in-person board attendance the norm for everyone, at least once a year; it's hard to build trusted relationships on a conference call

Refresh our stragegic plan...what we are about to do.

make more meaningful connections - starting with each other

Better communication with the rest of the board and staff.

Not sure. It seems the CFA Charterholder has lost some prestige with the increased interest in alternative investments and the challenges to modern portfolio theory after the recession of 2008.

re-evaluate meeting structure

More socialization across the board will allow for ideas to more naturally develop. This will also allow for more candid discussion between board members that view each other as peers.

Too much focus on strategic planning. It would be more helpful to understand what is going on with all our committees so we might be able to add value. ie, if we are having trouble finding speakers, a person on the board might be able to reach out to someone at his/her firm if made aware of what is going on.

better handle on the budget

To be more collaborative and think strategically.


Q6 - What is one thing we, as society leaders, need to provide to members so they can be

successful in their careers?

What is one thing we, as society leaders, need to provide to members so they can be successful in their careers?

Convincing non-participating members of the value of being engaged with programming and volunteering.

We have to recognize our weaknesses as an industry, be willing to accept this, and improve. Women in finance is one item. So lets understand 1) Why that is. Why they choose not to enter. 2) How can we address. 3) Work with local companies to improve.

Ongoing education and professional development.

Relevant CPD (continuing professional development) that addresses both technical and soft skills and that is accessible to all members

A package of CPD content, available in multiple forms, accessible from anywhere, anytime. Figure out what we would be good at and execute it.

soft skills.

Can't identify one thing - but opportunities to network and opportunities to maintain and/or learn new skills to keep them up to date.

Stellar, prestigious, exclusive reputation

focus on jobs of the future

I don't believe our members need us to be successful. I believe that we should fully support our members to the extent that we can, but we mustn't fool ourselves into believing that w/o CFAMN our members would be lost. It would be an interesting exercise to create a list of the reasons that intelligent CFA charter holders in our region would choose not to engage with CFAMN. This may illuminate deficiencies that we can improve upon, however, it will also likely lead us to better understand where we shouldn't spend resources.

More educational opportunities on current events or relevant topics.

networking opportunities and career growth

Understand what employers want so that we can focus our offerings accordingly.


Q7 - What changes are happening in the investment management industry that our

members need to be prepared for? How can we help?

What changes are happening in the investment management industry that our members need to be prepared for? How can we help?

Perceived commoditization of investment management

Positives of active management. Retaining/promoting women in industry. Increasing membership of people of color.

As investment managers and advisers we charge too much, and deliver too little. We should be in this business to grow our clients wealth. I think the idea of partnering with clients is emerging. I think behavioral finance is better documented but not necessarily well understood in terms of practical application.

Expansion of using data/tech in investment-decision making. Expansion of ESG in the U.S.

Technology (automation / artificial intelligence / more computing horsepower) is displacing workers and reducing future job opportunities for both traditional analyst / portfolio manager roles, and for wealth management Need to help members see where jobs will be in the future, and to align our education / networking offerings to help them get there

Trend toward passive investing, active mgmt moved Boston, NY, SF, etc. What will the demand be for CFA charterholders in Mpls/St. Paul?

technology changes and wealth management trends

From a high level, the biggest change is the volume of data - most of which is probably not meaningful - how can we get better at discerning the difference. Also, we need to identify if we meaning humans can add value over a robot. We need to identify if and can we do that, and if so, how do we communicate that difference? Also, we need to identify new lines of opportunity to use our skills and knowledge. With so much automation, will that lead to more opportunity to monitor, evaluate? This is such a great question - I amnot the visionary so I am looking forward to seeing what others think.

Less need for financial intermediaries leads to less need for conventional infrastructure and less respect for education and charters

consolidation of large players, major demographic changes

Passive, tech (robo and quant), AI - Our members need different skills than they did 15 years ago and also need to understand that many different careers will benefit from a CFA charter than those in the past.

Shift from active to passive management. What does that mean for industry jobs in the next 5-10 years.

fee compression and fewer jobs

Asset Management roles have been declining, particularly here in the Twin Cities, and wealth management roles have been increasing. We need to think longer-term whether this trend continues. How can we be forward thinking and intuitive about the trends that are likely to take place in 10 or 20 years?


Q8 - What other things are on your mind as a board member? (i.e. ideas, concerns,

thoughts, comments, etc)

What other things are on your mind as a board member? (i.e. ideas, concerns, thoughts, comments, etc)

Nothing beyond what is already captured above.

I think we have to be willing to challenge "the hand that feeds us". If firms are behaving badly, we have to be willing to stand against them. Even if they are the majority AND even if that means losing money and losing members. It takes courage to do the right thing.

Transitions, especially among staff - I'll be retiring in the next 2-4 years, and staff turnover is always a possibility. We need to ensure that our process for managing staff transitions is solid, and that we provide a competitive total compensation package and work environment. We're not quite there yet. (In case you hadn't guessed, this is Mark Salter)

Annual budget is dependent on two large events and a few of our larger annual sponsors. We have reserve policy, but what is our contingency plan.

Still want to find a way to really promote ethics.

Member size is impacted by two factors - CFA candidate enrollment/program completion and our ability to convert local financial professionals into members. We can't control the first factor. However, we can impact the second factor. There are two avenues to attack as I see it. First is that we can continue to pursue CFA charter holders that are not members. While this is a worthy goal, the #s are not large as our retention rate is high. We should still pursue it as there are pocket of charter holders (Sioux Falls for example) where we need to do a better job. However, there are a lot of financial professionals with no interest in pursuing the CFA charter, however, this is a population that we can and maybe should pursue more seriously. Our mission states goals for our members, not for CFA charter holders. Is there any reason that we would not want to include non-charter holders to a more significant degree? As we have seen with the XL societies, scale allows for improvements in the membership offering. By growing our membership base, the society could deliver more value than we can today. This also protects our society in the event that CFA candidate growth slows.

I am worried that Sponsorhips make up a large portion of our annual revenues so we need to stay proactive on that front. Also, the CFA Institute is sitting on a big pile of cash so it would be great to see more funds directed to local societies to uphold their missions.

n/a


CFA Society Minnesota

2019 Annual Sponsorship Planning

Page 1 of 4

STATUS as of 10/1/2018 (No changes since last month)

75,000$ Budget Last report-$ Committed -$ 0% Committed as % of Budget

-$ Potential -$ (Total from All Targets)

2018 ANNUAL SPONSORS Probability: High = 67-99% | Medium = 34-66% | Low = 33% or less

Amount Level

Years as Annual

Sponsor

Probability of

2019 Renewal Firm Firm Type Primary Contact(s) Notes

13,000$ Annual Gold 3 High RBC Global Asset Management Asset management Josh Howard

15,000$ Annual Gold 2 High

Wells Fargo Wealth Management + Abbot Downing Asset management

Jake Seltz, Kevin Ario, Kashi Yoshikawa (WF); Nick Gergen (AD)

Kevin & Kashi combined for Silver 2017-2018; Abbot Downing joined in 2018

10,000$ Annual Silver 8 High Disciplined Growth Investors Asset management Rick Martin

5,000$ Annual Bronze 5 Medium Ascent Asset management Joe Hinderer Skipped 2017, rejoined 2018

5,000$ Annual Bronze 1 High FactSet Industry partner Kristy Tarr, Eric Heins

5,000$ Annual Bronze 2 Medium Invesco Powershares Industry partner Dan Bazigos, Seth Pietrini

Started 2012; switched to dinner sponsor 2013-2015; skipped 2016-2017

5,000$ Annual Bronze 1 High John Hancock Investments Asset management Michael Melchionno Lead from Chris May

5,500$ Annual Bronze 5 High Parametric Portfolio Solutions Asset management Jack Hansen

5,000$ Annual Bronze 1 High S&P Global Market Intelligence Industry partner Ashley Chen Intellisight sponsor 2015-2017

6,000$ Annual Bronze 9 High

State Street Global Advisors (Institutional) Asset management Mary Guy Includes extra table at annual dinner

5,000$ Annual Bronze 8 High Thrivent Mutual Funds Asset management Kristine Mogollon

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000

Budget Committed




Page 2 of 4

2019 PIPELINE Probability: High = 67-99% | Medium = 34-66% | Low = 33% or less

Target

Amount

Target

Level

Past Sponsor?

(see Notes)

Probability of

Becoming

2019 Annual Firm Firm Type Primary Contact(s) Notes Board Assistance?

Table Low Advanced Capital Group Asset management Teri Richardson 2015-2018 Dinner Table

No Low AEI Capital Corporation Asset management Jason Ulrich Lead from Robert Buss

Table Low Affiance Financial Asset management Marcia Zappa 2018 Dinner Table (first time ever)

Table Low Alcentra / The Boston Company Asset management Liam Hoare (just left) 2017 Table

No Low Alerus Financial Asset management Sunil Swami, Deepak Chaulagai

Annual + Event Low Allianz Global Investors Asset management Taylor Carrington2014-2016 Annual Bronze, 2010 Dinner Table

Table Low Allianz Investment Management Asset management Bradley Quello 2016-2018 Dinner Table; contact left

Table LowAllianz Life Insurance Company of North America Asset management Michael Meng 2014-2015 Table

Yes Low American Century Asset management Walt McGhee 2016 Annual Bronze

Event only Medium Baillie Gifford Asset management Ryan Fitzpatrick 2018 Dinner Bronze

Event only Low BNY Mellon Asset management Alexis Anastos, Matt Murphy 2014-2018 Dinner Table

Table LowBNY Mellon Investment Management / Dreyfus Asset management Matthew Murphy 2014-2018 Dinner Table

Event only Low Charles Schwab Institutional Asset management Laurie Bond 2015 Dinner Bronze

Event only Low Columbia Threadneedle Asset management Colin Lundgren 2015 Dinner Table

Table Low EPIQ Partners, LLC Asset management Bruce Langer 2013-2015 Table

Annual + Event Low Fidelity Asset management2012, 2014, 2015 Annual Bronze; 2011 Dinner Silver Need new contact

Table Low First Light Asset Management Asset management Amanda Ahrens 2015 Dinner Table

Table Low First State Investments Asset management Heather Brilliant 2018 Dinner Table (first time ever)

Table Low First Trust Advisors Asset management Randy Paas, CEBS 2018 Dinner Table (first time ever)

No Low Galliard Capital Management Asset management Doug Rangel

Event only Low Garda Capital Asset management Tim Magnusson 2017-2018 Dinner Bronze

Annual + Table LowGoldman Sachs Asset Management Asset management Matt Wolff 2011 Annual Bronze; 2012, 2016 Table

Table Low ING Investment Management Asset management Adelina Newbill 2014 Table

No Low Janus Capital Group Asset management John Brandt

No Low Janus Capital Institutional Asset management David Schrock

No Low Legg Mason Asset management John Lindsay

Table LowLeuthold Weeden Capital Management Asset management John Mueller 2010-2017 Table




Page 3 of 4


Target

Amount

Target

Level

Past Sponsor?

(see Notes)

Probability of

Becoming


Table Low Lord, Abbett Asset management Michael Naughton 2016 Dinner Table

Event only Low Mairs & Power Asset management Ron Kaliebe, Annette Lance2015, 2018 Dinner Bronze; 2012-2018 Intellisight

Table Low MFS Investment Management Asset management Kurt Beal 2017 Table

No Medium Natixis Global Asset Management Asset management Chris Morris, Christopher Hunter Intellisight 2018

Event only Low Newton Investment Asset management Kevin Sullivan 2018 Dinner Bronze

Event only Medium Nuveen Asset Management Asset management Clint Doroff, Matthew Glover2014-2018 Dinner Bronze/Silver/Gold; 2012-2013 Dinner Table

Table Low Oppenheimer Funds Asset management Terrie Liu 2017 Table

Event only Low Pavilion Financial Asset management Jim Treanor 2011 Dinner Table

Table Low Peregrine Capital Management Asset management Sam Smith, Stefanie Adams 2014, 2018 Dinner Table

Table Low Prudential Investments Asset management Daniel Stolbof 2016 Table

Event only Low Punch & Associates Asset management John Carraux 2014 Dinner Bronze

Table Low Putnam Investments Asset management John Palmer 2015 Table

Table Low Quantitative Advantage Asset management David Slegh 2012-2013 Table

Event + Annual LowSecurian Asset Management (formerly Advantus) Asset management

Erica Bergsland, John Messing, Chris Sebald

2011 Dinner Bronze; 2012 Annual Bronze; 2013-2018 Dinner Gold

No Low Securian Financial Asset management Jeff McGrathRelationship with Jeff? Have better contact?

Table Low Speece Thorson Capital Group Asset management Ben Johnson 2011-2017 Table

Table LowState Street Global Advisors (Global SPDR Business) Asset management Bobby Carlson, Brendan Corey 2018 Dinner Table (first time ever)

Event only High T. Rowe Price Asset management Bailey DeVries, Jack McGowan 2018 Dinner Gold

Table Low Tealwood Asset Management Asset management Charlie Mahar 2011-2012 Table

No Low The Hartford Asset management Austin Signor

Event only Low The Travelers Asset management Katie Bourget 2012-2018 Dinner Table

Table Low US Bancorp Asset Management Asset management Robert Boucher (now at Ascent) 2016-2018 Dinner Table

Table Low Varde Partners, Inc. Asset management Jeffrey Thuringer 2014 Table

Table Low Voya Investment Management Asset management Janice Williams 2015, 2018 Dinner Table

Table Low Wells Capital Management Asset management Leyla Kassem 2009-2010 Table

Table Low Whitebox Advisors LLC Asset management Joshua Ryan 2014 Table

Table LowBallard Spahr LLP (formerly Lindquist & Vennum) Industry partner Jon Levy

2014, 2015, 2018 Dinner Table; 2010 Dinner Gold; 2016 Dinner Bronze

Annual only Low Bloomberg Industry partner Andrew Collins, Sal Muneer2015 Annual Bronze; now more interested in event co-branding




Page 4 of 4


Target

Amount

Target

Level

Past Sponsor?

(see Notes)

Probability of

Becoming


Table Low Dorsey & Whitney Industry partner Bryn Vaaler 2014 Table

Table Low Fredrikson & Byron, P.A. Industry partner Rebecca Klindt 2014 Table

Event only Low Houlihan Lokey Industry partner 2014 Dinner Gold

Event only Low Kaplan Schweser Industry partner Jamie Doust Research Challenge

Event + Table Low NEPC, LLC Industry partner KC Connors2014 Dinner Bronze; 2015 Dinner Gold; 2016 Table

No Low RiskSmart Industry partner Michael Lingvall

Table Low BNC National Bank Wealth management Mark Peiler 2012-2018 Dinner Table

Event only Low Bremer Wealth Management Wealth management Peter Jandric 2015 Dinner Bronze

Event + Table Low Charles Schwab & Co., Inc. Wealth management David Hoppe2013, 2014, 2016 Table; 2010-2011 Dinner Silver; 2015 Dinner Bronze

Table Low Evercore Wealth Management Wealth management Martha Pomeranz, Mike Seppelt 2014, 2016, 2018 Dinner Table

No LowFernhill Wealth Management (Wells Fargo) Wealth management Brian Larson

Initially committed to 2018 Dinner Table; withdrew but should be back in 2019

Table Low Heartland Equity Partners Wealth management Tom Ahonen 2015 Table

Table Low Meristem Family Wealth Wealth management Cathy Nelson 2014 Table

No Low MPMG Wealth management Harrison Grodnick

Table Low Orgel Wealth Management Wealth management Mark Orgel 2015 Table

Table LowSchwarz Dygos Wheeler Investment Advisors Wealth management Joseph Schwarz 2015 Table


BOARD OF DIRECTORS MEETING · 2018. 10. 24. · Bethany has graciously accepted our invitation to...

Documents

Transcript of BOARD OF DIRECTORS MEETING · 2018. 10. 24. · Bethany has graciously accepted our invitation to...