The Westerner for April 30, 2012
Posted by David J. Turner
on Apr 30, 2012
Meeting: chair, Sherry; music, Jerome; grace, Mike Ryan; attendance 25.
Thank you: Sherry thanked Bob Lamoureux for arranging the excellent Thai ethnic dinner.
Integrity Awards: Sherry confirmed what those of us [that have attended Integrity Award galas in the past] already know = it is an awesome night with fantastic stories about the various award winners = usually 1 from each of the participating Rotary clubs.
Condolences: Doug MacDougall advised that Kay Weir told him that past member Charlie is now in palliative care in the General Hospital and the possibility that he will return home is nil. Charlie still cannot hear the speaker. Best wishes for an improved quality of life, Charlie.
50/50: Dan Graham and Steve matched cards and each won 1/2 of $120.
Finemaster: incoming President Rob Dunseith donated $20 happy bucks because, on Wednesday evening, he and Elizabeth will depart for Bangkok to attend the Rotary International Convention to learn about what Rotary does outside of Edmonton West and District 5370.
Rob then exempted everyone that had worked the front desk since Bill Macdonald left and fined everyone else $2.
Happy Bucks: Jerome because his son and daughter in law are in town from Windsor and Jerome could take his grandson to the 3D Pirate movie; Zen because of the excellent Thai ethnic dinner: Catharine ditto on Thai food and going for first golf today; Doug MacDougall for being able to golf with Bill Arnold.
Thank you: Sherry thanked Bob Lamoureux for arranging the excellent Thai ethnic dinner.
Integrity Awards: Sherry confirmed what those of us [that have attended Integrity Award galas in the past] already know = it is an awesome night with fantastic stories about the various award winners = usually 1 from each of the participating Rotary clubs.
Condolences: Doug MacDougall advised that Kay Weir told him that past member Charlie is now in palliative care in the General Hospital and the possibility that he will return home is nil. Charlie still cannot hear the speaker. Best wishes for an improved quality of life, Charlie.
50/50: Dan Graham and Steve matched cards and each won 1/2 of $120.
Finemaster: incoming President Rob Dunseith donated $20 happy bucks because, on Wednesday evening, he and Elizabeth will depart for Bangkok to attend the Rotary International Convention to learn about what Rotary does outside of Edmonton West and District 5370.
Rob then exempted everyone that had worked the front desk since Bill Macdonald left and fined everyone else $2.
Happy Bucks: Jerome because his son and daughter in law are in town from Windsor and Jerome could take his grandson to the 3D Pirate movie; Zen because of the excellent Thai ethnic dinner: Catharine ditto on Thai food and going for first golf today; Doug MacDougall for being able to golf with Bill Arnold.
Classification Talk: Darrell Ripley's clasification is financial planner and works to improve his clients' wealth management. Darrel got into the finance business in 1982 after working with his father in Innisfail in real estate property management. He also played junior football in that town. On a trip to B C, he was introduced to B C Traders Group as part of Guaranteed Trust. He liked the good training they provided and soon started with Guaranteed in Edmonton. This lasted 2 years {as many of his ventures did} where upon he moved to Bank of Montreal consumer lending. In 1985 he joined main branch of Royal Bank, then to Slave Lake in small business lending (forestry, oil and gas), then commercial lending in Grande Prairie (the branch manager was Robin Hood who did not live in Sherwood Park when he worked at Royal Bank 91 Street and 51 Ave.).
Darrell got to know his customers which helped him process their lending needs better and this became part of Darrel's approach for the rest of his career. Darrel then moved to the Edmonton area to work in the region in agriculture lending. While there, he helped charter the Rotary Club of Morinville in Dan Graham's year as district governor. Then Darrel moved to Alberta Treasury Branches main branch.
After leaving the banking business, he joined a partnership that lasted 3 years in a franchise for Express Personnel. He sold his share to other franchise operators and returned to financial sales management. He develops a good relationship with clients through discovery planning interviews which includes learning the client's emotional needs especially leading to retirement.
Challenges of the industry include competitiveness of the industry; improved technology which gives a lot of diverse choices for clients [current and potential]. People need advice to determine their best investment choices. Changes in the industry include more regulation; stringent guidelines as to management of clients' funds. Ethics - work in the best interest for the clients. Compensation is changing to fee base from commission. Brokers need to listen to and understand clients.
Darrel works as a coach helping clients maintain tolerance in poor markets; greed control in good markets. Wealth management is not just investments but includes other fields such as estate planning and insurance needs. Forecast of employment in this industry {currently 1,800 in Alberta} is the need to add 3 to 4 percent capacity per year. The increase is due to wealth management, not just purchasing investments. For most wealth management personnel a university degree certainly helps but they also need to have experienced different work fields (different industries and positions)to bring that experience to the table - banking experience definitely helps. The average client is 58 - 62 years of age, thus very young advisors have trouble relating.
Kieran thanked Darrel for his presentation.
Darrell got to know his customers which helped him process their lending needs better and this became part of Darrel's approach for the rest of his career. Darrel then moved to the Edmonton area to work in the region in agriculture lending. While there, he helped charter the Rotary Club of Morinville in Dan Graham's year as district governor. Then Darrel moved to Alberta Treasury Branches main branch.
After leaving the banking business, he joined a partnership that lasted 3 years in a franchise for Express Personnel. He sold his share to other franchise operators and returned to financial sales management. He develops a good relationship with clients through discovery planning interviews which includes learning the client's emotional needs especially leading to retirement.
Challenges of the industry include competitiveness of the industry; improved technology which gives a lot of diverse choices for clients [current and potential]. People need advice to determine their best investment choices. Changes in the industry include more regulation; stringent guidelines as to management of clients' funds. Ethics - work in the best interest for the clients. Compensation is changing to fee base from commission. Brokers need to listen to and understand clients.
Darrel works as a coach helping clients maintain tolerance in poor markets; greed control in good markets. Wealth management is not just investments but includes other fields such as estate planning and insurance needs. Forecast of employment in this industry {currently 1,800 in Alberta} is the need to add 3 to 4 percent capacity per year. The increase is due to wealth management, not just purchasing investments. For most wealth management personnel a university degree certainly helps but they also need to have experienced different work fields (different industries and positions)to bring that experience to the table - banking experience definitely helps. The average client is 58 - 62 years of age, thus very young advisors have trouble relating.
Kieran thanked Darrel for his presentation.