Jenny Andersson was elected the new president of the Financial Planners Association of Rhode Island last month. She began her financial-services career in Paris in the mid-1990s and joined UBS Financial Services Inc. in 2000. A certified financial planner, Andersson works in UBS’ Providence office and focuses on financial planning for individual investors and portfolio management for nonprofits, corporations, pension plans, trusts and estates. She recently answered a few questions about her tenure with the association and the financial-planning profession.
PBN: Does the Financial Planning Association have any initiatives planned or on the drawing board during your tenure? Any special points of emphasis?
ANDERSSON: Our signature pro-bono program, Start the Year off Right, has been extended until the end of March this year. Times are tough, and we wanted to give more people an opportunity to sit down with a certified financial planner. Our goal is to help address the financial concerns of those who may not otherwise have access to financial planning advice by offering them a free one-hour consultation.
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PBN: What should financial planner be looking out for in the coming year, as far as changes in laws, regulations, guidelines and tax code?
ANDERSSON: One big change this year is the elimination of income restrictions when converting to a Roth IRA. Another change revolves around the estate tax. Careful planning techniques become critical in order to take advantage of opportunities and avoid pitfalls associated with such changes. Financial planners should always have clients consult their tax and legal advisers as well.
PBN: Is the number of financial planners in Rhode Island growing, or has there been some contraction as a result of the turmoil in the financial markets and investor fear?
ANDERSSON: It’s hard for me to say. What I can say, however, is that we have seen an increase in membership in the Financial Planning Association of Rhode Island despite the economic downturn and recent market turmoil. More advisers are turning to financial planning for answers as is the general public.
PBN: Why is using a certified financial planner so important? Can’t most advisers do the job?
ANDERSSON: Certification is an important consideration when deciding who to work with. The Certified Financial Planner designation is recognized as the standard of excellence in personal financial planning. It helps the public identify those individuals who have met rigorous professional standards including 30 hours of continuing education every two years.
PBN: Do you feel financial planning has been made easier or more complicated as technology continues to improve and the vast amount of information available on the Web seems to continue to grow?
ANDERSSON: While improved technology and access to information has made it much easier for professionals in the industry, it also presents challenges for the general public (e.g. information overload, misinformation, etc.). The need for professional advice and guidance is more essential than ever before.
