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(May 12, 2008) The Financial Planning Standards Council has announced the recipient of this year’s Donald J. Johnston Award for Outstanding Contribution to the Profession of Financial Planning in Canada.

Jim Rogers, founder and now chairman of Rogers Group Financial and 40-year veteran of the financial services industry, will receive the award at the FPSC’s board meeting in St. John’s, Newfoundland on June 11.

“I’m thrilled that FPSC has chosen to honour me this way. It is a privilege to be acknowledged with such a prestigious award, particularly in light of previous award recipients,” said Rogers.

As part of the award, the FPSC will make a $10,000 donation to the charity of Rogers’ choice. He has requested the sum be shared equally between Vancouver’s Sancta Maria House, a shelter for abused women and women from the street, and Project Advance, a Roman Catholic Church initiative that funds projects of the Archdiocese of Vancouver.

“Jim exemplifies what the DJJ award is all about,” said Cheryl Bauer Hyde, chair of the FPSC board. “His commitment, service and contribution to the profession of financial planning over the years have been stellar. He’s made a tremendous difference and has helped advance this profession.”

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CFA Institute honours key members

(May 12, 2008) The CFA Institute has named J. Luther King, Jr. of Fort Worth, Texas, as the winner of the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice, at the institute’s annual conference, held in Vancouver.

The award is not an annual recognition, but is conferred periodically upon a member who has “championed the pursuit of excellence in professional ethics and standards of practice and who has provided outstanding leadership in elevating the integrity and competence of the investment profession,” according to the institute.

King founded Luther King Capital Management (LKCM) in 1979, and is a founding member of the Strategic Advisory Board of the CFA Society of Dallas/Fort Worth.

Along with King, the CFA Institute also presented awards to three other members.

Monique E.M. Gravel, CFA, past president of the Montreal Society of Financial Analysts, was awarded the Alfred C. Morley Distinguished Service Award for her leadership, exceptional stewardship, and outstanding service to CFA Institute. Gravel served as chair of the board of governors, and served on numerous committees of the institute.

Robert B. Litterman was awarded the Nicholas Molodovsky Award for his contributions, which have changed the direction of the profession. He developed the Black-Litterman Global Asset Allocation Model, along with the late Fischer Black. The model is used to produce a set of expected returns within the mean-variance optimization framework.

James G. Jones, CFA, was awarded the C. Stewart Sheppard Award for “fostering the education of professional investors through the CFA program” as well as other continuing education programs. He has served on the CFA Institute Council of Examiners for 10 years.

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Save early, plan your lifestyle, retirees say

(May 12, 2008) There’s a long tradition of elders telling the younger generation to learn from their mistakes. Now retirees are offering up their advice for a comfortable life after work.

In a survey conducted for TD Waterhouse, 54% of retirees said it was important to start saving for retirement early — advice that comes too late for the baby boomer generation, but is just in time for their children.

More important than saving early, in the eyes of retirees, was taking time to understand what you want from retirement, with 59% offering that advice.

“This sends a clear message to pre-retirees: think about what you really want from retirement and start planning for the transition now,” says Patricia Lovett-Reid, senior vice-president, TD Waterhouse Canada Inc. “Life may throw you curve balls along the way, whether it’s the state of the markets or a major life event, but if you have a plan in place, you’re in a much better position to react and make any necessary adjustments.”

Retiring debt-free was important as well, with 53% recommending the next generation pay off their debts before they exit the workforce.

The cross-Canada survey found that 43% felt they had planned well and saved enough, but only 15% said they were living out their retirement dreams.

The majority of current retirees did their own retirement planning, with 62% saying they did not work with a professional advisor.

“A key lesson to be learned from today’s retirees is the importance of setting goals and taking time to think about how one’s retirement will unfold,” says Lovett-Reid. “One-third of those we surveyed did not plan for their retirement at all. If more people planned for their retirement, more would be living out their retirement dreams.”

The Canadians and Retirement survey was conducted by Angus Reid Strategies in March 2008. The online survey polled a randomly selected, representative sample of 801 adult Canadians between the ages of 55 and 70 who are currently retired.

(05/12/08)