Florida Trust & Wealth Management School

Transcription

1 59 th Annual Florida Trust & Wealth Management School July 8-13, 2018 The Ritz-Carlton Sarasota Sarasota, Florida

2 THE PURPOSE of the school The Florida Trust and Wealth Management School is a nationally-renowned three-year program encompassing the world of trust and wealth management banking. The establishment, structure, purpose and general activities of a typical trust and wealth management department are discussed. The curriculum is designed to give students a well-rounded and practical understanding of the trust and wealth management industry. The school curriculum covers administration of estates and trusts, and offers specialized topics on pertinent issues affecting the trust and wealth management industry. Students completing the three-year program will receive an excellent education, equipping them to be a contributing member of the trust and wealth management planning team within their organization. This school remains current, relevant, and flexible, as attested by 2,049 graduating students, and continues to offer excellence in education and career training! WHO SHOULD ATTEND Trust & Wealth Management Professionals Administrative Assistants Private Bankers Investment Professionals Business Development Officers Legal Assistants Trust Administrators Trust Administrators Financial Advisors ADMISSION REQUIREMENTS There are no prerequisite requirements for this program. All incoming freshman students into the 2018 summer session will be required to complete all three years of the program to graduate. The registrar and school board of directors will decide on all applications for admission should there be any questions regarding the application. Meet our Team Samuel Munn Senior Class & School Director Managing Director/Market Trust Director U.S. Trust, Bank of America Private Wealth Management Christine Taylor Junior Class Director Sr. Vice President, Regional Portfolio Mgr. BB&T Wealth Lucas DeVicente Freshman Class Director Principal Sabal Trust Company Susan Kaye Associate Class Director Fiduciary Executive SunTrust Banks, Inc. Peter J. Brokaw School Administrator Senior Vice President of Education Florida Bankers Association Jeremy M. Hayes School Registrar Professional Development Coordinator Florida Bankers Association

3 GENERAL Information Registration: Registration is a simple 3-step online process and can be found on the school web-page of the FBA website. Fees include lunch each day, curriculum and educational materials. Registration is between the hours of 2:30 p.m. and 3:15 p.m. on Sunday at The Ritz-Carlton Sarasota. Students must arrive either before or during the registration period to check-in to the hotel and register for the school to attend the first session on Ethics (for all students) before the required Sunday evening banquet. Tuition: As a reminder, if students register on or before March 2, 2018, you will receive a $50 discount as reflected in the pricing shown below. On or before 3/2/18 After 3/2/18 FBA Trust & Wealth Mgmt. Division Member...$1, $1, FBA & Associate Members...$1, $1, All other Non-Member Institutions...$3, $3, Application Deadline: Final admission deadline for all students is June 8, Please contact Jeremy Hayes at jhayes@floridabankers.com if you are trying to register past that date. Cancellations: Any cancellations 2-4 weeks prior to this school will be refunded minus a $400 processing fee. There are no refunds or credits for cancellations within two (2) weeks of this event, or failing to appear at the school. Cancellations must be submitted in writing. Grades and Final Examinations: Closed-book examinations, based on lectures and questions submitted by the faculty, will be given to all students. Final exam grades will be sent to each student and their nominating officer. Final exam grade and each Home Study Problem for the school must receive a grade of 70 or above for satisfactory completion. The exam and Home Study Problems overall average must also be 70 or above to graduate. Attire: The School is conducted in an informal workshop atmosphere. Casual clothes are recommended throughout the week. Classrooms are air-conditioned so you may want to bring appropriate clothing to wear during class such as a sweater or jacket. Attendance Requirements: Students must be prepared to participate at all school functions from the banquet on Sunday, July 8th through the exam and graduation on Friday, July 13th. Students are expected to attend all sessions, complete the required work including all home study problems and participate in the final examination. Graduation: Graduation for the graduating Senior class will be on Friday morning, July 13th at The Ritz-Carlton Sarasota. Attendance is required of all Trust and Wealth Management School students. Absences: Absences may be excused only due to illness, catastrophe or extenuating circumstances, based on a written statement submitted to and approved by the School Board of Directors. Business appointments, member contacts, and travel convenience are not considered "extenuating circumstances." To receive course credit, absences must be excused. Failure to comply with this policy will cause a participant to lose credit for that particular year and require them to repeat the course of study another year to earn credit. No credit will be given if a participant is absent for more than one day from the School; even with excused absences. One day is to be interpreted as four 105-minute periods, either following consecutively or distributed throughout two or more days of the school week. A students' responsibilities in regard to a class absence necessitated by illness, catastrophe or extenuating circumstances are to contact the School Registrar, Jeremy Hayes (cell: ). If your absence is unexcused, and you opt to miss class, you will not receive credit for that week of school. Code of Ethics and Conduct: The Florida Bankers Association (FBA) and the Florida Trust and Wealth Management School (FTS) recognizes that it takes more than quality education and a commitment to the bankers that it serves to be successful in accomplishing our mission. We rely heavily on our solid reputation for honesty, fairness and ethical conduct to attract our students, recruit quality instructors and retain the high level of bank support and respect that we have worked so hard to achieve. Our reputation ultimately rests on the good judgment and personal integrity of everyone staff, students, instructors and all other individuals and organizations who are involved with the FBA and the school. Any variance from the standards established by this code will be unacceptable. Housing: All students are required to make and pay for their own sleeping room reservations, which will allow each institution to decide on single or double occupancy. It is recommended by the School that students stay at The Ritz-Carlton Sarasota for close proximity to the School and classrooms. It is however, the student's final decision as to where to make their lodging accommodations. Meals: Lunch is provided for the entire week. The Sunday banquet will be the only dinner meal offered. Breakfast and dinner are not provided Monday through Friday. There will be two refreshment breaks each day, Monday through Thursday and one provided on Friday. The first meal will be the Sunday evening banquet, July 8th and the last meal will be lunch on Thursday, July 12th. Faculty: Selected trust officers, prominent university faculty and attorneys are utilized at all levels of the School. Through education and experience, all members of the Florida Trust and Wealth Management Schools faculty have gained a special competence for relating their subject areas in practical and meaningful ways to the students.

4 Freshman Course Descriptions SCHOOL CURRICULUM Freshman Class 32 Instruction Hours Chapters 736 & Fiduciary Liability & Ethics... 2 Personal Trust Basics... 4 Basic Financial Planning... 4 Basic Fiduciary Taxation & Estate/Gift... 4 Investment Management... 2 Discretionary Distributions... 2 Estate Administration & Basic Selling Within a Wealth Management & Trust Organization... 2 Regulations & Risk Management... 2 Case Studies in Planning... 4 Junior Class 32 Instruction Hours Investment Management... 4 Individual/Fiduciary Income Taxation... 8 Estate Planning & Document Analysis... 4 Advanced Retirement Planning... 4 Estate & Gift Tax... 4 Generation Skipping Tax... 2 Risk Management & Insurance Solutions... 2 Case Studies in Advance Planning... 4 Senior Class 32 Instruction Hours Advanced Personal Financial Planning... 4 Advanced Estate Planning... 4 Special Needs Trust... 2 Credit Solutions for the Fiduciary... 2 Advanced Trust/Estate Administration... 4 Business Succession Planning... 4 Adv. Personal & Professional Development/Team Bldg... 4 Advanced Investment Management... 4 Case Studies in Advanced Planning... 4 CE Credits for the following designations will be applied for: CTFA CLER CPE (NASBA) Chapters 736 & This course will focus on an in-depth review of the Florida Trust Code Chapters 736 (Florida Trust Code) & 738 (Principal and Income) and why they are of critical importance for fiduciaries. Fiduciary Liability & Ethics - This course explores the duties of a fiduciary, breaches of those duties, and how to protect the fiduciary from liability. In addition to legal concepts, we explore practical methods for avoiding, or if it cannot be avoided, winning in litigation. We also explore ethical choices the trust officer must make and the importance of those choices for the trust officer personally and for the corporate fiduciary as an institution. Personal Trust Basics - An overview of the personal trust administration process. This section will include uses of trusts, document review, marital deduction, general powers of appointment, limited powers of appointment, Crummey Powers, QTIP and discretionary distributions. Basic Financial Planning - This session provides an overview of financial planning, which includes defining the financial planning process and procedures and how this process applies to each of the financial planning disciplines. We will discuss comprehensive financial planning including: investment planning, tax planning, trust and estate planning, insurance planning and retirement planning. We will also review various financial planning schedules and analysis, discussing the results and how to interpret and implement the plan. We will close by reviewing a comprehensive case study. Basic Fiduciary Taxation & Estate/Gift - A presentation of the basic concepts of the unified transfer tax system. This section will include discussions of the unified credit, the marital deduction, the annual gift tax exclusion and basic estate tax planning concepts. Sample 706 and 709 forms will be presented. Investment Management - This course is designed to familiarize the student with the basic concepts of fiduciary investment management. Asset types are discussed from an investment characteristic standpoint. The concepts of asset allocation, risk management, diversification and portfolio management are discussed. Sample portfolios will be presented to illustrate differing investment objectives. Discretionary Distributions - This course will review the statutory framework surrounding discretionary distribution requests which trustees must consider. The course will also evaluate alternative approaches to distribution questions, such as power to adjust, unitrust and investment structure changes. Estate Administration & Basic This section involves specific instruction based on the Florida Statutes for the probate process. Topics covered include: qualifying as personal representative, marshalling assets, publishing notice of administration, satisfaction of debts, payment of taxes and distribution of net assets. Selling Within a Wealth Mgmt. & Trust Organization- This session will define the wealth management sales process, why it is unique and how to best manage it. It will also cover how to expand your current book of business by making the most of each customer contact. Lastly, it will explore how to form partnerships that will insure you meet your sales goals. The session is designed as a workshop that is meant to be interactive and fun.

5 Regulations & Risk Management - This course will go over regulatory oversight, key regulations and laws, how to build a risk and compliance framework and tips for successful regulatory exams and audits. Case Studies in Planning - Two different case studies will be reviewed in this class. The students will be asked, as a class, to participate in a mock interview with prospective clients and through open-ended questioning, obtain all facts and circumstances relevant to the client s financial and family circumstances, as well as the personal and financial goals sought to be achieved. The students will then work as a team in their groups to put together a proposed financial plan, based on the information they gathered earlier and on the course work presented earlier in the week. Finally, the student groups will put this knowledge into practice as they walk through how they would present their analysis and recommendations back to our mock clients. Junior Class Course Descriptions Investment Management - This course is intended to further develop the concepts attained in the freshman year courses. This would include a detailed discussion on the equity and fixed income markets as well as developing more economic theory. Also included is a discussion on current ethical issues that are relevant in the investment community today. Individual Income/Fiduciary Income Taxation - The primary objective of this module is to provide students with a working knowledge of the fundamentals of federal fiduciary income taxation and reporting for estates and non-grantor trusts. Through lecture and case study exercises the students are introduced to the application of tax principles as well as the tax forms used to report income and deductions to I.R.S. The materials focus on the computation of fiduciary taxable income. Parallels to individual income taxation are drawn and special rules applicable only to estates and non-grantor trusts are identified. Special emphasis is placed on the distribution deduction mechanism whereby the incidence of income taxation is shifted to beneficiaries via distributions of entity assets. There is also included a brief review of federal tax reporting requirements for grantor trusts and charitable trusts, including split-interest trusts and private foundations. Estate Planning and Document Analysis - Topics will include basic marital estate planning and the documents used to implement a plan. Wills, Living Trusts, Durable Powers of Attorney, Living Wills and Health Care Designations will also be reviewed as will the appropriate language that should be included. Document analysis focusing on personal representative and trustee discretion will be covered. Advanced Retirement Planning - This course focuses on retirement planning for high net worth individuals, families and business owners. Content covers qualified plans and non qualified plans, IRA's, Roth IRA's and deals with advanced planning concepts. All aspects of personal retirement planning and retirement distribution planning will be discussed. This course emphasizes the practical knowledge needed for choosing the best retirement plan and designing a plan that will meet a client's goals and objectives. In addition, we will discuss how to build up retirement income, set savings goals, social security benefits, income tax planning, qualified plan and IRA strategies, life insurance and annuities (as it relates to retirement planning), early retirement and distribution rules. Estate & Gift Tax - This class will help you understand the tax laws for Federal Gift and Estate Taxation; the requirements for filing a return and paying the tax; the property subject to tax; the allowable deductions and credits; valuation of the gross estate and computation of the tax. We will use a case problem to apply the tax laws to a set of facts and complete the required estate tax return, Form 706. Generation Skipping Tax - This class will help you understand the tax laws for Generation-Skipping Transfers; the relationship of the GST tax to the federal estate tax and gift tax; the requirements for filing a return and paying the tax; and the computation of the tax. Risk Management & Insurance Solutions - For many fiduciaries and clients, insurance and risk management are of critical importance. This course will explore many types of insurance including life, property and casualty and specialty lines. Case Studies in Advanced Planning - This course will entail case studies in planning that require the use of the income, gift, estate and fiduciary tax knowledge gained during the week. The students will work together on investment, retirement and estate planning issues contained in the case studies. This class will challenge the students to find solutions to problems that they will likely encounter during their careers. Senior Class Course Descriptions Advanced Personal Financial Planning - In this advanced financial planning course we will discuss complex issues including: investment, tax, estate, insurance and retirement techniques, and how these techniques affect high net worth and ultra high net worth clients. We will review, recommend and implement various complex transactions. We will take an in depth look of each of the five subject areas which include: investments, income tax, trust and estate tax, retirement and insurance planning. We will end with a group discussion of an actual case study making recommendations and discussing potential solutions. Advanced Estate Planning - Advanced estate planning begins with a review of the basic concepts of estate planning, including tools and techniques and applicable tax law. The course progresses into more sophisticated planning strategies, including grantor retained annuity trusts, qualified personal residence trusts and family limited partnerships. Charitable planning concepts, including charitable remainder trusts, charitable lead trusts and private foundations, are also covered. Special Needs Trusts - This course will provide an overview of government benefits, legal background and requirements for Special Needs Trusts, the unique provisions of Special Needs Trusts and the daily application of the discretionary decision making process when working with a beneficiary with a disability. This knowledge will enable the audience members to recognize Special Needs Trust provisions and give them the tools to seek information on benefits with an understanding of how those benefits relate to the appropriate administration of a Special Needs Trust. Credit Solutions for the Fiduciary -An understanding of credit and lending concepts can be an important tool for a fiduciary and can add value to client relationships. This course will explore a variety of credit strategies and how best to leverage those concepts

6 Advanced Trust/Estate Administration - This course offers a complete review of current trends in trust/estate administration with emphasis on credit shelter, QTIP, charitable and revocable trusts. Particular focus is given to estate and income tax issues as they relate to the ongoing administration. Case studies deal with investment, tax and distribution issues with particular emphasis on the revocable living trust and the death of the grantor. Business Succession Planning - A review of the various planning strategies used in passing a closely held business onto a second generation or a partner. Buy/Sell Agreements, Key Man Insurance, LLC s and other corporate structures will be covered along with traditional estate planning documents like a family limited partnership. Advanced Personal & Professional Development/Team Building - This course will cover the fundamentals of planning, preparing and presenting a speech. The curriculum will cover delivering the speech, overcoming communication apprehension, speech organization principles, audience adaptation, using visual aids effectively and handling questions. In addition, this course explores the manner in which we habitually communicate and how misunderstandings arise from communication style clashes. It will focus on tools of communication (verbal and nonverbal elements), styles of communication, potential sources of misunderstanding and means to remedy our miscommunication at work. Advanced Investment Management - A capstone course on investment management, including portfolio construction using alternative investments and other non-traditional assets. Don't forget to download and log into the FBA mobile app for your school! Case Studies in Advanced Planning - The purpose of this session is to provide a "hands on" experience to synthesize the personal finance planning concepts that the students have learned throughout the three years by applying them to a "real life" individual or family cases. Students will also have an opportunity to work with fellow class members and "pick each other's brains" as they research their case and present the results of their analysis in a small group presentation. This course applies students knowledge and skill set in personal financial planning techniques to a comprehensive case study. Students will integrate core financial planning disciplines of retirement, investment, risk management, income and estate tax, employee benefits, charitable giving and general principles into a prioritized comprehensive financial plan. Furthermore, students will examine the unique challenges associated with business planning; divorce; blended families; special needs; and nontraditional families. Up-to-date content and compelling case studies will provide students with a complex yet comprehensive understanding of financial planning in these important areas.