By Martin Iglesias, CFP
Philipp E. Ross published in August 2006 a study in Scientific American named “The Expert Mind” which pointed out that to achieve a state of full expertise in a particular subject one needs 10 years of experience.
Before that, in 1993 the psychologist Anders Ericsson, wrote an article proposing the rule of 10 hours, stating that the stage of excellence can only be achieved after practicing a subject for a such number of years.
Continue reading Financial Planning in Brazil and the 10 Years Rule
By Cora Pettipas, CFP
Debt accumulation is a cancer to individual wealth and is currently the biggest threat to financial planners. Why? Because before you can do any proactive financial planning with a client, they need to have a positive cash flow.
Continue reading Debt: The Biggest Threat to Financial Planning and a Cancer to Cash Flow
By Michael Kitces, CFP
It has long been a criticism of financial planning that it is focused too far up the wealth scale. Financial planning firms in the US at best only start serving the “mass affluent” (typically defined as $100,000 to $1 million in investment assets), and the elite independent firms often have minimums of one or several million dollars.
Continue reading Financial Planning For The Masses Works – As Long As You Can Really Reach The Masses!
By Taylor Liao, CFP
The financial planning profession faces a lot of challenges including a general lack of awareness from the public, competing designations that confuse the public, lack of regulation, and people claiming to be “financial planners” when they are not qualified.
Continue reading Practice Challenges Facing Financial Planners
Phil Billingham, CFP says yes:
As an argument for staying on commission, it’s right up there with ‘But my clients won’t pay fees’. It’s ‘If I move to fees, my older/smaller clients will not be able to afford me’. To translate this, the argument is that ‘I will have to stop looking after them because they will not be profitable enough’.
Continue reading Point, Counterpoint: Can fee-only financial planners serve smaller clients effectively?
By Suresh Sadagopan, CFP
“Times, they are a’ changing”, goes a song from times gone by. For the financial services industry, the changes have started coming in, fast and thick, since 2008.
The entire financial community was viewed with suspicion, with bankers bearing the brunt, for obvious reasons.
Continue reading Regulatory Changes in India Affecting Financial Planners
By Dennis Lau, IFPHK CEO
The Institute of Financial Planners of Hong Kong (IFPHK) is proud to host the upcoming Financial Planning Standards Board (FPSB) meeting at The Langham Hong Kong from 22-26 April. The IFPHK and FPSB have committed to putting together a conference week based on past success and the best Hong Kong has to offer to ensure we have a great and productive few days together. This year, much of the focus of discussion will be on growing the financial planning profession around the world.
Continue reading FPSB Meeting in Hong Kong