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Welcome to the global gathering place for the financial planning profession
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!
I grew up in New York State, but I’ve lived my entire adult life in Georgia. As a result, I’ve heard a lot about the American Civil War over the years. One of the most iconic symbols of the American Civil War is the Confederate Battle Flag, familiar to anyone who ever saw an episode of “The Dukes of Hazzard”. Continue reading The Financial Planning Profession at War: Which Flag Do You Fly?
Getting started as a financial planner is difficult. Although not quite the ugly environment of decades ago, where every prospective advisor was simply thrown out into the cold to fend for themselves trying to find clients in a brutal demonstration of natural selection and survival of the fittest, the fact that financial planning is still dominated by small firms with limited experience in hiring and training makes formal career paths rare. Continue reading 10 Tips For New Financial Planners To Maximize Career Progression
“The world has changed. I see it in the water. I feel it in the earth. I smell it in the air. Much that once was is lost, for none who now live remember it.” - J. R. R. Tolkien Many commonplace activities we thoughtlessly undertake today are, in fact, miracles – things undreamed of by previous generations. Continue reading How to Think Like a CEO and Help Clients Prepare for Transition
Phil Billingham, CFP from the UK says disassociation from product providers:Disclosure is a failed way of making “Buyer Beware / Caveat Emptor” work, which will always fail. Asymmetry of knowledge is too great. To be trusted, we must be trustworthy, and trust. Continue reading Point, Counterpoint: What is the Best Way to Build Consumer Trust?
After you reach a certain level of success in finance, I think there are times when every planner experiences a period of “going through the motions.” Client reviews feel forced and mechanical. Ascertaining client dreams seems prosaic and vapid. Continue reading My Defining Moment at the Dentist & Why I’m a Financial Planner
“Lights…camera…planning!” This isn’t the way we envision Hollywood, is it? Yet the way we often deal with clients, and the science of our profession in general, seems to be thoroughly imbued with a tendency to analyze, vivisect, examine, and consider – but not always the more important tendency to compel, persuade, and influence clients to take action. Continue reading Client Execution: a Time to Plan, and a Time to Act
One of the most fundamental human tendencies is to simplify. Someone asked Richard Feynman, the famous Caltech professor and theoretical physicist who shared the 1965 Nobel Prize with two other scientists, to define what he had done to win the prize – in one sentence. And Feynman’s reply was analogous to “if I could describe it in one sentence, it wouldn’t have won me the Nobel Prize.” Continue reading Understanding Clients is the Real Job of Financial Planners |
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By Michael Kitces, CFP
by Mark DiGiovanni, CFP
By Joel Redmond, CFP
By Phil Billingham, CFP and Mark DiGiovanni, CFP