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Welcome to the global gathering place for the financial planning profession
“Which is more appropriate, scaled or holistic advice?” This question cannot be answered without knowing ‘the object’ and ‘the situation’ first. This is because sometimes scaled advice can be enough and sometimes holistic advice can provide the client more desirable recommendations. In the end, a question of choice between scaled and holistic advice will be left. Continue reading Smart Clients Choose Holistic Advice
Financial planning is a process that establishes a necessary financial goal for each stage of life and implements successive actions to achieve it, so that one can live a fulfilling life without financial difficulties. Most people want scaled financial planning in a particular scope such as investment planning, retirement planning, estate planning, etc. Continue reading Comprehensive Advice is the Foundation for Scaled Advice
The toss-up between comprehensive advice and focused advice is more of a business model debate. Purely from the financial planner’s perspective, they need to be clear on what they want to deal with. The bits-and-pieces advice approach, in a way, is what many investment advisors are doing, and they mostly don’t get to know the full picture about client’s finances. Therefore, the advice they are offering, might be limited in scope and could even be off-track. Continue reading Comprehensive Advice Wins
By Martin Casals Iglesias, CFP As I have mentioned in some of my previous blogs, I live in Sao Paulo. Sao Paulo is one of the largest cities in the world. Its metropolitan area comprises nearly twenty million inhabitants, including cities that, over time, have been appended to the urban sprawl, by their own growth. The city is very cosmopolitan, with people from diverse backgrounds. Continue reading Focused Advice vs. Comprehensive Advice: What is the Financial Planner’s Job?
When taking on a new financial planning case, we collect all of the client’s data and then we have a better understanding of their lives, than before. It’s like a story to us; a story of their past life and how they are planning for the future. We are in a very special profession: financial planning. The client trusts us because they believe we are professionals and that we have the goodwill to help them. Continue reading Comprehensive Planning: The Core Value of Financial Planners
Many think that simply being a CFP practitioner confers the ability to give comprehensive financial advice for all clients. The reality, however, is quite different. CFP practitioners are generally able to provide strategic comprehensive advice, but rarely can they offer full-scale planning in all practice areas of the CFP curriculum simultaneously. One of the fundamental challenges of financial planning is that, like so many other disciplines, it is the art of approximation. Continue reading Strategic Financial Planning: The Critical Role of the General Practitioner
It is becoming clear in the UK that it is impossible to deliver comprehensive financial planning to all consumer segments, even if the individuals concerned really want it. The weight of regulatory reform, plus a move to fees, has meant that to do the job properly, the client has to be happy to pay the appropriate fee or have sufficient assets or wealth to cover the ongoing cost of advice. Continue reading Comprehensive Financial Plan: Wouldn’t It Be Nice if Everyone Could Have One?
When the topic of this month’s discussion, the case for “scaled” vs. “holistic” advice, was first presented, my first response was “Huh?” I ran to Google to find out exactly what I was expected to write. I learned the difference between scaled and holistic advice from Australian, Chris Nothling: “Scaled advice is advice about one area of an investor’s needs, such as insurance, or about a limited range of issues. This contrasts to so-called “holistic advice” which is the traditional advice model offered by many financial advisers.” Continue reading Holistic Advice: They Might Not Want It But They Need It |
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