A Discussion of Financial Planning and the Challenges of Modern Retirement Planning
By Cora Pettipas, Vice President and a Board of Director of the National Exempt Market Association (NEMA) in Canada
We have all dreamt of it, usually after a particularly demanding period of work. Cleaning off our desk, and departing indefinitely from the office, idealizing a permanent beach vacation (or functional equivalent). Retirement is defined as when a person ceases working voluntarily, as they have built up enough resources and income entitlements to do so. However, the new retirement will likely mean something else, whether it be partial retirement, career change, or retiring later.
Continue reading Did Debt Kill the Retirement Dream?
By Jaeki Jung, CFP
“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
by Jaeyoung Yang, CFP
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
By Suresh Sadagopan, CFP
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?
By Sunho Kim, CFP
The FPA and Ameriprise Financial conducted a survey of 3,022 people, in 2008, comparing the satisfaction of consumers who had received comprehensive financial planning or scaled advice. The survey focused on the way clients felt after working with a financial planner and asked questions about their peace of mind, their financial ability to achieve their life dreams and goals, and their readiness for retirement.
Continue reading Comprehensive Planning Versus Focused Advice: It’s Not the Financial Planner’s Choice
By Taylor Liao, CFP
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
By Phil Billingham, CFP
I’m a little confused and a little frustrated. Financial planners always debate whether focused advice or comprehensive advice is better. My question is: “Why do we have to pick one?”
The key question has to be: ‘What do consumers want?’, not ‘What do we think they need?’, or ‘What should we be providing?’. Come on! Which prospective client has ever approached us and said, “Can I have some focused/holistic/comprehensive advice, please?”
Continue reading Focused Advice vs. Comprehensive Advice: Maybe the Answer is Both