Living the Definition

Peck, Maureen
November 2003
Journal of Financial Planning;Nov2003, Vol. 16 Issue 11, p8
Academic Journal
The article discusses the relation between financial planning and personal finance. In the January 2003 issue of the Journal Financial Planning, Guy Cumbie, past president and chair of the Financial Planning Association, shared his views with colleagues. In his essay, Cumbie acknowledges the elements that work in present-day financial planning, but suggests that the energy devoted to the process of planning is insufficient in comparison with the emphasis placed on the techniques of personal finance. Planning is an aggregate of numerous considerations, among them personality and culture, desires and fears, listening and educating, scenarios and options. A skilled financial planner deftly uses the tools of personal finance to develop a plan that realizes clients' dreams. Financial planning and personal finance can function separately, but for the sake of the profession and those it serves, personal finance and planning had best be inseparable.


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