To Think... Like a CFP

Wagner, Richard B.
February 2004
Journal of Financial Planning;Feb2004, Vol. 17 Issue 2, p64
Academic Journal
In this essay, the author argues that for financial planning in general, and Certified Financial Planner (CFP) recipients in particular, to become accepted and respected as a real profession and as real professionals, CFP practitioners must think as professionals. This means developing a professional identity, a tradition, a common way planners look at themselves and at their relationships with their clients. Instead of being viewed as a service delivery system that provides a unique and powerful role in today's society, financial planning has been defined by those who are not true planners. It is asserted that in each established legitimate profession, there is a thought process that sets such a profession aside from all other forms of endeavor and the practicing professional apart from all other types of practitioners. The common-law definition of a profession requires that a profession include: (1) an esoteric body of knowledge, (2) a minimal education curriculum, (3) altruism and (4) a code of ethics. The work of a CFP may range from assisting the individuals in minor issues, such as the purchase of a car or discussing child care options or proper care for elderly parents, to sophisticated issues, such as working with investment managers, hiring attorneys to litigate complicated claims, or even being hired by attorneys for our testimony in financially complicated claims.


Related Articles

  • Planting the seeds of good advice. Griffin, Ray // Money Management;8/18/2005, Vol. 19 Issue 30, p18 

    Comments on the need for financial advisers to win over the trust of the general public in Australia. Condition of the infrastructure for financial planning in terms of building a profession; Importance of improving the rate of professional culture which is becoming entrenched among both...

  • Giving Clients What They Want. Lowenhaupt, Charles // Accounting Today;Oct2008 CPA Wealth Provider, Vol. 22, p25 

    The author discusses financial advising that will give the client what he wants from his wealth. He explains that the purpose of wealth is often not discussed with clients. He calls being able to give clients what they want from their wealth "Freedom From Wealth." The author continues to discuss...

  • The Millennials Are Coming. Are We Ready? Kitces, Michael E. // Journal of Financial Planning;Jun2005, Vol. 18 Issue 6, p16 

    The article discusses the emergence of Millennials in the financial planning profession in the U.S. The Millennials are also known as Generation Y or Echo-Boomers. This generation of current youngsters, born from roughly 1981 through 2001, is just seeing its first and oldest members graduate...

  • Fearless Forecasting. VERES, BOB // Financial Planning;Mar2013, Vol. 43 Issue 3, p19 

    The author presents his forecast for the financial planning profession. The forecast explores major events during the period which is divided into five-year increments. He predicts that during 2013-2018, mergers of firms to add scale to operations. For 2018-2013, he projects the use of video...

  • Reader Spotcheck.  // Journal of Financial Planning;Feb2000, Vol. 13 Issue 2, p25 

    This section presents the results of a survey by the Journal of Financial Planning on readers' opinion about issues affecting financial planning in the U.S. as of December 3, 1999. Seventy-eight percent of readers who believe that the vision of one profession coalesced around the Certified...

  • Planners: Let's Do Tax. Scott, Robert W. // Accounting Technology;Jan/Feb2006, Vol. 22 Issue 1, p6 

    The article comments on the trend that financial planning firm is starting to form a sister tax preparation company. The firm works with a number of other professional services organizations, including a lawyer and a certified professional accountant, to serve its financial planning clients. The...

  • The 'Firm' Approach. Burford, Lon // Journal of Financial Planning;Jun96, Vol. 9 Issue 3, p78 

    This article discusses issues related to the profession of financial planning. In this profession challenges are many. To be a complete financial advisor requires that one be an expert on tax issues, insurance, estate planning, qualified plans, retirement, planning, and more. Then, to implement...

  • Planners Progress: Through the Jungle and Over the Gorge. Veres, Bob // Journal of Financial Planning;Jan2003, Vol. 16 Issue 1, p30 

    This article presents the author's view on the financial planning profession. In the book that I just finished, I poured every important thing I have learned about where the leaders of the next cyclical evolution will be doing for and with their clients. The basic thesis of the book is that we...

  • Go West, Young Man. Tuttle, Marv // Journal of Financial Planning;Jun2004, Vol. 17 Issue 6, p44 

    The article discusses ways to overcome the challenges faced by the financial planning community. To meet challenges, financial planning, as a profession, must move to the next level of advocacy. There is a need to focus on gaining statutory recognition of financial planning as a profession. ...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics