TITLE

To Think... Like a CFP

AUTHOR(S)
Wagner, Richard B.
PUB. DATE
February 2004
SOURCE
Journal of Financial Planning;Feb2004, Vol. 17 Issue 2, p64
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
12246793

 

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