Beware the Hooves of the Teflon Giants

Hayden, Vern C.
February 2005
Journal of Financial Planning;Feb2005, Vol. 18 Issue 2, p32
Academic Journal
This article discusses the threat being faced by financial planners in the U.S. as of February 2005. There is a constant attempt by Merrill Lynch, Prudential, the big banks, and the like to hijack the financial planning profession. They've learned the language and use it to sell their wares. Nothing, not even ethical and legal transgressions, stops the arrogant flaunting of their powers. Take a look at the business section of the Sunday New York Times. Their full-page ads proclaim what wonderful client-oriented financial planners they are, as though the scandals never happened. But they survive and thrive. The soul of capitalism is money, power, and control. This is embodied in the big brokerage houses, insurance companies, and banks. One of their goals is to own financial planning. They are making significant inroads. They don't care if financial planning is profitable. They will spend millions making sure they eventually get it right. Eventually, they will do real planning as they seemingly disconnect from their products. The focus is increasingly on creating relationships. They know that once they have the relationship, anything is possible. As these financial institutions evolve and mature in doing financial planning, the industry will enter a more challenging phase of marketing warfare.


Related Articles

  • You can manage risk, but not returns. Benson, Ross // Money Management;10/6/2005, Vol. 19 Issue 37, p21 

    Reports on the impact of structured products on the financial advisory business in Australia. Economic benefits of structured products; Difference between alternative assets and alternative structures; Increase in the quantum of structured products that were introduced in the market.

  • PROFESSIONAL CHALLENGE. Tydd, Judith // BRW;4/14/2011, Vol. 33 Issue 14, p46 

    The article focuses on the challenge facing financial planners in Australia to gain professional status. Majority of the members of the Financial Planning Association (FPA) have voted in favor of a three-year plan to get the financial planning industry elevated to professional status. FPA Chief...

  • The Age of Specialization. Walker, Lesis J. // Journal of Financial Planning;Jan1989, Vol. 2 Issue 1, p7 

    The biggest mistake that most of the people make in their personal and professional lives is failing to identify and pursue focused goals. A lot of people never really focus on their objectives. Their goals remain hazy and ill-defined. Unless one is very specific about his goals, things...

  • Consumers take crown.  // Money Management;9/30/2004, Vol. 18 Issue 36, p14 

    This article reports that a ban on superannuation guarantee commissions has been a long stated ALP policy, a move that is also backed by the Democrats, meaning that it would not have much trouble getting through the Senate if there is a change of government. Over the last 10 years financial...

  • Planners join Platinum. Fielding, Zoe // Money Management;8/4/2005, Vol. 19 Issue 28, p4 

    Reports on the confirmation of 34 authorized representatives who have already joined Platinum Group Financial Services' ranks in Australia. Approval received by the dealership to operate under an Australian Financial Services License in late May 2005; Setting of an initial target to recruit...

  • Aged care planning: someone to watch over me. Wixted, Deborah // Money Management;11/20/2008, Vol. 23 Issue 44, Special section p4 

    The article discusses the several factors that need to be considered in establishing a financial planning business that will focus on aged people in Australia. These include providing an aged care advice, building relationships with aged care facilities and stockholders, and developing plans for...

  • Hundreds sign up at Intrinsic launch. Hughes, Frances // Fund Strategy;6/26/2006, p8 

    The article reports that some 300 financial advisers have signed up to the Intrinsic Financial Services multi-tie, a holistic financial planning in Great Britain. According to Kevin Ronaldson, chief executive of Intrinsic, the company is looking to develop further suitable products which add...

  • Cap-ad changes will hit new model firms. Blackmore, Nicole // Money Marketing;12/18/2008, p1 

    The article reports on the impact of the proposed changes on capital adequacy of FSA to adviser firms looking to move to a recurring income stream as indicated by the Institute of Financial Planning in Great Britain. The author states that chief executive of IFP, Nick Cann, is concerned that the...

  • AFS sale no exit plan savs Zurich. Kelly, Ross // Money Management;10/6/2005, Vol. 19 Issue 37, p6 

    Reports that Zurich Financial Services has loosened its grip on Australia's advice distribution channels even further by announcing its intention to let go of its holding in Melbourne-based planning business Australian Financial Services (AFS). Decision of Zurich to lower its interest in the...


Read the Article


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

Try another library?
Sign out of this library

Other Topics