TITLE

Beware the Hooves of the Teflon Giants

AUTHOR(S)
Hayden, Vern C.
PUB. DATE
February 2005
SOURCE
Journal of Financial Planning;Feb2005, Vol. 18 Issue 2, p32
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
15993326

 

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