Practice Standards and the Creative Planning Process

Thompson, Duane
November 1999
Journal of Financial Planning;Nov99, Vol. 12 Issue 9, p26
Academic Journal
This article discusses the making of the practice standard in financial planning. One of the most challenging aspects of regulating financial planning as a profession is to balance standards so that they address the overall planning process across the spectrum of individual styles, but at the same time recognize the need to creatively address a client's unique situation. A "bright line" standard that clearly states what planners should and shouldn't do in the development and presentation of a plan would help minimize their exposure to lawsuits. On the other hand, the more concise the standard, the less flexible it will probably be for planners to use their own creativity in developing a plan.


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