My Plumber Is a Financial Planner?

Boone, Norman M.
January 2000
Journal of Financial Planning;Jan2000, Vol. 13 Issue 1, p30
Academic Journal
This article presents the author's view on the definition of financial planning in the United States. From the author's perspective, the financial planning model of acting in the client's best interests, providing advice and products arising solely out of the client's needs and desires, and taking a comprehensive view of the client's circumstances to develop integrated solutions has won out over the traditional models coming out of the brokerage, banking, insurance and accounting professions. Clients who have experienced both approaches, or who have researched both, consistently choose the financial planning model. Therefore, it would seem clear that if one actively promotes a well-defined impression about what financial planning is, members of the profession will see their businesses grow and one would see a rapid expansion of the numbers who offer true financial planning. An effective definition and its promotion would help consumers, the industry and the individual businesses. The author's own suggested definition is that financial planning is the advice and service designed to help meet a client's life goals, provided through a written evaluation and analysis of an individual's or family's current financial status, leading to recommendations for strategies and actions, assistance with implementation and subsequent monitoring relating to the client's management of financial resources.


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