Finding the Planning in Financial Planning

Yeske, David B.
September 2010
Journal of Financial Planning;Sep2010, Vol. 23 Issue 9, p40
Academic Journal
After four decades, the financial planning profession still lacks an overarching framework for organizing and testing the strategy-making (that is, "planning") activities of its practitioners. An integrating framework is proposed that consists of five modes of strategy- making: planner-driven, data-driven, policy-driven, relationship-driven, and client-driven, Each of these five modes represents a different relative role for the planner and client in the planning process. The modes also fall along a parallel dimension of planning versus emergence. The proposed model is tested against measures of client trust and relation- ship commitment, and the policy- driven mode is found to be the most powerful predictor of both. Client complexity is also analyzed as a predictor of client trust and commitment, and it is found that trust and commitment are inversely related to the complexity of a client's circumstances. Finally, a factor analysis of planner strategy-making activities shows that planners in independent firms tend to favor data-and policy-driven approaches and those practicing at large financial services firms tend to be more dominant in the planner-driven mode.


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