Levinn, Ross
November 2001
Journal of Financial Planning;Nov2001, Vol. 14 Issue 11, p28
Academic Journal
The article presents the author's viewpoint on information related to the functions of financial planners. The author makes a correlation between pseudogenes, genes that mess up a scientist's research, and some of his frustations in the financial planning industry. There are a number of people out there calling themselves financial planners who are probably not really doing financial planning. They may be doing pieces of the plan, but they are not trying to discover what the client's true motivations are. They may excel at some of the tactics, but they may lack the willingness to dive deep into the client's personality to try to make sure that the plan is unique to the needs of the person for whom it is being developed. Unlike pseudogenes, these practitioners serve a useful purpose and provide a service, but like the impact that pseudogenes have on a scientist, they can mess up a client. Aspects like balance sheets and cash flow, tax planning, estate planning and asset allocation obviously must be contained in the financial plan. While the employee or partner may not deal with the client the same way that one would, they would still have the understanding that the product is not the financial plan, but the goal of improving client's lives.


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