Financial Planners Flock to Asset Management: Are We Losing Our Bearings?

McCarthy, Ed
February 1996
Journal of Financial Planning;Feb1996, Vol. 9 Issue 1, p38
Academic Journal
The principal of financial planning has changed significantly over the past decade. In the mid-1980s comprehensive financial planning was the standard by which practitioners measured their relationship with clients. Financial planners have examined the client's goals in relation to cash flow, income taxes, risk exposures, retirement, and estate plans. Because these issues are interrelated, planners argued, one must analyze them from a comprehensive perspective. Advocates of asset management admit there is some risk inherent in that business. To control that risk, they urge fellow practitioners not to lose perspective. Jack Blankinship stresses the need for a planner to gain experience. There is a big distinction to be made between doing financial planning and money management. One doesn't go out and do comprehensive financial planning all by himself/herself right away, and most certainly he/she cannot go out and immediately begin a new money management firm.


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