Milestones and Challenges for the Financial Planning Profession

John T. Blankinship Jr.
December 1996
Journal of Financial Planning;Dec1996, Vol. 9 Issue 6, p97
Academic Journal
Personal financial planning has met challenges, setbacks anti successes in its emergence as a recognized profession. A look at its domestic history will show how financial planning has grown, not only in the United States, but internationally as well. After the tax law changes in the mid-1980s, the U.S. financial planning profession saw a significant contraction in its numbers. Before 1986, the U.S. tax Laws encouraged investing in tax shelters and, unfortunately, many unethical individual, calling themselves financial planners put their clients into bad investments which then fell apart after the tax laws were changed. As a result of these events, the emerging profession of financial planning was tarnished. What came to be known as "planner bashing" began to appear all too frequently in the media. Meanwhile, recent trends show that financial planning is becoming recognized as a profession with skills that are distinct from the standard financial services fields of securities, insurance, accounting, tax planning and estate planning.


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