The 'Firm' Approach

Burford, Lon
June 1996
Journal of Financial Planning;Jun96, Vol. 9 Issue 3, p78
Academic Journal
This article discusses issues related to the profession of financial planning. In this profession challenges are many. To be a complete financial advisor requires that one be an expert on tax issues, insurance, estate planning, qualified plans, retirement, planning, and more. Then, to implement and move forward, add being an investment expert to the list of requirements. The other professional fields, such as accounting, law, medicine, and engineering, all offer good generalize, yet the experts almost always are specialists. The author raises some basic question as to why don't one see the firm as the common business structure of the independent financial advisory profession? Call them financial planners. Why outside of an occasionally successful expense-sharing arrangement, do financial planners not leverage their skills, time and profits by structuring their businesses such that they can serve a wide cross-section of the sophisticated, upper-end marker? The specific mix of business lines is important. It requires the planners to focus on markets where common potential clients exist.


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