What Does the Future Hold For the Financial Planning Profession?

Opiela, Nancy
December 2000
Journal of Financial Planning;Dec2000 SourceBook 2001, Vol. 13 Issue 12, p14
Academic Journal
This article presents key issues and developments relevant to the financial planning profession in the U.S., compiled as of December 2000. While planners feel that people who can afford and who value financial advice will continue to migrate toward the fee-only structure, not everybody agrees that this movement will be the best course for the profession or the public. Sounding a positive note, certified financial planner (CFP) Bill Carter feels that the fee-only trend is good for planners and good for the clients. CFP Sheryl Garrett said that there has been a natural progression of successful planners and firms moving up-market, raising their minimums, and that is leaving a void. commissions are an alternative for these folks, an option that nobody sees disappearing anytime soon. But it is not the only option. Numerous firms provide financial planning advice over the Internet. Another option for those who like the personal touch is to find a firm that was restructured upon the belief that fee-only advice should be available to everyone who is willing to pay an hourly fee. Garrett explains that her clients pay hourly fee, but they do not have to enter into a lifetime relationship and move all their assets under her management.


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