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.


Related Articles

  • Blazing an Independent Trail. Benz, Christine // Morningstar Practical Finance;Feb2010, Vol. 6 Issue 2, p6 

    An interview with Sheryl Garrett, founder of Garrett Planning Network, is presented. She says that fees charged to clients were based on their assets and earned income. She indicates that members coming into their group have up to five years to obtain their Certified Financial Planner (CFP)...

  • Sheryl Garrett on Why 400,000 Planners Are Needed…and Where They'll Come From. Lee, Shelley A. // Journal of Financial Planning;Mar2008, Vol. 21 Issue 3, p16 

    This article presents an interview with financial planner Sheryl Garrett, the founder and president of Garrett Planning Network. Garrett discusses her focus on hourly financial planning for the mass market, middle-income population in the United States, her un-satisfaction with the state of...

  • Increasing Your Income. Morrow, Edwin P. // Journal of Financial Planning;Sep2001, Vol. 14 Issue 9, p54 

    Discusses ways to increase income of financial planners. Insurance marketing strategy; Actions taken by planners to increase clients; Reasons behind the need to increase service fees.

  • Fees loom as the big issue. Stewart, Tim // Money Management;11/22/2012, Vol. 26 Issue 45, p1 

    The article offers information on the Financial Advice Satisfaction Index of the International Centre for Financial Services (ICFS) which measures the levels of satisfaction of financial planners' clients on financial advice. It reveals that satisfaction with the quality of advice increases from...

  • The Business of Advice. Shelton, David // Money Marketing (Online Edition);5/24/2012, p31 

    The author discusses the fees related to fees related to annual investment performance and charging of the business advisers. He states that is not to rehearse these well-known arguments in detail but to consider their implications for adviser charging. He mentions that client banks may include...

  • HMRC shifts adviser-charging stance in new draft guidance. Selby, Tom // Money Marketing (Online Edition);5/31/2012, p23 

    The article informs that Great Britain's Her Majesty's Revenue and Customs (HMRC) has removed the implementation costs as an unauthorized payment charges under retail distribution review (RDR) adviser-charging rules. It is mentioned that implementation fees can be included in the overall cost of...

  • New network bids to aid IFAs with switch to fees. Henshall, Angela // Money Marketing;7/10/2003, p3 

    Reports that True Financial Planning is targeting independent financial advisers in Great Britain wanting to switch from commission to fees. Development of a business model; Creation of franchises; License fee; Measures to cut down practice costs.

  • Fees as a Marketing Tool. Melchinger, John H. // Journal of Financial Planning;Feb1998, Vol. 11 Issue 1, p101 

    This article discusses the use of fees as a marketing tool. Establishing a fee structure can be an effective way to help make sure your financial planning clientele keeps up with the marketplace. Consumers often consider it acceptable to pay for advice, the same way they pay their other...

  • What are you worth? Keavney, Robert // Money Management;10/2/2008, Vol. 22 Issue 37, p22 

    The article discusses the issue concerning financial planning fees and commission in response to the article of Peter Bobbin on the relative tax efficiency of fees and commissions. It views on the quality of fees of being tax-deductible and the role of commissions to reduce taxable income. It...


Read the Article


Sign out of this library

Other Topics