The Evolution of Financial Life Planning: More than Art

Walker, Lewis J.
September 2002
Journal of Financial Planning;Sep2002, Vol. 15 Issue 9, p46
Academic Journal
This article focuses on the evolution of the financial life planning industry as of September 2002. Financial life planning may seem to be the new thing, but it is not. The concept is more evolutionary than it is revolutionary. Consider the 'age-based continuum' of financial planning. For a young family, planning is relatively simple as basic security structures and savings plans are put into place. The challenges inherent in moving from success to significance for financial planners represent an evolutionary outgrowth of a maturation curve. For clients it is a product of that same demographic wave and the expansion of personal wealth in the 1980s and 1990s that fueled the growth of the profession. Financial life planning as a concept will influence all practices to one degree or another. A financial planner's age and the age range of their client base are the key determinants as to the depth of services explored and offered. Life planning reflects a wisdom born of experience. It goes beyond art, and that is what makes the possibilities so interesting


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