TITLE

Financial Life Planning: Death of the Assumption

AUTHOR(S)
Diliberto, Roy; Anthony, Mitch
PUB. DATE
November 2002
SOURCE
Journal of Financial Planning;Nov2002, Vol. 15 Issue 11, p42
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article argues that no matter how smart, well trained or experienced financial planners are, it does not give them the right to think for their clients or, more important, to assume how their clients might feel. Behind the services or products that financial planners provide are underlying assumption about why their clients would want the service, what features would most appeal to them and how they would want it administered. Assumptions are dangerous because they allow financial planners to think for their clients. Often these assumptions are the culprits that hinder planners from connecting with clients and prospective clients. Unfortunately, planners also find themselves making assumptions without probing deeply enough to discover the real life goals of their clients. There are planners who recommend survivorship insurance in all cases where estate taxes will be due at death. The profession of financial planing brings with it a terrific weight of responsibility. Planners need to assume nothing. They must probe beyond the superficial and let their clients tell them what they want, what they need and how they want it to happen. Even if planners feel absolutely certain as to what their clients need and why they need it, planers must ask anyway.
ACCESSION #
7864981

 

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