The State of Financial Planning: A Grassroots Perspective

Opiela, Nancy
December 2002
Journal of Financial Planning;Dec2002, Vol. 15 Issue 12, p8
Academic Journal
This article presents the views of financial planners on the state of financial planning in the U.S. The market is the biggest challenge that financial planners encountered in 2002. Damon Dyas, chief financial planner (CFP) of American Express Financial Advisors, said that it has been challenge to keep clients calm and help them understand what is going on in the market during an economic downturn. Aside from this, planners have to deal with decreasing revenues as a result economic downturn. Patrick J. Horan, CFP of Horan & Associates Financial Advisors, remarked that they to had to dramatically trim variable expenses and reduce non-essential staff in order to preserve free cash and firm profitability. In addition, planners are confronted with shifts in client demands and attitudes. Planners report of increased public interest in financial planning, thus, an increase in prospects. However, that many prospects have a very different investor mentality than some of their current. Some are more wary of the bear market, while some carry a lot of expectations for planners. As a result of these challenges and changes, planners have to reform and implement new strategies. Chief among these strategies is tax-loss harvesting.


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