The Major Event Affecting Planners? You Choose

Thompson, Duane R.
March 2003
Journal of Financial Planning;Mar2003, Vol. 16 Issue 3, p32
Academic Journal
This article discusses the events that occurred from 1997 to 2002 which made an impact on the financial planning profession in the U.S. While fortunately not in the headlines like others in the financial services industry, one might think planners would have a plethora of issues from which to select. But in retrospect, because financial planners are not regulated directly as planners, one could also make a reasonable argument that nothing introduced in the last five years bas directly affected an undefined and unregulated profession. in attempting to look beneath the surface, one might argue that repeal of the Depression-era Glass-Stegall Act in 1999 opened the floodgates for large conglomerates to offer turn-key financial planning by permitting cross-ownership of banks, insurance and securities. And the tax reform act of 2001 is right up there, too, arguably the most important law affecting planners' clients by reducing (at least for ten years) and potentially eliminating the estate tax, reducing income tax rates, and boosting retirement savings incentives. Many planners might point to the stock market bubble and its aftermath--not Congress--as the most important impact on their practices over the last five years.


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