Would You Like That Financial Plan Super-Sized, Ma'am?

Thompson, Duane R.
June 2003
Journal of Financial Planning;Jun2003, Vol. 16 Issue 6, p22
Academic Journal
This article discusses the correlation of franchising to financial planners. Franchising is a distribution system using a business blueprint for selling products and services across more than 60 industries. The franchisor licenses the use of a trademark and a quality-controlled business system to a franchisee in exchange for an upfront franchise fee and ongoing royalty payments. There are similarities between the origins of franchising to financial planning. The pioneers of financial planning and franchising realized the value of trademark and established quality control standards to maintain the mark's value: franchisors through business systems requiring adherence from their franchisees, and the Certified Financial Planning (CFP) Board by developing ethical and continuing education requirements, and a set of practice standards. Vicarious liability, through the activities of their franchisees, makes franchisors targets of consumer litigation. CFP practitioners consider themselves professional fiduciaries to their clients, unlike franchising in general. The first practice standard of the CFP Board ensures that two parties mutually agree to the services to be provided and the duration of the engagement.


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