"Financial planning needs to deliver good answers to the less complex needs of average Americans."

June 2003
Journal of Financial Planning;Jun2003, Vol. 16 Issue 6, p14
Academic Journal
This article presents an interview with U.S. financial planner Rick Adkins about his profession. Adkins is CEO of the Arkansas Financial Group in Little Rock. He has taught finance and insurance at the University of Arkansas and is the creator of the Risk Capacity Index. In his opinion, the most pressing issue facing financial planning is the effort to apply tenets of professionalization to it. It is critical that, whether it is tax planning or investments or estate planning, financial planners have a better, more articulated body of theory that planners are learning in college. One cannot have a body of planners who have no client or relationship skills or the ability to respond to people as individuals. If planning is going to be recognized as a true profession, planners must have standards for education, experience and examination components. One part of the certified financial planner (CFP) examination is that it does not test one's knowledge, but the ability to apply knowledge. Adkins is concerned about perceptions of consumers about whether it is life planning versus financial planning. Part of the vision of the CFP Board is to help planners function more in a professional culture.


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