What are professionals saying about our industry?

  • Unfortunately, these findings don't surprise me at all. Most planners haven't developed a reliable model for charging fees for their services. They have relied first on commissions and, lately on assets under management to earn their income. The public doesn't view most financial professionals as they do accountants or attorneys and until someone figures out how to get paid for all that work, it's not going to change.
  • I agree that there is a real need for financial planning services for the " not so wealthy.". The issue is - how to deliver high quality service that is affordable for the consumer and profitable to the planner? I'm hopeful that the market will create opportunities for firms offering services of this calibre - without a reliance on asset management fees. As consumers become more aware of the need for unbiased planning advice, the demand will increase, resulting in an opportunity for some entrepreneurial planners to develop a niche.
  • I think the challenge is for planners to paint a picture for potential clients that helps them understand the value of not only a comprehensive plan but ongoing comprehensively planning services. If the profession can better articulate the value of comprehensive planning, we will more likely receive a fee for our planning services.
  • The problem is that the calculations in planning are flawed. Instead of being diagnostic, they are designed to be illustrated to 'get the account transferred.' The plan (goal) needs to set the agenda, not the market.

Source: Advisors4Advisors