Are Financial Planners All Talk and No Walk?

Michael Kitces, Nerd’s Eye View blog,  has a pertinent posting on his blog today regarding a topic I am passionate about, the need of financial planners to have their own financial planner.  His post was inspired by a webinar I was to do for national orgainization of financial planners on the topic.  The webinar was cancelled because not one financial planner signed up!

You can read my original research or a recent post I wrote on the topic.  To read Michael’s entire post, click here.

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3 Responses to Are Financial Planners All Talk and No Walk?

  1. The other Rick K. November 10, 2010 at 7:48 pm #

    Hey Rick,

    I’m sorry I didn’t sign up for the webcast. The only problem is you would be preaching to the choir! I just wrote a check for another consultation.


  2. Dr Mary Gresham November 11, 2010 at 7:44 am #

    Hi, Rick. I know how hard it is to offer a needed but unwanted service. The only way for a planner to know how it feels to be a client is to become one..the amount of learning that is done by modeling and understanding the roles of planner and client is enormous..keep trying. It took psychologists a long time to realize that becoming a client was one of the best ways to truly understand what happens in the interaction. MG

  3. Rick Kahler November 12, 2010 at 1:49 pm #

    Hi Rick,

    WOW. I just read your “entire” article/study; Becoming Consumers of the Profession We Practice. Extremely well done and convincing. Your writing style, research, rational deduction, and information are exceptional. As a novice author, I even experienced writer’s envy.

    Every client of yours should read it to grow knowledgeable of the profession. Clients should be particularly cautious of those who claim to know everything. Such arrogance is evident in your profession that seems to permeate every field and discipline of knowledge. Perhaps your peers still view your profession as an art form, not a science. Perhaps your peers would better understand your theory of objectivity by the most guttural parlance of cave dwellers; “you do not eat where you shit”.

    Your article quickly reminded me of my early days as a “skeptic”-client with you. My wife was convinced, but I was certainly not before and following our first meeting with you. I agreed to attend merely as an observer, but cautioned her, I would not engage. At the meeting I grew restless. How dare anyone charge a fee on asset value. What the hell are asset classes….any dummy knows stocks, bonds and cash. And, on and on it went….with UNHEARD OF stuff. In the intervening two years, I launched challenge after challenge to the planner’s advisory pathways. And, all I got in return was calm and, after thoughtful deliberation, logical response. As a critical thinker, a philosopher of sorts, I grew most impressed with the planner’s consultative approach to money, particularly the psychology of money that haunts all subjective households and psyches.

    By reading your thoughtful article, a client should quickly learn the first vital question in the interview with a financial planner is; do you have a financial planner?

    Well done….Jerry

    (This was an email send to me, posted with permission.)