Rick was thrilled to learn this month that he was one of the winners of the 2008 Financial Frontiers Awards. This competition, sponsored by the Financial Planning Association® (FPA®) and Janus (NYSE: JNS), invites financial industry professionals to submit papers that present new ideas and practical solutions for the financial planning industry.
Rick’s paper, “Who Is Planning for the Planner? Becoming Consumers of Our Profession,” was the winner in the Financial Concepts category. He examined why financial planners typically don’t have their own financial planners, and found that the reasons aren’t really any different from those given by people outside of the profession.
“Trust, fear of being shamed, loss of control, competency, cost, spousal issues and value are among the fears and concerns that keep financial planners from hiring their own personal financial planner,” Rick says.
Rick does have his own financial planner. Like the relatively few other planners who have their own financial planners, he has found it valuable both personally and professionally. Being the client of another planner involves the spouse in the process and ensures that the planner/client’s own planning isn’t constantly relegated to the back burner. The experience of being a client deepens financial planners’ ability to relate to their clients. In addition, they can learn from their peers new ideas, tools, and services to add to their own practices.
Rick has already spoken on this topic at several industry conferences. His winning research paper will be published in a future issue of the FPA’s Journal of Financial Planning, and he will present it at the Association’s annual conference in October.
This topic, Rick believes, is important to the financial planning profession. “When you have a financial planner, it means you believe in your own profession so strongly that you choose to be a consumer of the services you passionately promote as a provider.”
