Of elephants, blind men & financial planning —Part 1 in a 6 part series

The endless bickering over the regulation of financial planners is wearisome at best. It seems that every organization and entity is on this bandwagon: the Government Accountability Office, the Security and Exchange Commission, the Financial Industry Regulatory Authority, the National Association of Insurance Commissioners, the Federal Trade Commission and the Financial Planning Coalition. And the sum total of all their time, talent and treasure are the following findings: No single law governs providers of financial planning services. Therefore,

• Almost anyone can call themselves a financial planner.
• Financial planners may have an inherent conflict of interest in selling products from which they receive a commission or managing assets from which they will receive asset management fees
• Consumers are confused by the numerous titles and designations that financial planners may use.
These results are not new and are the same conclusions, which were made over 30 years ago! [Read more…]