August 1, 2010
I just wanted to write briefly to make a simple request: consider the practical ramifications of the decisions you make, please. In that consideration, think about the folks who practice financial planning, and think about the clients who benefit from financial planning services. Consider the fact that, in practice, results are often drastically different than theory. While a cause and a purpose may be noble, you must evaluate what precautions are already in-place and what kind of burdens are being placed on either the folks practicing financial planning or the clients of those planners. If a decision that you make results in added costs to a financial planner, then in order to make a consistent living those costs have to be made up elsewhere, and often times that is through fees to clients--not all financial planners make a lot of money, and I speak from such a perspective as a sole proprietor who is doing well to simply cover bills. Further, added costs and hurdles also make it prohibitive to enter the business, which further strains the system due to dwindling numbers of advisors. The objective should be to protect clients AND advisors by taking the path of efficiency, not added stress and strain.