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The History of Financial Planning: The Transformation of Financial Services



The History of Financial Planning: The Transformation of Financial Services

E. Denby Brandon Jr., H. Oliver Welch, Marvin W. Tuttle Jr. (Foreword by)

ISBN: 978-0-470-18074-7 October 2009 320 Pages

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The first book to provide a comprehensive history of the financial planning profession

The financial services field has been revolutionized in the last quarter of the twentieth century by the financial planning profession. So much has happened in so little time that it has been difficult to keep up with the events and key players that make up the world of financial planning. The History of Financial Planning is the first book to provide a comprehensive history of the profession.

Backed by the Financial Planning Association, The History of Financial Planning offers a clear overview of the industry and how it has grown and changed over the years. This book chronicles the history of the profession, with explanations of how the financial planning movement has grown beyond the United States to other countries-particularly in the last fifteen years. The book also demonstrates how the work of key researchers, such as Dr. Daniel Kahneman, Vernon Smith, and Amos Tversky, has influenced the rise of the financial planning profession

  • Names "four initial engines of growth" that contributed to the success of financial planning
  • Reveals the moments and key players that define the history of financial planning
  • Discusses the emergence of the Financial Planning Association (FPA)

The financial planning field has a rich history, and with this book as your guide, you'll quickly discover how it has evolved over the years.




CHAPTER 1 A New Profession Emerges.

Before the Revolution.

A Meeting of the Minds.

The First Challenges.

A College Takes Shape.

CHAPTER 2 Building a Profession.

Defending a Designation.

Breaking Away.

Coming Together, Growing Apart.

Financial Crisis and Upheaval at the IAFP.

Financial Crisis at the College.

A Creed and a Curriculum.

Change and Growth at the College.

The Anthes Years.

The ICFP Forges a Separate Identity.

Newmark at the Wheel.

Return to Denver.

CHAPTER 3 Growing Pains.

Changing the Message, Changing Attitudes.

The SRO Debate and the "Real Thing".

Unsettled Times at the IAFP.

Education and Ethics at the ICFP.

Getting Off the Gravy Train.

A Board of Standards Emerges.

The College Hits Its Stride.

CHAPTER 4 One Profession, One Designation.

The Challenge to "Unify and Professionalize".

The Joint Organization Committee.

Rebuilding Separately.

Strengthening Professional Standards.

College for Financial Planning Makes Key Moves.

The Personal Economic Summit.

New Directions.

The Foundation for Financial Planning.

Storm over "CFP Lite".

Unification Revisited.

CHAPTER 5 Responding to New Challenges.

Building a New Organization.

CFP Board Fleshes Out Its Mission.

Crisis and Catastrophe.

Favorable Signs.

Financial Planning Standards Board.

Raising the Bar for Education and Ethics.

The Broker-Dealer Exemption.

Global Financial Crisis.

Transformation and Opportunity.

CHAPTER 6 Global Expansion.

First Forays.

Financial Planning Comes to Australia.

Japan Joins the Movement.

IBCFP Takes Charge.

Global Growth Accelerates.

ISO Standard: Complement or Competition?.

FPSB: From Concept to Reality.

Launched at Last.

A Tiger in the East. . ..

. . . And a Celtic Tiger.

Conditions for Success.

A Global Standard Emerges.

CHAPTER 7 Theory, Technology, and Process.

The Technology Revolution.

The Benefits of Diversification: Modern Portfolio Theory.

The Probability Approach: Monte Carlo Simulation.

The Balancing Act: Asset Allocation.

Behavioral Finance.

Life Planning and Interior Finance.

A Proliferation of Practice Models.

CHAPTER 8 The Quest for Professional Status.

The Education of a Financial Planner.

Educational Opportunities Expand.

Examination: Proving Mastery.

Experience in the Practice.

Ethical Standards: The Early Years.

Ethical Standards: A New Watchdog.

Ethical Standards: Strengthening the Code.

Ethical Standards: A Fiduciary Obligation.

A Single Designation.

The Compensation Question.

Government Regulation.

Serving a Social Benefit.

Public and Media Recognition.

The Quest Continues.

CHAPTER 9 The Next 40 Years.

"Is Capitalism Working?".

A "New Different" for Financial Planning.

A Long Tail.

Here Comes the Age Wave.

Maslow Meets Retirement.

Redefining the Model for Advice.

The Final Frontier: Reaching the Mass Market.

The Importance of Scale.

New Technologies: Web 2.0 and Beyond.

The Next Generation of Planners.

All Eyes on Washington.

Financial Literacy: A Radical Notion.


APPENDIX A: Financial Planning Leadership Through the Years.

APPENDIX B: The History of Financial Planning Timeline.

APPENDIX C: Quick-Reference Guide to Organizations and Designations.

APPENDIX D: Financial Planning History Center: First Completed Phase of the Master Vision Project.

APPENDIX E: First Graduating Class of the College for Financial Planning: October 1973.

APPENDIX F: Affiliates of Financial Planning Standards Board (FPSB).

APPENDIX G: Recipients of the P. Kemp Fain, Jr., Award.



"I thank Denby and Oliver for capturing this important history of the people and institutions that created a profession focused on helping people plan and improve their financial situations. Their book contains invaluable recollections from many pioneers and champions of our profession, and it goes beyond recounting past challenges and achievements to identify key themes and issues that we must continue to address."
—Kevin R. Keller, CEO of CFP Board