The History of Financial Planning: The Transformation of Financial Services / Edition 1

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Four decades ago, the financial planning profession did not exist. For average Americans, an "investment" meant a life insurance policy, bought from an insurance salesman who worked on commission. That was all changed by a onetime vacuum-cleaner salesman who had transformed himself into a marketing consultant and motivational writer, and a former insurance salesman turned school-supplies salesman who had a master's degree in psychology. In late 1969, they began a revolution that was intended to help ordinary Americans gain control over their financial destinies. Despite huge odds, financial planning—the first new profession in four centuries—succeeded beyond the most fervent hopes of its founders, not just in the United States but around the world. The History of Financial Planning is the story of that astonishing success and the people who built the movement.

In vivid detail, the authors chronicle the defining moments and the key players that have made up the history of financial planning. They depict the environment out of which the financial planning movement emerged and offer an inside look at the watershed December 1969 meeting in Chicago that launched the movement. They introduce the cast of characters—which included visionary, courageous, and talented people, a majority of whom put the movement ahead of their personal goals. And they detail the formative years from the early 1970s through the 1980s, the landmark events of the 1990s, and the new era that began with the birth of the 30,000-member Financial Planning Association in 2000.

In addition, the authors cover the global expansion of the financial planning movement, the interaction of financial planning research and new technologies, and the emerging growth of financial planning as a profession: education, examination, experience, ethics, methods of compensation, government regulation, and social purpose. They conclude their saga with an outline of what possible challenges and opportunities the financial planning movement will face in the future.

As financial planning enters its fifth decade, it is clear that much of its potential and promise are being realized. This book will convey the heart, soul, and tireless commitment that have added to the depth and richness of this profession.

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Editorial Reviews

From the Publisher
"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
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Product Details

  • ISBN-13: 9780470180747
  • Publisher: Wiley
  • Publication date: 10/12/2009
  • Edition number: 1
  • Pages: 270
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

E. Denby Brandon Jr., CFP, was an original board member of the Certified Financial Planner Board of Standards starting in 1985 and served as chairman from 1989–1990. He was the first chairman of the Board of Affiliated Associations in 1992, the International CFP Credentialing Organization. He was also the cofounder of the Brandon Organizations in 1952 and currently serves as the Chairman of Brandon Financial Planning, Inc., in Memphis, Tennessee. In 2007, Brandon received the P. Kemp Fain Jr. Award, the top honor given annually by the Financial Planning Association.

Dr. H. Oliver Welch is the chairman emeritus of the Certified Financial Planner Board of Standards. He is a multidiscipline individual with a doctoral degree in the fields of management, economics, quantitative methods, accounting, and administrative theory. Dr. Welch is a CPA, attorney, real estate broker, and holds the professional designations of urban planner (AICP), property manager (CPM), and personal financial specialist (PFS) and (CFP). He has held leadership positions in several publicly held companies involved in securities, real estate, resorts, and aviation.

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Table of Contents




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.



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