The first book to provide a comprehensive history of thefinancial planning profession
The financial services field has been revolutionized in the lastquarter of the twentieth century by the financial planningprofession. So much has happened in so little time that it has beendifficult to keep up with the events and key players that make upthe world of financial planning. The History of FinancialPlanning is the first book to provide a comprehensive historyof the profession.
Backed by the Financial Planning Association, The History ofFinancial Planning offers a clear overview of the industry andhow it has grown and changed over the years. This book chroniclesthe history of the profession, with explanations of how thefinancial planning movement has grown beyond the United States toother countries-particularly in the last fifteen years. The bookalso demonstrates how the work of key researchers, such as Dr.Daniel Kahneman, Vernon Smith, and Amos Tversky, has influenced therise of the financial planning profession
- Names "four initial engines of growth" that contributed to thesuccess of financial planning
- Reveals the moments and key players that define the history offinancial planning
- Discusses the emergence of the Financial Planning Association(FPA)
The financial planning field has a rich history, and with thisbook as your guide, you'll quickly discover how it has evolved overthe years.
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About the Author
Dr. H. Oliver Welch is the chairman emeritus of theCertified Financial Planner Board of Standards. He is amultidiscipline individual with a doctoral degree in the fields ofmanagement, economics, quantitative methods, accounting, andadministrative theory. Dr. Welch is a CPA, attorney, real estatebroker, 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 severalpublicly held companies involved in securities, real estate,resorts, and aviation.
Table of ContentsForeword.
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.
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.
Strengthening Professional Standards.
College for Financial Planning Makes Key Moves.
The Personal Economic Summit.
The Foundation for Financial Planning.
Storm over "CFP Lite".
CHAPTER 5 Responding to New Challenges.
Building a New Organization.
CFP Board Fleshes Out Its Mission.
Crisis and Catastrophe.
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.
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.
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.
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 theYears.
APPENDIX B: The History of Financial PlanningTimeline.
APPENDIX C: Quick-Reference Guide to Organizations andDesignations.
APPENDIX D: Financial Planning History Center: FirstCompleted Phase of the Master Vision Project.
APPENDIX E: First Graduating Class of the College forFinancial Planning: October 1973.
APPENDIX F: Affiliates of Financial Planning StandardsBoard (FPSB).
APPENDIX G: Recipients of the P. Kemp Fain, Jr.,Award.
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