First FPA convention opens in Boston

The FPA was created when the Institute of Certified Financial Planners and the International Association for Financial Planning unified on January 1, 2000. Members of the new association include individuals and companies who are contributing to building the financial planning profession around the world.

With more than 3,700 attendees, the conference is truly an international affair. Representatives from such countries as Argentina, Belgium, Saudi Arabia, Greece, Iceland and, of course, Canada packed the John B. Hynes Memorial Convention Center.

One of yesterday’s highlights included an opening keynote address from U.S. Senator John Glenn. As the first American to orbit the earth in 1962 he is also the oldest man to ever go into space at the age of 77 in 1998.

Glenn is a champion of senior’s rights, and continues to fight for such issues as social security. He believes that it should not be given out solely based on one’s age, but on one’s financial need.

Having grown-up during the depression and having to care for an ill parent, John Glenn says that financial planners today are going to face some complex issues when it comes to an aging population. With individuals living longer and nursing home costs increasing, seniors may run out of capital. In the U.S. the average cost for nursing home care is $60,000 a year.

Glenn says this will have an impact on the transfer of wealth that experts having been forecasting, and there could also be less charitable giving in the future as well.

The conference continues until Tuesday.