By David Edey
(September 13 – 09:20 ET) – As the first ever convention of the Financial Planning Association came to a close in Boston, delegates from around the world were given the opportunity to discuss issues that affect them.
In the first town hall meeting a standing room only crowd voiced their concern and their thoughts of the profession. One topic that received a lot of attention was whether there is a trend toward defining success by the quality of client relationships instead of their profitability.
Another topic that was the shift toward fee-based clients. One delegate felt that financial planners that charge a fee are not the exclusive owners of client interests. She received strong applause when she went on to point out that “If a planner is ethical and professional, then you’ll put the client first.”
At a session entitled “Global Financial Planning Issues” the pros and cons of the Internet invoked some interesting comments. An Australian delegate said his country is the second biggest user of the Internet worldwide behind the U.S. A Korean delegate spoke about how much business is booming in their country and while 12 million Koreans are using the Internet many people don’t fully know how to utilize it.
At a session that dealt with sudden wealth it was revealed that over the next 10 years, it is estimated that more than US$20 trillion will be received by millions of people. Susan Bradley, an expert on the subject says financial planners need to have a smart game plan for potential clients who experience a financial windfall. Let them know at the first meeting that there is a sequential process and show them where they need to be focused on.
Next year’s conference will be held in San Diego on September 13 -16.