Moving the Needle
At the Journal of Financial Planning, we’re always keenly interested in contributed articles that “move the needle on the dial”—in other words, advance the profession in some significant way. It’s not always easy to determine which contributions will do that. Ultimately, it is up to you to decide which articles excite you and have a positive effect on the way you practice.
This issue of the Journal features a contribution we feel has the potential to be very influential. It’s called “Finding the Planning in Financial Planning,” and it was written by David Yeske, a former FPA chair. Yeske has contributed a great deal of thoughtful work to the body of knowledge of the financial planning profession, some of it in partnership with his wife, Elissa Buie. And having been a big part of that profession for many years, he knows his history.
His paper is seasoned with references to well-known contributions to the profession—works by other thought leaders who have “moved the dial,” such as Dick Wagner, Lynn Hopewell, Jon Guyton, George Kinder, Rick Kahler, Roy Diliberto, Deanna Sharpe, Carol Anderson, Bill Anthes, Gobind Daryanani, and others.
One of the works Yeske cites is a popular article written by Guy Cumbie, himself a former FPA chair. In 2002, Cumbie wrote in Accounting Today of an “embarrassingly gaping hole in the personal financial planning profession’s body of knowledge in the area of planning.” I was working for CFP Board in Denver when Cumbie’s article came out, and I remember very well what a stir is caused. Cumbie’s article was applauded as a wake-up call in some quarters, criticized by others who believed that successful client outcomes provided all the evidence needed that planning was being done and done well.
We all use terms that we take for granted. For example, we talk about “art,” but are usually at a loss to describe what a person can do to become artistic. Oh, we can talk about outcomes—painting, sculpting, writing, designing—but it’s much harder to describe the steps a person must take to turn his or her work into true art. Often, we throw our hands in the air and quip that we don’t know what art is, but we know it when we see it.
Not content to take “financial planning” for granted, Yeske has written a paper that attempts to break down planning into five, specific strategy-making modes. He suggests that these modes can be studied empirically, measured in terms of their effect on client trust and relationship commitment, and used to assess whether planners possess the competencies needed to be successful.
I can’t tell you with certainty that this article will change the way you do financial planning. All I can say with confidence is that this is an article worthy of your attention and careful consideration. It’s an article that merits discussion when you meet with colleagues at work, at FPA Denver 2010, and on the FPA LinkedIn site.
Lance Ritchlin
Editor
