Unfortunately, the "financial planning process" has the unintended consequence of rushing you (and the financial planner) through the most important steps of the process in an effort to get the planner paid the quickest. See how in "The Financial Planning Timeline in 90 Seconds."
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Great insight! And so very, very true. How do you recommend resolving this economic bias? How do financial planners make a living while focusing on the needs of their clients more than their own needs?
ReplyDeleteCharging by the hour usually doesn't work because the client feels pressure to be succinct and usually leaves out the "touchy-feely" talk during step 2, which is usually where the long-term value of the relationship comes from.
Waiting until implementation can certainly cause the planner to rush to step 5, either because of goals set by her company or her own fear of giving too much away for free.
I'd be curious to hear your recommendation of other ways.