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The History of Financial Planning. The Transformation of Financial Services. Wiley Finance

  • ID: 2242801
  • Book
  • October 2009
  • 320 Pages
  • John Wiley and Sons Ltd
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Praise for the history of financial planning

"Congratulations to Denby, Oliver, and the FPA for capturing the spirit and determination of the pioneers who made financial planning the global profession it is today. While organizations, qualifications, and standards make a profession, it′s individuals of strong heart and stout will that truly bring it to life."
Noel Maye, CEO, Financial Planning Standards Board Ltd.

"Without the dedication, enthusiasm, and commitment of Denby Brandon and Oliver Welch, it′s fair to say the international financial planning industry would not have progressed so far, so fast. They played a critical role in extending the profession far beyond America′s shores, helping us to establish financial planning Down Under. It is my great pleasure to endorse this history, which is a credit to them and everything they and their colleagues have achieved."
Gwen Fletcher, pioneering leader in bringing Financial Planning to Australia, recipient of the 2009 Award from Queen Elizabeth as a member of the Order of Australia (AM) for her services to Financial Planning

"In order to understand the present and forecast the future, it is essential to study the past. The History of Financial Planning does an excellent job of weaving individuals, institutions, and events together to form a colorful tapestry that accurately depicts the development of this emerging profession."
Tom L. Potts, Professor of Finance and Director of the Financial Services and Planning Program, Department of Finance, Insurance and Real Estate, Hankamer School of Business, Baylor University and President–Elect, Financial Planning Association

"Denby and Oliver have compiled a fascinating, comprehensive look at the first four decades of the financial planning movement. As memories start to fade, their excellent work will serve as a valuable resource to those guiding financial planning into the future."
Dale E. Brown, CAE, President & CEO, Financial Services Institute, Inc.

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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.

Breaking Away.

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.

Rebuilding Separately.

Strengthening Professional Standards.

College for Financial Planning Makes Key Moves.

The Personal Economic Summit.

New Directions.

The Foundation for Financial Planning.

Storm over "CFP Lite".

Unification Revisited.

CHAPTER 5 Responding to New Challenges.

Building a New Organization.

CFP Board Fleshes Out Its Mission.

Crisis and Catastrophe.

Favorable Signs.

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.

First Forays.

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.

Behavioral Finance.

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.

Government Regulation.

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 the Years.

APPENDIX B: The History of Financial Planning Timeline.

APPENDIX C: Quick–Reference Guide to Organizations and Designations.

APPENDIX D: Financial Planning History Center: First Completed Phase of the Master Vision Project.

APPENDIX E: First Graduating Class of the College for Financial Planning: October 1973.

APPENDIX F: Affiliates of Financial Planning Standards Board (FPSB).

APPENDIX G: Recipients of the P. Kemp Fain, Jr., Award.



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"I thank Denby and Oliver for capturing this important history of the people and institutions that created a profession focused on helping people plan and improve their financial situations. Their book contains invaluable recollections from many pioneers and champions of our profession, and it goes beyond recounting past challenges and achievements to identify key themes and issues that we must continue to address."

Kevin R. Keller, CEO of CFP Board
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