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- Title
The Scope and Practice of Comprehensive Financial Planning: Survey Results, Current Standards, and Engagement Letter Recommendations.
- Authors
Chene, Douglas; Gold, Joel; Gramlich, Jeffrey
- Abstract
This paper examines the issue of whether the adjective "comprehensive" is appropriate for describing professionals who provide financial planning advice to individuals. We first consider how the term "comprehensive financial planning" developed, and explain what this term means to financial planners. We consider potential legal liability associated with the term "comprehensive," recognizing that clients may interpret it differently. To assess the profession's allegiance to the term, we conducted, and report the findings of, a survey of members of the Financial Planning Association. Although some planners express concerns about legal liability exposure that comes from use of the term "comprehensive," the overall evidence is inconclusive. To mitigate these liability concerns, we consider the current standards set forth by the Certified Financial Planner Board of Standards as they relate to engagement letters, and provide a list of recommendations for improving engagement letters.
- Subjects
UNITED States; ENGAGEMENT letters; SURVEYS; FINANCIAL Planning Association; TERMS &; phrases; LEGAL liability; FINANCIAL planners; EMPLOYEES
- Publication
Journal of Financial Service Professionals, 2010, Vol 64, Issue 1, p47
- ISSN
1537-1816
- Publication type
Article