Dissertation/Thesis Abstract

Profession and the Practice of Personal Financial Planning
by McClure, Jeffrey W., M.S., College for Financial Planning, 2014, 102; 1526174
Abstract (Summary)

In the last third of the twentieth century, the financial, investment allocation, and management burden of providing for higher education, retirement, and the rising cost of health care, increasingly shifted from the government and corporations to the individual member of American society. As most were unprepared to bear that burden, an unfilled need came into existence for the middle-class individual or family to receive investment advice in order to effectively plan and manage a long-term investment portfolio. In the early 1970s the title financial planner began to commonly appear in literature, most commonly associated with the agents of life insurance companies who claimed to have the capability to meet that need. Within a decade, a set of organizations and pseudo-organizations had emerged offering credentialing titles. While their methods, definitions, and standards varied widely, they were in agreement that financial planning was a profession. While the specific definition of profession as an occupational category has been the subject of historical debate, there are relatively clear minimum requirements that can be identified from sociological and economic literature as well as from officially sanctioned lists of recognized professions. At present, personal financial planning, as defined by any credentialing organization or generally, does not meet those minimum standards. However, the opportunity exists for it to achieve professional status if a national organization representing the aspirant group claiming identity as financial planners establishes and enforces a clear set of mandatory standards for its members meeting those minimum professional requirements and is able to convince both society and the various state governments that it has done so.

Indexing (document details)
Advisor: Bearden, Frank C.
School: College for Financial Planning
School Location: United States -- Colorado
Source: MAI 54/03M(E), Masters Abstracts International
Subjects: Business administration, Ethics, Sociology
Keywords: Certified Financial Planner, Ethics, Financial Advisor, Financial Planning, Occupation, Profession
Publication Number: 1526174
ISBN: 978-1-321-54567-8
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