Updated Wednesday, July 30, 2014 as of 9:07 AM ET
Practice - Practice Management
Financial Planning for All: An Insurance Solution
by: John E. Grable
Tuesday, January 1, 2013
Partner Insights

A vast number of Americans are not guided by planners. What if there were a way to offer planning to all segments of society without a noticeable decrease in revenues or profits within the profession? Here is a modest but serious proposal for making that happen:

  • A Financial Planning Service Insurance Fund would be created, financed by advisory firms.
  • An Office of Financial Planning Reimbursement would be established. It would allocate assets to the states based on revenue generation and distribute planner reimbursements based on an insurance claims model.
  • Approved planners would be reimbursed on a flat or sliding scale with a maximum cap of, say, $25 per hour.

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