The industry and the general public might think they understand what defines financial planning, but the existing definitions are so broad that consumers do not always know what to expect from planning professionals.

Worse still, consumers might not even be able to tell how to distinguish the financial planners who operate with integrity from others who do not. Now the Major Firms Initiative of the Financial Planning Association is seeking public comment from the professional community to—hopefully—provide a drum tight definition of financial planning. The organization, based in Denver, has published a whitepaper, “Defining Financial Planning,” and posted it on its sight. The organization will be gathering comments until March 31.

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