The very nature of the word planning connotes preparing for a future. As planners, we evaluate current spending and saving, provide a variety of return assumptions based on past history, and confidently tell people how much they need to save so they can retire at a certain age. It sounds so pretty and straightforward. But is it the right thing for clients?

Emergency medicine is the specialty of unexpected illness. In my years as a practicing physician, I experienced daily the way these events hit suddenly and hard. Accidents, new diagnoses of cancer, sudden strokes or massive heart attacks – a life is changed forever (typically many lives, of course). In my planning practice, this has gnawed on my psyche for years. I focused so much on making people prepare financially for the future, yet in the back of my mind, I knew the future could be gone in the blink of an eye.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access