Professor John Grable touched a nerve when he suggested in Financial Plannings current issue that a mandatory AUM tax on advisors could help make financial planning available to all American families. Actually, he touched a lot of nerves.
The University of Georgia CFP argued that a Financial Planning Service Insurance Fund should be created with the cost underwritten by advisory firms. As he sees it, a new Office of Financial Planning Reimbursement should be established that would distribute planner reimbursements based on an insurance claims model, with payments capped at about $25 per hour.
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