Financial Planning Competency Handbook, 2nd Edition

CHAPTER 88 Moving Forward

Charles R. Chaffin, EdD

CFP Board

Elissa Buie, MBA, CFP^®

Golden Gate University

Sharon A. Burns, PhD, CPA (Inactive)

Vickie Hampton, PhD, CFP^®

Texas Tech University

Lance Palmer, PhD, CPA, CFP^®

University of Georgia

Thomas Warschauer, PhD, CFP^®

San Diego State University

Dave Yeske, DBA, CFP^®

Golden Gate University

DEVELOPMENT OF A PROFESSION

As discussed in the Preface of this book, there are several ways to list the characteristic elements of a profession. A classic work published almost 100 years ago is normally cited as essential to this endeavor. Accordingly, Richard Cox¹ described Abraham Flexner’s² work by listing five elements:

1. Specialized knowledge or systematic theory
2. Community sanction
3. Professional cohesion or organization
4. Professional culture
5. Institutional altruism

Using this yardstick for the personal financial planning profession yields mixed results. Specialized knowledge clearly exists. However, some would argue that this is merely a hodgepodge of content borrowed from other disciplines (accounting, law, finance). However, because financial planning represents the synthesis of many fields, technical and psychological, advice rendered by planners is not just an accumulation of its component disciplines, but rather a unique set of recommendations that go beyond what individual investment, tax estate, and insurance advisers may reach.

Community acceptance is sought after, but not really realized at this point. The fact is that in most ...