In this episode Randy, Jeremiah and Laura discuss the history and evolution of financial planning, from the Great Depression to the present day. They explore how the industry has changed over time, including the emergence of certified financial planners (CFPs) and the impact of technology. Randy, Jeremiah and Laura provide historical context of financial planning and insights into the future of financial advice. They emphasize the importance of understanding financial designations and fiduciary roles, and stress the need to balance technology with client education and empowerment to ensure financial independence and security.
Reach out at contact@tricordadvisors.com
This week on Building Wealthy Habits:
- 0:00:00 - Discussion of the history of financial planning, including the creation of the SEC after the Great Depression, the introduction of Social Security, and the transition from pensions to 401ks.
- 0:13:20 - Discussion of different financial designations like CFP, CPA, JD and their roles. CFP is highlighted as the "quarterback" for coordinating different aspects.
- 0:15:05 - Fiduciary duty is discussed and its importance for prioritizing clients' best interests. Signs that an advisor is doing a good job are covered.
- 0:17:58 - Challenges of understanding clients and structuring financial independence. Predictions that face-to-face conversations will have renewed value.
- 0:20:36 - Discussion of where the industry is headed with technology. Complex client needs are highlighted as an opportunity area. Importance of money in everyone's lives is discussed.
Connect with Jeremiah:
- LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
- Email: Jeremiah@tricordadvisors.com
Connect with Laura:
Connect with Randy:
- LinkedIn: https://www.linkedin.com/in/rkbarkley/
- Email: Randy@tricordadvvisors.com
