Ep 019: The Evolution And Emergence Of A True Financial Planning Profession With Bob Veres
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 9 May 2017
⏱️ 88 minutes
🧾️ Download transcript
Summary
Bob Veres has long been a towering figure in the world of financial planning. He's been writing about financial planning since the early eighties and has played a key role in shaping the industry as we know it today.
In this interview, Bob shares how and why he’s worked to close the disconnect between planners’ and clients’ interests, and why he thinks financial planning could one day be a profession on par with medicine and law. We trace the changes of the profession through time, followed up with Bob’s predictions for the future.
Get the full show notes and transcript for this episode at: https://www.kitces.com/19
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.4 | Welcome to the 19th episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.3 | Bob Viras. Bob is the publisher of Insight Information, the leading newsletter publication on practice management for financial advisors, and also runs the Insider's Forum Conference on Practice Management. |
| 0:45.8 | What's fascinating about Bob is his 35-year perspective on the evolution of financial planning, starting all the way back in 1982 when he became editor of The Financial |
| 0:55.8 | Planner, the first trade publication for financial planners, produced by the IAFP, that ultimately |
| 1:01.6 | became what is now known today as Financial Planning Magazine. |
| 1:05.4 | And in this episode, Bob shares his perspective on how financial planning has changed over the |
| 1:10.0 | decades, from the rise of |
| 1:11.6 | needs-oriented selling in the 1980s when most financial planners got paid to sell real estate |
| 1:17.0 | limited partnerships and life insurance, to the 1990s when the availability of personal computers |
| 1:22.0 | gave advisor superior access to investment information and stoked to the growth of the mutual fund |
| 1:26.6 | model, to the rise of the mutual fund model, to the rise |
| 1:27.9 | of the AUM model in the 2000s, and how the financial crisis may ultimately be the catalyst |
| 1:32.7 | that started the transition away from an AUM model and towards a world where financial |
| 1:37.2 | planners simply get paid a fee for financial planning services. And be certain to listen to the |
| 1:41.9 | end, when Bob talks about how he thinks the focus of financial |
| 1:44.3 | planning and what we do as financial planners will shift again in the coming decade as we |
| 1:49.3 | complete the transition to becoming a bona fide profession and his advice to advisors on what they |
... |
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