Click here to schedule your appointment

Want to be Smarter With Your Money?

Join our mailing list and get news and info to support your financial goals.

Thank you! Oops!
Shaping the Future of Financial Planning:

Shaping the Future of Financial Planning:

May 30, 2024

As the host of a the 9innings Podcast dedicated to unraveling the complexities of the financial planning industry, I recently had the pleasure of sitting down with Dr. Preston Cherry, a seasoned financial planner, to discuss the evolving landscape of our profession. In this blog post, I'll share the key insights and valuable lessons from our conversation, which covered everything from the influence of social media to the nuances of financial coaching and the critical role of technology in our field.

The Social Media Conundrum

One of the most pressing issues we tackled was the impact of social media on financial planning. It's no secret that social media platforms are rife with misinformation, and as professionals, Dr. Cherry and I understand the challenges this presents. We delved into the responsibility we have to cut through the noise, providing accurate and valuable information to our clients and the public. It's about uplifting good information and instilling confidence through education and adherence to ethical standards.

Financial Coaching vs. Financial Advising

Our discussion then turned to the distinction between financial coaching and financial advising. Dr. Cherry eloquently outlined the differences, highlighting that coaching focuses on money management and behavior change. It's crucial for consumers to recognize what they're signing up for, whether it's the strategic guidance of a financial advisor or the behavioral change and accountability that a coach provides.

Regulatory Bodies and Ethical Standards

We also explored the regulatory landscape of our profession. Organizations like the CFP Board and the Financial Planning Association are at the forefront of advocating for more regulation and protection of the term "financial planner." However, there's resistance from certain industry sectors, such as insurance and broker-dealers, against adopting fiduciary standards. Dr. Cherry and I agree that clarity and ethical standards are non-negotiable to ensure consumers fully understand the services they're engaging with.

The Role of Technology in Financial Advising

Finally, we touched on the transformative impact of technology on financial advising. Dr. Cherry emphasized the concept of "human technology"—the idea that while technological advancements are essential, they must be balanced with human connection. Technology should enhance client communication and understanding, but it should not replace the social presence and ethical framework that are the bedrock of our industry.

Conclusion: Balancing Innovation with Integrity

Throughout our conversation, it became clear that the financial planning industry is at a crossroads. As professionals, we must navigate these changes with a commitment to ethical standards, regulatory clarity, and a balance between embracing technology and maintaining the human touch. Our clients depend on us not just for financial advice but for the trust and confidence that come from knowing their advisor is acting in their best interest.

The insights from Dr. Cherry have reinforced my belief that as financial advisors, we have a duty to continually educate ourselves and our clients, ensuring that we're providing comprehensive and transparent services. It's a challenging yet exciting time to be in the financial planning industry, and I'm eager to see how we can all contribute to its growth and integrity.

Thank you for joining me on this journey through the latest episode of my podcast. I hope you've found these insights as enlightening as I have, and I look forward to bringing you more discussions that help demystify the world of financial planning.

9i Capital Group Llc is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.