Earlier this week, the National Commission on Fiscal Responsibility and Reform released a draft version of its proposals on how to take control of our nation’s deficit challenges, including suggestions for comprehensive tax reform. The good news in the proposal is that it includes a repeal of the highly unpopular Alternative Minimum Tax (AMT). The “bad” news is that the proposal also includes a repeal of many popular tax credits and deductions as well. But the reality is that we can’t really have one, without the other.
Citing an array of classic problems – including interest rates, morbidity, mortality, and persistency – long-term care and general insurance behemoth MetLife announced this week that it will be leaving the long-term care marketplace completely. And coming on the heels of recent announcements last month by GenWorth and John Hancock of significant premium increases on large blocks of their policies, it would seem that the long-term care insurance marketplace is in a bit of turmoil. Does this mean the industry is in trouble, or is this actually a sign of stabilization?
After taking up the issue at their board meeting yesterday, the CFP Board officially announced this morning that the 80% fee increase for CFP certificants to support a public awareness campaign for the CFP marks has been approved. So now the only question is: Will it work? Will this mark the start of a new dawn for the growth of financial planning as a profession, or an(other) expensive failure in the annals of CFP Board history?
In light of the ongoing debates and discussion regarding the CFP Board’s potential fee increase to support a new public awareness campaign, the FPA last week conducted a survey of their CFP members to poll for views about the proposal. And last night, the FPA has released the survey results in an email to members.
As financial planning fights for its standing as a full-fledged profession, we try to demonstrate its core value to society – that going through the financial planning process has a positive impact on achieving a client’s goals. Yet for all we proclaim about our beliefs in the value of financial planning, why is it that virtually none of us think financial planning is valuable enough to pay for it ourselves?
Professional designation programs for financial planners continue to expand year by year – as some disappear, others (more?) emerge to take their place. And although many are appropriately critical of some designations in particular, the trend begs the question: is an expanding number of professional designation programs good news, or bad?