Don Phillips, managing director of Morningstar Inc., said the recent mutual fund scandals will lead to deep changes. "These are dark days for the mutual fund industry," he said. "The mutual fund industry is about to get the most thorough scrubbing it has ever gotten."
Duane Thompson, the FPA's director of government affairs, said the last several years have led to dramatic changes for the planning profession. The September 11 terrorist attacks and the explosion of corporate scandals are still having an impact in the area of regulation and consumer rights.
Even the recent "do-not-call" rule may have an impact on planners, he says. Advisors who call referrals who are on the do-not-call list may be leaving themselves liable, he said. "Find another way of contacting them," he said.
FPA officials, meanwhile, expressed satisfaction at the convention turnout. In her address to attendees, FPA President-elect Elizabeth Jetton reminded attendees of the importance of working together as an organization. Noting that most planners are notoriously independent, she said, "Sooner or later the time comes when you ask, 'How much better off would I be if I engaged in a dialogue with my colleagues?' ... No one can really set a professional standard alone."