In making planning a profession, are planners emulating the right professionals?
Economists think of themselves as
scientists, but ... they are more like theologians. The closest
predecessors for the current members of the economics profession are
not scientists such as Albert Einstein or Isaac Newton; rather, we
economists are more truly the heirs of Thomas Aquinas and Martin Luther
...
Another basic role of economists is
to serve as the priesthood of a modern secular religion of economic
progress that serves many of the same functions in contemporary society
as earlier Christian and other religions did in their time.
-Robert Nelson, Ph.D.
Science, Art and Ethics." "The Good, the True and
the Beautiful." "I, we and it." "Exterior/interior, singular/plural."
These are all ways of collapsing perspectives to indivisible elements.
In an integral approach, each is necessary to achieve a thorough
methodology.
This is especially true with matters involving money and the financial
planning profession. Are we more like artists, scientists or lawyers?
Or ministers, pastors and priests? Or are we shirttail relatives to
economists?
Economists are surely close kin. They, too, work
with money and the money forces from each of these perspectives. They
face similar issues, not the least of which engages the nature of their
essential identity-their seeming devotion to economic formulae and
ideological pretensions to scientific methodology. Also like us, they
seem to have misjudged the value of their technical skills when
contrasted with their cultural functions and their roles in
perpetuating humanity's most profound secular belief
system.
Then, in one of my wild forays into the
serendipitous world of Amazon surfing, I tripped across a compelling
and stimulating book title, Economics as Religion by Robert H. Nelson.
Fascinated, I read the reviews and hurried through the chapter
headings. Impressive. I bought it on the spot.
It made the case. Money constitutes a secular faith and belief system,
sharing common elements with religion. Economists are secular
theologians. They work within value systems and provide
spiritual/intellectual contexts necessary for a functional worldview.
In many respects, the 20th century brought us to an
overemphasis on science, the True, the objective and the exterior. The
tensions came as the social sciences aspired to the statures of the
natural sciences such as physics, chemistry, geology and biology. In so
doing, they frequently forgot their roots and tried to force round pegs
into square holes.
This, in turn, had many forgetting the importance of
emotions, spirit, culture, art and values. Not only did we fail to
honor the Interior's sometimes messy imprecision and the worlds of
belief and emotion, we even mocked them or contorted ourselves within
the aegis of science to ignore the obvious. Economists did this-a lot.
Dr. Nelson posits that economists have wholly failed
to achieve the predictable, replicable, provable realm of the True, as
scientists. He examined common conventions and showed the absurdity of
such propositions as homo economicus and laughable attempts to
replicate theoretical assumptions. He also
underscored the profession's difficulties with treating human-made
financial institutions as machinery (physics) and the moral dilemmas of
so-called economic Darwinism. In contrast, he looked at economists'
work within the common culture. Their theories enable the cultural "we"
the space necessary for money and functional economies. Economics is
not so much "True" as "Good" and "Beautiful."
He examined 19th century economic pioneers and both
the Cambridge and Chicago schools of economics for the impacts of their
thinking on the culture at large. From 20th century economic theorists,
he has particular regard for Paul Samuelson and his classic college
text Economics as a major influence upon several generations of
American students. From the Chicago school, he paid particular
attention to such luminaries Frank Knight, George Stigler, Ronald
Coase, Milton Friedman and Gary Becker and their work with economic
approaches to social issues. Though respecting their broad knowledge,
he is most impressed with their roles in performing theological
functions. Looking through history, he notes that religious thinkers
have been part of humanity's communities throughout human history and
absolutely necessary to cultural and individual function during that
time.
Economies require fertile cultures. They need ethics
and value systems for contracts, the rule of law, the establishment of
values and reinforcement of mutual expectations. Economists serve the
enabling functions for the cultural conditions necessary for money to
survive and thrive. Who cares if economists fall woefully short as
scientists? Their genuine value has been cultural, not factual.
What is this to us? If we go from there to accept
the proposition that economists and economics are comparable to
theologians and theology, if economists are the theologians of a
secular belief system consisting of money and the money forces, it then
necessarily follows that financial planners function similarly to
ministers, priests, pastors and the nearly infinite varieties of
in-the-village shamans and holy men. We all work to relate ordinary
human beings with the demands of mysterious, unseen, powerful forces.
Can I get an "Amen?"
As with ministers, pastors and priests, financial
planners provide special value with our interior expertise and our
insights into money and the human soul. Our objective skill sets,
though valuable and important, are not so special. In contrast, it is
hard to find and access our wisdom, our experience and our capacities
for craft and perspective around money. This is what will elevate our
work into the selects circles of authentic, learned profession.
Of course, does it logically follow that financial planners ought to be
studying pastoral functions and integrating these with our other
skills?
For as long as I can remember, the controversy has
raged. Can we be a profession? If so, what sort? Sales only? Or are we
about the process of stepping up alongside the traditional, authentic,
learned advisory professions traditionally demarked as law, medicine
and theology? The answers determine our loyalties, our direction, our
functions and our senses of essence. After all, our models determine
our attitudes.
In the halcyon days of yesteryear, many of us tended
to romanticize financial planning and its possibilities. As we were
starting to turn the corner on our professionalism with such advances
as our very own Code of Ethics, even as we had our first innings with
notions "fiduciary" and, especially, as the CFP marks were starting to
gain traction as the preeminent indicator of financial planning
professionalism, our highest aspirations engaged notions of becoming an
"authentic" profession. What would it take to achieve such stature?
What would that mean? Who and what would serve as our role models?
Many of us saw financial planning in terms of the
classic "authentic" professions. In so doing, we respected "law,"
"medicine" and "theology" as the three archetypal professions. We
talked of emulating the "Big Three" and studying how they did their
business. However, like the good post-modernists most of us were, we
mostly, but politely, ignored theology and its tough existential
challenges.
In real life, we talked much about doctors and
lawyers. We thought we understood them. For sure, we knew them. We had
worked with them as clients. Lawyers gave frequent presentations at
industry events. Our clients spoke of them frequently. Theologians!?
This was the 20th century after all. Thomas Aquinas was just so 13th
century. Theologians were yesterday's news.
Though we spoke glibly of "the Church of the Holy
CFP," in truth, we did not think much about theologians. We were
after the hard stuff, like economics and its relationship with taxes,
law, financial products like insurance, and the stock market. We looked
to formulas that could be psychometrically tested and then replicated
from client to client. Was it on the job description? If so, cool. If
not, of what use was it?
This is, of course, notwithstanding money's
qualities and the elements it shares with religious faith systems.
Specifically, both economics and religion engage belief and faith.
Money itself is quite literally a matter of agreement and belief. We
need to remember.
Our methods for dealing with money key so many other
issues. Moreover, money is the second most addressed topic in the
Bible, and, especially, notwithstanding that the Synoptic Gospels
(Matthew, Mark and Luke) arguably present some of the best
micro-economic wisdom of the past 2,000 years. In any event, we most
certainly did not often reference "theology" in our conversations. Too
soft. Too squishy. Too, you know, "touchy feely."
It makes sense I suppose. Doctors and lawyers both fit into our modern fascinations with science and the true. We wanted that.
Sadly, this situation has maintained. In nearly 24
years of conventions, retreats, gatherings, groups, lunches and
workshops within the financial planning world, I have encountered only
three presentations from individuals who would qualify as members of
the theology profession. So, unfortunately, we have not learned much
from this poorest cousin of the three archetypal professions. Too bad.
Aside from our doctor-lawyer envy, I suspect we would have/could have
learned something from the theologian/pastor crowd.
Gladly, I have had the personal privilege of
attending a good many events where individuals shared theological
perspectives with wisdom, grace and perception. In truth, some of these
have been among the best financial planning lectures I have ever
attended. They helped me grasp the existential angst and spiritual
malaise that seems to afflict so many around their relationships with
money. Indeed, my Iliff Theological Seminary class in "Pastoral Care
and Counseling" was excellent training for my money conversations with
clients.
Whether believer or nonbeliever, fan of the clergy
or no, I suggest you cannot seriously dispute the notion that the major
religious thinkers of all stripes have had much to do with generating
the ideas that run the world and constitute humanity's social fabric.
It would simply fly in the face of human history.
Unlike scientists dealing merely with the "True,"
theologians also work with the realms of goodness, beauty and life's
meanings. They remind us that we work to eat-and that both eating and
work are sacred. They tell us again that integrity counts-and that we
must all engage in acts of trust. They reflect that we are responsible
for our own care-and the care of others. And so on.
Those who have served as intermediaries between
these thinkers and the workaday citizen have had much to do with
generating and maintaining culture and society. Those whose life
functions and works link humans to the divine have been vital, albeit
imperfect. Every day humans have needed these folks to help us
understand our world-science, ethics art and all.
And so it is with economists and financial planners
circa the beginning of this third millennium and the century preceding.
Between us, we are necessary for providing the public with a special
understanding of the world. From economics and money perspectives, we
explain what is going on and then help folks cope with the attendant
forces and ripples.
Financial planners must understand economists as we
establish perspectives. Let us grasp that these are clearly not
scientists. Their best stuff is not their technical expertise. Their
abilities to count, measure and predict are valuable, but it is not
what makes them so vital.
And with financial planners as well. We are enabling
people to function effectively within a world that has never been more
complex. We unravel deep mysteries for people and help bring order to
their chaos. We grasp life's evils and help prepare to meet them
head-on when illness and vagaries begin to do their worst. We help
folks relate to a 21st century survival requirement where
understandings do not come naturally. We provide comfort where there is
fear and perspective when they are in order. We help them speak of the
unspeakable and grasp the ineffable as life engages money and money
engages life.
We can appreciate doctors for healing and lawyers
for order and understanding. Yet, when we think of the authentic
professions, we do well to remember the third. Theologians, too, are
vital and offer much that is worthy of respect and emulation.
Richard B. Wagner, JD, CFP, is the
principal of WorthLiving LLC, based in Denver. He is the 2003 recipient
of the FPA's P. Kemp Fain Jr. Award, which recognizes a member who has
made outstanding contributions to the profession.