WealthBalancer may be expanded to include insurance and estate planning, DiBartolomeo says.
Do Financial Planners Actually Plan?
June 28, 2016
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Comments
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Interesting article. It is clearly simply a promotional piece for a product; the title attempts to titillate the reader. I looked up Mr. DiBartolomeo and don't see him listed as a CFP professional of a member of the Financial Planning Association. So how would he know what financial planners actually do for their clients? Perhaps the writer and editor should do a better job of researching their sources.
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It is apparent that Mr. DiBartolomeo has no idea what a financial planner does. PLANNING has nothing to do with investment management. That is a different service offering. Some planners don't offer it at all. I agree with strovej1. This is someone promoting their business, and YOU are complicit.
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I don't understand how this is an article about whether or not Financial Planners "actually plan"? I expected to see a comparison or some survey results of FAs who use their firm's chosen planning software with some color on how they use it: "asset gathering tool", create a target allocation, do real financial planning, etc. This is a just a product advertisement. I don't see any disclosure like I sometimes do labeling the piece an "advertorial" or something like that, but there should be one with this article. I have no problem with you taking press releases from companies with new products and turning them into "stories", but they should be separate and distinct from articles that actually bring well-researched, thoughtful, and balanced news of relevance to Financial Advisors or of all stripes. This article didn't do that. It didn't even come close.
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An enormous and common misconception exists throughout the investment world today. Harry Markowitz himself said back in 1991 that his construct of Modern Portfolio Theory was never designed or meant to be applicable to individual investors and/or retiree portfolio's. Rather, it was designed for large institutional portfolios with no time horizon. Markowitz was very concerned with this misapplication of MPT.