The Fraud of ‘Personal’ Financial Planning “Personal financial planning has failed and continues to fail”

The Fraud of ‘Personal’ Financial Planning

“Personal financial planning has failed and continues to fail”

• the reality: so called personal financial planning is really but financial planning applied to personally held assets
• there no metric of client perceived success other than assets under management as the Trojan horse for personal financial planning success
• there is no metric of what retention should be –(i.e. a contra intuitive standard by what year should be out of the engagement -   whoops – no mas AUM?) (assets under management compensation %)
• AUM is contrary to the underlying foundation of ‘personal financial planning’  comprehensive and holistic. With the emphasis on assets under management per a loose thread of a sweater analogy – only the presentational thread (AUM) is tended to – though other parts of the sweater may be falling apart.
• The retort – ‘this is the way ((AUM)) it has been done’ forgets Tom Paine’s admonition, ‘a long habit of doing the wrong thing gives it the superficial appearance of being correct.’
• This ‘personal’ financial planning is a Trojan Horse for financial planning of personally held assets (not the person) – a misnomer.
• This financial planning of personally held asset – abdicates the thirst for meaning – the will to meaning per Victor Frankel - aligning personally held assets to client’s person mission and values especially in two of two major market: a) 55+ seeking what next, significance, making a difference, the next chapter) and b) and the millennials who, are not FIRE devotees seeking the financial wherewithal to drop out (but without fully preparing for ‘to what, and what for’)

For those AUM apologists, know this. My dad was a Trojan wholesaler. I inventoried Trojans for my dad. I know Trojans. I know personal financial planning and AUM is not personal financial planning but rather a Trojan Horse woofing personal financial assets in leaky unnatural Lambskins™ clothing.

if you are kind when you should be cruel

you'll be cruel when you should be kind

Judaic thought