FPA's Tuttle: Our work is 'misunderstood and misinterpreted'

The process and discipline of financial planning can provide the bedrock for the future financial stability of individuals and families in America. Yet we are at a crossroads in our profession's 40-year history. Our work is misunderstood and misinterpreted. But we have an opportunity to change perception. We can choose to chart and control our destiny by bringing out the best that we have to offer in an extraordinary and unprecedented time — not only in America, but the world. Consumers are in a crisis that has brought on feelings of malaise, paralysis and helplessness. How can they begin to rebuild their lives and prosper, looking forward to the future with hope and energy? Many are searching for basic financial help to provide emotional and fiscal security in the days, months and years ahead. This is a significant opportunity, an awesome responsibility and an obligation of citizens in the planning community. We can bring our collective experiences to serve all Americans who want access to our skills and services in a very definite time of need. What is the social and moral obligation of a profession to assist underserved segments of society? What can we do to propel other key centers of influence into positive action? Those of us who believe in our profession must demonstrate how we can play an instrumental role in helping Americans understand the power of planning in their lives. More and more people are considering the consequences of not having quality financial advice. Depending on an individual's socioeconomic status, the questions that need to be answered are, “Can I get it?” and, “Can I trust it?”

SENDING A MESSAGE

It is time for financial services associations, community-based organizations, corporate America and the media to deliver a strong message to the public about the importance of receiving quality financial advice. There is no better time than now. I would say that we have the public's undivided attention. It is a time to convert their worry, fear and anxiety into trust, confidence and faith in the financial future. They need our help more than ever before. I know a large public outreach can't be done alone. It is time for collaboration with others who want to make a similar commitment. It is also time for the government to recognize that there is no more important issue than re-establishing Americans' sense of financial well-being. In his first speech to a joint session of Congress, President Barack Obama said that it is time to act boldly not only to revive the economy but “to build a new foundation for lasting prosperity.” Whether or not you support his political agenda and beliefs, this is the first U.S. president to state publicly that people need to tend to their planning. Mr. Obama has recognized planning for what it is and what it can mean for Americans. It is time that we encourage the Obama administration to stand by its words and put its power and resources behind messages and solutions that create new opportunities in the lives of individuals and families. It should be a top priority and joint effort of the corporate, non-profit and government sectors to demonstrate a commitment to strengthening Americans' financial literacy and capability to participate and succeed in our economic system. So what can we do right now to make a difference?  The planning community has to put its heads and hearts together to create and fund our own “Got Milk?” national public-awareness campaign. Actually, it was InvestmentNews editor Jim Pavia, in some of his Just Thinking columns a few years ago, who challenged all of us in financial services leadership roles to get the word out. He was right. With consumer confidence eroded because of Bernard Madoff and the off-and-on global turmoil we continue to face, there is no better time to come together on an issue critical to the psyche and welfare of our nation. This campaign would have tremendous impact both in the short and long terms. What would happen if major financial services companies, planning membership and advocacy organizations, and individual planners and financial advisers agreed to commit to such a significant effort? It would be a win-win opportunity for consumers and our community. Consumers would receive consistent and focused information on the value of financial planning. Our community would generate positive good will and greater understanding of who we are and what we stand for. Another of my wishes actually will be fulfilled in October. The Financial Planning Association is proud to have launched an initiative with the Certified Financial Planner Board of Standards Inc., the Foundation for Financial Planning and the U.S. Conference of Mayors to conduct a series of Financial Planning Days across the nation. The first-of-its-kind effort will involve thousands of planners and consumers and be supported by numerous cities.

REACHING OUT

Our goal is to provide pro-bono financial guidance and education to Americans using the collective power of leading planning organizations and local governments to reach out directly to people in need. The FPA's local and state chapters and CFP certificants will make up the “on the ground” delivery force, serving thousands of Americans who seek access to solid and trusted planning information. We should never doubt our ability to serve. We are in an unparalleled position to provide knowledge, guidance and hope to the public about the value of planning. It is an opportunity for us to distinguish our special commitment to public service, high professional standards and quality financial advice. It is an obligation and privilege for each of us to inspire and make the world a better place in which all can thrive and prosper. Marvin W. Tuttle Jr. is the executive director and chief executive of the Financial Planning Association.