Overview

The Coalition defines financial planning as the process of advising individuals and families across a range of personal finance topics in addition to investment advice. Because financial planning is unregulated as a profession, there is no single law governing the delivery of financial planning advice to the public. Piecemeal efforts have left us with major gaps in regulation and consumer confusion.

We believe a "financial planner" should be recognized as being distinct from a sales person, or someone who only provides advice in one area like investments or insurance and isn't educated in the broader issues of financial planning. The very nature of the financial planner-client relationship demands corresponding competencey, practice, and ethics standards similar to those required of a CPA, doctor, or lawyer. Individuals should not be able to call themselves a "financial planner" without proper oversight and regulation.