\u200bSewing requires lots of other tools: pins, needles, thread, etc. (My sewing knowledge is slightly better than my football knowledge but still not stellar). The tailor must know how to use these tools, as the planner must know how to use different tools<\/strong> of financial planning such as investment options, types of accounts, etc.<\/p>\n\n\n\n

\u200bA tailor uses the pattern, the fabric, and the tools to create a garment. But, if they have not take their client\u2019s measurements, then the garment is unlikely to fit<\/strong>.<\/p>\n\n\n\n

\u200bThe tailor must work with their client to uncover the client\u2019s needs. Does the occasion call for a casual or formal outfit? What is the client\u2019s personal style? Do they feel best in bright colors or neutrals? Pants or a dress?<\/p>\n\n\n\n

\u200bSimilarly, the role of a financial planner is to integrate many different elements of personal finance: investments, taxes, insurance, etc. Financial planners must truly understand the specific needs of their clients in order to integrate the clients goals with the rules, regulations, and logistics to create a meaningful plan.\u200b<\/strong><\/p>\n\n\n\n

Suitability is Imperative<\/h2>\n\n\n\n

\u200bThe tailor, as the professional, may need to educate their client. If someone requests a winter coat made of muslin, the tailor would inform them that it is not a suitable fabric.<\/p>\n\n\n\n

\u200bSimilarly, a client savings for a purchase next year would be informed that investing in stock is not appropriate. But, it is not the tailors job to tell the customer that they do not need a coat, just as it is not the advisors job to decide what purchases are high priority for the client.\u200b<\/p>\n\n\n\n

Fast Fashion and Quickie Plans<\/h2>\n\n\n\n

\u200bTo take this analogy further, the financial advisory world is, sadly, full of fast fashion. Sweat shops are churning out poorly constructed garments that properly fit only a small portion of their customers. Their extractive practices may seem appealing at first glance but actually quite harmful.<\/p>\n\n\n\n

\u200bThere are a lot of individuals out there who use the title of financial planner but are actually product salespersons<\/strong>. They provide cookie-cutter free financial plans with the goal of selling a specific product such as insurance, annuities, or loaded mutual funds. Vehicles such as Roth IRAs, Annuities, and high yield savings accounts work very well for some people in some situations. But, they are frequently offered up as a universal, one-size-fits-all solution.<\/p>\n\n\n\n

\u200bThe job of the financial planner is to assist the client in selecting an appropriate fabric (investment vehicles and account structures), locating the correct pattern (estate plan), taking the clients measurements (suitability), listening to understand the clients taste (goals), and then using all of their tools to create a well fitting garment that is tailored for that specific customer.<\/p>\n\n\n\n

\u200bNow that I have tried tailor on for size (pun intended), I believe I must continue my quest for a better analogy. If one comes to mind, please let me know! In the meantime, I will move forward confident in the knowledge that I am not the quarterback.<\/p>\n\n\n\n

\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"

The hyper-masculine analogy of the financial planners as a quarterback is troublesome in it’s de-emphasis on the role of the client.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_themeisle_gutenberg_block_has_review":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[67,25],"tags":[18],"class_list":["post-742","post","type-post","status-publish","format-standard","hentry","category-financial-industry","category-planning","tag-financial-planning"],"yoast_head":"\n