FINANCIAL PLANNING IS A NEW PROFESSION (on a relative basis).
Let’s look at some other widely accepted and understood professions:
Medicine – Origins date back thousands of years.
Accounting – Origins date back thousands of years.
Law – Origins date back to the 4th century, more than 1,600 years.
Insurance – Origins date back to the 17th century, more than 300 years.
Financial planning – Origins debated, but all agree: it is less than 50 years old.
The age and time of origin are critical. It has far-reaching impacts. Established laws, industry standards, and practice methods? Governing bodies? Professional associations and regulations? Responsibilities? Entry requirements? Education prerequisites? Career paths, structures, and opportunities? Cultural perception? Compensation methods?
The profession is advancing and maturing rapidly. It has come a long way in the last decade or two. But, some of the answers to these questions are still being fine-tuned. We’re all on the right trajectory, improving daily.