In our introductory post to this series last month, we mentioned that we intend to identify and call out a long list of systemic factors that have impaired financial planning outcomes and have distorted how financial planning is done. We will share what we believe are solutions to these obstacles and ways we think the industry needs to address these challenges to offer clients the most comprehensive and purest form of human-centered financial planning.

Times of disruption create the most significant opportunities for progress.

These moments do not come easily and virtually never come without a cost. But the advancement is the cause that makes it worth it. The world’s greatest transformations and progressions have followed similar patterns. In our effort to push forward, we will most likely step on some toes and create some uncomfortable conversations. It is inevitable, but hopefully it can be done in respectful ways that lead to eventual breakthroughs. Our purpose is not to undermine, isolate, or hurt anyone. We intend to create dialogue, with our ultimate goal of influencing and improving the financial planning process.

The best outcomes will arise from collaboration.

In our effort to ascertain and convey these systematic factors and challenges, we probably have some of it wrong. There are likely better (and undoubtedly) alternative solutions to those we have conceptualized. We also appreciate that there are many perspectives on the same situation. We have asked a bunch of questions of ourselves, and more questions develop as proposed solutions are created. Technology is changing everything. The world changes at a pace that makes it challenging to keep up and stay intentional about everything we do. Even as we process the current state of our industry and share a small list of insights pertaining to what we believe are progressions in our service to clients, we are actively looking to continue to change as things evolve. We do not pretend to have it perfectly illuminated and have the one best operational model in place. What we do know and are driven by is that clients’ needs and interests must be at the center of everything we do, and there is room for improvement in this initiative. The industry can get closer to this ambition, and any step in that direction is a step worth taking (and perhaps a feather worth ruffling). Thank you for taking a seat at this table.

Ryan Halley, Ph.D., CFP® is Director of Planning Practices and Research at Human Investing. He holds a doctorate in Personal Financial Planning from Texas Tech University and an MBA with a concentration in Finance from The Ohio State University. Ryan has his CERTIFIED FINANCIAL PLANNER™ certification. Dr. Halley is also a Professor of Finance and Financial Planning at George Fox University, where he directs a CFP® Registered Program located near Portland, Oregon. He has co-authored a book and has numerous peer-reviewed journal articles. Additionally, he has been an invited professor and lecturer at various universities in the United States, Canada and China.

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