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Among attendees and from the podium, a powerful theme emerged spontaneously at the inaugural CFP Board Connec- tions Conference held in fall: rational optimism. There’s plenty of good reason for positive expectations. Deep demographic and economic trends are stoking growing public understanding of and appreciation for financial planning. And as a top-tier career, the profession is at a tipping point. When po- tential advisors learn about the rare combination of autonomy, income and service, they can envision themselves in positions that measurably help people and communities. “It takes all of us to achieve change,” said Matt Boersen, CFP®, CFA®, 2024 CFP Board Chair and managing partner with Straight Path Wealth Management. The momentum es- tablished in the 2024 conference will accelerate at the 2025 conference in Chicago with an even wider array of breakout sessions designed to equip attendees with new knowledge, tools and relationships to enhance their success. And the 100,000th CFP® certificant, Simone Lee, personi- fies the profession’s future and heritage: She’s a young mother and first-generation American who joined her mother, Judith Lee, CFP®, who established a financial planning practice with Merrill. Five years a f ter joining her mother’s business, and redirecting her quantitative skills from her prior career in IT, Lee earned her CFP® certification. Dawning public awareness From the stage, keynote journalist Fareed Zakaria agreed that all generations of Americans are starting to realize that CFP® professionals are the guides they need to cra f t secure financial futures. While the 2024 economy was steady, with moderating in- flation, strong employment and a rising stock market, Amer- icans were not mistaking equanimity for future stability. In fact, moderation serves up a moment for people to think more thoroughly about how they translate money to happiness, said Zakaria, and how to integrate financial and life plans ac- cordingly. “People think that if they had more money, they’d have more happiness, but overwhelmingly, the evidence is that happiness [equates] to close relationships with family and friends and the daily practice of immersing in activities Connections Conference Highlights Growing Role of Financial Planning in a Changing World BY JOANNE CLEAVER C
that bring you joy,” he said. As the profession draws in practi- tioners from a wider spectrum of eth- nic backgrounds, gender and life expe- rience, it will be ever more relevant to clients who each bring their own defi- nition of “happiness” to their CFP® pro- fessionals to help them achieve. “Beyond certifying and upholding standards, CFP Board is a fulcrum in the financial advice ecosystem,” said CFP Board CEO Kevin R. Keller, CAE, in opening remarks. Keller described the organization’s unique ability to bring together all segments, from advisors, firms and continuing education provid- ers to universities and industry asso- ciations, evidenced by the nearly 700 attendees gathered at the Washington Hilton for the conference.
rience” of meeting with a CFP® profes- sional, Kitces said. “But it’s not the point of the experience.” And as AI takes over more chores in all realms, consumers will become more comfortable relinquishing finan- cial housework to tech tools — as they do in their jobs and for other tasks, too. The ascendent experience economy will li f t CFP® professionals who convert con- sumers’ craving for a human hand on the tech-powered financial rudder, he said. “You don’t control technology or innovation, but the core [service] is that it’s less and less about what our companies and platforms provide, and more about what we as individual prac- titioners bring to the table,” he said. AI is already strengthening compli- ance, accountability and operations, said John Almasan, Senior Managing Director, Global Head of AI & Emerg- ing Tech for TIAA, during a panel discussion about the implications of AI. But the very strength of machine learning and intelligence underscores the judgment that experienced CFP® professionals bring to clients’ aspira- tions. AI is useful for data-grinding chores like audits and security checks, but it is counterproductive for reading between the lines and helping clients clarify their goals. “Humans are trusted. Machines are not,” Almasan said. The emerging power of AI is “to broaden what we do for clients and turn it into actionable advice,” said Andrew Altfest, CFP®, CEO of FP Alpha, during that same panel discussion. “We all see the vision. AI is a way to do more for our clients and to spend more time with our clients and do what’s meaningful for them.” Throughout the CFP Board Connec- tions Conference, industry leaders and speakers reiterated that the essence of financial planning remains unchanged: a commitment to understanding each client’s unique goals and helping them chart a path toward their version of suc- cess and well-being.
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Technology as catalyst, not enemy
The spectre of artificial intelligence may send shivers down the spines of many, but ultimately will prove only to underscore the most important dynamic — the actual relationship between advisor and client — which cannot be automated, conference speakers agreed. Technology doesn’t undermine the rationale for CFP® professionals, or their appeal to current and potential clients, said industry innovator and keynote speaker Michael Kitces, CFP®. Quite the opposite: Technology, from artificial intelligence to portfolio man- agement tools, “changes the financial advisor value proposition.” The rapid abandonment of the Assets Under Management model is congruent with the growth of “mass a ffl uent” house- holds that crave guidance and a ffi rmation more than incremental portfolio manage- ment,hesaid.WhiletheAUMmodelwill persist for wealthy clients, consumers are much more willing to pay for smart con- versations with CFP® professionals who can help them fine-tune their intentions and plans rather than pile growth on growth, he said. “A little bit of technol- ogy expedites certain parts of the expe-
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