FINANCIAL PLANNING VERSUS COACHING
A TRADITIONAL FINANCIAL PLANNER:
1. Is owned and controlled by his broker/dealer on what products to sell.
2. Knows very little about wealth creation principles and therefore is unable to educate clients and investors. Any education deals mostly with product education.
3. Does not deal with investor instincts and emotions.
4. Uses planning as a marketing tool to sell products. Piece meals planning process by selling products to placate client into thinking progress was made. This can be in the form of insurance, college savings (529 plans), traditional/ROTH IRAs.