The natural instinct is to write something sage about the global market events but by the time this arrives (even at 186,000 miles/second); it certainly could be old news.

At our joint meeting with the Society of Financial Service Professionals where Dr. Gil Yochum of Old Dominion gave us a solid update on the economy of the nation and the region, and a way forward – then the economic hurricane arrived.  Nothing he said has changed only the maelstrom is more sudden and severe than many would have anticipated.   

But even with the uncertainty of the future in details of proposed legislation and market responses, we can conclude now is a great time to be a financial planner.  Because we have done our best with our clients to apply sound principles of planning, investing, risk management and saving, we have done all we could to put our ourselves and clients in the best position to survive this storm.  Not to say there is angst and damage but where would they have been without your advice and, in many cases, sense of urgency to make the changes that have mitigated the damage seen in many sectors?  A great sign is that they have taken your call, your words of explanation and advice.  When people are financially afraid is when the financial professionals show their value and mettle.

As we move forward, I want bring your attention to the work of the Foundation of Financial Planning.  Their mission like ours is simple:  get people at every level of society to understand the benefits of financial planning to the security of their families.  The Foundation (http://www.foundation-finplan.org/) is a resource where you can help so many people in so many ways and on many levels.  For example, our very own Bob Ponton spent the weekend at an event in the Northeast with military personnel helping them understand their military benefits in a pro-bono effort sponsored by the FPA.  There are these types of opportunities and many more.

The New Year is going to see a major rush of legislation and regulation aimed a preventing a recurrence of these events.  Increased oversight and transparency are seemingly appropriate and honest goals but the devil is in the details and the role of the FPA will be essential.  We have a solid voice in Washington built over years of hard and credible work with elected officials and their staffs.  That voice needs to be clear and strong.  Your contribution to the FPA-PAC is essential that the voice of the financial planning community on behalf of our clients is understood and heard.  Please do your part.

So yes, it’s a great time to be a financial planner.  Maybe not the most fun time but your clients and their friends need you the most right now and we as a profession have to deliver.

Mark O. Flaherty, CFP®