Evidence-Based Financial Planning: A Call to Action

“The scientific method provides a framework for validating the profession’s best practices so that practitioners can have confidence that their “best” practices are based on the “best” evidence…

…we propose that the time has come to commit ourselves as a profession to a more scientifically grounded and evidence-based approach to expanding our body of knowledge and assessing and adopting best practices.”

Elissa Buie, CFP® & Dave Yeske, CFP®
“Evidence-Based Financial Planning: To Learn…Like a CFP”
Journal of Financial Planning

In November 2011, the Journal of Financial Planning published a seminal treatise on the importance of adopting best practices that are based on the best evidence available.  This article, written by Elissa Buie & Dave Yeske, outlined three requirements for “financial planning to leave its adolescent stage of development and achieve its full potential as a learned profession”:

    1. A commitment by all practitioners to stay abreast of new research, without regard to whether it qualifies for CE credit
    2. Practitioners who possess or acquire the ability to read and critically evaluate that research
    3. A commitment on the part of practitioners to partner with academics in identifying the profession’s most important questions and designing research initiatives to answer them

With this clarion call, I personally invite all financial planners to show your support for evidence-based financial planning by participating in a major study that was launched May 25th.  MQ Research & Education™ is proud to partner with FPA and Allianz Life in conducting an important research project, “Developing & Maintaining Client Trust & Commitment in a Rapidly Changing Environment.” 

MQ Research & Education™ is proud to partner with FPA and Allianz Life in conducting an important research project… Click To Tweet

The purpose of this research is to replicate a unique study conducted in 2006, and will allow the researchers to compare both planner and client perceptions of relationship quality and efficacy in light of 15 years of unprecedented challenges and economic uncertainty.   

Click here to complete the planner survey.  The deadline for receiving responses is June 15th.

Click here to view the FPA Press Release announcing this survey.

Click here to download a copy the JFP article, “Evidence-Based Financial Planning:  To Learn…Like a CFP”

—Carol Anderson

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