Financial planning's evolution has shifted focus to people, not just portfolios

  • Published: November 15, 2013
  • Runtime: 3:02
Harold Evensky and Deena Katz share their views about how financial planning has evolved, what the future holds for the advice business, and their formula for running a successful advisory firm.

Exclusive coverage of Charles Schwab's IMPACT 2013 conference from November 10-13 in Washington, D.C.

Winning the Schwab Trailblazer Award was extraordinary. When I got the call, I said I'm never speechless. I'm speechless. It's just-- it's just such a great reflection and honor for-- not just for us, but for the firm and all our extraordinary partners, and people, and staff in the firm. So it's a great feeling. -Harold and I got a lot of accolades for the work that we do. This is the first award that actually goes to our firm and our partners, and everyone is over the moon about how the industry appreciates the work that we do. -It's unbelievably exciting to see where the profession is going. We've gone from a universe of amateurs to growing young, new professionals. -Today, we are really holistic advisors. We're people who look at lives. We don't manage portfolios. We manage people. We help them get where they want to go. And I believe that that's what's pushing this industry today. I think you're going to see a lot of wire houses change, and change their perspective from product to process. -Why everybody who has a child or grandchild doesn't send them into planning, I have no idea. It's a fun profession. It's, you know, great economics behind it, and we see even from, you know, what used to be close to wire houses of bad guys, I mean, they caught on. They're beginning to do really, really good work. So, it's not just the next gen that's coming in; we've got a lot of established professionals who were transitioning their business to really substitute quality planning, which is great. -Advice becomes paramount, and that is what this industry is about. What we need to do is educate the next generation with our values and our philosophies and the things that we have learned over the last 45 years in financial planning. And-- and give them with that knowledge so they can make these decisions with their new clients. You know, Harold and I were friends first, and husband and wife second. Actually, friends, business partners, and then husband and wife. And so we've learned how to blend our lives into all of these things. We can't leave anyone of them at home. We just seem to be on the same page with where we think the industry is going, what needs to be done about moving forward. So, we're a team. -Dana, in addition to being my wife, and I'm a little prejudice, is the most extraordinary person I've ever known. So, I'm just constantly mouth agape, frozen to who she is and what she does, so that makes it easy to work with her for sure. -I know this sounds kind of odd, but, you know, he completes me, and I think I complete him.

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