TUCSON, Ariz. — Financial planning has taken on several different meanings over the past few years as retirees are living longer and trillions of dollars of wealth are poised to pass between generations over the next decade.
A 2003 survey conducted by the Opinion Research Corporation International showed that 86% of those surveyed felt financial planning was important, but only 46% had actually developed a plan.
"There are hundreds of credit unions around the country selling mutual funds and annuities and calling it a 'financial planning' program," said Mike Prior, president/CEO of the Credit Union Financial Network, a Phoenix-based investment CUSO owned by several Arizona credit unions. The underlying question for advisers should be "how would we want our families treated–what are their needs, goals and risks. Products are secondary."
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