There's something right about this year. Things are falling nicely into place. The Departed won the Best Picture Oscar for 2006 and it bloody well deserved it.
The FPA ejected one of its own from its membership for what the association said were numerous breaches of its professional standards associated with advice given over Westpoint. If an association is going to garner respect and give itself a sense of professionalism, it has to be seen meting out punishment where necessary. It has to show the regulator it is strong enough and savvy enough to make sure rotten apples do not remain to contaminate the rest. It has to do it without being told it has to assume power before it is given it.
So, the FPA is doing something right.
And like the Academy Awards, the impression of doing it right is sometimes just as important as actually doing it right.
Expectation management is something else that raises its head at Oscar time. How many times has someone built up a movie telling you how great it is, only to leave you disappointed when it doesn't live up to the image projected?
This is something that financial planners need to manage on a daily basis. What are you charging your clients for? Are they getting appropriately serviced? Are they getting what they've been promised?
When it comes to fees you're in a territory where market performance isn't really going to justify what you charge. The market may turn at any time and yet you still need to earn a just income from your profession. Make sure you know what it is and what you need to provide in return. Don't promise Rocky when you're delivering Rocky V.
