Press Releases

David L. Blain, CFA, Works to Raise Professional Level of Financial Planning

Turn on the television or open the newspaper and you are besieged by advertisements by financial advisors, brokers, and insurance agents touting their financial planning acumen and the ability to solve all of life’s financial problems. But before you engage that advisor and their financial planning services you need to know if what they are offering is true financial planning.

In a world where more than 300,000 professionals call themselves financial planners, only a handful truly provide financial planning services. The majority are insurance agents and brokers using the term Financial Planner as a label to build trust and, ultimately, close a sale.

That is why David L. Blain, CFA, president and chief investment officer of D. L. Blain & Co., LLC in New Bern, is working alongside the Financial Planning Coalition (comprised of the National Association of Personal Financial Advisors (NAPFA), Financial Planning Association (FPA), and Certified Financial Planner Board of Standards) to encourage congressional leaders to pass legislation that would finally regulate the financial planning profession while making anyone calling themselves financial planners adhere to strict ethical and competency standards. The proposal being offered by the Coalition will elevate financial planning to that of other recognized professions including doctors, attorneys, and accountants.

“As a fiduciary, I’m bound, both legally and ethically, to put the needs of my clients above my own,” said Blain, who is also a member of NAPFA, the country’s leading association of Fee-Only, fiduciary financial advisors. “I think anyone who calls themselves a financial planner or advisor should be held to the same high standard:  It’s only fair to the client.”

True financial planning is a holistic process of reviewing an individual’s complete financial picture including investments, education, estate, tax, and insurance needs then creating a plan that helps the consumer achieve real goals. Unfortunately, the industry is full of agents and brokers who are using the term “financial planner” to position themselves for increased product sales. This is akin to a doctor prescribing a medication BEFORE diagnosing an illness. It is neither right nor ethical.

Currently, the Financial Planning Coalition is urging members of the U.S. Senate Banking Committee to consider the proposal as part of a financial services reform package that is expected to be solidified in the coming months. Until that happens, Mr. Blain and other true financial planners across the country are reaching out to their elected leaders to encourage their support of the proposal.

Since 1983, The National Association of Personal Financial Advisors (NAPFA) has provided Fee-Only financial planners across the country with some of the strictest guidelines possible for professional competency, comprehensive financial planning and Fee-Only compensation. With more than 2,100 members, NAPFA has become the leading professional association in the United States dedicated to the advancement of Fee-Only financial planning.