IAFP dissolves after 30 years

It took more than two years of
negotiation,but the International
Association for Financial
Planning (IAFP) and the Institute
for Chartered Financial Planning
(ICFP) have merged to be come the
Financial Planning Association
(FPA).

The new organization will have
more than 30,000 members
world-wide. It’s inception was
announced yesterday at the annual
IAFP conferenc e taking place in
San Antonio, Texas.

In other conference news, Donald
A. Connelly of Putnam Investments,
an American mutual fund company
warned advisors that clients have
come to expect 20% rates of return
as a “god-given right.”

Advisors should be trying to
get client expectations under
control. Managers manage risk,
he said. Advisors should manage
the expectations. It is going to
be very important, Connelly says,
since he expects the market to
have some corrections in the near
future. “Clients really don’t
understand volatility.”