The Imminent Death of the Financial Planning Industry

It saddens me to say this but I am predicting in a few, short years the financial planning industry as we know it today will exist no longer. Doomed to the ash heap of history as so many other once proud professions have gone when the Marxists took over and relegated those industries to silliness.

Here’s why. In May 2018, the Journal of Financial Planning has as its “Thought Leadership” segment a diatribe about Critical Race Theory(CRT). The author is one who before becoming a financial advisor was in the “social justice arena”. Now, I won’t get into what CRT is. By all means research yourself, it will do you some good actually. Let me be blunt though. The idea such a well-respected journal, the preeminent journal in the financial planning realm would have such an infantile, and frankly, evil, ideology represented as ‘thought leadership’ is shocking.

As you’re researching Critical Race Theory, you may as well also bone up on Liberation Theology, another Marxist ideology, advanced by Catholic Jesuits in Latin America. Two feathers of the same bird. Each with one goal in mind, elimination of countering points of view, with the state having sole authority.

Sadly, in the SAME JFP, issue there was an article written by Meir Statman. Now, YOU, may not know who Meir Statman is. But think about it like this;

You’re a consumer of the most up-to-date economic theories and studies out there. You find yourself on a cold, Sunday morning, sipping your first cup of coffee catching up on reading your favorite economics journal. You come across an article by Thomas Sowell, which even if you don’t agree with his conclusions, you know his arguments are based on logical, coherent thinking.

Unfortunately, as you move past Sowell’s article, you come across one by Alexandria Ocasio-Cortez who does have an economics degree from BU, after all. But you see where this is going.

Sowell, wise as he may well be, is the old guy, representing the old way of thinking, which is inherently bad. Only a matter of time before he and his ilk are put out to pasture, removed from the scene and forgotten. Their names never to be mentioned again in polite company.

Ocasio-Cortez is the new breed, with the “fresh” ideas you need to hear. And, by all means, you WILL hear these ideas even if you don’t want to; Well, if you want to stay in the good graces of the profession that is.

This is the exact thing happening now in financial planning. Social justice advocates, trained in Marxist ideology, get a CFP and now are writing FRONT COVER articles in the Journal of Financial Planning espousing propaganda that is so old it’s new again.

Too many of us have simply thrown up our hands in not wanting to counter these people because the vitriol that assuredly will come our way. So be it. Each person has a choice to make.

I choose to call out insanity when I see it. And when it comes to my chosen profession, one I hold dearly, I will go down with the ship if I must. Because the ship is going down, my friends, if we allow this to continue.

Oh, don’t get me wrong. there will always be a financial planning industry. But in a few short years, the Meir Statman’s of the world need not apply, not unless you adhere to the new Groupthink. You will be told what to believe. And if you don’t. Well good luck getting on in this field.

All one needs to do is see proof of this in action is to witness Scott Kelly, yes the ASTRONAUT, grovel because he didn’t grasp the Newspeak quickly enough:

“Scott Kelly, a retired American astronaut with multiple space flights under his belt, apologized Sunday after quoting Winston Churchill and calling the 20th century British prime minister “one of the greatest leaders of modern times.”

“Did not mean to offend by quoting Churchill. My apologies. I will go and educate myself further on his atrocities, racist views which I do not support. My point was we need to come together as one nation. We are all Americans. That should transcend partisan politics,” Kelly wrote on Twitter in the evening. ”

It’s going to be a Brave New World indeed.

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