Do you believe trends have a way of recycling every 20-25 years? If so, and you've been in this business less than a quarter century, sit down and let me tell you a story.
Back in the late 1970s, I worked as editor-in-chief of Financial Planning, the trade journal of a rising profession. Each year, our association, the International Association of Financial Planners, sponsored the premier conference in our field.
In 1978 and 1979, a curious thing happened to the financial planning profession and its major event. It was overrun by promoters of private placement limited partnership tax shelters. This happened only because so many planners were infatuated with these deals. They couldn't wait to show them to their wealthy clients who wanted investments with more zip and status.
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