I find the discussion of "who does it best" a very interesting one. Albeit I work in a smaller market (approx 250,000 MSA) but a very wealthy one. What I've discovered by talking to planners and non-planners alike in the area is that nobody has "IT" figured out. In fact, we have an terrible time defining what "IT" is so that we can have a discussion about it.
It doesn't seem to matter whether you're a fee-only, commission-only, fee and commission, RIA, work for a broker dealer or some hybrid in between. This discussion is no different than the discussion over leading a relationship with products rather than planning. We've come to a consensus that if we're going to be true Planners (capital "P") then it's about the relationship we form. How can we then turn around and have the exact same type of discussion and spend so much time and energy defending our positions that the way "WE" charge a client is the ONLY way it should be done.
In a previous life, I helped run a retail organization. When we were tackling an issue we would sit in the board room and list all the potential topics we would need to discuss to resolve the issue. We would then narrow our focus to the Top 5 and most of the time we could come to the resolution by intense focus on the top 5 areas. The saying was often "it's an interesting area, but it will never make the top 5". This simply relates to the fact that we can spend our time on lots of areas but unless they're pertinent to the outcome, why bother. I believe the "how you charge" area wouldn't make the top 5.
I've yet to find those who really seem to care and genuinely desire to do what's best for the client clustered at particular types of firms or getting paid a certain way. I believe if we'll focus on how a Planner establishes a relationship, implements the relationship, reveiws the relationship and inhances the image of our industry we won't worry so much about convincing everyone to do it one way. After all, our clients aren't all the same nor should our advice be all the same.
Broker-dealers seem to be putting a tremendous amount of money and effort into "growing" planners within their organizations. They're stressing and paying for the CFP Certificant training, enhancing their software packages, enhancing opportunities for those who build their wealth planning practices and offering very high level training in the planning areas. All while increasing product knowledge, flexible platforms, web access and back office support. I have to believe that this is great for our industry and our image. Now there's a Top 5 discussion!
RIA's seem to looking for higher level producers to implement planning strategies for wealthier clients and families. They continue to be the driver behind cutting edge technology trends, top notch service models, innovative partnering structures with other providers and working with our Universities to spread the CFP message. That's a Top 5 discussion if I've ever seen one!
We need to realize that this industry is rebuilt daily by passionate people with a heart for planning. And if you've been living anywhere except a cave for the past few years it's become obvious that understanding and being able to implement a comprehensive financial plan if very similar to the DOS or Windows discussion years ago (I hope everyone knows the outcome). We serve the masses who for the most part don't have even a small part of the knowledge they need and we can provide and it's up to us to further THAT discussion for their benefit regardless of where we work or how we charge for what we do.