Founder of Financial Planning Honored for 50th Anniversary of CFP Designation Asset Planning Corp
By: Asset Planning Corporation
Mr. P. Kemp Fain began his financial career as a stockbroker but was searching for an educational program that focused on serving clients. When he met Loren Dunton, whom some call the "father of financial planning," Mr. Fain was sold on the idea of a professional designation for planners.
Instead of selling financial products, Mr. Fain and Mr. Dunton wanted to concentrate on helping clients manage their finances. This included conversations about life goals and expectations. New ethical standards were developed (to avoid financial conflicts of interest) alongside innovative financial strategies. And a new professional designation with educational requirements emerged – the Certified Financial Planner™ or CFP®. P. Kemp Fain Jr. was the Certified Financial Planner program's very first enrollee.
In addition, Mr. Fain Jr founded and held leadership roles at the International Association for Financial Planning's first local chapter and the Institute of Certified Financial Planners and helped start the International Board of Standards for Certified Financial Planners.
Sadly, Mr. Fain died of cancer at the age of 55 before his vision could be fully realized. The Financial Planning Association honors his memory today with an annual award in his name for outstanding contributions to the financial planning profession. The FPA calls the P. Kemp Fain Jr. Award the "pinnacle of recognition in the financial planning profession."
Paul Fain, current president (and second generation family member) of Asset Planning Corporation says, "We have not changed our hands-on service approach that my father developed and emphasized. It is wonderful to see each year's award winner and the example they provide of a vision my father set forth. We spend time with our clients understanding what is important to them and how they can achieve their life goals, not just their financial goals."
Paul Fain is a regular contributor to the Knoxville News Sentinel and to WBIR's Sunday Money segment so "he continues the tradition of his father's standards. He is used to being a lifelong educator, it comes naturally to him. The Fain family is very service oriented and they try to make a real difference."