With the onset of the financial crisis, the Denver-based Financial Planning Association is planning to budget for some lean times in the years to come, according to the association’s president, Mark E. Johannessen, who spoke to reporters at the association’s 2008 conference in Boston yesterday.
"We know that a pullback is coming and have budgeted accordingly, looking ahead at 2010 fiscal-year budget," he said.
Mr. Johannessen is also managing director at Harris SBSB in McLean, Va., which manages $1.9 billion in assets,
The heightened turmoil in the financial markets has prompted many Wall Street firms and wirehouses to call the FPA to ask for suggestions on how to work with clients during the crisis, said Marv Tuttle, the executive director of the FPA.
Despite the tumult, he said that the organization has found strength in numbers.
The FPA's membership has increased approximately 16% during the past year to 29,000.
Additionally, 3,200 industry professionals attended the conference, with only 100 canceling their registration to stay home and consult with clients about the financial crisis, Mr. Tuttle said.
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