A vast number of Americans are not guided by planners. What if there were a way to offer planning to all segments of society without a noticeable decrease in revenues or profits within the profession? Here is a modest but serious proposal for making that happen:

A major question, of course, involves how such a plan would be financed. It would be nice if all firms would participate voluntarily in funding such an insurance program, but that's naïve. More likely, a regulatory body would be needed to mandate binding contributions to an insurance pool. The good news is that, on an individual basis, the annual contribution would be modest. The simplest funding mechanism would be to place a levy on managed wealth, in the form of an AUM tax. In 2012, financial planners and associated advisors managed $43.8 trillion in household wealth. A flat-tax equivalent to 1cent for every $10,000 in AUM would generate $43.8 million annually. A binding contribution of this magnitude is probably less than the total labor value associated with pro bono efforts currently under way nationwide.

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