SHEPHERDSTOWN, W. Va., June 27, 2012 (GLOBE NEWSWIRE) -- Rob Hoxton CFP®, AAMS, AIF®, founder and CEO of HFI Wealth Management, attended the Consumer Financial Protection Bureau's (CFPB) inaugural innovation strategy meeting. The CFPB educates consumers, supervises banks, credit unions and other financial companies, enforces Federal consumer financial laws and gathers and analyzes information in order to better protect consumers.
The purpose of the meeting, which took place in Washington, D.C. on June 19th and 20th, was to recognize financial mistakes that consumers make, analyze the behaviors that cause them and innovate ways to prevent these errors. A member of the Financial Planning Association's (FPA) Board of Directors, Hoxton was one of 32 individuals invited to participate. Those in attendance were behavioral specialists and financial advisors, ranging from low-income counselors to high-net wealth managers.
"The meeting was very enlightening," says Hoxton. "We primarily focused on the behaviors of financial consumers and how we can alter policies to better suit consumers' needs."
One of the major issues discussed was retirement planning. Attendee and Harvard Professor David Laibson emphasized a particular study that found that, although low-income individuals say they cannot afford to save, when they are automatically enrolled in a savings plan, they do not usually miss the money. "We discussed a lot of interesting concepts," comments Hoxton, "that I hope the CFPB will undertake and implement."
Hoxton, who began his career in the financial services industry in 1986, has won numerous awards for his work in the wealth management area, including being named as America's 150 Best Advisors for Doctors in Medical Economics. He is a graduate of the Certified Financial Planning Professional Program of the College for Financial Planning in Denver and is a Certified Cash Balance Consultant through the Kravitz Cash Balance Coach Program. Hoxton is the developer of The Grow Greenr® Method and the author of Grow Greenr, 10 Steps to a Richer Life, which is available at Amazon.com. He also wrote Investing in Uncertain Times, which can be downloaded as a PDF file from www.hfiwealth.com.
Hoxton was elected to the Financial Planning Association (FPA) Board of Directors for a three-year term that began in 2011. HFI is a leading fee-only investment advisory firm. HFI's flagship office in Shepherdstown, West Virginia was opened in 1992. Hoxton then added Winchester, Virginia in 2004. His goal is to continue to expand the firm, which provides wealth management and retirement plan consulting for individuals and firms.
In 2011, Hoxton launched The Rural Financial Planning Project, which helps to eliminate financial illiteracy in underprivileged areas. Through a program at Shepherd University, The Project provides financial aid and mentorship to worthy students. Upon completion, graduates receive Certified Financial Planner® designation. The goal of the program is to promote financial literacy in poverty-stricken, rural areas throughout Middle America.
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