FINANCIAL PLANNING REVIEW最新文献

The purpose of this paper is to provide a future research agenda to study how worldviews impact financial attitudes and behaviors. In addition, this paper will help operationalize many of the constructs associated with an individual's values and personal worldview. As a result of this research agenda, researchers and financial planners will move towards developing personal value and worldview identification tools that will help individuals more intrinsically adopt savings goals that help meet their life goals.

Using nationally representative data from the 2021 National Financial Capability Study (NFCS), this study investigates the association between human capital, as proxied through education and objective financial knowledge, and stimulus payment usage for spending, debt repayment, savings, and investments during the COVID-19 pandemic. The results from a sample of 23,344 observations suggest that human capital relates to differences in how people used their COVID-19 stimulus payments. In particular, the study found that human capital is associated positively with using stimulus payments to add to savings or invest in the stock market.

We study the determinants associated with wealth advisors' consideration to leave or say at financial planning firms. Utilizing self-determination theory as the foundational theoretical framework and focusing on the psychological aspect of the decision, we develop a structural equation model that defines the factors relating to work satisfaction, affective work commitment, and turnover intention in the wealth management profession. We provide evidence for the roles played by autonomous motivation, reward, and punishment in determining job retention and affective work commitment among wealth advisors in the United States. By showing the importance of autonomous motivation on retention, we are offering the wealth management industry one extra tool to influence employee retention.

Employees are commonly defaulted into either a homogeneous passive investment such as a target-date fund, or into a managed account that offers personalization and access to an advisor. Higher performance among investors in target-date funds suggests a possible behavioral benefit of a passive default that requires no active monitoring by investors. Access to a human advisor and an asset allocation matched to employee risk preferences can also help investors avoid trading after a market decline. This paper explores the relationship between trading activity and advice-seeking behavior among 5 million US DC participants during the COVID-19 pandemic, comparing self-directors and target-date fund investors to those using managed accounts service. We find participants who use target-date funds are less likely to phone during a market crash. Participants in managed accounts are the least likely to trade after seeking advice. These findings are consistent with the hypothesis that passive default can improve outcomes where active choice can harm outcomes, and personalized defaults with access to advice can help participants avoid investment mistakes.

There is a growing interest to increase diversity among consumers who are seeking financial advice, but the influences of race and gender on financial advice seeking have not been widely explored in the literature. We examine the role of race and gender on financial advice seeking among U.S. households by employing a decomposition technique. The findings highlight that asking for financial advice is not determined by race or gender in and of itself, but by the racial and gender differences in the predictors associated with financial advice seeking. Black and female consumers were found to be more likely to ask for financial advice when making savings and investment decisions. The relationships between financial advice seeking and income level, employment status, education level, and subjective knowledge differed significantly for Black and White consumers. Employment status, race, and homeownership differed significantly for women and men seeking financial advice. The results show that the predictors which explain financial advice seeking may not apply in the same way to all consumers. Practitioners can use this research to refine how they market and gain a better understanding of how race and gender are associated with certain important variables that are associated with seeking financial advice.