FINANCIAL PLANNING REVIEW最新文献

This paper demonstrates the added value of utilizing a systemic approach to financial planning, which includes understanding how individuals make financial decisions and how these decisions are influenced by their experiences and the broader systems in which they exist. Systems theory is too broad of a topic to cover in one paper. The scope of this paper is to describe the key systems' concepts of interconnectedness, the whole is greater than the sum of its parts, homeostasis, and differentiation of self that have direct applications to financial planning. A case study illustrates how these concepts and tools, such as the genogram and shifting the conversation from content to process, can be utilized in financial planning. Through therapeutic communication (e.g., listening actively and recognizing the hidden cues in a client's communication), financial planners can uncover and address systemic issues impacting the financial planning process. Financial planners will learn key concepts of systems theory, gain tools for how to incorporate systems' concepts into practice, and be prepared to take an active role in the next evolution of financial planning.

This study investigates the impact of job demands and resources, employee engagement, burnout, satisfaction, and human capital on the Quiet Quitting (QQ) phenomenon among financial planners using a convenience sample of College for Financial Planning alumni. It also investigates whether gender differences exist in the factors that explain QQ. The random convenience sample had gender differences in roles, salaries, and QQ, favoring men more than women and aligned with the financial planning profession's gender diversity issues. Results reveal the factors that explain QQ in financial planning. However, women did not exhibit any differences from men regarding the factors.

Studies on trust in financial institutions are scattered across the literature and the results are often inconsistent, highlighting the need for additional investigation. Thus, relying on 1697 responses to a self-administered online questionnaire from consumers aged 18 or older in the U.S., we empirically examined several of these inconsistencies. Specifically, we explored how trust differs between seven types of financial services providers and between “customers” and “familiar non-customers” for each provider type. We also investigated how sociodemographic characteristics, generalized trust, previous experience, and the behavior and characteristics of financial services providers impact trust in different types of providers for “customers” versus “familiar non-customers.” Our results show that trust ratings differ across providers and between “customers” and “familiar non-customer” for the same provider type. Our results also show that there are distinct drivers of trust for “familiar non-customers” and “customers.” Indicators of reputation are important drivers of trust for “familiar non-customers,” especially for online-only financial companies. Shared values, interest protection, and personalized service are important drivers of trust for “customers,” especially for investment/brokerage firms, national banks, and credit unions. Taken together, these findings can help researchers and practitioners to better design marketing strategies geared toward building, maintaining, and repairing trust.

This study examined the psychometric features of the New Money Attitudes Questionnaire (NMAQ) in a Portuguese population and the relations between money attitudes, participant demographics, well-being, and personality factors. The sample comprised 241 participants aged between 18 and 66 years. They completed the NMAQ and measures of financial well-being, loneliness, and personality. The results of a CFA displayed a good fit for the five-factor model of the NMAQ, and adequate reliability. Men scored significantly higher than women in Power and Status, and women scored significantly higher than men in Mindful and Responsible. The effect of age on money attitudes was not significant. Participants with lower educational levels scored significantly greater than those with higher educational level in Power and Status and Financial Literacy Worries. Well-being and personality factors explained a significant amount of variance regarding money attitudes.

Researchers have studied factors that influence the sustainability of retirement withdrawals (e.g., withdrawal rate, withdrawal rules, volatility, asset allocation, taxes, longevity) for 30 years. The frequency of withdrawal patterns (e.g., annual, quarterly, monthly) has escaped inquiry. This study uses Monte Carlo simulation to show that, despite intuitive reasons to believe that dividing retirement withdrawals into smaller amounts over more frequent intervals might control volatility or sequence of return risk, withdrawal frequency has no effect on retirement withdrawal sustainability. This result is robust to simulated markets characterized by: (1) a random walk, (2) simulated markets that are autocorrelated, (3) historical returns series randomly chosen from historical return records, and (4) historical returns in their original sequence. It also highlights factors (e.g., time in market, matching withdrawals to spending patterns, and maximizing optionality) that can enhance value or increase retiree utility.

While an emerging body of research has documented the significance of estate planning, there remains limited understanding regarding the extent of Black adults' engagement with estate planning in the United States. The objectives of this study were to examine whether the utilization of financial planners, the status of inheritance receipt, and religion are associated with engagement in estate planning among U.S. Black adults, and how these associations vary based on life insurance policy ownership. Participants for this study were 673 U.S. Black adults aged 25 and older who completed an online survey in July 2021. We estimated logistic regression models to predict Black adults' engagement in estate planning. Results indicated that in fully adjusted models, Black adults who used the services of a financial planner had significantly higher odds of executing a valid will or trust than those who did not seek assistance from a financial planner. The status of inheritance receipt, frequency of attendance at religious services, and ownership of life insurance policies were positively and significantly associated with engagement in estate planning among Black adults. However, as a moderator, patterns did not differ significantly depending on whether they owned life insurance policies. These findings may assist professionals and other stakeholders in financial planning to develop strategies or interventions to enhance estate planning for U.S. Black households.

This study proposes a simple theoretical model to compare dollar cost averaging and buy-and-hold strategies for investors who perceive that equity's unobservable fair (intrinsic) value is symmetrically dispersed around the observable price. For reasonable model inputs, the study shows that if the fair value dispersion is relatively high, dollar cost averaging can be superior to a buy-and-hold strategy.