FINANCIAL PLANNING REVIEW最新文献

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.

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.

Retirees are faced with a variety of choices during their working and retirement years on how to best support their retirement lifestyle and estate planning goals. One of these choices is the option to convert a portion of their pretax savings from a tax-deferred account (TDA) into a tax-exempt Roth account. In this article, we quantify the Roth conversion payoff and when/how it depends on investment returns. We show that, while the use of taxable account assets may produce a larger payoff than early withdrawals from the Roth IRA, large unrealized taxable account gains and estate plans may change this calculus. Our work provides a recommendation on how current dividends or cash versus appreciated assets should be used to optimize Roth conversion payoffs, and informs FinTech companies and robo-advisors on how to best support this important option for millions of current and future retirees.

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.

Using the 2008, 2012, and 2016 waves of the Health and Retirement Study (HRS), this study employs Structural Equation Modeling (SEM) to investigate if financial self-efficacy mediates the relationship between affective states (e.g., state-like emotions) and financial satisfaction and if this differs for retirees and non-retirees. The results show that retirees' negative affective state (negative affect) in wave 1 (2008) is related inversely to their financial self-efficacy in wave 2 (2012), and financial self-efficacy is related positively to financial satisfaction in wave 3 (2016). The results show that negative affect is associated with lower financial satisfaction through financial self-efficacy as a mediating characteristic for retirees. However, for non-retirees, no statistically significant mediation relationship is found. Findings from this study contribute to the gap in understanding the lingering effects of negative affect on financial behavior and financial satisfaction levels of older adults. This study provides insights into how financial planning practitioners can help clients navigate affective states and financial self-efficacy as they work together to reach their financial goals.