FINANCIAL PLANNING REVIEW最新文献

Retirement, Social Security Deferral, and Life Annuity Demand 退休，社会保障延期，和生活年金需求

FINANCIAL PLANNING REVIEW Pub Date : 2025-04-25 DOI: 10.1002/cfp2.70005

Sita Nataraj Slavov

{"title":"Retirement, Social Security Deferral, and Life Annuity Demand","authors":"Sita Nataraj Slavov","doi":"10.1002/cfp2.70005","DOIUrl":"https://doi.org/10.1002/cfp2.70005","url":null,"abstract":"This paper contributes to our understanding of wealth decumulation behavior by examining trends in retirement, Social Security claiming, and annuitization decisions. Prior research suggests that while these decisions have high stakes for retirement security, people may not make them optimally. I use data from the Health and Retirement Study to examine the joint timing of these decisions. I show that younger birth cohorts are less likely than older ones to use “parallel” strategies—simultaneously retiring and commencing Social Security, or simultaneously commencing Social Security and a life annuity. Regression analysis suggests that parallel strategies are associated with defined benefit pension coverage and eligibility, being subject to the Social Security earnings test (which forces affected individuals who work while receiving Social Security to delay a portion of their benefits), and poor health. I also find that younger cohorts are more likely than older ones to forgo annuitization altogether—a trend that likely reflects declining coverage by defined benefit pensions, which typically feature annuitization as the default option. Higher real interest rates are associated with both earlier retirement and an increased propensity to start receiving a life annuity.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143875559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial Capability, Behavior, Well-Being, and Stress Among Financial Advisors 财务顾问的财务能力、行为、幸福感和压力

FINANCIAL PLANNING REVIEW Pub Date : 2025-03-28 DOI: 10.1002/cfp2.70002

Mustafa Nourallah, Ho Ree Chan, Chia-Li Chien, Peter Öhman

引用次数: 0

Personal Worldview Conviction Is a Missing Piece in Financial Well-Being 个人世界观信念是财务健康中缺失的一块

FINANCIAL PLANNING REVIEW Pub Date : 2025-03-04 DOI: 10.1002/cfp2.70001

Shane Enete, Eu Gene Chin

引用次数: 0

Life Insurance Product Type, Financial Knowledge, and Financial Adequacy 人寿保险产品类型、财务知识和财务充分性

FINANCIAL PLANNING REVIEW Pub Date : 2025-02-20 DOI: 10.1002/cfp2.70000

Youngwon Nam, Eric Olsen, Cäzilia Loibl, Robert Scharff

{"title":"Life Insurance Product Type, Financial Knowledge, and Financial Adequacy","authors":"Youngwon Nam, Eric Olsen, Cäzilia Loibl, Robert Scharff","doi":"10.1002/cfp2.70000","DOIUrl":"https://doi.org/10.1002/cfp2.70000","url":null,"abstract":"Life insurance coverage is steadily declining with only about half of Americans currently holding any type of life insurance. This trend suggests that a growing number of households may have inadequate financial resources in the case of death of an income earner. This study describes the characteristics of households who are financially inadequately protected in the event of income earners' deaths and examines the role life insurance product type and financial knowledge for adequate financial resources. We use the 2022 Survey of Consumer Finances limited to households with at least one member who holds full-time employment, and living with two or more household members (n = 1818). We use repeated-imputation inference (RII) logistic regression analyses to examine households with adequate life insurance holdings, adequate net financial assets, and adequate net worth in the event of income earners' deaths. The data show that the majority of households in this sample have inadequate financial resources to compensate for the death of an income earner (56%) and that this group shows greater financial and health-related vulnerability. Through regression analysis, we find that all three adequacy measures were associated with life insurance product type, whereas financial knowledge was only intermittently significant. This study informs efforts to provide effective life insurance information and education.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.70000","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143455752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Net Worth Optimization 净值优化

FINANCIAL PLANNING REVIEW Pub Date : 2025-02-14 DOI: 10.1002/cfp2.1200

Thomas M. Idzorek, Paul D. Kaplan

{"title":"Net Worth Optimization","authors":"Thomas M. Idzorek, Paul D. Kaplan","doi":"10.1002/cfp2.1200","DOIUrl":"https://doi.org/10.1002/cfp2.1200","url":null,"abstract":"Recent work puts forth “net worth optimization” as an extension of asset-only mean–variance optimization and liability-relative optimization in which all of the components of an individual's holistic economic balance sheet are included in the optimization. This type of holistic, total portfolio optimization is constrained to include an untradable allocation to two entries in an individual economic balance sheet: the person's human capital and the person's nondiscretionary consumption liability, in which both are modeled as separate personalized combinations of asset classes (and perhaps individual stocks or bonds) based on the expected nature of their cash flow characteristics. In a series of controlled optimizations in which various parameters are varied, we study how changes in human capital modeling (riskiness) and balance sheet strength (funding status) influence the recommended asset allocation for an investor's financial capital asset allocation. Net worth optimization separates an investor's risk tolerance (attitude toward risk) from the investor's ability to take on risk (risk capacity), allowing risk tolerance to serve its original purpose.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1200","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143404483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Factors Associated With ESG Investment Attitude 影响ESG投资态度的因素

FINANCIAL PLANNING REVIEW Pub Date : 2025-02-14 DOI: 10.1002/cfp2.1201

Van Dinh, Jing Jian Xiao

{"title":"Factors Associated With ESG Investment Attitude","authors":"Van Dinh, Jing Jian Xiao","doi":"10.1002/cfp2.1201","DOIUrl":"https://doi.org/10.1002/cfp2.1201","url":null,"abstract":"In recent years, Environmental, Social, and Governance (ESG) oriented investments have grown significantly in terms of volume and influence within the global financial markets. However, there is also a notable countertrend against ESG investments in certain regions and sectors, driven by skepticism around ESG performance, regulatory concerns, and political opposition. Therefore, understanding factors that drive investor attitude towards these ESG assets is crucial. Using data from National Financial Capability Study (NFCS) in 2021, this study delved into exploring factors, specifically values, investment experience, and investment knowledge, that are correlated the ESG investment attitude of US investors. Findings showed that while valuing social responsibility was positively, extensive investment experience was negatively associated with ESG investment attitude. In addition, subjective investment knowledge was positively, while objective investment knowledge was negatively associated with ESG investment attitude. These factors collectively predicted 39% of the variability in ESG investment attitude. These findings highlighted the complex interaction among investment values, experience, and knowledge in determining individual attitudes towards ESG investment. The study implies the need for enhanced investor education on ESG issues and in designing strategies related to investment diversification, including ESG assets.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1201","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143404554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Value of Holistic Financial Advice 全面财务建议的价值

FINANCIAL PLANNING REVIEW Pub Date : 2025-01-29 DOI: 10.1002/cfp2.1199

Shlomo Benartzi

引用次数: 0

Investors' Response to Market Volatility and Financial Sophistication 投资者对市场波动和金融复杂性的反应

FINANCIAL PLANNING REVIEW Pub Date : 2025-01-23 DOI: 10.1002/cfp2.1197

Ichchha Pandey, Michael A. Guillemette, Sabina Pandey

{"title":"Investors' Response to Market Volatility and Financial Sophistication","authors":"Ichchha Pandey, Michael A. Guillemette, Sabina Pandey","doi":"10.1002/cfp2.1197","DOIUrl":"https://doi.org/10.1002/cfp2.1197","url":null,"abstract":"Using data from the 2021 National Financial Capability Study (NFCS), this study examines how individual investors' financial sophistication influences their response to the stock market in two scenarios: when the market drops by 20% and when the market increases by 20% for a brief period. The findings indicate that, relative to holding stocks, individual investors with higher levels of financial sophistication are more likely to purchase additional stocks and less likely to sell stocks when they experience a market drop for a brief period. Similarly, the study investigated how individuals react when the stock market rises for a short period and discovered that they are less inclined to buy and sell stocks than to hold them. Additionally, the results of this study provide insight into the case of myopic loss aversion (MLA), a supplementary finding of this paper. In addition to finding investors' optimal choice of buying and selling when the market moves, the present study provides supporting findings regarding the number of information sources used and trading frequency, all of which make a strong case for the influence of financial sophistication on MLA. In light of the recent COVID-19 and the ensuing volatility in the stock market, understanding how financial sophistication influences investors' reactions to the stock market is crucial for researchers, financial professionals, and policymakers.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1197","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Delaying until it is definitely too late – A theoretical framework for explaining procrastination in estate planning 拖延到绝对太晚——解释遗产规划中拖延的理论框架

FINANCIAL PLANNING REVIEW Pub Date : 2025-01-22 DOI: 10.1002/cfp2.1196

Michaela Tanner, Roland Hofmann, Katrin B. Klingsieck

{"title":"Delaying until it is definitely too late – A theoretical framework for explaining procrastination in estate planning","authors":"Michaela Tanner, Roland Hofmann, Katrin B. Klingsieck","doi":"10.1002/cfp2.1196","DOIUrl":"https://doi.org/10.1002/cfp2.1196","url":null,"abstract":"Procrastination in estate planning poses significant challenges in personal financial planning. Despite recognizing its importance, many individuals delay estate planning, risking unplanned estate distribution and family conflicts. This procrastination, driven by discomfort and perceived ample time, leaves legacy unstructured, failing to meet the testator's wishes and needs. Understanding procrastination in estate planning is crucial as it affects financial security for surviving dependents and the orderly transfer of assets. Procrastination research, although extensive in academic and professional contexts, has not adequately addressed estate planning, leaving a gap in comprehending this behavior within financial decision-making. This article systematically analyzes procrastination in estate planning, presenting a theoretical framework based on the Rubicon Model and incorporating the mood-repair hypothesis and temporal motivation theory. It outlines the estate planning process, identifying phases where procrastination occurs and the possible reasons behind it. The framework explains how negative emotions and discounted future benefits contribute to delays, impacting the timely completion of estate plans. The article highlights the role of financial advisors in helping clients navigate estate planning, offering practical recommendations to improve client engagement and ensure better financial outcomes.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1196","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mapping the Terrain: Strategies for Building Effective University Financial Planning Programs 绘制地形：建立有效的大学财务规划方案的策略

FINANCIAL PLANNING REVIEW Pub Date : 2025-01-22 DOI: 10.1002/cfp2.1198

Ronald Heymann, Oliver Schnusenberg, Inga Timmerman

{"title":"Mapping the Terrain: Strategies for Building Effective University Financial Planning Programs","authors":"Ronald Heymann, Oliver Schnusenberg, Inga Timmerman","doi":"10.1002/cfp2.1198","DOIUrl":"https://doi.org/10.1002/cfp2.1198","url":null,"abstract":"This paper explores factors influencing the success of financial planning programs in higher education. It can be used as a guide in the development of a financial planning program. Using a mixed methods approach, the study combines a comprehensive survey of past and present CFP-Board registered program directors and in-depth qualitative insights from the authors' own experiences. The survey encompasses demographics, competition participation, job placement, and perceived administrative support. Key elements of a successful program such as curriculum design, student engagement activities, diversity initiatives, faculty recruitment, and institutional support are discussed. Experiential learning opportunities, outreach efforts for diverse talent, and networking events emerge as critical factors in a successful program. Insights from program directors emphasize the importance of ongoing curriculum development aligned with professional trends, interdisciplinary perspectives, and real-world case studies. Challenges include resource constraints and faculty staffing. The findings offer insights for program directors, faculty, students, administrators, and other professional designation programs to enhance program quality, diversity, and impact, serving the needs of students and the broader community. The findings provide an outline for other professional programs (i.e., CFA or CPA) in how to design, implement, and run a successful program.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1198","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0