FINANCIAL PLANNING REVIEW最新文献

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From the Executive Editor 来自执行编辑
FINANCIAL PLANNING REVIEW Pub Date : 2024-12-19 DOI: 10.1002/cfp2.1195
Stephen M. Horan
{"title":"From the Executive Editor","authors":"Stephen M. Horan","doi":"10.1002/cfp2.1195","DOIUrl":"https://doi.org/10.1002/cfp2.1195","url":null,"abstract":"<p>The <i>Financial Planning Review</i> (FPR) is entering its next phase of development. <i>The Review</i> is returning to an open-access publication format. Authors will no longer be required to pay article publication charges for their research to be read, and readers will no longer be required to pay subscription fees to read it. In truth, the shift to open access is returning to FPR's roots because the Review was originally launched as an open access journal in 2018 as is common for many new journal titles. The expectation at the time was that it would adopt a traditional subscription model as it matured. And mature, it did.</p><p>Two things became apparent in the interim. First, CFP Board of Standards became increasingly convinced that the journal's impact would be greater under an open-access model. CFP Board is committed to building this nascent profession in a way that serves financial planning clients and society at large, and an open-access model helps further that mission. Second, the publishing industry is shifting toward open-access models. Most journals are still retaining conventional subscription models, so FPR is in the minority, but the trend is clear.</p><p>Finally, it is only proper to recognize the commitment of CFP Board of Standards in this effort. Publishing and managing a top-quality peer-reviewed journal is resource intensive. In the absence of subscription revenue, the resources must come from somewhere. CFP Board has taken it upon themselves to step up to the plate for the benefit of the profession. We are indebted to their commitment to this vision. And, I am personally grateful for their support.</p><p>This combined issue primarily addresses the client, focusing on their financial decision-making, well-being, trust, and money attitudes. Sonya Lutter emphasizes the importance of using a systemic approach in financial planning. This approach considers how individuals' financial decisions are influenced by their experiences and the broader systems they are part of. Some of the key influences she identifies are interconnectedness, homeostasis, and differentiation of self, and she illustrates these ideas with a case study, showing how systemic thinking can lead to better client outcomes by addressing underlying issues and improving communication. It highlights the importance of financial planners adopting a holistic view that considers clients' broader life contexts and uses tools like genograms to understand family dynamics, ultimately leading to more effective and empathetic financial planning.</p><p>Edmund Khashadourian and Adele L. Harrison evaluate the Consumer Financial Protection Bureau's (CFPB) Financial Well-Being Scale by comparing it with household financial ratios. They develop a model called the Equilibrium Model of the Household (EMH) to categorize financial well-being into four stages: financially distressed, fragile, stable, and flourishing. The CFPB scale aligns well with these categories, supporting its ","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1195","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252887","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
Perceptions or behavior? An evaluation of CFPB's financial well-being scale using household financial ratios 观念还是行为?使用家庭财务比率评估CFPB的财务福利量表
FINANCIAL PLANNING REVIEW Pub Date : 2024-11-12 DOI: 10.1002/cfp2.1194
Edmund Khashadourian, Adele L. Harrison
{"title":"Perceptions or behavior? An evaluation of CFPB's financial well-being scale using household financial ratios","authors":"Edmund Khashadourian,&nbsp;Adele L. Harrison","doi":"10.1002/cfp2.1194","DOIUrl":"https://doi.org/10.1002/cfp2.1194","url":null,"abstract":"<p>This article creates a typology to assess four categories of financial well-being based on a combination of household financial ratios. Most financial well-being scales are based on subjective measures (i.e., perceptions), as objective markers have not reliably encapsulated financial well-being. We define a conceptual model, the equilibrium model of the household (EMH), and use discriminant analysis to extract categories of financial well-being. The continuum of these categories is financially distressed (lowest), financially fragile, financially stable, and financially flourishing (highest). Our results demonstrate these categories are consistent with the Consumer Financial Protection Bureau's (CFPB) Financial Well-Being Scale, a subjective scale. Higher CFPB scores were associated with higher category ranks. Our results provide additional evidence to support construct validity of the CFPB scale and may offer more actionability to the CFPB scores because specific financial outcomes/behaviors associated with our categories of financial well-being correspond to ranges of the CFPB scale. However, we argue that the claim whereby the CFPB scale measures a concept beyond traditional financial measures is imprecise and may even reflect the existence of noise in the CFPB's data, raising questions about its reliability.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1194","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252572","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
Applying a systemic approach for better outcomes 采用系统的方法获得更好的结果
FINANCIAL PLANNING REVIEW Pub Date : 2024-10-29 DOI: 10.1002/cfp2.1193
Sonya Lutter
{"title":"Applying a systemic approach for better outcomes","authors":"Sonya Lutter","doi":"10.1002/cfp2.1193","DOIUrl":"https://doi.org/10.1002/cfp2.1193","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Clock-out: What explains “Quiet Quitting” in financial services? 打卡:如何解释金融服务业的“悄然退出”?
FINANCIAL PLANNING REVIEW Pub Date : 2024-10-17 DOI: 10.1002/cfp2.1192
Rebecca Henderson, Jennifer Lehman, Aman Sunder
{"title":"Clock-out: What explains “Quiet Quitting” in financial services?","authors":"Rebecca Henderson,&nbsp;Jennifer Lehman,&nbsp;Aman Sunder","doi":"10.1002/cfp2.1192","DOIUrl":"https://doi.org/10.1002/cfp2.1192","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An empirical exploration of the drivers of trust in consumer financial services 消费者金融服务中信任驱动因素的实证探索
FINANCIAL PLANNING REVIEW Pub Date : 2024-08-28 DOI: 10.1002/cfp2.1190
Jason M. Pattit, Katherina G. Pattit
{"title":"An empirical exploration of the drivers of trust in consumer financial services","authors":"Jason M. Pattit,&nbsp;Katherina G. Pattit","doi":"10.1002/cfp2.1190","DOIUrl":"https://doi.org/10.1002/cfp2.1190","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Correlates of money attitudes among Portuguese people 葡萄牙人对金钱的态度
FINANCIAL PLANNING REVIEW Pub Date : 2024-08-14 DOI: 10.1002/cfp2.1189
Joana Neto, Félix Neto, Adrian Furnham
{"title":"Correlates of money attitudes among Portuguese people","authors":"Joana Neto,&nbsp;Félix Neto,&nbsp;Adrian Furnham","doi":"10.1002/cfp2.1189","DOIUrl":"https://doi.org/10.1002/cfp2.1189","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From the executive editor 执行主编的话
FINANCIAL PLANNING REVIEW Pub Date : 2024-06-27 DOI: 10.1002/cfp2.1188
Stephen M. Horan
{"title":"From the executive editor","authors":"Stephen M. Horan","doi":"10.1002/cfp2.1188","DOIUrl":"https://doi.org/10.1002/cfp2.1188","url":null,"abstract":"","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal withdrawal frequency for sustainable retirement withdrawals 可持续退休取款的最佳取款频率
FINANCIAL PLANNING REVIEW Pub Date : 2024-05-15 DOI: 10.1002/cfp2.1183
Stephen M. Horan
{"title":"Optimal withdrawal frequency for sustainable retirement withdrawals","authors":"Stephen M. Horan","doi":"10.1002/cfp2.1183","DOIUrl":"10.1002/cfp2.1183","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1183","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140974538","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
U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership 美国黑人成年人的遗产规划:使用财务规划师、接受遗产和拥有人寿保险的作用
FINANCIAL PLANNING REVIEW Pub Date : 2024-04-02 DOI: 10.1002/cfp2.1181
Kimberly Watkins, Shinae L. Choi, Miranda Reiter, Megan McCoy, Shelitha Smodic, Cory Thompson, Kenneth White Jr, Bertranna Muruthi
{"title":"U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership","authors":"Kimberly Watkins,&nbsp;Shinae L. Choi,&nbsp;Miranda Reiter,&nbsp;Megan McCoy,&nbsp;Shelitha Smodic,&nbsp;Cory Thompson,&nbsp;Kenneth White Jr,&nbsp;Bertranna Muruthi","doi":"10.1002/cfp2.1181","DOIUrl":"10.1002/cfp2.1181","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1181","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140754749","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
Dollar cost averaging and fair value dispersion 平均成本法和公允价值分散法
FINANCIAL PLANNING REVIEW Pub Date : 2024-03-29 DOI: 10.1002/cfp2.1182
Thomas J. O'Brien, Christopher D. Piros
{"title":"Dollar cost averaging and fair value dispersion","authors":"Thomas J. O'Brien,&nbsp;Christopher D. Piros","doi":"10.1002/cfp2.1182","DOIUrl":"https://doi.org/10.1002/cfp2.1182","url":null,"abstract":"<p>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.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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