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 : 2022-11-11 DOI: 10.1002/cfp2.1153
Stephen M. Horan
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引用次数: 0
Measuring the gap between elicited and revealed risk for investors: An empirical study 衡量投资者引出风险与揭示风险的差距:一项实证研究
FINANCIAL PLANNING REVIEW Pub Date : 2022-10-18 DOI: 10.1002/cfp2.1151
John R. J. Thompson, Longlong Feng, R. Mark Reesor, Chuck Grace, Adam Metzler
{"title":"Measuring the gap between elicited and revealed risk for investors: An empirical study","authors":"John R. J. Thompson,&nbsp;Longlong Feng,&nbsp;R. Mark Reesor,&nbsp;Chuck Grace,&nbsp;Adam Metzler","doi":"10.1002/cfp2.1151","DOIUrl":"10.1002/cfp2.1151","url":null,"abstract":"<p>Financial advisors use questionnaires and discussions with clients to determine investment goals, elicit risk preference and tolerance and establish a suitable portfolio allocation for different risk categories. Financial institutions assign risk ratings to their financial products. Advisors use these ratings to categorize products into the same risk categories used for portfolio allocation. Subsequently, clients select a portfolio of assets whose risk profile we call revealed risk. This paper proposes a novel methodology for comparing an individual's elicited and revealed risk. We propose using Value-at-Risk to measure elicited and revealed risk and the discrepancy between them, showing whether clients are over-risked or under-risked. We demonstrate the methodology using a dataset from a Canadian private financial dealer. We find that elicited risk is consistently higher than revealed risk–advisors build a safety buffer into their recommendations–and elicited risk varies with respect to demographic features and trading behaviors in expected ways–investors are receiving sound advice. This risk discrepancy could be used, for example, to gauge the quality of financial advice an individual is receiving, or it could be used to help advisors communicate inconsistencies between client trading actions and client goals. Our methodology falls into the interest realms of advisors, regulators, and dealerships.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"5 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1151","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79570694","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: 1
Save more with less: The impact of employer defaults and match rates on retirement saving 用更少的钱省更多的钱:雇主违约和匹配率对退休储蓄的影响
FINANCIAL PLANNING REVIEW Pub Date : 2022-10-17 DOI: 10.1002/cfp2.1152
David Blanchett, Michael Finke, Zhikun Liu
{"title":"Save more with less: The impact of employer defaults and match rates on retirement saving","authors":"David Blanchett,&nbsp;Michael Finke,&nbsp;Zhikun Liu","doi":"10.1002/cfp2.1152","DOIUrl":"https://doi.org/10.1002/cfp2.1152","url":null,"abstract":"<p>Employers control two primary levers that can motivate retirement savings among defined contribution plan participants—default savings rates and match rates. Setting a higher default savings rate can increase plan contributions among passive savers who accept the default. A higher match rate incentivizes active savers to increase contributions. This study uses a large sample of defined contribution participants to estimate the interaction between employer match and default rates on savings outcomes among new participants. Selecting a higher default rate has the largest impact on employee savings rates. Plans with low default savings rates that match a high percentage of employee earnings induce higher-income participants to actively move away from the low default savings rate, resulting in a wider savings gap between higher- and lower-income employees. When employees are defaulted in at a higher rate, fewer move away from the default savings rate and the default investment choice (e.g., a target-date fund). A higher default savings rate results in higher and more equal savings rates among employees, and higher acceptance of professionally managed defaults investments.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"5 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1152","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137695083","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
Priorities and challenges: Wealth management and financial planning among affluent Black families 重点和挑战:富裕黑人家庭的财富管理和财务规划
FINANCIAL PLANNING REVIEW Pub Date : 2022-09-08 DOI: 10.1002/cfp2.1148
Fenaba R. Addo, Keith Beverly
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引用次数: 1
Banks retail clients' profiles and the gender gap in subjective financial literacy of spouses 银行零售客户资料与配偶主观理财知识的性别差异
FINANCIAL PLANNING REVIEW Pub Date : 2022-09-04 DOI: 10.1002/cfp2.1149
M. Broihanne
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引用次数: 0
Effects of Consumers' Defined Contribution(DC) Retirement Pension Management Capability and Psychological bias on Management Behavior 消费者定额供款退休养老管理能力与心理偏差对管理行为的影响
FINANCIAL PLANNING REVIEW Pub Date : 2022-08-31 DOI: 10.36029/fpr.2022.08.15.3.79
Kyoungyoung Jang, Hyun cha Choe
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引用次数: 0
Analysis of Financial Characteristics of Young Employees and Policy Proposals for Personal Finance 青年员工财务特征分析及个人理财政策建议
FINANCIAL PLANNING REVIEW Pub Date : 2022-08-31 DOI: 10.36029/fpr.2022.08.15.3.1
J. Lee, Hyoung-Goo Kang, Suk-hwan Kim
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引用次数: 0
Study on the Ownership of Housing Assets and the Sufficiency of the Old-age Income by Income Quintiles of the Elderly Generation 按收入五分位数划分的老年人住房资产所有权与养老收入充分性研究
FINANCIAL PLANNING REVIEW Pub Date : 2022-08-31 DOI: 10.36029/fpr.2022.08.15.3.55
Hyeyoun Baek
{"title":"Study on the Ownership of Housing Assets and the Sufficiency of the Old-age Income by Income Quintiles of the Elderly Generation","authors":"Hyeyoun Baek","doi":"10.36029/fpr.2022.08.15.3.55","DOIUrl":"https://doi.org/10.36029/fpr.2022.08.15.3.55","url":null,"abstract":"","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"42 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88236739","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
A Study on the Social Capital and Financial Health of Households 社会资本与家庭财务健康研究
FINANCIAL PLANNING REVIEW Pub Date : 2022-08-31 DOI: 10.36029/fpr.2022.08.15.3.29
Xingyu Zhao, Minjung Kim
{"title":"A Study on the Social Capital and Financial Health of Households","authors":"Xingyu Zhao, Minjung Kim","doi":"10.36029/fpr.2022.08.15.3.29","DOIUrl":"https://doi.org/10.36029/fpr.2022.08.15.3.29","url":null,"abstract":"","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74325580","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
The relationship between parents' personality traits and leaving unequal bequests to children 父母的人格特质与给子女留下不平等遗产的关系
FINANCIAL PLANNING REVIEW Pub Date : 2022-06-27 DOI: 10.1002/cfp2.1147
M. Sommer, HanNa Lim
{"title":"The relationship between parents' personality traits and leaving unequal bequests to children","authors":"M. Sommer, HanNa Lim","doi":"10.1002/cfp2.1147","DOIUrl":"https://doi.org/10.1002/cfp2.1147","url":null,"abstract":"","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84584879","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: 1
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