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Using the Asset and Health Dynamics among the Oldest Old (AHEAD), this study presents the first longitudinal results analyzing factors associated with getting and dropping a financial advisor. We find that quantitative as well as qualitative factors are significant when evaluating the value of professional financial advice. Getting a financial advisor was positively associated with becoming a widow(er), asking family members for assistance with financial decisions, seeking professional help for emotional problems, and experiencing increases in income and net worth. Among single and widowed respondents, experiencing significant cognitive decline also increases the likelihood of getting a financial advisor. Dropping a financial advisor was negatively associated with becoming a new widow(er), getting married, and experiencing an increase in net worth. No longer involving family members in financial decisions was strongly related to dropping a financial advisor. We discuss implications for practitioners relevant to both client acquisition and client retention. [ABSTRACT FROM AUTHOR]

A group of distinguished financial educators, researchers, behaviorists, practitioners, nonprofit leaders, and service providers convened in May, 2004 under the sponsorship of the National Endowment for Financial Education® (NEFE®) for a think tank entitled ‘Motivating Americans to Develop Constructive Financial Behaviors.’ With the stated goals of identifying ways to inspire and maintain positive changes in the way money is managed by individuals and families in American households, participants examined potential approaches, messages, and media most likely to help reverse the kind of negative behaviors that have led to potentially devastating problems, such as low savings rates, ballooning debt load, and inadequate retirement planning. Guided by insights and themes drawn from research papers and articles submitted in advance by the participants themselves, the group examined the various barriers to changing financial behavior and developed actionable points for two primary change agents: professionals and individuals. For professionals, encompassing educators, organizations and practitioners, participants created a list of best practices; for individuals, the group generated a series of practical, readily applicable steps for improving financial circumstances. [ABSTRACT FROM AUTHOR]

In order to gain an understanding of Accredited Financial Counselors' characteristics and professional activities, an online survey of Accredited Financial Counselors was conducted from December, 2002 to February, 2003. This paper describes the sociodemographic characteristics of Accredited Financial Counselors, reports the non-AFC financial counseling designations held by Accredited Financial Counselors, and provides a sketch of the contexts in which AFC designees are employed, including the type of employer, the number of counseling sessions typically conducted each week, and the average cost of counseling sessions. Suggestions for the growth and development of the financial counseling profession are offered [ABSTRACT FROM AUTHOR]