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People with disabilities are often targets for exploitation. Persons with disabilities subject to guardianship require additional planning protections to safeguard them from financial predation. This article reviews the literature on this topic and identifies key areas of concern that financial advisors should address to protect this vulnerable population. [ABSTRACT FROM AUTHOR]

For many financial planners, cash-flow planning is financial planning. Planners must make the effort to fully understand a client's income. This may involve looking at W-2 forms, profit and loss statements, and K-1 tax forms from the client's business. In addition, the planner must identify all the expenses that the client has. We recommend several strategies for monitoring cash-flow planning. [ABSTRACT FROM AUTHOR]

The SECURE Act 2.0 of 2022 law has substantially changed the financial planning landscape, and going forward it will not be business as usual for financial planners. This law has spawned several new and pioneering concepts. A brief discussion of these novel ideas is followed by examples illustrating the changes. Planners should pay close attention to the effective date for each change. Some ideas have already been enacted. Others become effective in 2024. And yet others will not become effective for several years. [ABSTRACT FROM AUTHOR]

The benefits of engaging a financial planner are well-documented in the literature. That is why it is so surprising that very few financial planners had their own planners despite spending their days purporting the importance of having a planner to potential clients. This article introduces an exercise, designed for financial planning courses, which encourages students to meet with a financial planner and write about their experience. The essays were examined using the qualitative methodology of thematic analysis. Several themes emerged: (a) insights into what it would be like to be a financial planner, (b) decreased anxiety after seeing the planner, (c) better empathy regarding the client's experience, (d) increased respect for the interpersonal skills required to do financial planning, and (e) receiving personal and professional benefits to seeing a financial planner. Implications for both Certified Financial Planner Board Registered Programs and existing financial planners are provided based on these results. [ABSTRACT FROM AUTHOR]

This research aims to understand current patterns, trends, and gaps in personal finance by conducting a systematic literature review of 20 years. The study collected and analyzed the articles published between 2004 to 2024. The research articles were collected from the Scopus database using the PRISMA framework. The review shows changes in the research area, including behavioural finance, digital financial planning tools, and its impact on individuals' financial literacy and planning. The major limitation of this study is that the literature search for personal financial planning might not have incorporated all publications in this area. Furthermore, there is a possibility of bias in this review concerning the papers selected for review and how the researchers interpreted the results. The findings of this systematic literature review can assist policymakers, financial planners, and practitioners in making more informed financial planning decisions and regulations. Thus, by identifying the trends and gaps in personal financial planning, strategies can be defined to provide individuals and society with the necessary level of support. The research is helpful to existing knowledge in that it presents a critical discussion of the personal financial planning literature evident in the last twenty years. The research is original and provides valuable information for upcoming research and practical application in personal financial planning. [ABSTRACT FROM AUTHOR]

Understanding the role of adjusted gross income (AGI) in computing taxable income is crucial to providing good tax and financial planning, especially for retirees. Not every financial planner will be a tax expert but understanding some of the interactions between income items and what type of taxes and costs might be incurred as the result of a transaction is essential. For example, because of a bright-line cutoff, just one additional dollar of modified AGI (MAGI) can trigger an additional $4,351.20 in Medicare Part B premiums. This article reviews the federal income tax formula and discusses some specific income items, including how changes in one item affect other items. It provides examples of some of the additional taxes and costs that can be incurred. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

This study examines the capability of ChatGPT to provide financial advice based on personal finance cases. We first write our own cases and feed them to ChatGPT to get its advice (recommendations) on them. Next, we assess the quality and the validity of ChatGPT's recommendations on these cases. We find that ChatGPT serves as a suitable starting point, but its recommendations tend to be generic, and they often overlook alternative solutions and viewpoints and priority of recommendations. Overall, our analysis demonstrates the strengths and weaknesses of using ChatGPT in personal finance matters. Further, it serves as a helpful guide to financial advisors, households, and instructors of personal finance who are already using or considering using ChatGPT and want to develop a suitable understanding of the benefits and limitations of this new technology in addressing their professional and personal needs. [ABSTRACT FROM AUTHOR]

Investment regulates finance such that its value can grow and generate future profits. In Indonesia, investment is increasing yearly. The increase is supported by millennials who have adapted to technology that makes it easier to make digital mutual investments. Although the increase in mutual investment in Indonesia is quite rapid, it does not preclude the possibility that there are still many people who have not invested. The reason people have not invested is that they are afraid to take risks, and their income is low. These reasons can be minimized with the use of technology. Innovation in investing has given rise to modern technological advances such as fintech or financial technology like Robo Advisor. The method used in this study was the Partial Least Squares Structural Equation Modelling analysis technique, which was operated using SmartPLSver. 3 software. Data were collected through questionnaires. The study used quantitative methods and a sample of 200 respondents who had or would have invested through the Bibit application with the use of the Robo Advisor feature. The results of this study found that Robo Advisor can affect millennials' investing through risk profiling, financial planning, and rebalancing. [ABSTRACT FROM AUTHOR]

Like many professions, financial advisors develop their planning and communication techniques in education and practice. This article seeks to provide insight about the development of financial advisors early in their career. Four beginning financial advisors were interviewed and factors that they consider as being influential to their ability to develop and communicate client recommendations were identified. Triangulation was achieved through interviews with supervisors of the financial advisors and through a focus group of the financial advisors. Participants identified the influential role of mentorship and reflective practice, especially through instructional modeling and collaborative practices. These factors that impact the development of new financial advisors can be replicated in financial planning educational programs and in orientation programs within financial planning firms. [ABSTRACT FROM AUTHOR]

With increased life expectancies comes the increased risk of diminished capacity. Financial advisors can play a key role in helping their clients face this peril and utilize various tools to mitigate the risks associated with cognitive decline. This article provides a survey of possible legal, advisor, and financial planning techniques that financial advisors can use in helping their clients, particularly older clients, manage the risk of diminished capacity. [ABSTRACT FROM AUTHOR]

The use of life insurance in qualified plans has a long history. In the age of best interest and full client disclosure, financial advisors can most effectively serve clients by shining the light of day on this vital topic. For too long the idea of insurance held within qualified plans has been an enigma woven within a tangled web of obfuscation. This article will unravel these threads and explore what today’s financial planner needs to know in 2022 and beyond. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

The article offers information on a fire that occurred on February 13, 1874, at the London Pantechnicon, a large warehouse storing luxury goods and art. Topics include the clientele of the Pantechnicon, the fire's cause and aftermath, and the impact on collectors and insurance companies. The article also discusses the significance of the fire in highlighting the importance of logistical assets like warehouses in the art world and the emergence of insurance for art as a growing service sector.

The article offers information on British artist Grayson Perry's 2016 etching titled "Animal Spirit," which commemorates the 2008 financial crisis. Topics include the symbolism of Perry's creature, representing the irrationality of the market, and its juxtaposition with an abandoned infant, squawking crows, and other signs of human frailty.

The article offers information on Quincy Adams Ward's Protection Group sculpture and its significance in the rise of the American life insurance sector. Topics include the sculpture's depiction of a standing female deity shielding a seated mother and child, conveying the benefits of Equitable life insurance to late-nineteenth-century consumers.

In 2021, the Certified Financial Planner (CFP) Board expanded its Principal Knowledge Topics to include the domain Psychology of Financial Planning. This inclusion serves as an impetus for CFP Board Registered Programs to provide opportunities for students to explore their own attitudes and biases about money. However, little is written on how programs can aid students in this process of self-exploration. This paper introduces an experiential exercise to aid financial planning students in self-exploration. Using a thematic analysis, several themes emerged: (1) diversity in parental financial socialization, (2) anxiety about personal finances, and (3) use of technical knowledge to help loved ones. Additionally, women reported more traumatic money experiences, and men reported higher levels of career confidence. Implications can provide insights on how educational programs can aid financial planning students' understanding of their own money beliefs to better serve future clients in the client psychology competency areas. [ABSTRACT FROM AUTHOR]

Social Security claiming can be one of the most challenging financial planning decisions that a client makes. To help financial advisors better counsel their clients, we address three lessons a client should consider (choosing the Social Security annuity, separating the claiming date from the retirement date, selecting the best "free money" to pass up). Five claiming strategies that may meet a client's needs are also suggested. [ABSTRACT FROM AUTHOR]

Many financial advisors consider tax brackets when recommending a withdrawal strategy for their retired clients. However, they should look at marginal tax rates. Due to the taxation of Social Security benefits and income-based Medicare premiums, the marginal tax rate for most retirees on a wide range of their income is substantially higher than their tax bracket. This study shows that, by focusing on marginal tax rates, an advisor can add significant value to clients' financial accounts by recommending a tax-efficient withdrawal strategy that outperforms withdrawal strategies that only focus on tax brackets. [ABSTRACT FROM AUTHOR]

Advancements in healthcare and lifestyle are leading to longer lifespans, which requires careful financial planning. Longevity risk, the risk of outliving savings, is a primary concern. Building a robust retirement savings nest egg through regular contributions to pensions is essential. Investing wisely, considering inflation and the cost of living, planning for healthcare costs, and engaging in estate planning are also important factors to ensure financial security in retirement. Taking proactive steps towards financial planning early in life can lead to a fulfilling and prosperous retirement. [Extracted from the article]

The purpose of this study was to examine the likelihood of consumers hiring a financial planner based on race and gender utilizing an experimental design. Using a sample of Black and White MTurk respondents, cumulative logistic regression was employed to determine the effects of race and gender on the likelihood to hire a financial planner. Findings suggested that, overall, consumers did not have racially biased preferences when hiring a financial planner. However, they did express a preference for hiring female planners over male planners. Financial planning firms can use these findings to strengthen their support for and recruitment of women financial planners, as well as address concerns of racial bias amongst consumers. [ABSTRACT FROM AUTHOR]

There is a need for better financial advice. Financial advisors are not able to give accurate financial advice if clients are not completely truthful. This paper aims to analyse the perceptions of financial advisors regarding client truthfulness when disclosing sensitive financial information. Providing sensitive information, for example income, expenses, level of debt, and medical information, could create feelings of discomfort or embarrassment for both the financial advisor and client. A total of 364 useable questionnaires were returned via an online link sent through a community network email to all members of the industry standard-setting organisation in South Africa. Financial advisors perceive their clients to be more untruthful about sensitive topics such as debt, expenses, and knowledge about their finances. Debt, medical history, and their knowledge about their finances were found to be indicators of embarrassment. The financial advisors indicated their optimism regarding clients' untruthfulness, which is that they need time to build the trust relationship and will subsequently open up. This specific result suggests that the advisors are open to building long-term relationships with clients that can last several years. [ABSTRACT FROM AUTHOR]

This article highlights common financial issues and concerns of affluent Black American households as they attempt to build and maintain long‐term financial stability. In so doing, we shed light on the nexus of Black families seeking professional wealth management services and Black financial planners working to meet their needs while also attempting to carve out a successful business in a profession and industry within which they are woefully underrepresented. A collaboration of a wealth inequality scholar and financial planning professionals from a wealth management company, this article outlines common planning priorities and challenges raised by African‐American families with their planning advisors. While many of these are universal, they also represent topics that are overwhelmingly prioritized by Black clients. When possible, we use information from the 2019 Survey of Consumer Finances on households located in the top quintile of the Black wealth distribution, the "affluent," to complement the information provided by the analysts of their targeted clientele. [ABSTRACT FROM AUTHOR]

The Australian financial advice industry continues to be the subject of ongoing regulatory reform largely driven by persistent failures of advice and products. Despite these concerns, many Australian consumers continue to have productive, effective, and high-quality relationships with their financial adviser. This article seeks to understand the determinants of quality in these relationships both contemporaneously and how this has changed over time. Deploying a research instrument used in a study in 2009, we compare and contrast the views of practitioners and clients both with updated data and over time. We find once again that systematic differences in the perceptions of professional-client relationship quality exist. We find that these perceptions have changed over time, with high-wealth clients' perceptions differing from those of other clients, just as the perceptions of more highly educated financial advisers differ from those of advisers with less education. Overall, relationship quality has increased over a number of dimensions. [ABSTRACT FROM AUTHOR]

The use of economic statecraft is at a high-water mark. The United States uses sanctions, tariffs, and import and export controls more than ever before. These tools have problems, though. They impose financial costs on domestic interests. They can induce retaliation by target states. And overuse of these tools could drive the United States from its central position in the global financial and economic system, undermining the effectiveness of U.S. economic statecraft in the long run. But there is an underappreciated tool that could perform valuable foreign policy work: tax law. We argue that tax law holds promise to advance U.S. foreign policy interests and that it is especially important to deploy tax tools now. Tax law has distinctive features that make it both a partial substitute and a partial complement to other tools of economic coercion, which means that it can extend the influence of U.S. economic power while reducing the risk of overusing other economic tools. [ABSTRACT FROM AUTHOR]

Any investor not living in a barn has probably heard that portfolio diversification is a good idea. The concept of holding a wide variety of investments to reduce risk and [...]

Purpose: This study aims to test a moderated mediation model for a twofold purpose. First, to examine the mediating role of financial capability (FC) in the association between financial literacy (FL) and financial well-being (FW). Second, to analyze if non-impulsive future-oriented behavior (NIB) moderates the associations of FL with FC and FL with FW. Design/methodology/approach: The authors use the PROCESS macros in IBM SPSS Statistics to test the moderated mediation model and analyze the 2016 wave of the Household, Income and Labor Dynamics in Australia Survey. Findings: The empirical analysis shows that FC partially mediates the association between FL and FW. Furthermore, the moderated mediation analysis shows that NIB strengthens the associations of FL with FC and FL with FW. Specifically, the positive associations of FL with FC and FL with FW significantly increase for those consumers who score high on NIB. Practical implications: The findings have implications for the financial services industry. Professional financial planners can positively improve the ability of consumers to deal with their financial matters by highlighting the importance of FL and NIB. Social implications: The study findings suggest educating consumers to discourage impulsive behavior and encourage them to create financial plans as it will enhance their ability to conduct financial tasks efficiently, improving their FW. Originality/value: To the authors' knowledge, this is the first study to assess a moderated mediation model, which examines the role of FC as a mediator variable and NIB as a moderator variable in the association between FL and FW. [ABSTRACT FROM AUTHOR]

Is there an association between a household financial decision maker's risk tolerance and the performance of the stock market? Some researchers argue that financial market events have little association with the financial risk tolerance (FRT) of household financial decision makers, while others argue that FRT among individuals can vary in relation to significant market fluctuations. The applicability of either argument may depend on the length of the period before and after a major market event. The purpose of this study was to evaluate aggregate changes in FRT around a major stock market event for different anchor time periods and to test the recency bias hypothesis. The analyses were designed to explore the FRT of Americans during a volatile multimonth period of stock market performance in 2018–2019. Several univariate, bivariate, and multivariate tests were used to compare FRT assessment scores pre- and post-October 3rd, 2018 (i.e., the market high in 2018). A decrease in FRT from the market high was noted across the sample; however, the decrease was exhibited most acutely by younger, nonmarried respondents with few investable assets. A noteworthy finding from this study is that financial counselors and financial planners likely serve a "buffering" role when household financial decision makers experience stock market shocks. [ABSTRACT FROM AUTHOR]

Using a nationwide online survey capturing detailed information on the backgrounds and practices of 654 financial planners, this study examines the associations between the use of technologies by financial planners and self-reported time spent within various stages of the six-step financial planning process. Surprisingly, in many cases, use of technology is associated with an increase rather than a decrease in time spent within various stages of the financial planning process. These results suggest that although technologies may provide efficiencies in completing certain tasks, these efficiencies do not necessarily result in net reductions in time spent within the financial planning process. [ABSTRACT FROM AUTHOR]