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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]

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]

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]

As defined contribution (DC) plans become more popular than defined benefit (DB) plans, American workers are increasingly responsible for their retirement savings. Because retirement plan participants' portfolio allocation is constrained by the available funds in the plan, the construction of a plan's investment menu has become extremely important. No research has evaluated fund selection in retirement plans or compared plans involving an advisor with self-directed plans. To fill this research gap, this study employs cross-sectional, nationwide data that include 5,570 retirement plans with 100 or more participants in 2013, 2014 and 2015. Results show that in most cases, using advisors is not related to plan performance. Plan sponsors should require advisors to periodically evaluate the performance of plans under their management using objective measures. [ABSTRACT FROM AUTHOR]

The article offers advice for getting divorced and are expected to make permanent financial decisions without any in-depth understanding of the possible ramifications. It mentions tax ramifications in selling different types of securities and how they receive Social Security. It mentions professionals understand the best way to communicate with the client and creating financial plan.

Personal financial planning is a set of activities required for defining objectives, setting action plans, and satisfying financial needs of individuals. Different authors represent the personal financial planning process through models, indicating disadvantages to apply them in the Colombian environment since they have been created in developed countries; they suppose the existence of a financial planning industry and there are no academic studies which adapt them to meet the inherent needs of the environment. In order to solve such disadvantages, this research proposes the definition of a unifying personal financial planning model which embraces different elements that are identified from studied models, applicable in the Colombian environment. [ABSTRACT FROM AUTHOR]

There is a significant link between financial difficulties and mental health problems. Those with financial difficulties and mental health problems may be more willing to seek help for financial difficulties than for mental health problems. Therefore, the aim of this study was to determine if Mental Health First Aid (MHFA) training is effective in improving financial counsellors' ability to recognise mental health problems in clients and appropriately support them to get help. Between December 2013 and July 2014, financial counsellors (n = 113) completed either face-to-face or online MHFA training and pre- and post-course surveys measuring MHFA intentions, mental health literacy and stigmatising attitudes. Results showed that MHFA training improved first aid intentions, mental health literacy and confidence in providing help, and reduced stigmatising attitudes. The findings suggest that financial counsellors are in a good position to support clients with mental health problems to get appropriate care and moreover, that MHFA is an appropriate form of training for them. [ABSTRACT FROM PUBLISHER]

We conducted an annual survey of undergraduate students taking finance courses over the past 5 years (2009–2014). Our results showed that although more than 70% of students considered the financial planning profession to some extent, the percentage of students who had seriously considered it declined over time, despite the increasing number of new hires in the area. Our regression models showed that students with a higher level of related experience were more likely to show increased interest over time and that male students were less likely to change their minds regarding their decisions to become a financial planner. These results suggest that academic programs need to form stronger partnerships with the industry and to facilitate better communications with female students regarding the profession. [ABSTRACT FROM AUTHOR]

Financial planners face a consistent challenge to help clients understand the trade-off between risk and return. Most clients relate to the idea of a targeted level of expected return to achieve specific wealth goals but with limited understanding of the required risk. Extended investment horizons require client discipline when market volatility appears to be enhancing the possibility of loss of wealth. The purpose of this article is to illustrate that bearing the risk associated with market volatility can reward clients with the achievement of targeted portfolio returns, even during times of great financial and economic uncertainty. Data from 1994 to 2013 is used to create hypothetical portfolios consisting of stock and bond allocations designed to target specific client return objectives. Graphical charts illustrate the resulting annual volatility associated with multiyear investment horizons. Financial planners can use these examples to better communicate the historical volatility associated with portfolios constructed to deliver target levels of return to clients. [ABSTRACT FROM AUTHOR]

Using data from the 2013 Survey of Consumer Finances, this study evaluates the potential effect of using financial planners on household portfolio performance, which was measured by Sharpe Ratio. Results revealed that households that reported using financial planners demonstrated better portfolio performance than those that did not. This lends empirical support to claims that professional financial planning services provide value to clients. Implications for investors, financial planning professionals, and researchers are discussed. Considering the direct relation between wealth accumulation and portfolio performance, financial planners should explore ways in which to work with those with limited resources to help them realize the benefits of using financial planners and improve their portfolio performance as a result. [ABSTRACT FROM AUTHOR]

The article offers the information on the Financial Report of the Executive Director for 2016, to reflect the purpose and status of each of the Society's assets. The article mention about the Society administers two grants for graduate students, the Einar and Eva Lund Haugen Memorial Scholarship and the Birgit Baldwin Fellowship in Scandinavian Studies for dissertation research in the Nordic region.

Conflicts of interest (COI) are an ethical issue for financial planners because they impair professional judgment if not addressed. This article describes a quantitative, cross-sectional study of COI recognition in pending engagements and measuring the influence of time in practice and financial planning credentials upon recognition. Participants were 51 graduates of the M.S. degree from the College for Financial Planning. Participants were asked three questions regarding each of the six hypothetical situations of pending financial planning engagements. Each question provided an indicator of COI recognition. Time in practice and financial planning credentials were used as influence factors upon COI recognition. Results indicated high COI recognition involving role conflict and low recognition with family members as clients. Time in practice was related to increased COI recognition involving role conflict. Financial planning credentials were related to increased COI recognition with a business associate as client. [ABSTRACT FROM AUTHOR]

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]

13 February 2021 • www.OncPracticeManagement.com ASH 2020 HIGHLIGHTS F inancial toxicity can have a negative effect on outcomes for patients with cancer. According to Dr Knight, previous research has shown that financial toxicity is associated with treatment noncompliance that extends to all aspects of medical care, not just medications, and noncompliance is associated with poor clinical outcomes. [Extracted from the article]

Data from a university survey of 2,799 employees were examined to determine age cohort differences in retirement planning activities in the aftermath of the Great Recession. A life course approach and logistic regression were used to assess whether members of four different age cohorts altered their retirement planning activities. Older cohorts were more likely to have sought advice from a financial planner but were less likely to have increased time spent educating themselves about financial topics. Older cohorts were also less likely to be saving more for retirement and more likely to be delaying retirement compared to the youngest cohort. The youngest cohort members were relatively more likely to be confident that they will have sufficient funds to live comfortably after retirement. Older cohorts responded to the Great Recession by seeking safety for their retirement assets, and they resigned themselves to working longer before retirement. [ABSTRACT FROM AUTHOR]

Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for financial advice are more likely to be female, relatively older, wealthier, and college educated but do not have a high level of self-reported knowledge about financial issues. Of the respondents who purchase financial advice, those who are comprehensively-managed are more likely to be under 65, wealthy, and have high self-reported knowledge about financial issues. This study reveals important differences between the decision to pay for financial advice and the type of financial services purchased. [ABSTRACT FROM AUTHOR]

Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight financial planners and 12 of their widow clients, along with research into financial planning education programs form the basis for this paper. Research findings include suggestions for financial education content in the topic areas of financial planner qualities, goal setting, cash flow management, risk management, investment management, and estate planning. Implications for the role of financial planners and non-profit educational institutions in the financial education of widows are discussed. [ABSTRACT FROM AUTHOR]

Borrowing from Bourdieu's theory of practice, specifically, the relationship between forms of capital and discourse on the one hand and the nature of symbolic violence and thus control on the other (see Bourdieu 1998; 1991), this paper seeks to answer the following question: what discursive strategies do personal financial planners use to facilitate desirable client behaviour vis-à-vis market investment? On the basis of 32 semi-structured interviews with financial planners and textual analyses of relevant industry materials, I argue that planners use three essential discursive strategies: the naturalization of market volatility, the establishing of reasonable expectations, and the managing of external discourses. Together, these discursive strategies constitute the exercising of symbolic violence which, in turn, controls clients so as to cultivate a professional relationship amenable to long-term investment and profitability. [ABSTRACT FROM AUTHOR]

Most military installations have the resources available to operate as an independent community. However, immediate access to these resources tends to promote societal disconnection for the civilian military spouse (CMS). This disconnection leaves the CMS with many misconceptions when it comes to certain life skills. The Department of Defense (DoD) has attempted to answer these concerns with the introduction of well being plans to open the door for the CMS to seek personal financial assistance. However, this study found that CMSs preferred to seek financial assistance from formal, nonmilitary resources such as professional financial planner/ counselor and informal financial resources such as family and other military spouses. The findings provided implications for marketing, financial literacy program consistency, and military retention. [ABSTRACT FROM AUTHOR]

This study used survey data from 554 planners and 128 clients of those planners to examine the relationship between specific communication tasks, communication skills, communication topics, and client trust in and commitment to their financial planner and to the financial planning process. Communication skills significantly correlated with client trust and commitment were identified, providing an empirical basis for best practices in the financial planning process. Results provide empirical support for CFP® Practice Standards relative to planner-client communication tasks and for planners taking a life planning approach to the content of planner-client discussions. [ABSTRACT FROM AUTHOR]

The article presents ways for young scientists on how to make a financial plan. First, scientists should begin a new savings program. Second is to make plans to purchase a house. Third is to pay down their consumer debt if they have any. Fourth is to learn and use their institution's employee-benefit programs. The transition from student to professional is a long and busy time for a scientist. However, the effort they put into financial planning early in their career will save them money in the years to come.

As many as one in two South African women is subjected to violence at the hands of her intimate partner. To combat such abuse, the South African government passed the Domestic Violence Act in 1998. This article draws on annual budget votes as well as previous research to examine what budget has been allocated towards the Act's implementation. Finding little evidence for such financial planning, it then presents research costing the implementation of the Act at nine sites in three provinces. The actual daily expenditure on the Act suggests that it is both under-funded and under-prioritised. Budgets then are clearly an aspect of policy formulation and implementation that needs to be engaged with by those concerned with advancing gender equality. However, very few spaces exist in which to contest government departments' budgets. Lack of budget and absence of political space demonstrates weak political accountability to women. [ABSTRACT FROM AUTHOR]

This article presents information about Federal Reserve System's financial education activities. "Teaching Teens About Money," is a workshop for middle and high school. "Lunch and Learn" is an ongoing series of financial education seminars for employees offering information on various financial planning and consumer protection issues. Preparation and distribution of brochures is underway advising consumers of their rights and protections in connection with credit and deposit accounts and providing information on products that have generated numerous consumer complaints.

Personal financial management education has focused on recommended practices believed to ensure long-term financial security. Yet studies have found that few people actually implement such practices. This paper reports the study of seven family financial managers' practices to better understand what families did and why. While these managers had a regular and systematic cash-flow management process, the system was not what is generally recommended. The financial manager's objectives are limited to the short-term, to pay the family's bills on time, and to avoid overdrafts. Development of a practical system requires a paradigm shift built on the manager's short-term perspective and definition of life satisfaction. [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]

Robert T. Kiyosaki – author of Rich father, poor father – has been lavished with kudos and condemnations, for he seeks to turn the world’s abounding dreamers into millionaires. His books and lessons have changed many a person’s vision of money, but have also been a target of critiques by academics and financial experts. Nonetheless, Kiyosaki has turned his maxims into reality. “The chief reason why people face financial difficulties is because they spend years in school, but learn nothing about money”, he explains. “The result is that people learn to work for money... but never learn how to make money work for them.” His ideas have been disseminated in several books, and his claims about money have also been strongly criticized. IESA professor Rosa María Rey, a specialist in personal finance, considers the Kiyosaki issue has been magnified. She says there’s no sense in depicting his work as the Bible, for his conjectures discover nothing new. “He says things that have nothing to do with Venezuela. It’s not that they don’t apply here, but that we view things in a different light”. [ABSTRACT FROM AUTHOR]

The article provides information on various transactions and life events that lawyers and other advisors need to know when dealing with clients' estate planning in the U.S. Clients significant life events might include marriage, life insurance purchase, and retirement. It stresses that estate planning offers great potential savings to the families and friends of clients who make estate plans.

The article reports on the formation of the Financial Education Partners, a partnership between the National Multiple Sclerosis (MS) Society and the Society of Financial Service Professionals. The goal of the partnership is to help people with MS and their families address financial planning and insurance issues.

The article focuses on the advice and money-saving financial guidance offered by money4dentists, a group that gives financial advices, to the dental profession in Great Britain. According the group, the dental practice could offset expenses on equipment, consumables and electricity bill through their guidance. Money4densists claims that many dentists neglect to take tax relief on a range of qualifying expenses.