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• W126604589 abstract "Abstract We examine the use of financial planners by U.S. households using data from the 1998 Survey of Consumer Finances and find that over one-fifth (21.2%) of households use financial planners. A small portion of households (2.7%) obtain advice from financial planners on only credit or borrowing, whereas 11.5% look for recommendations on only saving or investing issues, and 7.0% obtain comprehensive advice (i.e., credit or borrowing and saving or investing). The use of financial planners by households varies by financial and sociodemographic characteristics of the household, and the effects of these characteristics vary by category of use (i.e., credit/borrowing only, saving/investing only, comprehensive advice). © 2002 Academy of Financial Services. All rights reserved. JEL classification: D12; D81; G20 Keywords: Personal financial planning; Financial planners; Survey of Consumer Finances 1. Introduction The field of personal financial planning (PFP) is growing. A recent CFP Board survey of practitioners documents growth because of increased demand for both specialized financial services and comprehensive financial planning (Certified Financial Planner Board of Standards, 1999a). In two recent surveys of consumers, the CFP Board finds an increase in the percentage of households using financial planners, from 19% in 1999 to 22% in 2002 (Certified Financial Planner Board of Standards, 1999b, 2002). A national consumer survey commissioned by the Consumer Federation of America and the Financial Planning Association reports that 92% of Americans consider financial planning to be important personally (Consumer Federation of America, 2002). Black, Ciccotello, and Skipper (2002) note that in the midst of these encouraging financial trends, the development of personal financial planning (PFP) as a profession is hindered by lack of a theoretical foundation. Black et al. make a case for rigorous research grounded in modern portfolio theory (MPT) to advance our understanding of PFP delivery models. The application of MPT in a financial planning context uses a broad definition of the family financial portfolio (including financial, human and family resources) and holds the financial planner as the critical agent in rebalancing the portfolio as changes occur. Black et al. present contrasting approaches to family financial decisions through a specialist and planner model. In the specialist model the individual or family is responsible for rebalancing the family wealth portfolio as changes in human or financial capital occur. In the planner model the financial planner serves as the agent responsible for maintaining the balanced portfolio. An important step in assessing MPT as an appropriate framework for PFP research is to understand who uses financial planners and for what services (specialized or comprehensive) financial planners are being used. To this end, we examine the use of financial planners by U.S. households using a data source that is representative of all households in the U.S. We provide estimates of the number of households that obtain only specialized advice for credit and borrowing or saving and investing decisions, and contrast that with those using planners for comprehensive financial decisions (credit, borrowing, saving, and investing). We find that use of financial planners by U.S. households varies by demographic characteristics of the households, as well as by household financial characteristics, and these effects vary by category of use. 2. Background information 2.1. Use of financial professionals The International Association for Financial Planning (IAFP; now merged with the Institute of Certified Financial Planners to form the Financial Planning Association) sponsored a survey of approximately 7,000 consumers with household incomes of $60,000 or more to examine the types of financial services consumers used and the reasons for using these services (Gentile, 1998). …" @default.
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• W126604589 date "2002-10-01" @default.
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• W126604589 title "Use of Financial Planners by U.S. Households" @default.
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