Review of Financial Planning Research in the US: 1995-2005
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Review of Financial Planning Research in the US: 1995-2005 주주주 , Ph.D. Associate Professor, Texas Tech University 주주 주주 주주주
description
Review of Financial Planning Research in the US: 1995-2005. 주소현 , Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소. Presentation Overview. Introduction Review of Journals Insights from the Journal Review Examples Conclusion. Introduction. History of Financial Planning - PowerPoint PPT Presentation
Transcript of Review of Financial Planning Research in the US: 1995-2005
Review of Financial Planning Research in the US: 1995-2005
주소현 , Ph.D.Associate Professor, Texas Tech
University삼성 금융 연구소
Presentation Overview Introduction Review of Journals Insights from the Journal Review Examples Conclusion
Introduction History of Financial Planning
Field of Financial Planning In Practice In Academia In Research
Purpose To review the research development of
the field to examine the past, current, and future of financial planning research.
To examine the financial planning research in the U.S., this paper overviewed past 11 years of selected academic publications in personal financial planning field.
Terminology Financial Planning
A process of meeting life goals through proper management of personal finances
101 topic area Personal Family Household
Journal Review Financial Services Review
Academy of Financial Services Quarterly since 1991
Financial Counseling and Planning Association for Financial Counseling and
Planning Education Bi-Annually since 1990
Journal Review Journal of Consumer Affairs
American Council on Consumer Interests Bi-Annually (current) since 1966
Journal of Personal Finance Association for Financial Consultant Quarterly since 2002
Financial Services Review (1995-2005) articles by topic Topic Number of Articles
Investment General Investment (including Asset Allocation) 51
Bond 6
CD (Money Market) 4
Mutual Funds 14
Stock 31
Retirement 35
Financial Planning Education 14
Cash Management (banking, Saving, Cash flow, Emergency Fund)
8
Financial Services Review (1995-2005) articles by topicMortgage and Real Estate 8
Financial Planning Industry/Profession 8
Financial Planning 7
Credit and Debt 6
Risk Tolerance 5
Insurance 3
Financial Literacy 3
College Planning 2
Sociology or psychology of financial planning 2
Tax 1
Employee Benefit 1
Small Business 1
Bankruptcy 1
Total 211
Financial Counseling and Planning (1995-2005) articles by topic Topic Number of Articles
Retirement 28
Investment 18
Credit and Debt 18
Financial behavior 17
Financial Planning Education 14
Cash Management (banking, Saving, Cash flow, Emergency Fund) 13
Financial Wellbeing 12
Risk Tolerance 10
Consumer Decision Making 8
Mortgage and Real Estate 5
Financial Counseling and Planning (1995-2005) articles by topicFinancial Counseling 5
Insurance 4
Human Capital 4
Financial Planning 3
Small Business 3
Survey 3
College Planning 2
Financial Planning Industry/Profession 2
Financial Literacy 2
Employee Benefit 1
Total 172
Journal of Consumer Affairs (1999-2005) article by topic Topic Number of Articles
Credit Card 7
Personal Finance Education 5
Investment and Wealth 4
Savings and Budgeting 3
Retirement 3
Health Care 3
Home Buying 1
Debt Management 1
Total 35 (109)
Journal of Personal Finance (2002-2005) articles by topic Topic Number of Articles
Risk Tolerance 9
Investment 7
Financial Planning Education 7
Retirement 6
Insurance 2
Financial Wellbeing 2
Financial Planning Theory 1
Financial Counseling 1
Total 35
Insights from the Review Manuscripts in investment area are
dominant. Retirement issue has shown its
significance. As a specific topic, risk tolerance has
captured researchers’ attention. Theoretical advancement is necessary Methodological challenges remain.
Outnumbered Investment Articles A Diverse and Extensive Area Data Availability Number of Researchers
Significance of Retirement Issue Baby Boomer Issue Social Security Individual Responsibility
Defined Benefit to Defined Contribution Other Retirement Related Issue
Health Care Long-Term Care
Risk Tolerance Fiduciary Responsibility
Regulations and Laws Measurement Issue
Proxy Survey Simple Tools
Significance of Risk Tolerance Factors Affecting Risk Tolerance
Theory in Financial Planning Research Field Background
Economics Family and Consumer Economics Sociology Psychology Behavioral Finance
Methodology of Financial Planning Research Quantitative vs. Qualitative Modeling
Monte Carlo Parametric vs. Nonparametric
Several Examples Risk Tolerance
Measurement Relationship with Other Psychological
Attributes Self-Esteem Sensation-Seeking Vividness Personality
Several Examples Investment: New Approach
Multiple Horizon Asset Allocation Strategy Risk Tolerance Multiple Time Horizon Based on Life Expectance Differences from Standard Mean-Variance
Analysis
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Years into retirement
Perc
enta
ge o
f por
tfolio
Stock Bond MM
Several Examples New Methodology
Emergency Fund Adequacy with Classification Tree
Financial Services Delivery with Classification Tree
Several Examples Theoretical Background
Behavioral Finances Nuroeconomics
Future Research: Hot Topics New Product/ New Regulation Event Retirement
Long-Term Care Risk Tolerance Different Strategy Other than Investment
Thank you! 주소현 , Ph.D.삼성 금융연구소(02) [email protected]
