Diversity in financial planning: Race, gender, and the likelihood to trust a financial planner

2021 ◽  
Author(s):  
Miranda Reiter ◽  
Martin Seay ◽  
Ajamu Loving
Keyword(s):  
Financial Planning ◽  
Financial Planner

Does AICPA Accreditation of Nonaudit Services Add Value? The Case of Personal Financial Planning

2000 ◽  
Vol 14 (1) ◽  
pp. 49-67 ◽  
Author(s):  
D. Shawn Mauldin ◽  
Mark Wilder ◽  
Morris H. Stocks
Keyword(s):  
Financial Planning ◽  
The Other ◽  
Differential Effects ◽  
Relative Value ◽  
Professional Attributes ◽  
Financial Planners ◽  
The Future ◽  
Financial Planner ◽  
Nonaudit Services ◽  
Personal Financial Planning

The AICPA has taken the position that accreditation of CPAs in specific areas of practice is an important aspect of repositioning the CPA profession for the future. The AICPA currently offers two designations exclusively to CPAs, one of which is the Personal Financial Specialist (PFS) designation. However, the issue of accrediting CPAs by granting official AICPA designations is a complex and highly debated issue with opposing sides having compelling arguments supporting their positions. CPAs and other professionals specializing in personal financial planning have opportunities to obtain designations other than the PFS. This paper examines the relative value of these alternative options for financial planners. Specifically, the research was designed to examine the differential effects of alternative financial-planning accreditations on users' perceptions. These perceptions relate to various professional attributes of a financial planner such as their knowledge and expertise, objectivity, and level of trust and ethics possessed. In addition, these perceptions relate to fees charged and the influence that the designation has on the public's choice of a financial planner. Our results indicate that the CPA designation used in conjunction with the PFS designation is generally perceived to signal a higher level of professional attributes than the other designations examined in the study. In addition, a CPA with a PFS designation has a significantly greater influence on the public's choice of a financial planner than do the other designations. These results suggest that important benefits may accrue to CPAs from holding the PFS specialty accreditation.

scholarly journals Establishing A Certified Financial Planner Program At A Regional University

2006 ◽  
Vol 3 (5) ◽  
Author(s):  
Stephen J. Larson ◽  
William B. Joyce ◽  
David McGrady
Keyword(s):  
Financial Planning ◽  
Retirement Planning ◽  
State University ◽  
Estate Planning ◽  
Regional State ◽  
Regional University ◽  
Financial Planner ◽  
Practical Program ◽  
Certified Financial Planner ◽  
Eastern Illinois University

This paper discusses the process of establishing a Certified Financial Planner™ program at a regional state university as well as the benefits of such a practical program for students.  In 2003 the financial planning curriculum at Eastern Illinois University became board registered by the Certified Financial Planner™ Board.  Students take five courses covering taxation, insurance, investments, retirement planning, and estate planning.  This curriculum satisfies the requirements to sit for the Certified Financial Planner™ [CFP®] exam.  Recent students of our program have obtained good jobs primarily in the area of retirement planning and investments.

Generation difference in hiring financial planners in Malaysia

2017 ◽  
Vol 35 (4) ◽  
pp. 583-595 ◽  
Author(s):  
Meysam Safari ◽  
Shaheen Mansori ◽  
Stephen Sesaiah
Keyword(s):  
Decision Making ◽  
Generation X ◽  
Financial Planning ◽  
Emerging Market ◽  
Influential Factors ◽  
Content Type ◽  
Gen Y ◽  
Financial Planners ◽  
Financial Planner ◽  
Gen X

Purpose The purpose of this paper is to document a gap between generation X and Y’s behavior toward decision making for hiring a professional financial planner in context of an emerging country. Design/methodology/approach This research is based on a public survey in Malaysia on the effect of five major contributing factors (namely, awareness, acceptability, affordability, accessibility and assurance) on the decision to hire a professional financial planner. The study further shed light into the difference among the influential factors among generation X and Y. Findings Although awareness, acceptability, affordability and assurance have demonstrated significant effect on decision making in general, their impact varies among different age groups. Results of moderation tests on the role of age suggest that for Gen X, the determinant factor is only their acceptability of the financial planning service. However, awareness, affordability, acceptability and assurance are critical factors for Gen Y respondents. In contrast to Gen Y, the Gen X respondents tend to have more awareness toward their needs for financial planning; they have gained enough experience to assess the credibility of the planner and test their assurance; and have higher earnings to afford the financial planners services. Originality/value Findings of this study are novel as it provide first hand picture from an emerging market in South-East Asia. Moreover, the study documents generation gap in financial decision making process.

scholarly journals Professionalism and Ethics in Financial Planning

2007 ◽  
Vol 2 (1) ◽  
Author(s):  
June Smith ◽  
Anona Armstrong ◽  
Ronald D. Francis
Keyword(s):  
Control Systems ◽  
Financial Planning ◽  
Ethical Climate ◽  
Ethical Reasoning ◽  
Analytical Framework ◽  
Individual Characteristics ◽  
Ethical Framework ◽  
Ethical Decisions ◽  
Financial Planners ◽  
Financial Planner

The purpose of this paper is to describe the analytical framework and methodology of a proposed study of the ethical reasoning of financial planners and the cognitive frameworks used to make ethical decisions in the provision of financial planning advice. The framework will draw on previous studies of individual characteristics such as ethical reasoning and the values and ethical development of a financial planner and consider the influence of situational and contextual factors such as organisational ethical climate and culture and the formal and informal control systems within an organisation. This is a significant study because the relationships financial planners have with their clients and the ethical framework that underpins them are pivotal to the ability of the financial planner to provide professional and effective independent advice.

scholarly journals Perancangan Sistem Personal Financial Planner Kombinasi Api Firebase Cloud Messaging Berbasis Android

2021 ◽  
Vol 4 (2) ◽  
Author(s):  
Iryanto Chandra ◽  
Yohanes Eka Wibawa
Keyword(s):  
Young People ◽  
System Design ◽  
Financial Planning ◽  
Financial System ◽  
Android Application ◽  
Financial Planner ◽  
And Control ◽  
People Today

Abstrak: Perencanaan keuangan sangatlah penting dalam mendukung realisasi keinginan. Tujuan dari perencanaan keuangan yaitu pengeluaran keuangan tidak lebih besar dari pendapatan sehingga dalam prosesnya membutuhkan cara untuk menjadi pribadi yang lebih sejahtera dengan mengontrol keuangannya dengan bijak dan cermat. Generasi muda saat ini masih banyak yang belum dapat merencanakan dan mengendalikan penggunaan uang untuk pencapaian tujuannya. Melakukan pengendalian dan pencatatan akan biaya pengeluaran sangat sulit karena hasil dari perencanaan keuangan tidak dapat diketahui langsung dan kurang akan informasi perbandingan harga barang. Adanya perancangan sistem keuangan yang dapat dibawa dimana saja akan mempermudah mencatat biaya pengeluaran maupun biaya pemasukan sehari-harinya serta dapat mensimulasikan perencanaan keuangan. Memanfaatkan teknologi API Firebase Cloud Messaging (FCM) untuk memberi informasi barang yang termurah dari beberapa barang keperluan, selanjutnya melakukan perencanaan keuangan dan di implementasikan pada perangkat perangkat pintar AndroidKata kunci: Firebase Cloud Messaging, Perencana Keuangan Pribadi, Simulasi Keuangan, Aplikasi AndroidAbstract: Financial planning is essential in supporting the realization of desires. The purpose of financial planning is that financial expenditures are not greater than income. The process requires a way to become a more prosperous person by controlling his finances wisely and carefully. Unfortunately, many young people today have not been able to plan and control money to achieve their goals. Controlling and recording expenditure costs is very difficult because financial planning results cannot be known directly, and there is less information on comparing prices of goods. A financial system design that can be carried anywhere will make it easier to record daily expenses and income costs and simulate financial planning—utilizing Firebase Cloud Messaging (FCM) API technology to provide information on the cheapest product from stores and with methods for financial planning and implemented on Android smart devices.Keywords: Firebase Cloud Messaging, Personal Finacial Planner, Financial Simulation Android Application.

scholarly journals The factors influencing the use of financial planners

2017 ◽  
Vol 9 (1) ◽  
pp. 76-92 ◽  
Author(s):  
Bomikazi Zeka ◽  
Jasmine Goliath ◽  
Xolile Antoni ◽  
Riyaadh Lillah
Keyword(s):  
Financial Planning ◽  
The Other ◽  
Intention To Use ◽  
Perceived Benefits ◽  
Financial Advice ◽  
Significant Relationships ◽  
Factors Influencing ◽  
Financial Planners ◽  
Financial Planner ◽  
The One

Individuals need to seek professional financial advice to achieve their financial goals. However, some do not see the value of consulting financial planners, and show little intention to use financial planners. Furthermore, there is a lack of research explaining why these individuals do not make use of financial planners. This study aims, therefore, to investigate the factors that could possibly influence individuals’ intentions to make use of a financial planner: awareness, perceived image, trust, and perceived rewards. To achieve this, a hypothesised model and hypotheses were developed and empirically tested. The results of the study indicated that there are significant relationships between perceived image and rewards, on the one hand, and intentions to use a financial planner, on the other. Thus financial planners must portray a positive image and deliver the perceived benefits of engaging in financial planning if individuals are to recognise the value in making use of their services.

Exploring Perceptions of Graduates' Experiences That Impact Certified Financial Planner Certification: A Multiple Case Inquiry

2019 ◽  
Vol 30 (2) ◽  
pp. 323-334
Author(s):  
Kristy L. Archuleta ◽  
Cherie Stueve ◽  
Richard Stebbins ◽  
Randy J. Kemnitz ◽  
Charles R. Chaffin ◽  
...  
Keyword(s):  
Financial Planning ◽  
Financial Support ◽  
Financial Service ◽  
Service Firms ◽  
Financial Planner ◽  
Recent Graduates ◽  
Multiple Case ◽  
Certified Financial Planner ◽  
Financial Service Firms ◽  
Examination Process

This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.

Talking about money is taboo

2016 ◽  
Vol 30 (6) ◽  
pp. 394-401 ◽  
Author(s):  
Liezel Alsemgeest
Keyword(s):  
South Africa ◽  
Quantitative Study ◽  
Financial Planning ◽  
Financial Health ◽  
Financial Planner

Communication about money is a social, cultural and psychological taboo and yet it is essential in the financial planning industry, as a financial planner cannot be effective if all information is not disclosed. This article examines how financial planning students perceive communication about money, their willingness to talk about it and their biases with regard to money communication. The quantitative study obtained relevant data from financial planning students in South Africa. There is a need to oppose this taboo and create a new custom of money communication in order to enhance financial health.

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