Personal Financial Planning for Executives and Entrepreneurs

2021 ◽  
Author(s):  
Michael J. Nathanson ◽  
Jeffrey T. Craig ◽  
Jennifer A. Geoghegan ◽  
Nadine Gordon Lee ◽  
Michael A. Haber ◽  
...  
Keyword(s):  
Financial Planning ◽  
Personal Financial Planning

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.

Personal Financial Planning: Perceptional Analysis

2021 ◽  
Vol 56 (11) ◽  
pp. 81
Author(s):  
Shivkumar L. Biradar ◽  
Hibare Rima Balkrushna
Keyword(s):  
Financial Planning ◽  
Personal Financial Planning

Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism?

2021 ◽  
Vol 12 (1) ◽  
pp. 42-42
Author(s):  
Bryan Teoh Phern Chern
Keyword(s):  
Social Media ◽  
Financial Literacy ◽  
Financial Planning ◽  
Business Models ◽  
Service Providers ◽  
Personal Finance ◽  
Easy Access ◽  
Finance Management ◽  
Financial Planners ◽  
Personal Financial Planning

The financial planning and advice industry has been experiencing healthy growth for the past five years and is expected to accelerate this growth following the Covid-19 pandemic (IBISWorld, 2021). The pandemic has led to higher equity yields and appreciating asset value, directly increasing the total value of assets under management (AUM) held by financial planners and advisors. The industry in the US alone has surpassed $52.9 billion in 2021. As the economy is expected to improve, this figure is expected to follow suit. Not included in these figures are the explosion of online personal finance bloggers and influencers. Some YouTube and TikTok videos have raked in billions of views regarding personal finance (Smith, 2021). Many of these online contents have benefitted viewers and prompted them to start making good decisions regarding their personal wealth, spreading financial literacy to the masses. However, poor financial advice may be spread out as easily to viewers. The Wall Street Journal has reported on this issue back in 2005 where blogs and magazines have been found to give both good and bad advice on budgeting, saving, and overall personal finance management (Cullen, 2005). Whatever the net effect of this phenomenon, the easy access through social media has amplified it. This article briefly journeys through the evolution of personal finance management and personal financial planning, including the new trends this industry is moving towards. Subsequently, this article will look into the risk and rewards of the current personal financial planning and advice industry, including certified financial planners and uncertified personnel (social media influencers, financial gurus), as to whether consumers are benefitting as a whole, or otherwise. A disclaimer to this research is that the findings and opinions towards the industry do not encompass all the service providers in the business as there are many other influencing factors such as business models, individual agenda, and unique circumstances of each provider and consumer. Keywords: Conflict of interest; financial planning; financial experts; Influencers; Personal finance

scholarly journals The Missing Curriculum Link: Personal Financial Planning

2010 ◽  
Vol 3 (4) ◽  
pp. 79-82 ◽  
Author(s):  
Adolph A. Neidermeyer ◽  
Presha E. Neidermeyer
Keyword(s):  
Financial Planning ◽  
Business School ◽  
Educational Background ◽  
Business Administration ◽  
Recent Analysis ◽  
School Faculty ◽  
Financial Challenges ◽  
Four Year Institutions ◽  
Personal Financial Planning

With increasing personal and business financial challenges facing today’s professionals, we, as business school faculty, have a responsibility to offer the educational background that should enable rising professionals to successfully manage finances.  Unfortunately, the results of a recent analysis of curriculum offerings in Personal Financial Planning indicate that we, as faculty, have not fully accepted this responsibility.  Only three out of the 131 four-year institutions reviewed have a required Personal Financial Planning course in their curriculums. Quite frankly, we’re permitting launching a generation of students who are unprepared to manage both their own and potentially others’ financial affairs.  With that shortfall of a course offering as a backdrop, we suggest the following content for a required Personal Financial Planning course for all students majoring in Business Administration.

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