Review of Financial Planning Research in the US: 1995-2005 주소현 , Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소
Presentation Overview <ul><li>Introduction  </li></ul><ul><li>Review of Journals </li></ul><ul><li>Insights from the Journ...
Introduction  <ul><li>History of Financial Planning </li></ul><ul><ul><li>Field of Financial Planning </li></ul></ul><ul><...
Purpose  <ul><li>To review the research development of the field to examine the past, current, and future of financial pla...
Terminology  <ul><li>Financial Planning </li></ul><ul><ul><li>A process of meeting life goals through proper management of...
Journal Review  <ul><li>Financial Services Review   </li></ul><ul><ul><li>Academy of Financial Services </li></ul></ul><ul...
Journal Review  <ul><li>Journal of Consumer Affairs </li></ul><ul><ul><li>American Council on Consumer Interests </li></ul...
Financial Services Review  (1995-2005) articles by topic  8 Cash Management (banking, Saving, Cash flow, Emergency Fund) 1...
Financial Services Review  (1995-2005) articles by topic 211 Total 1 Bankruptcy 1 Small Business 1 Employee Benefit 1 Tax ...
Financial Counseling and Planning  (1995-2005) articles by topic   5 Mortgage and Real Estate 8 Consumer Decision Making 1...
Financial Counseling and Planning  (1995-2005) articles by topic 172 Total 1 Employee Benefit 2 Financial Literacy 2 Finan...
Journal of Consumer Affairs  (1999-2005) article by topic  35 (109) Total 1 Debt Management 1 Home Buying 3 Health Care 3 ...
Journal of Personal Finance  (2002-2005) articles by topic  35 Total 1 Financial Counseling 1 Financial Planning Theory 2 ...
Insights from the Review  <ul><li>Manuscripts in investment area are dominant. </li></ul><ul><li>Retirement issue has show...
Outnumbered Investment Articles  <ul><li>A Diverse and Extensive Area </li></ul><ul><li>Data Availability  </li></ul><ul><...
Significance of Retirement Issue <ul><li>Baby Boomer Issue </li></ul><ul><li>Social Security </li></ul><ul><li>Individual ...
Risk Tolerance <ul><li>Fiduciary Responsibility  </li></ul><ul><ul><li>Regulations and Laws </li></ul></ul><ul><li>Measure...
Theory in Financial Planning Research  <ul><li>Field Background  </li></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><l...
Methodology of Financial Planning Research  <ul><li>Quantitative vs. Qualitative </li></ul><ul><li>Modeling </li></ul><ul>...
Several Examples  <ul><li>Risk Tolerance  </li></ul><ul><ul><li>Measurement  </li></ul></ul><ul><ul><li>Relationship with ...
Several Examples <ul><li>Investment: New Approach  </li></ul><ul><ul><li>Multiple Horizon Asset Allocation Strategy  </li>...
 
Several Examples <ul><li>New Methodology </li></ul><ul><ul><li>Emergency Fund Adequacy with Classification Tree  </li></ul...
Several Examples <ul><li>Theoretical Background  </li></ul><ul><ul><li>Behavioral Finances </li></ul></ul><ul><ul><li>Nuro...
Future Research: Hot Topics  <ul><li>New Product/ New Regulation  </li></ul><ul><li>Event </li></ul><ul><li>Retirement  </...
Thank you!   <ul><li>주소현 , Ph.D. </li></ul><ul><li>삼성 금융연구소 </li></ul><ul><li>(02) 3706-7500 </li></ul><ul><li>[email_addr...
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  • 인사 제목 소개 본인 소개 Texas Tech 소개
  • Financial Planning -1970년 Financial Planning Association Academics – 20 years/ 200 registered programs
  • The Financial Services Review is the official journal of Academy of Financial Services which is published quarterly showcasing financial planning research in the field since 1991. Financial Counseling and Planning is the official journal of Association for Financial Counseling and Planning Education which is published bi-annually including manuscript in financial planning, education, and counseling since 1990.
  • The Journal of Consumer Affairs is the office journal of American Council on Consumer Interests, which is published bi annually with manuscripts in consumer protection, consumer interests, and personal finances. The Journal of Consumer Affairs started its first volume in 1966 and has been one of the key sources for consumer research. Journal of Personal Finance is the official journal of International Association for Financial Consultant and is relatively new. The Journal of Personal Finance published its first issue in 2002.
  • The Journal of Personal Finances is in its beginning stage in the field. Even though it has four years of history, this journal has received some attention from the professionals and researchers. As shown in table 4, this journal published various topics in core financial planning. The journal had a special issue on risk tolerance and is noticed with the largest number of manuscript in risk tolerance topic.
  • With the overview of the manuscripts in the journals in financial planning field, several insights were drawn: (1) manuscripts in investment area are dominant; (2) retirement issue has shown its significance; (3) as a specific topic, risk tolerance has captured researchers’ attention; (4) theoretical advancement is necessary; and (5) methodological challenges remain.
  • Review of Financial Planning Research in the US: 1995-2005

    1. 1. Review of Financial Planning Research in the US: 1995-2005 주소현 , Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소
    2. 2. Presentation Overview <ul><li>Introduction </li></ul><ul><li>Review of Journals </li></ul><ul><li>Insights from the Journal Review </li></ul><ul><li>Examples </li></ul><ul><li>Conclusion </li></ul>
    3. 3. Introduction <ul><li>History of Financial Planning </li></ul><ul><ul><li>Field of Financial Planning </li></ul></ul><ul><ul><ul><li>In Practice </li></ul></ul></ul><ul><ul><ul><li>In Academia </li></ul></ul></ul><ul><ul><ul><li>In Research </li></ul></ul></ul>
    4. 4. Purpose <ul><li>To review the research development of the field to examine the past, current, and future of financial planning research. </li></ul><ul><li>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. </li></ul>
    5. 5. Terminology <ul><li>Financial Planning </li></ul><ul><ul><li>A process of meeting life goals through proper management of personal finances </li></ul></ul><ul><ul><li>101 topic area </li></ul></ul><ul><ul><li>Personal </li></ul></ul><ul><ul><li>Family </li></ul></ul><ul><ul><li>Household </li></ul></ul>
    6. 6. Journal Review <ul><li>Financial Services Review </li></ul><ul><ul><li>Academy of Financial Services </li></ul></ul><ul><ul><li>Quarterly since 1991 </li></ul></ul><ul><li>Financial Counseling and Planning </li></ul><ul><ul><li>Association for Financial Counseling and Planning Education </li></ul></ul><ul><ul><li>Bi-Annually since 1990 </li></ul></ul>
    7. 7. Journal Review <ul><li>Journal of Consumer Affairs </li></ul><ul><ul><li>American Council on Consumer Interests </li></ul></ul><ul><ul><li>Bi-Annually (current) since 1966 </li></ul></ul><ul><li>Journal of Personal Finance </li></ul><ul><ul><li>Association for Financial Consultant </li></ul></ul><ul><ul><li>Quarterly since 2002 </li></ul></ul>
    8. 8. Financial Services Review (1995-2005) articles by topic 8 Cash Management (banking, Saving, Cash flow, Emergency Fund) 14 Financial Planning Education 35 Retirement 31 Stock 14 Mutual Funds 4 CD (Money Market) 6 Bond 51 General Investment (including Asset Allocation)   Investment Number of Articles Topic
    9. 9. Financial Services Review (1995-2005) articles by topic 211 Total 1 Bankruptcy 1 Small Business 1 Employee Benefit 1 Tax 2 Sociology or psychology of financial planning 2 College Planning 3 Financial Literacy 3 Insurance 5 Risk Tolerance 6 Credit and Debt 7 Financial Planning 8 Financial Planning Industry/Profession 8 Mortgage and Real Estate
    10. 10. Financial Counseling and Planning (1995-2005) articles by topic 5 Mortgage and Real Estate 8 Consumer Decision Making 10 Risk Tolerance 12 Financial Wellbeing 13 Cash Management (banking, Saving, Cash flow, Emergency Fund) 14 Financial Planning Education 17 Financial behavior 18 Credit and Debt 18 Investment 28 Retirement Number of Articles Topic
    11. 11. Financial Counseling and Planning (1995-2005) articles by topic 172 Total 1 Employee Benefit 2 Financial Literacy 2 Financial Planning Industry/Profession 2 College Planning 3 Survey 3 Small Business 3 Financial Planning 4 Human Capital 4 Insurance 5 Financial Counseling
    12. 12. Journal of Consumer Affairs (1999-2005) article by topic 35 (109) Total 1 Debt Management 1 Home Buying 3 Health Care 3 Retirement 3 Savings and Budgeting 4 Investment and Wealth 5 Personal Finance Education 7 Credit Card Number of Articles Topic
    13. 13. Journal of Personal Finance (2002-2005) articles by topic 35 Total 1 Financial Counseling 1 Financial Planning Theory 2 Financial Wellbeing 2 Insurance 6 Retirement 7 Financial Planning Education 7 Investment 9 Risk Tolerance Number of Articles Topic
    14. 14. Insights from the Review <ul><li>Manuscripts in investment area are dominant. </li></ul><ul><li>Retirement issue has shown its significance. </li></ul><ul><li>As a specific topic, risk tolerance has captured researchers’ attention. </li></ul><ul><li>Theoretical advancement is necessary </li></ul><ul><li>Methodological challenges remain. </li></ul>
    15. 15. Outnumbered Investment Articles <ul><li>A Diverse and Extensive Area </li></ul><ul><li>Data Availability </li></ul><ul><li>Number of Researchers </li></ul>
    16. 16. Significance of Retirement Issue <ul><li>Baby Boomer Issue </li></ul><ul><li>Social Security </li></ul><ul><li>Individual Responsibility </li></ul><ul><ul><li>Defined Benefit to Defined Contribution </li></ul></ul><ul><li>Other Retirement Related Issue </li></ul><ul><ul><li>Health Care </li></ul></ul><ul><ul><li>Long-Term Care </li></ul></ul>
    17. 17. Risk Tolerance <ul><li>Fiduciary Responsibility </li></ul><ul><ul><li>Regulations and Laws </li></ul></ul><ul><li>Measurement Issue </li></ul><ul><ul><li>Proxy </li></ul></ul><ul><ul><li>Survey </li></ul></ul><ul><ul><li>Simple Tools </li></ul></ul><ul><li>Significance of Risk Tolerance </li></ul><ul><li>Factors Affecting Risk Tolerance </li></ul>
    18. 18. Theory in Financial Planning Research <ul><li>Field Background </li></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Family and Consumer Economics </li></ul></ul><ul><ul><li>Sociology </li></ul></ul><ul><ul><li>Psychology </li></ul></ul><ul><ul><li>Behavioral Finance </li></ul></ul>
    19. 19. Methodology of Financial Planning Research <ul><li>Quantitative vs. Qualitative </li></ul><ul><li>Modeling </li></ul><ul><ul><li>Monte Carlo </li></ul></ul><ul><li>Parametric vs. Nonparametric </li></ul>
    20. 20. Several Examples <ul><li>Risk Tolerance </li></ul><ul><ul><li>Measurement </li></ul></ul><ul><ul><li>Relationship with Other Psychological Attributes </li></ul></ul><ul><ul><ul><li>Self-Esteem </li></ul></ul></ul><ul><ul><ul><li>Sensation-Seeking </li></ul></ul></ul><ul><ul><ul><li>Vividness </li></ul></ul></ul><ul><ul><ul><li>Personality </li></ul></ul></ul>
    21. 21. Several Examples <ul><li>Investment: New Approach </li></ul><ul><ul><li>Multiple Horizon Asset Allocation Strategy </li></ul></ul><ul><ul><ul><li>Risk Tolerance </li></ul></ul></ul><ul><ul><ul><li>Multiple Time Horizon </li></ul></ul></ul><ul><ul><ul><li>Based on Life Expectance </li></ul></ul></ul><ul><ul><ul><li>Differences from Standard Mean-Variance Analysis </li></ul></ul></ul>
    22. 23. Several Examples <ul><li>New Methodology </li></ul><ul><ul><li>Emergency Fund Adequacy with Classification Tree </li></ul></ul><ul><ul><li>Financial Services Delivery with Classification Tree </li></ul></ul>
    23. 24. Several Examples <ul><li>Theoretical Background </li></ul><ul><ul><li>Behavioral Finances </li></ul></ul><ul><ul><li>Nuroeconomics </li></ul></ul>
    24. 25. Future Research: Hot Topics <ul><li>New Product/ New Regulation </li></ul><ul><li>Event </li></ul><ul><li>Retirement </li></ul><ul><ul><li>Long-Term Care </li></ul></ul><ul><li>Risk Tolerance </li></ul><ul><li>Different Strategy </li></ul><ul><li>Other than Investment </li></ul>
    25. 26. Thank you! <ul><li>주소현 , Ph.D. </li></ul><ul><li>삼성 금융연구소 </li></ul><ul><li>(02) 3706-7500 </li></ul><ul><li>[email_address] </li></ul>
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