IDEAS home Printed from https://ideas.repec.org/p/gtr/gatrjs/jfbr186.html
   My bibliography  Save this paper

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

Author

Listed:
  • Bryan Teoh Phern Chern

    (Tunku Abdul Rahman University College, Jalan Genting Klang, 53300, Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia. Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

"Objective - The personal financial planning and advice industry has been a growing industry for the past years and will continue to experience growth as the general wealth of the public increases, along with the economic recovery post Covid-19. This industry includes registered investment advisors (RIA) which are licensed by a locally approved institution, and financial educators and influencers that do not require licensing by a regulatory body. Methodology � There are many benefits that these parties can bring towards the financial health of their clients and viewers such as having a thorough personal financial plan, investment strategies, and retirement planning. However, this industry has also received many negative feedbacks and experiences from clients regarding the general system of the industry or specific areas within the sector. One of the objectives of this article is to evaluate the evolution of the personal financial planning industry over the years, how it has transitioned from traditional methods into current industry standards, and where it might be heading in the coming years. Findings � The findings of the paper provide clarity and insight into the mature industry which can benefit current and potential consumers, promoting healthier industry development. Novelty � The next objective is to investigate the risk and rewards of the current personal financial planning and advice industry towards consumers. This paper will critically review the past literature and evaluate contemporary views from various perspectives to achieve the above objectives. Type of Paper - Review"

Suggested Citation

  • Bryan Teoh Phern Chern, 2021. "Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism," GATR Journals jfbr186, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jfbr186
    DOI: https://doi.org/10.35609/jfbr.2021.6.2(1)
    as

    Download full text from publisher

    File URL: http://gatrenterprise.com/GATRJournals/JFBR/pdf_files/JFBR-Vol-6(2)/1.Bryan%20Teoh%20Phern%20Chern.pdf
    Download Restriction: http://gatrenterprise.com/GATRJournals/online_submission.html
    File URL: https://libkey.io/https://doi.org/10.35609/jfbr.2021.6.2(1)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Conflicts of interest; Financial advice; Financial planning; Influencers; Personal finance;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gtr:gatrjs:jfbr186. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Dr. Abd Rahim Mohamad (email available below). General contact details of provider: http://gatrenterprise.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.