IDEAS home Printed from https://ideas.repec.org/a/ibn/ijefaa/v15y2023i7p1.html
   My bibliography  Save this article

Who Seeks Financial Advice from a Financial Planner?

Author

Listed:
  • Fan Liu

Abstract

In this paper, we examine factors that motivate people to seek financial advice from financial planners. Data from a national survey conducted by the Consumer Financial Protection Bureau in 2016 was used in the analysis. We discovered that essential factors, such as subjective norms, financial knowledge, financial risk tolerance, and personal traits, have a positive impact on an individual's decision to seek advice from financial planners. On the other hand, financial stress caused by financial constraints has a significant negative effect. This study also found that contrary to previous research, minorities are more likely to seek financial advice from planners. However, when examining different financial asset domains, such disparities across racial groups decreased. This study contributes to the literature by providing new insights into the decision-making process when it comes to hiring financial planners and how individual socioeconomic and psychosocial characteristics can influence this choice.

Suggested Citation

  • Fan Liu, 2023. "Who Seeks Financial Advice from a Financial Planner?," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 15(7), pages 1-1, July.
    • Handle: RePEc:ibn:ijefaa:v:15:y:2023:i:7:p:1
    as

    Download full text from publisher

    File URL: https://ccsenet.org/journal/index.php/ijef/article/download/0/0/48869/52659
    Download Restriction: no
    File URL: https://ccsenet.org/journal/index.php/ijef/article/view/0/48869
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Haejeong Kim & Jinhee Kim, 2010. "Information Search for Retirement Plans Among Financially Distressed Consumers," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 51-62, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Deanna L. Sharpe, 2021. "Reinventing Retirement," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 11-19, July.
    2. Kuo-Liang Chang & George Langelett & Andrew Waugh, 2011. "Health, Health Insurance, and Decision to Exit from Farming," Journal of Family and Economic Issues, Springer, vol. 32(2), pages 356-372, June.
    3. Yang Li & Jan E. Mutchler & Edward Alan Miller & Jing Jian Xiao & Reginald Tucker-Seeley, 2022. "Space, Context, and Human Capital: A Micro–Macro Perspective on the Social Environment and Financial Literacy in Later Life," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 41(3), pages 1385-1404, June.
    4. Declan French, 2023. "From financial wealth shocks to ill‐health: Allostatic load and overload," Health Economics, John Wiley & Sons, Ltd., vol. 32(4), pages 939-952, April.
    5. Mitchell Marsden & Cathleen Zick & Robert Mayer, 2011. "The Value of Seeking Financial Advice," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 625-643, December.
    6. Douglas Hershey & Joy Jacobs-Lawson, 2012. "Bridging the Gap: Anticipated Shortfalls in Future Retirement Income," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 306-314, September.
    7. Lu Fan & Richard Stebbins & Kyoung Tae Kim, 2022. "Skint: Retirement? Financial Hardship and Retirement Planning Behaviors," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 354-367, June.
    8. Bin Ying & Rui Yao, 2010. "Self-perceived Age and Attitudes Toward Marketing of Older Consumers in China," Journal of Family and Economic Issues, Springer, vol. 31(3), pages 318-327, September.
    9. Daniel Lai, 2011. "Perceived Impact of Economic Downturn on Worry Experienced by Elderly Chinese Immigrants in Canada," Journal of Family and Economic Issues, Springer, vol. 32(3), pages 521-531, September.
    10. Patti Fisher & Catherine Montalto, 2011. "Loss Aversion and Saving Behavior: Evidence from the 2007 U.S. Survey of Consumer Finances," Journal of Family and Economic Issues, Springer, vol. 32(1), pages 4-14, March.
    11. Eun Kim & Sherman Hanna & Swarn Chatterjee & Suzanne Lindamood, 2012. "Who Among the Elderly Owns Stocks? The Role of Cognitive Ability and Bequest Motive," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 338-352, September.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    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:ibn:ijefaa:v:15:y:2023:i:7:p:1. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Canadian Center of Science and Education (email available below). General contact details of provider: https://edirc.repec.org/data/cepflch.html .

    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.