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The Value of Financial Advice in a Crisis: A Multidisciplinary Literature Review

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Listed:
  • Loy Ellana

    (Griffith University, Department of Accounting, Finance and Economics, Griffith Business School, Brisbane, Australia)

  • Wildman Karen

    (Griffith University, Brisbane, Australia)

  • MacDonald Kirsten

    (Griffith University, Brisbane, Australia)

  • Brimble Mark

    (Griffith University, Brisbane, Australia)

Abstract

The COVID-19 crisis presents an opportunity for the financial advice sector to demonstrate its importance. This paper examines literature from multiple disciplines to better understand the nature of a crisis, the role that expert advisers play and the value of advice to clients during a crisis. The literature demonstrates the multidimensional nature of a crisis, the need for a sophisticated approach to client-professional relationships and the positive impact of professional financial advice on wellbeing during and beyond a crisis. The findings motivate further research to establish a more detailed framework for understanding the value of financial advice.

Suggested Citation

  • Loy Ellana & Wildman Karen & MacDonald Kirsten & Brimble Mark, 2021. "The Value of Financial Advice in a Crisis: A Multidisciplinary Literature Review," Financial Planning Research Journal, Sciendo, vol. 7(1), pages 65-87.
    • Handle: RePEc:vrs:finprj:v:7:y:2021:i:1:p:65-87:n:1004
    DOI: 10.2478/fprj-2021-0004
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    References listed on IDEAS

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    1. Disney, Richard & Gathergood, John & Weber, Jörg, 2015. "Credit counseling: a substitute for consumer financial literacy?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 14(4), pages 466-491, October.
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