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Review of Financial Planning Research in the US: 1995-2005

Review of Financial Planning Research in the US: 1995-2005. 주소현 , Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소. Presentation Overview. Introduction Review of Journals Insights from the Journal Review Examples Conclusion. Introduction. History of Financial Planning

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Review of Financial Planning Research in the US: 1995-2005

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  1. Review of Financial Planning Research in the US: 1995-2005 주소현, Ph.D. Associate Professor, Texas Tech University 삼성 금융 연구소

  2. Presentation Overview • Introduction • Review of Journals • Insights from the Journal Review • Examples • Conclusion

  3. Introduction • History of Financial Planning • Field of Financial Planning • In Practice • In Academia • In Research

  4. Purpose • To review the research development of the field to examine the past, current, and future of financial planning research. • 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.

  5. Terminology • Financial Planning • A process of meeting life goals through proper management of personal finances • 101 topic area • Personal • Family • Household

  6. Journal Review • Financial Services Review • Academy of Financial Services • Quarterly since 1991 • Financial Counseling and Planning • Association for Financial Counseling and Planning Education • Bi-Annually since 1990

  7. Journal Review • Journal of Consumer Affairs • American Council on Consumer Interests • Bi-Annually (current) since 1966 • Journal of Personal Finance • Association for Financial Consultant • Quarterly since 2002

  8. Financial Services Review (1995-2005) articles by topic

  9. Financial Services Review (1995-2005) articles by topic

  10. Financial Counseling and Planning (1995-2005) articles by topic

  11. Financial Counseling and Planning (1995-2005) articles by topic

  12. Journal of Consumer Affairs (1999-2005) article by topic

  13. Journal of Personal Finance (2002-2005) articles by topic

  14. Insights from the Review • Manuscripts in investment area are dominant. • Retirement issue has shown its significance. • As a specific topic, risk tolerance has captured researchers’ attention. • Theoretical advancement is necessary • Methodological challenges remain.

  15. Outnumbered Investment Articles • A Diverse and Extensive Area • Data Availability • Number of Researchers

  16. Significance of Retirement Issue • Baby Boomer Issue • Social Security • Individual Responsibility • Defined Benefit to Defined Contribution • Other Retirement Related Issue • Health Care • Long-Term Care

  17. Risk Tolerance • Fiduciary Responsibility • Regulations and Laws • Measurement Issue • Proxy • Survey • Simple Tools • Significance of Risk Tolerance • Factors Affecting Risk Tolerance

  18. Theory in Financial Planning Research • Field Background • Economics • Family and Consumer Economics • Sociology • Psychology • Behavioral Finance

  19. Methodology of Financial Planning Research • Quantitative vs. Qualitative • Modeling • Monte Carlo • Parametric vs. Nonparametric

  20. Several Examples • Risk Tolerance • Measurement • Relationship with Other Psychological Attributes • Self-Esteem • Sensation-Seeking • Vividness • Personality

  21. Several Examples • Investment: New Approach • Multiple Horizon Asset Allocation Strategy • Risk Tolerance • Multiple Time Horizon • Based on Life Expectance • Differences from Standard Mean-Variance Analysis

  22. Several Examples • New Methodology • Emergency Fund Adequacy with Classification Tree • Financial Services Delivery with Classification Tree

  23. Several Examples • Theoretical Background • Behavioral Finances • Nuroeconomics

  24. Future Research: Hot Topics • New Product/ New Regulation • Event • Retirement • Long-Term Care • Risk Tolerance • Different Strategy • Other than Investment

  25. Thank you! 주소현, Ph.D. 삼성 금융연구소 (02) 3706-7500 Sohyun.joo@samsung.com

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