Household use of financial planners

Measurement considerations for researchers

Authors

  • Stuart Heckman Assistant Professor of Personal Financial Planning, Kansas State University
  • Martin Seay Assistant Professor of Personal Financial Planning, Kansas State University
  • Kyoung Tae Kim Assistant Professor, Department of Consumer Sciences, University of Alabama
  • Jodi Letkiewicz Assistant Professor, School of Administrative Studies

DOI:

https://doi.org/10.61190/fsr.v25i4.3288

Keywords:

Financial planner use, Financial advice, Measurement

Abstract

Using the Certified Financial Planner (CFP) Board’s definition of financial planning, this article evaluates the validity of the measures of financial planner use in publicly available datasets. A review of Financial Services Review, Journal of Personal Finance, Journal of Financial Planning, Journal of Family and Economic Issues, Journal of Consumer Affairs, and Journal of Financial Counseling and Planning identified seven datasets that were commonly used to investigate financial planner use. Of these, the two most promising measures were found in the Survey of Consumer Finances and the National Longitudinal Study of Youth (1979). However, an evaluation of these measures raises significant concerns related to their validity. This article critically evaluates these measures and provides insights into the development of better measures of financial planner use for the future.

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Published

2016-12-30

How to Cite

Heckman, S., Seay, M., Kim, K. T., & Letkiewicz, J. (2016). Household use of financial planners: Measurement considerations for researchers. Financial Services Review, 25(4), 427–446. https://doi.org/10.61190/fsr.v25i4.3288

Issue

Vol. 25 No. 4 (2016): Winter 2016

Section

New Original Submission

License

Copyright (c) 2014 Academy of Financial Services

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