Do as i tell you, not as i do

financial advisors and personal financial decision-making

Authors

  • Negin Azamian Department of Finance, Financial Planning and Insurance, California State University
  • Kristine Beck Department of Finance, Financial Planning and Insurance, California State University
  • Hsin-Hui Chiu Department of Finance, Financial Planning and Insurance, California State University
  • Inga Timmerman Department of Finance, Financial Planning and Insurance, California State University

DOI:

https://doi.org/10.61190/fsr.v30i1.3471

Keywords:

Estate planning, Debt, Investments, Retirement planning, Financial advisors

Abstract

We describe the financial behavior of financial advisors and whether they follow the advice they give clients. We focus on the following areas of comprehensive financial planning as they relate to advisor behavior: (1) cash flow, (2) debt, (3) retirement planning, (4) investments, and (5) estate planning. The primary goal is to investigate whether financial planners practice what they preach. A secondary goal is to identify the characteristics associated with the advisors that best plan their own financial lives. We find that financial advisors generally follow their own advice; as a group they are more likely to be prepared for retirement, have less debt, higher liquidity, covered insurance needs, and have an estate plan in place.

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Published

2022-03-30

How to Cite

Azamian, N., Beck, K., Chiu, H.-H., & Timmerman, I. (2022). Do as i tell you, not as i do: financial advisors and personal financial decision-making. Financial Services Review, 30(1), 57–68. https://doi.org/10.61190/fsr.v30i1.3471

Issue

Vol. 30 No. 1 (2022): Spring 2022

Section

New Original Submission

License

Copyright (c) 2022 Academy of Financial Services

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