Do as i tell you, not as i do
financial advisors and personal financial decision-making
DOI:
https://doi.org/10.61190/fsr.v30i1.3471Keywords:
Estate planning, Debt, Investments, Retirement planning, Financial advisorsAbstract
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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