Financial advisor use, life events, and the relationship with beneficial intentions

Authors

  • Matthew Sommer Janus Henderson Investors,
  • HanNa Lim Department ofPersonal Financial Planning, Kansas State University,
  • Maurice MacDonald Department ofPersonal Financial Planning, Kansas State University,

DOI:

https://doi.org/10.61190/fsr.v30i1.3472

Keywords:

Advisor use, Life events, Beneficial intentions, Financial security, Financial planning

Abstract

This study investigated whether working with a financial advisor and incurring a recent life event were associated with having beneficial financial planning intentions. In a final sample of 953 online survey respondents, no relationship was found between working with a financial advisor and beneficial intentions over the next 12 months. Life events that incurred within the prior year, however, were positively related to beneficial intentions and when interacted with working with an advisor, had a positive moderating effect. These results suggest that planning for difficult life transitions is an important benefit of working with a financial advisor. 

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Published

2022-03-30

How to Cite

Sommer, M., Lim, H., & MacDonald, M. (2022). Financial advisor use, life events, and the relationship with beneficial intentions. Financial Services Review, 30(1), 69–88. https://doi.org/10.61190/fsr.v30i1.3472

Issue

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

Section

New Original Submission

License

Copyright (c) 2022 Academy of Financial Services

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