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ERIC Number: EJ941908
Record Type: Journal
Publication Date: 2011
Pages: 9
Abstractor: As Provided
Reference Count: 23
ISSN: ISSN-1052-3073
Financial Advice: Who Pays
Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.
Journal of Financial Counseling and Planning, v22 n1 p18-26 2011
Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for financial advice are more likely to be female, relatively older, wealthier, and college educated but do not have a high level of self-reported knowledge about financial issues. Of the respondents who purchase financial advice, those who are comprehensively-managed are more likely to be under 65, wealthy, and have high self-reported knowledge about financial issues. This study reveals important differences between the decision to pay for financial advice and the type of financial services purchased. (Contains 2 tables and 1 endnote.)
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site:
Publication Type: Journal Articles; Reports - Research
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A