Abstract

http://ssrn.com/abstract=1953400
 
 

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The Demand for Financial Planning Services


Sherman D. Hanna


Ohio State University (OSU)

November 2, 2011

Journal of Personal Finance, Vol. 10, No. 1, pp. 36-62, 2011

Abstract:     
Based on 1998 to 2007 Survey of Consumer Finances datasets the proportion of households reporting use of a financial planner increased from 21% in 1998 to 25% in 2007, with an estimated increase of almost five million households between 2004 and 2007. Multivariate analysis shows that the likelihood of using a financial planner is strongly related to risk tolerance, with those with low risk tolerance the least likely, and those with above average risk tolerance the most likely to use a financial planner, controlling for income, net worth, age, and other factors. Those with substantial risk tolerance have significantly lower likelihood of using a financial planner than those with above average risk tolerance. Black households are more likely but Hispanic and Other/Asian households are less likely than comparable White households to use a financial planner. The likelihood of using a financial planner increases with net worth for ranges above zero, but also increases as net worth decreases below zero.

Number of Pages in PDF File: 27

Keywords: financial planning, risk tolerance,racial/ethnic differences

JEL Classification: G38, K32, K23, K42


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Date posted: November 10, 2011  

Suggested Citation

Hanna, Sherman D., The Demand for Financial Planning Services (November 2, 2011). Journal of Personal Finance, Vol. 10, No. 1, pp. 36-62, 2011. Available at SSRN: http://ssrn.com/abstract=1953400

Contact Information

Sherman D. Hanna (Contact Author)
Ohio State University (OSU) ( email )
1787 Neil Avenue
Campbell 265L
Columbus, OH 43210
United States
614-292-4584 (Phone)
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