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Household Use of Financial Planners: Measurement Considerations for Researchers

Financial Services Review, Vol. 25, p. 427-446, 2016

32 Pages Posted: 13 May 2017  

Stuart J. Heckman

Kansas State University

Martin C Seay

Kansas State University

Kyoung Tae Kim

University of Alabama - Department of Consumer Sciences

Jodi Letkiewicz

York University

Date Written: November 2, 2016

Abstract

Using the Certified Financial Planner (CFP) Board’s definition of financial planning, this paper evaluates the validity of the measures of financial planner use in publicly available datasets. A review of Financial Services Review, Journal of Personal Finance, Journal of Financial Planning, Journal of Family and Economic Issues, Journal of Consumer Affairs, and Journal of Financial Counseling and Planning identified seven datasets that were commonly used to investigate financial planner use. Of these, the two most promising measures were found in the Survey of Consumer Finances and the National Longitudinal Study of Youth (1979). However, an evaluation of these measures raises significant concerns related to their validity. This article critically evaluates these measures and provides insights into the development of better measures of financial planner use for the future.

Keywords: Financial Planner Use, Financial Advice, Measurement

JEL Classification: C81, D14, G20

Suggested Citation

Heckman, Stuart J. and Seay, Martin C and Kim, Kyoung Tae and Letkiewicz, Jodi, Household Use of Financial Planners: Measurement Considerations for Researchers (November 2, 2016). Financial Services Review, Vol. 25, p. 427-446, 2016. Available at SSRN: https://ssrn.com/abstract=2966962

Stuart J. Heckman (Contact Author)

Kansas State University ( email )

319 Justin Hall
Manhattan, KS 66506-4001
United States

Martin C Seay

Kansas State University ( email )

Manhattan, KS 66506-4001
United States

Kyoung Tae Kim

University of Alabama - Department of Consumer Sciences ( email )

312 Adams hall
Tuscaloosa, AL 35487
United States

Jodi Letkiewicz

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

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