Use of financial planners by U.S. households

Use of financial planners by U.S. households

We examine the use of financial planners by U.S. households using data from the 1998 Survey of Consumer Finances and find that over one-fifth (21.2%) of households use financial planners. A small portion of households (2.7%) obtain advice from financial planners on only credit or borrowing, whereas...

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Veröffentlicht in:Financial services review (Greenwich, Conn.) Conn.), 2002-09, Vol.11 (3), p.217
Hauptverfasser: Elmerick, Stephanie A, Montalto, Catherine P, Fox, Jonathan J
Format: Artikel
Sprache:eng
Schlagworte:
Accountants
Authorizations
Borrowing
Consumers
CPAs
Financial planners
Financial planning
Financial services
Households
Management
Methods
Personal finance
Portfolio management
Practice
Studies
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Zusammenfassung:We examine the use of financial planners by U.S. households using data from the 1998 Survey of Consumer Finances and find that over one-fifth (21.2%) of households use financial planners. A small portion of households (2.7%) obtain advice from financial planners on only credit or borrowing, whereas 11.5% look for recommendations on only saving or investing issues, and 7.0% obtain comprehensive advice (i.e., credit or borrowing and saving or investing). The use of financial planners by households varies by financial and sociodemographic characteristics of the household, and the effects of these characteristics vary by category of use (i.e., credit/borrowing only, saving/investing only, comprehensive advice). [PUBLICATION ABSTRACT]
ISSN:1057-0810
1873-5673