TY - JOUR
T1 - Factors associated with getting and dropping financial advisors among older adults
T2 - Evidence from longitudinal data
AU - Cummings, Benjamin F.
AU - James, Russell N.
N1 - Publisher Copyright:
© 2014 Association for Financial Counseling and Planning Education®. All rights of reproduction in any form reserved.
PY - 2014
Y1 - 2014
N2 - Using the Asset and Health Dynamics among the Oldest Old (AHEAD), this study presents the frst longitudinal results analyzing factors associated with getting and dropping a fnancial advisor. We fnd that quantitative as well as qualitative factors are signifcant when evaluating the value of professional fnancial advice. Getting a fnancial advisor was positively associated with becoming a widow(er), asking family members for assistance with fnancial decisions, seeking professional help for emotional problems, and experiencing increases in income and net worth. Among single and widowed respondents, experiencing signifcant cognitive decline also increases the likelihood of getting a fnancial advisor. Dropping a fnancial advisor was negatively associated with becoming a new widow(er), getting married, and experiencing an increase in net worth. No longer involving family members in fnancial decisions was strongly related to dropping a fnancial advisor. We discuss implications for practitioners relevant to both client acquisition and client retention.
AB - Using the Asset and Health Dynamics among the Oldest Old (AHEAD), this study presents the frst longitudinal results analyzing factors associated with getting and dropping a fnancial advisor. We fnd that quantitative as well as qualitative factors are signifcant when evaluating the value of professional fnancial advice. Getting a fnancial advisor was positively associated with becoming a widow(er), asking family members for assistance with fnancial decisions, seeking professional help for emotional problems, and experiencing increases in income and net worth. Among single and widowed respondents, experiencing signifcant cognitive decline also increases the likelihood of getting a fnancial advisor. Dropping a fnancial advisor was negatively associated with becoming a new widow(er), getting married, and experiencing an increase in net worth. No longer involving family members in fnancial decisions was strongly related to dropping a fnancial advisor. We discuss implications for practitioners relevant to both client acquisition and client retention.
KW - Financial advice
KW - Financial advisor
KW - Help seeking
KW - Life events
KW - Widowhood
UR - http://www.scopus.com/inward/record.url?scp=84916894046&partnerID=8YFLogxK
M3 - Article
AN - SCOPUS:84916894046
SN - 1052-3073
VL - 25
SP - 129
EP - 147
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
IS - 2
ER -