Financial Advice: Who Pays?

Michael Finke, Sandra Huston, Danielle Winchester

Research output: Contribution to journalArticlepeer-review

Abstract

Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, this study identifies client characteristics that are associated with the likelihood of paying for professional financial advice as well as the type of financial services purchased. Results indicate that respondents who pay for financial advice are more likely to be female, relatively older, wealthier, have a college education, 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.
Original languageEnglish
Pages (from-to)18-26
JournalFinancial Counseling and Planning
StatePublished - Jan 2011

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