Factors Associated with Hiring and Firing Financial Advisors during the Great Recession

Autor/inn/en	Cheng, Yuanshan; Kalenkoski, Charlene M.; Gibson, Philip
Titel	Factors Associated with Hiring and Firing Financial Advisors during the Great Recession
Quelle	In: Journal of Financial Counseling and Planning, 30 (2019) 2, S.289-303 (15 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Zusatzinformation	ORCID (Cheng, Yuanshan) ORCID (Gibson, Philip)
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	1052-3073
Schlagwörter	Finance Occupations; Personnel Selection; Dismissal (Personnel); Economic Climate; Longitudinal Studies; National Surveys; National Longitudinal Survey of Youth + Suchen Sie Ihr Suchwort? Finanzbuchhalter; Personalauswahl; Personalentscheidung; Dismissal; Entlassung; Wirtschaftslage; Longitudinal study; Longitudinal method; Longitudinal methods; Längsschnittuntersuchung
Abstract	From 2007 to 2009, the U.S. economy went through a deep economic downturn which is popularly known as the Great Recession. It resulted in a significant loss of wealth for many investors. While some investors sought the advice of financial advisors; others did not. This study examines the economic situation of households using the National Longitudinal Survey of Youth (NLSY) and analyzes the financial advisor-client relationship during the Great Recession to determine who fired or hired a financial advisor during this period. The results indicate that losing money, measured by a decrease net worth, was not the main reason why clients fired their financial advisor during the Great Recession. Interestingly, the results also show that experiencing a decrease in net worth was not the main reason why individuals pursued the services of a financial adviser during this period. Instead, current income and an increase in income were the primary factors that impacted the client-advisor relationship during the financial crisis. These results are consistent with consumer demand theory in which financial services are a normal good that people purchase less of when their income falls. (As Provided).
Anmerkungen	Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: https://connect.springerpub.com/content/sgrjfcp
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2024/1/01