Browsing by Subject "Financial planning"
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Item Financial counseling management(2012-12) Mazzolini, Angela; Durband, Dorothy B.; Froeschle, Janet G.; Nieto, Meredith J.This portfolio is a compilation of work done in an Interdisciplinary Master’s program entitled Financial Counseling Management. The three areas of study are Personal Financial Planning, Counselor Education and Management. The reflection paper illustrates how all three of the areas of study work together to form one degree and also illustrates how learning objectives from each area were put to use in an organization. The remainder of the portfolio is comprised of papers that best represent each of the three areas of study.Item SUCCESS within the financial planning profession(Texas Tech University, 2009-05) DeArmond, DeArno D.; Durband, Dorothy B.; Gustafson, William; Hampton, Vickie L.; Katz, Deena; Terry, Neil; Williams, AmandaStudies discussing success within financial planning have been open to definitional interpretation and without regard to both the objective and subjective elements of success. Empirical studies considering client management, client demographic, personal, job, and business practices have been limited at best. This research is the first to test whether preference for numerical information and need for emotion are contributors to perceived level of success within financial planners. The purpose of this research was to 1) analyze the manner upon which objective and subjective factors (such as pay, promotion, status, work/life balance) have contributed to the perceived level of success of individuals working as financial planners, 2) analyze client management, client demographic, personal, job, or business practice factor differences contributing to the self-reported success of an individual working as a financial planner, and 3) to test for differences between a financial planner with a preference for numerical information and a financial planner with a preference for emotion with regard to self-perceived success within the financial planning industry. The data utilized within this study were gathered via a survey instrument developed and administered in an online format during the month of June 2008. A total of 403 geographically diverse respondents (4% response rate) who are members of the FPA answered the survey. The final sample used after data reduction and incomplete responses was 349 respondents (3.5%). The survey remained open from June 4th to July 3rd, 2008. Results of this study indicate that client relationships, wealth of client served, use of ethical practices, ability to empathize, number of clients served, client referrals, and job autonomy are among the most important contributors to financial planner perceived success. Findings of this study also indicate that client relationships, wealth of client served, use of ethical practices, ability to empathize, number of clients served, client referrals, and job autonomy are among the most important contributors to financial planner perceived success. Results of this study also conclude there is no relationship between preference for numerical information or need for emotion and financial planner perceived success.Item Succession in multi-generational family farm businesses(2012-08) Lange, Kelly Y; Johnson, Jeff; Johnson, Phillip N.; Hudson, Darren; Wang, Chenggang; Gustafson, BillFamily farms play a vital role in the production of agricultural goods and services and continue to be responsible for a vast amount of agricultural production around the world. Most farms in the United States are family owned and managed and are responsible for the majority of agricultural production. This dissertation is comprised of three individual studies which utilize a variety of methods to investigate the family farm transfer process. A qualitative study utilizing interview methods investigates how farm business structure, division of managerial responsibility, and family decision-making processes affect the transfer of farming from one generation to the next. Results indicate that the methods by which the younger generation becomes involved in farming as well as family dynamics impact farm succession. A quantitative study identifies and measures factors impacting the transfer of managerial control in family farm businesses. The results indicate that operator demographics, business planning practices, value of farm assets and inputs, and non-farm assets impact the decision to transfer managerial control to a designated successor. Finally, a hypothetical case study incorporating financial planning concepts into the farm transfer decision-making process is introduced. Retirement, estate, and succession planning issues are addressed within a question and answer format.Item Three essays on the capital accumulation ratio(Texas Tech University, 2007-08) Harness, Nathaniel J.; Finke, Michael S.; Hampton, Vickie L.; Masselli, John J.; Salter, John; Davis, KimIt is crucial for the financial planning profession to develop measures and standards to help households make the best financial decisions. According to Black, Ciccotello, & Skipper (2002), for financial planning to be accepted as a profession there needs to be sound empirically based standards recognized by household finance scholars and practitioners. Households make financial decision everyday that potentially affect their financial well-being. Researchers must provide prescriptive models to combat household inequalities, and these models must not ignore basic household limitations for the sake of turgid mathematical modeling. Many consider the capital accumulation ratio (CAR) to be one of the most important ratios for those approaching retirement. However, little research in the field of personal financial planning has comprehensively explored the usefulness of this household ratio. The CAR is traditionally defined as the proportion of net worth held in investment assets and is meant to reflect the share of assets held primarily for future consumption. Results from this research will provide better quality information about the implications of the CAR to household finance scholars, financial planning professionals, and households. This research studies the factors that predict the CAR, the impact of the CAR on wealth, and the effect of variance in the CAR on wealth. This research uses the National Longitudinal Survey of Youth 1979 cohort (NLSY79), a nationally representative panel data set comprised of youth who were between the ages of 14 and 21 on December 31st, 1979. The NLSY79 has surveyed the same households between 1979 and 2004 comprising of 21 waves of this panel, with a 90 percent retention rate in subsequent years. Factors associated with CAR do not appear stable across time. From year to year very few factors consistently predict CAR or meeting CAR guidelines. Prior literature has looked at a cross-section in time; this cannot account for household variation in preferences and macroeconomic shocks that have an immense impact on CAR. Findings reveal that those who have a higher income, greater education, white households, and those with white-collar jobs are positively associated with CAR in most years. Having children, owning a home, minority households, and those with low preferences for stocks are negatively associated with CAR. Meeting the CAR 25 percent guideline resulted in a 28.1 percent increase in the change of net worth from 1994 to 2004. When broken into quartiles the relationship between CAR and wealth was linear between quartile three and four. However, this increase comes at a cost when every one point increase in the CAR increased the standard deviation of net worth from 1994 to 2004 by 8.1 percent. Results from this study suggest that meeting the 25 percent CAR threshold leads to greater wealth over time at the tradeoff of higher wealth dispersion. Individual investor preferences lead to poor market timing choices that can negatively impact wealth over time. Changes in wealth can be greatly impacted by a variation in the CAR across time. Results show that at the median, a 10 percent increase in the standard deviation of CAR reduces that change in wealth by approximately 5.8 percent. Using quantile regression we find having a high standard deviation of CAR results in a lower change in wealth, moreso in the lower percentiles of the conditional distribution of change in wealth.