Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism

Bryan Teoh Phern Chern ()
Additional contact information
Bryan Teoh Phern Chern: Tunku Abdul Rahman University College, Jalan Genting Klang, 53300, Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia. Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:

GATR Journals from Global Academy of Training and Research (GATR) Enterprise

Abstract: "Objective - The personal financial planning and advice industry has been a growing industry for the past years and will continue to experience growth as the general wealth of the public increases, along with the economic recovery post Covid-19. This industry includes registered investment advisors (RIA) which are licensed by a locally approved institution, and financial educators and influencers that do not require licensing by a regulatory body. Methodology � There are many benefits that these parties can bring towards the financial health of their clients and viewers such as having a thorough personal financial plan, investment strategies, and retirement planning. However, this industry has also received many negative feedbacks and experiences from clients regarding the general system of the industry or specific areas within the sector. One of the objectives of this article is to evaluate the evolution of the personal financial planning industry over the years, how it has transitioned from traditional methods into current industry standards, and where it might be heading in the coming years. Findings � The findings of the paper provide clarity and insight into the mature industry which can benefit current and potential consumers, promoting healthier industry development. Novelty � The next objective is to investigate the risk and rewards of the current personal financial planning and advice industry towards consumers. This paper will critically review the past literature and evaluate contemporary views from various perspectives to achieve the above objectives. Type of Paper - Review"

Keywords: Conflicts of interest; Financial advice; Financial planning; Influencers; Personal finance (search for similar items in EconPapers)
JEL-codes: G20 I22 (search for similar items in EconPapers)
Pages: 10
Date: 2021-09-30
New Economics Papers: this item is included in nep-ban and nep-sea
References: View complete reference list from CitEc
Citations:

Published in Journal of Finance and Banking Review, Volume 6, Issue 2

Downloads: (external link)
http://gatrenterprise.com/GATRJournals/JFBR/pdf_fi ... %20Phern%20Chern.pdf (application/pdf)
http://gatrenterprise.com/GATRJournals/online_submission.html

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gtr:gatrjs:jfbr186

DOI: 10.35609/jfbr.2021.6.2(1)

Access Statistics for this paper

More papers in GATR Journals from Global Academy of Training and Research (GATR) Enterprise
Bibliographic data for series maintained by Prof. Dr. Abd Rahim Mohamad ().