An empirical study of financial planning theory and practice

by Overton, Rosilyn H., Ph.D., CAPELLA UNIVERSITY, 2007, 275 pages; 3274686


The purpose of this study was to identify foundational theories of financial planning and the theories' applications and disciplines of origin. It is a step in creating one of the hallmarks of an advanced profession, a written body of knowledge that is generally recognized by the members of the profession and that extends beyond that of the layperson. In this sequential exploratory mixed methods study, twelve pioneers (1969-1984) of the profession, including almost all of those still alive from the founding meeting in 1969, were interviewed in person. The interviews were analyzed qualitatively to identify foundational theories. The findings were compared to quantitative importance ratings of related questions on the CFP Board of Standards 2004 job analysis survey of 3,859 C






™, revealing the CFP Board examination topics as an extensive compendium of components of the profession's body of knowledge. Among foundational theories identified are strategic management, modern portfolio theory, life cycle finance, permanent income hypothesis, law of large numbers, prospect theory, decision analysis, time value of money, counseling theories, behavioral finance, and others. As a result of the findings, a comprehensive definition of financial planning was created and the financial planning process was defined as strategic management processes applied to personal finance.

AdviserGary D. Robinson
Source TypeDissertation
SubjectsManagement; Finance
Publication Number3274686

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