February 4, 2010
Written by Erin Hawes
Two Texas Tech financial planning professors were awarded $40,000 from the Certified Financial Planner Board of Standards on Jan. 29 in Washington DC.
Michael Finke and Sandra Huston conducted a research study titled “Estimating the Value of Comprehensive Financial Planning.” Their objective was to estimate the value consumers receive from professional financial planning services.
The CFP board awarded grants totaling $105,000 to three projects designed to help more Americans benefit from competent and ethical financial planning.
“We want to illustrate through our research that it is just as logical to hire an expert that can help make important retirement, investment, insurance and estate planning decisions,” Finke said. “Our preliminary research suggests that the value of receiving advice from a professional that provides a plan covering all aspects of an individual’s financial life far exceeds the costs.”
The study focused on the value for consumers seeking financial advice as well as evaluating the outcomes between consumers who use financial planning services and those who do not. The study is designed to provide practical information that will help consumers understand the value of financial planning services.
The center provides financial planning educational opportunities to those seeking professional assistance in meeting personal and family financial goals.
The center's research provides answers to questions such as what financial decisions need to be made now when planning for retirement.