The Academy of Financial Services (AFS) is excited to be collaborating with FPA to provide an "integrated conference experience" for AFS members this year. The AFS research conference will run for the full 2.5 days of the FPA Conference as part of a dedicated research track bringing the best of AFS and the Journal of Financial Planning (JFP) to you.
- A dedicated Research Room for presentations designed to bring the most relevant research impacting professional financial planners. This includes research sessions sponsored by the JFP and peer-reviewed research papers presented by AFS members. These sessions are CE credit approved.
- The winner of the JFP's Montgomery-Warschauer Award for best research from the prior year will present their research.
- In the Research Room AFS will coordinate other research content such as a panel discussion with the editors of the 4 major FP research journals explaining to planners and academics the type of research content to be found, how to best consume/digest research and apply it to a FP practice and more.
- A new FP Research Shark Tank. Based on the format of the popular TV series a select number of researchers will do 5 minute "pitches" on research that they believe would be significantly impactful for practitioners. Planners and researchers will then vote on the most exciting research proposal.
- AFS are co-ordinating 2 additional mini-breakout research rooms where researchers will present additional peer-reviewed, unpublished research selected from the many submissions we received. A timetable of these sessions can be found below.
- AFS will manage the research rooms for fully-hybrid attendance with face-to-face or virtual attendance. Although the content will be exceptional, we hope to see many of you in person as the networking, exhibit hall, FPA keynote speakers and other sessions outside of the research cannot be experienced any other way.
Can you communicate your worth? Exploring competence in articulating the value of financial advice to clients
Short Description
The financial advice market is shaped by an array of supply- and demand-side factors that impact the provision and quality of advice. In this paper, we examine the ability of financial advice professionals to communicate the value of financial advice to clients as a possible supply-side constraint. We apply the conscious-competence model to assess the value propositions of financial advice professionals. Our results reveal a surprisingly large number of financial advice professionals are unable to communicate a strong value proposition. To explain this difficulty, we identify three sub-themes corresponding to client, advisor, and business factors. We also provide some evidence that experience, credentials, and education are related to communicating stronger value propositions. We conclude that the inability of financial advice professionals to provide a strong value proposition may reduce the efficiency of the financial advice market by restricting supply to prospective clients.