News & Events
2018 HES Awards
Posted: Apr. 24, 2018
Personal Financial Planning faculty and students celebrate with award recipients Dr. Tahira Hira (Citation of Merit), Dr. Rui Yao, CFP® (Distinguished Research/Creative Activity Award), and Mary Dorn (Graduate Teaching Award) at the HES Week Awards Reception.
Pictured left to right: Dalisha Herring, Allie Davis, Lu Fan, Tahira Hira, Robert Weagley, Deanna Sharpe, Cynthia Crawford, Dean Sandy Rikoon, Fran Lawrence, Mary Dorn, Abed Rabbani. (Not pictured: Rui Yao)
Dr. Lu Fan Earns CFP® Designation
Posted: Apr. 24, 2018
We are proud to announce that Dr. Lu Fan became a CERTIFIED FINANCIAL PLANNER™ professional this month. Earning the CFP® certification means Dr. Fan has joined a select group of competent and ethical personal financial planning practitioners.
The CFP® certification is conferred only on those who meet rigorous professional standards including completion of a comprehensive course of study in personal financial planning, passing the CFP Board certification examination, and fulfilling a multiyear work experience requirement. Congratulations Assistant Professor Lu Fan, PhD, CFP®!
Let's Talk Dough with Financial Wellness Expert, Jason Vitug
Posted: Apr. 23, 2018
Join Jason Vitug, financial wellness expert, who is the founder and CEO of Phroogal, as he discusses the social taboo of talking about money. The event is on Tuesday, April 24th from 6:00 to 8:30 pm at Shakespeare's Pizza, downtown.
Rabbani & Lawrence Receive Mangel Grant
Posted: Apr. 19, 2018
Assistant Professor Abed Rabbani, PhD, CFP®, and Professor and Chair Fran Lawrence, PhD, were awarded one of five $3,000 grants awarded by the Margaret W. Mangel Faculty Research Catalyst Fund for their project titled "Financial Knowledge Gap and Financial Risk Tolerance Among Young Adults." These grants are awarded annually to faculty of the College of Human Environmental Sciences as a way to assist with research scholarship/creative activity efforts. The primary goal is to "catalyze" new research initiatives that will grow into larger projects capable of being supported from sources external to the College. This grant is funded with support of former Dean Margaret Mangel, a visionary who was always looking for ways to improve the quality of life for people and was most generous in her support of ongoing activities of the college.
Yao & Lei Published Again!
Posted: Apr. 11, 2018
The Personal Financial Planning (PFP) Department is proud to recognize another publication by its faculty and alumni. Recent research by Rui Yao and Shine Lei found that an investor’s gender and household income mediate the effect of information source on investor portfolio performance. This is the first study of its kind to illustrate positive empirical evidence of the relationship between the service provided by financial planners in the United States and the financial outcome of their clients. Read "Source of Information and Projected Household Investment Portfolio Performance" in the March 2018 issue of Family & Consumer Sciences Research Journal.
Rui Yao, PhD, CFP®, is Associate Professor of Personal Financial Planning at University of Missouri-Columbia. Shine Lei, PhD, CFP®, earned her doctorate in Mizzou’s PFP program and is now Assistant Professor of Finance & Economics at West Texas A&M University.
Spotlight on Linsey Winkler, Junior
Posted: Apr. 5, 2018
Linsey Winkler, a junior Personal Financial Planning major, is an academic advising assistant for Dr. Starla Ivey and works part-time at a local bank. Linsey began Mizzou as a mechanical engineering major but working at the bank quickly made her realize that a career in financial services is where she wanted to be. She is the 2018 recipient of the Mid Missouri Estate Planning Council’s $1,000 scholarship. Linsey’s favorite part of the Personal Financial Planning program is the faculty and the passion they show for the field. She has taken time to get to know each of her professors and appreciates their willingness to take the time to make sure each student understands the material and succeeds inside and outside the classroom. In her spare time, Linsey enjoys playing softball and kickball and is a volunteer cheerleading coach at Benton Elementary School. Linsey will be spending the summer in Greensboro, NC, in an intern with Triad Financial Advisors working with PFP alumna, Lauren Bauer, CFP®.
Spotlight on Taylor Ahern, (BS 2012)
Taylor Ahern graduated with a Bachelor’s degree in Personal Financial Planning in December 2012. Following graduating she moved to Kansas City, Missouri, and began her career with American Century Investments, an Investment Management Company. She has since graduated with her Master of Business Administration from Rockhurst University in 2016.
Ahern, a Financial Consultant working with over 420 clients with assets exceeding $500 million, is responsible for developing investment and retirement plans for clients. Her expertise spans a broad array of financial topics, including investment planning, financial planning, retirement planning and diversification strategies. Taylor has clients all over the country and enjoys traveling to work with them. Her industry licenses include Series 6, 7, 63, and 65.
Christina Wang Elected Treasurer of GPC
Posted: Apr. 4, 2018
Congratulations to master’s student Christina Wang who was elected to serve as Treasurer of the Graduate Professional Council (GPC) for the 2018-19 academic year. Her role as treasurer will be to keep detailed records and provide a fiscal report to the Executive Board each month, coordinate scoring of travel grant applications and distribution of those approved grants, evaluate funding requests from student organizations with input of the Finance Committee (of which she is chair) and present those requests to the General Assembly for approval, serve as vice chair of the Student Fee Review Committee, and many other duties as outlined by GPC’s Bylaws. Christina began service to GPC as an elected at-large representative starting in August 2017 and recently volunteered her time to travel to and participate in the South Central Regional Conference of the National Association of Graduate-Professional Students. The Department of Personal Financial Planning is proud of Christina’s commitment to serve our campus in this capacity.
Dr. Rui Yao's Research Cited in St. Joseph News-Press
Posted: Apr. 2, 2018
Retirement research headed by Associate Professor Rui Yao, PhD, CFP®, was cited in the St. Joseph News-Press in its March 26, 2018, editorial, "Saving equals security."
Marco Pantoja, AFC® Quoted in WalletHub
Posted: Apr. 2, 2018
Marco Pantoja, AFC®, was recently interviewed by WalletHub for its Ask the Experts column on Climbing the Credit Score Range. He was asked to respond to three questions about credit score ranges and the importance of consumers to check their score.
Personal Financial Planning Day at Wells Fargo Advisors
Posted: Mar. 27, 2018
Wells Fargo Advisors will host a Mizzou Personal Financial Planning Day on Friday, April 6, 2018 from 10:00 am - 2:00 pm. Speakers include Diane Gabriel, Tim Kertz, and Scott Wren.
New Partnership with Wuhan University of Technology Announced for International Financial Planning Initiative
Posted: Mar. 22, 2018
The Department of Personal Financial Planning at the University of Missouri-Columbia has successfully garnered another partnership with a Chinese university as part of its International Financial Planning Initiative. The new partnership is with Wuhan University of Technology in Wuhan, China. Two degree options are available for the accepted students with the purpose of the providing either an accelerated dual bachelors to master’s degree program that will lead to a bachelor’s degree from Wuhan University of Technology and a master’s degree in Personal Financial Planning from the University of Missouri or a bachelor’s degree from both institutions. Dr. Rui Yao, CFP®, serves as the liaison for the program on the MU campus. More information can be found in the online brochure.
Cheng, Xu, and Yao Receive Graduate Professional Council Travel Grants
Posted: Mar. 19, 2018
Guopeng (Kevin) Cheng, Chen Xu, and Zheying (Anthea) Yao, all part of the doctoral program in the Department of Personal Financial Planning, received travel grants from the Graduate Professional Council (GPC). These grants ($200 each for Xu and Yao, $400 for Cheng) helped to offset the expense of traveling to Arlington, VA, in February to present their original research studies at the CFP Board Academic Research Colloquium.
Learn more information about each of these outstanding students.
Mary Dorn, PhD Candidate, Gives Back to the Community
Posted: Mar. 15, 2018
Giving back to the community is important for financial advisors. Doctoral Candidate Mary E. Dorn, MBA, gave her time to complete the tax return for Black Honey Bee Cosmetics, a Mizzou student-owned business, owned by Tiana Glass. They are pictured together here in the retail store located inside the MU Student Center.
Dalisha Herring, MBA, CFP® Named Tribute to Women Graduate Student Honoree
Posted: Mar. 15, 2018
Dalisha Herring, MBA, CFP®, was honored as the Tribute to Women Graduate Student Honoree by the Chancellor’s Committee on the Status of Women on March 12, 2018. A doctoral student in Personal Financial Planning, she is pictured here with her dissertation chair, Associate Professor Deanna L. Sharpe, PhD, and her nominators Amy Lannin, PhD, Director of MU’s Campus Writing Program, and Frances C. Lawrence, PhD, Professor and Chair of the Department of Personal Financial Planning. The Tribute to Women honorees are those who have worked above and beyond the expectations of their job responsibilities to help create an environment of equity, fairness and justice for women on the MU campus, including students, faculty and staff; and demonstrated respect for the diversity of women's experiences; and helped promote the advancement of women through education, advocacy, support and activism. Dr. Lannin shared, "Promotion of the advancement of women in higher education has been part of Dalisha’s experiences as a doctoral student, an instructor, and in her countless interactions with potential and current college students."
Andrew Zumwalt, CFP® Offers Affordable Care Act Training
Posted: Mar. 9, 2018
Andrew Zumwalt, MS, CFP® is an Assistant Extension Professor with MU Extension. He will present an Affordable Care Act (ACA) training for financial planners and professionals in central Missouri. Financial professionals who complete the training will receive three (3) CEU credits at no charge. Workshop topics include:
- Basics of the Affordable Care Act
- How to Help Individual and Family
- Consumers Navigate the Marketplace
- How to Integrate Marketplace Insurance into a Financial Plan
- Employer-Sponsored Health Insurance Under the ACA
Training is free and open to the public. Lunch is included at no cost. To register, contact Kate King at email@example.com by noon on Wednesday, April 25.
Monday, April 30, 2018
10:30 am to 2:00 pm
Rock Bridge Shopping Center
Hy-Vee, 2nd Floor Club Room
405 E. Nifong Boulevard
Dr. Abed Rabanni, CFP®, Dr. Rui Yao, CFP®, and Andrew Zumwalt, CFP®, Experts for Tax Day
Posted: Mar. 7, 2017
COLUMBIA, Mo. – As Tax Day draws closer, people are eager to learn how to make better financial decisions. From students to retirees, every stage of life has its own financial challenges. The University of Missouri offers the following scholars with various areas of expertise available for stories about personal finance, taxes and investing in advance of April 17.
Paying taxes: Andrew Zumwalt, a certified financial planner, is an active promoter of financial education and an expert in tax preparation. He can discuss how consumers can optimize their tax returns and maximize their refunds. Zumwalt is co-director of the Office for Financial Success in the College of Human Environmental Sciences.
Understanding credit: Amy Schmitz is a consumer advocate who can discuss the steps consumers can take to protect their credit, educate themselves about credit card pitfalls and prevent identify theft. Schmitz is a professor of law and founder of MyConsumertips.info.
Managing risk: Abed Rabbani is a certified financial planner™ and an expert in financial planning and risk management. He oversees the online Investment Risk Tolerance Assessment, which is available here. He can discuss investment risk tolerance, insurance and retirement among consumers. Rabbani is an assistant professor in the Department of Personal Financial Planning, which is located in the College of Human Environmental Sciences.
Investing wisely: Michael O’Doherty is an expert in asset pricing and investments. He can help consumers make optimal portfolio choices, with a specific emphasis on how investors should account for uncertainty over future tax rates when making retirement savings decisions. O’Doherty is an associate professor in the Robert J. Trulaske, Sr. College of Business.
Financial planning: John Howe is a behavioral finance expert who is able to discuss the psychological factors involved in financial decisions. He is the author of "The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions." Howe is a professor of finance, the Missouri Bankers Chair and chair of the Department of Finance in the Robert J. Trulaske, Sr. College of Business.
Planning for retirement: Rui Yao is an expert in personal financial planning. She can discuss financial risk tolerance, saving and investment behavior, and retirement preparation. She can also discuss gender differences in these areas. Yao is an associate professor in the Department of Personal Financial Planning, which is located in the College of Human Environmental Sciences.
Dr. Rui Yao Quoted in Barron’s
Posted: Mar. 6, 2018
Dr. Rui Yao and doctoral student Keven Cheng's research study on millennials and their saving plans towards retirement was recently featured on Barron's.
Millennials Are Not Adequately Saving for Retirement
Posted: Mar. 6, 2018
Dr. Rui Yao and doctoral student Kevin Cheng's research study on millennials and their saving plans towards retirement was recently featured on MU News Bureau. They found that nearly two-thirds of working millennials do not have retirement accounts.
Dr. Rui Yao
Investment Risk Tolerance Assessment - In the News
Posted: Mar. 5, 2018
The Investment Risk Tolerance Assessment (IRTA) is in the news again! The Maneater has taken notice of this 13-question assessment quiz originally created by John Grable, PhD, CFP®, (University of Georgia) and Ruth Lytton, PhD, (Virginia Tech) that was recently acquired by the Department of Personal Financial Planning from Rutgers University. Abed Rabbani, PhD, CFP®, Associate Professor, now operates the IRTA for the Department and is thrilled with the use and response of the quiz since its transfer to MU.
Spotlight on Lea Crawford Satterfield, CFP® (BS, 2009)
Lea Crawford Satterfield, CFP®, graduated with her BS in Personal Financial Planning (PFP) from the University of Missouri in 2009. In July 2012, she passed the CFP® examination, and in May 2016, she graduated with an MBA from Arizona State University. During her time at Mizzou, Lea was an HES Ambassador, President of Mizzou Financial Planning Association, a teacher’s aide within the PFP Department, and provided tax-preparation services through the Office for Financial Success.
Mizzou Financial Planning Students Compete in Contest Sponsored by Edward Jones
Posted: Feb. 23, 2018
Last fall, University of Missouri students from the Department of Personal Financial Planning had the opportunity to act like real-life financial advisors. Students in an investment management class were invited to compete in the Edward Jones Portfolio Challenge, a professional competition that allows students to step into the shoes of financial advisors and learn to create a diversified portfolio solution that fit clients’ long-term needs and desires.
With cash prizes on the line, students got to work putting together the best comprehensive plan to help their clients meet their financial goals.
Lu Fan, assistant professor of personal financial planning, is the instructor for investment management at Mizzou. She split her class up into teams and assigned them the case of the Gronkowskis, a fictitious married couple who recently received an inheritance.
"I enjoyed working with my students to provide them with hands-on financial planning experience,” Fan said. “The plans presented by the students were exemplary and reflect the exceptional quality of Mizzou’s personal financial planning students and faculty."
During the competition, students were tasked with devising a plan that would help the couple retire in ten years while paying for their son’s college education and leaving room for travel. The top three groups presented their plans before the class, faculty and representatives from Edwards Jones. Judges included Fan and working professional financial advisors Gina Mauller, Eric Willmeth and Nathan Brown.
According to Edward Jones, the benefits of the portfolio challenge include interaction with professionals in the investment field, developing analytical and presentation skills and an opportunity to learn real-world strategies based upon client needs.
"It was a great challenge and helped put everything we learn in the classroom into a real-world project," said Anthony Wight, a member of the winning team. "I hope we have the opportunity to do something like this for years to come."
Wright and his teammates—Rachel Heggs, Timothy Lux, Jimmy Merdian and Matthew Tomlin—received the top prize of $2,500. The second-place team, with students Brandon Fredman, Grant Fry, Cameron Harris and Christina Wang received a $1,500 cash prize. A third-place prize of $1,000 was awarded to Brandon Contreras, Victor Hoffman, Kelcey Nunley and Austin Wells.
"The Edward Jones Portfolio Challenge is just one of the ways MU personal financial planning students are able to get real-world, hands-on experience with partners in the financial industry," said Fran Lawrence, professor and department chair of personal financial planning. "I would like to thank Edward Jones for providing such a fantastic opportunity for our students."
Dr. Fran Lawrence 2018 Academic Research Colloquium Steering Committee Member
Posted: Feb. 23, 2018
Dr. Fran Lawrence served on the steering committee for the 2018 Academic Research Colloquium for Financial Planning and Related Disciplines. Sponsored by the CFP Board’s Center for Financial Planning, the international Colloquium met from February 20 – 22 at the Renaissance Arlington Capital View Hotel in Arlington, VA. Lawrence is pictured with Dr. Charles Chaffin, Director of Academic Initiatives - Center for Financial Planning, and other steering committee members, Dr. Mike Staten, University of Arizona, Dr. Lance Palmer, University of Georgia, Dr. Jonathan Fox, Iowa State University, and Dr. Mark Fedenia, University of Wisconsin.
Dr. Abed Rabbani, CFP® Interviewed by Primerates.com
Assistant Professor Dr. Abed Rabbani, CFP® was interviewed by Primerates.com about setting realistic financial goals.
Faculty Attend Commerce Trust Company’s Annual Investment Summit
Posted: Feb. 21, 2018
The University of Missouri Department of Personal Financial Planning faculty, Drs. Lu Fan, Fran Lawrence, and Abed Rabbani, attended Commerce Trust Company’s annual Investment Summit on January 25, 2018 in Columbia, MO. A crowd of more than 180 was on hand at the Country Club of Missouri to hear insights from Commerce investment professionals on expectations for the global and domestic economy, the macro forces at play in the equity markets, and how individuals and organizations might plan and set strategies for their investment portfolios in 2018.
The annual Investment Summit featured four Commerce speakers: Financial Planning Manager Guy Hockerman, CPA, CFA; Chief Economist and Director of Fixed Income Management Scott Colbert, CFA; Senior Vice President and Director of Investment Strategies Joseph Williams, III, CFA; and Senior Vice President and Investment Analyst Don McArthur, CFA.
As in years’ past at this forum, the Commerce team engaged early with attendees and welcomed questions throughout the program. After introductions to start the session, Hockerman led off with the "Key Elements of a Financial Plan," addressing the main planning concerns investors face when trying to make retirement funds stretch comfortably over the anticipated years of retirement.
Colbert, Williams and McArthur then followed with the investment overview section of the program, making their assessments of the global and domestic economy. They covered the financial waterfront on topics that included Federal Reserve policy, leading economic indicators, interest rates, inflation, wages, unemployment, corporate earnings and manufacturing. They also included a frank discussion of a nearing stock market correction, which actually occurred the following week in early February after the Summit.
Williams focused on the equity markets during his segment, reminding investors that it was really a matter of time before a market correction occurred. Up until late January, stocks had been progressing in an upward direction for 85 weeks without incurring a 5% correction. This extended low rate of volatility was considered highly unusual when equity indexes on average generally experience a 5% drop every 10 weeks. Historically, you would have to go back to the run-up in the 1920s for a comparable scenario. But Williams was quick to remind investors that Commerce believed a near-term market set-back would not signal the beginning of a Bear Market, but would rather simply be a normal market pull-back.
Dr. Lu Fran
Dr. Fran Lawrence
Dr. Abed Rabbani
After the market correction occurred a week later, Williams said "Rebalancing back to your long-term allocation is always the prudent thing to do, especially in a bull market that has now lasted for eight years, driving S&P 500 Index returns up over 250% from its lows back in 2009," said Williams. "We also believe this is a great opportunity for investors to evaluate their overall asset allocation, especially after a long hike in the stock market."
Personal Financial Planning On-Line Masters Rated #2 in U.S.
Posted: Feb. 15, 2018
Top Accounting Degrees, which bills itself, as "The #1 Internet Guide" to degree programs, rated HES’ Personal Financial Planning Program as the #2 program nationally for online Financial Planning degrees. The write-up noted the program "is an innovative program focused on supporting individuals and families to achieve economic security. . . Coursework covers everything from household economics to retirement and tax planning. Graduates are prepared to sit for the CFP examination through a rigorous curriculum and in-depth course content." CONGRATS TO PFP!
Dr. Rui Yao and Guopeng Cheng to be Recognized at Conference for Best Paper
Posted: Feb. 13, 2018
Congratulations to Dr. Rui Yao and PhD candidate Guopeng Cheng will be recognized at the 109th Annual Conference and Expo of the American Association of Family and Consumer Sciences on June 25, 2018 for their award winning article "Retirement Savings Behavior: Account Ownership and Account Balance," which was published in the December issue of the Family and Consumer Sciences Research Journal (FCSRJ). The article was selected as the Best Paper in Personal Finance/Consumer Economics for 2017. The criteria for the Best Paper selection in each of the sub disciplines is: originality and importance of the topic, strength of the methodology and results, and implications for a lasting contribution to family and consumer sciences.
Dr. Rui Yao
Research-Based Investment Risk Tolerance Assessment Overseen by Dr. Abed Rabbani
Posted: Feb. 5, 2018
Dr. Abed Rabbani, CFP® recently discussed the Investment Risk Tolerance Assessment with MU News Bureau. Dr. Rabbani says the Investment Risk Tolerance Assessment, now housed in the Department of Personal Financial Planning, will help investors and financial advisors assess investment risk.
Open Faculty Position
Posted: Feb. 1, 2018
The Department of Personal Financial Planning is currently seeking an assistant professor. This is a non-tenure track, nine-month position (65% teaching/35% service) with possible summer funding. This position will also serve as the director for the Office for Financial Success. The appointment will begin Fall semester 2018. Review of applications will begin immediately and the position will remain open until filled.
Personal Financial Planning Student Scholarships and Awards Continue to Climb
Posted: Jan. 31, 2018
Students in the Department of Personal Financial Planning continue to be recognized for their outstanding academic achievement.
Spotlight on Grant Fry, Senior
Posted: Jan. 29, 2018
Grant Fry, a senior from Jerseyville, IL, is a Personal Financial Planning student graduating in December 2018. Grant is passionate about learning all he can about the financial planning field and how planning can help people succeed with their goals. He completed an internship last summer with Edward Jones in Columbia, MO and will intern with Bank of America in Seattle, WA, this summer. Grant enjoys watching and playing sports in his spare time, as well as traveling and viewing old movies.
Linsey Winkler Receives Mid Missouri Estate Planning Council Scholarship
Posted: Jan. 25, 2018
MU’s Department of Personal Financial Planning congratulates junior Linsey Winkler on receiving the Mid Missouri Estate Planning Council’s annual scholarship of $1,000. She accepted her award from the MMEPC Scholarship Chair, Dr. Robert O. Weagley, CFP®, the Department’s Chair Emeritus, today at the organization’s quarterly luncheon. Winkler is pictured here with Dr. Weagley, as well as other attendees from the Department—Professor and Chair Frances C. Lawrence, PhD, Assistant Professor Lu Fan, PhD, and doctoral student Dalisha Herring, CFP®.
CFP Board Academic Research Colloquium
Posted: Jan. 25, 2018
The Department of Personal Financial Planning at the University of Missouri will be participating in the CFP Board Academic Research Colloquium in Arlington, VA, February 20-22, 2018. This is an international forum where researchers, practitioners, and graduate students gather to present and share research on the latest in the financial planning and related disciplines. The quality of the presentations is high with only a 33% acceptance rate for all presentation proposal submissions. Dr. Frances C. Lawrence, Professor and Chair, serves on the steering committee for the Colloquium, while 4 other faculty and 5 doctoral students will be presenting empirical research. These include Dr. Lu Fan, Dr. Abed Rabbani, CFP®, Dr. Deanna Sharpe, CFP®, Dr. Rui Yao, CFP®, Guopeng (Kevin) Cheng, Chen Xu, and Zheying (Anthea) Yao.
9 in 10 CFP® Professionals are Highly Satisfied with their Career
Posted: Jan. 24, 2018
Not only do CFP® professionals enjoy what they are doing, they also strongly feel that CFP® certification has had a positive impact on their career satisfaction and advancement, and has given them a competitive edge.
A study by Aite Group seeks to identify and quantify differences between financial advisors who hold the CFP® certification and financial advisors who do not hold the CFP® certification. The study also compares advising practices that include CFP® professionals to those without CFP® professionals across a range of key metrics. According to the study:
- 86% of CFP® professionals say that certification has had a positive impact on their career satisfaction
- 84% of CFP® professionals say certification has had a positive impact on their career advancement
- 81% of CFP® professionals believe they have a distinct advantage over financial planners who do not hold CFP® certification
- CFP® certification provides opportunities for a meaningful and satisfying career and can make a real difference in your ability to earn higher income. There is also satisfaction from a personal standpoint. You will find special gratification in working one-on-one with clients and helping them attain their financial goals. The connections you make and the professional relationships you build can prove to be highly rewarding on many levels.
If you enjoy working with people ... if you take pride in your achievements ... if you get a good feeling knowing you are helping others, CFP® certification can fulfill your highest aspirations.
For additional resources and information about CFP® certification, please review our Personal Financial Planning undergraduate degree program and visit the CFP® Board.
Personal Financial Planning Students Assist in Tax Preparation at VITA Sites
Posted: Jan. 23, 2018
Under the leadership of Andrew Zumwalt, CFP®, The Department of Personal Financial Planning faculty and students assist Missourians with their tax return preparation at Volunteer Income Tax Assistance (VITA) sites. The VITA program not only helps Missourians file their taxes but also provides Personal Financial Planning students a great, hands-on learning experience, exemplifying the "Missouri Method" of real world exposure that will help them as they enter the professional community.
Mary Dorn and Ben Beussink Attend FPA of Greater Kansas City Meeting
Posted: Jan. 22, 2018
Mary Dorn, MBA and PhD candidate, and Ben Beussink, CPA and PhD student, represented the MU Department of Personal Financial Planning at the FPA of Greater Kansas City January Chapter Meeting at the Embassy Suites in Olathe, KS. They are pictured with guest speaker, Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, whose topic was Tax Planning Developments & Opportunities Under TCJA. Dr. Fran Lawrence, Department Chair, also attended.
Dr. Graham McCaulley Spoke at the Spring Faculty and Staff Meeting
Posted: Jan. 15, 2018
The Department of Personal Financial Planning's Office for Financial Success Co-Director Dr. Graham McCaulley spoke at the College of Human Environmental Sciences Spring Faculty and Staff meeting on personal finance updates. Two timely topics were covered - recommended action steps in light of the Equifax data breach and changes to the income tax code from recent legislation. Although roughly half of American’s personal data (including social security numbers) was breached several months ago, the majority of consumers have not taken action to protect themselves from potential identity theft. The Office of Financial Success recommends most consumers place a security freeze on their credit files as well as monitor their current accounts. For more information on steps to take, as well as other topics, visit www.ofsmizzou.org.
Firms Want People Skills More Than Analytical Prowess
Posted: Jan. 15, 2018
For entry-level employees at advisory firms, the human touch is much more important than number-crunching skills, according to this year's Schwab Independent Advisor Outlook Study, whose findings were released this week in tandem with the annual Schwab IMPACT Conference in Chicago.
The study found that 82% of advisers seek employees with "people skills" versus 18% who are looking for employees who are "skilled with numbers." The survey also found that the top three backgrounds advisory firms consider valuable in candidates are communications, sales and consulting.
Investment Risk Tolerance Assessment Has a New Home
Posted: Jan. 10, 2018
NEW BRUNSWICK, NJ - After more than a decade being housed on a Rutgers Cooperative Extension personal finance web page, a 13-question survey to assess personal investment risk tolerance has moved to a website at the University of Missouri. The change is being made as a result of a website re-design involving the use of new programming language at Rutgers University.
The Investment Risk Tolerance Quiz was developed by Dr. John Grable at the University of Georgia and Dr. Ruth Lytton at Virginia Tech and was empirically tested and published in a seminal 1999 journal article about investment risk tolerance. "We never imagined how extensively the survey would be used. It has been used by financial planners to assess client risk tolerance and globally by researchers to advance the study of risk tolerance," noted Lytton.
The quiz has been featured widely in social media and in both personal financial planning textbooks and popular-press books for self-assessment of risk tolerance attitudes and the effect on personal investment decisions.” Even motivational speaker Tony Robbins featured it in a blog post. All of these efforts have increased awareness of the Rutgers survey and contributed to its popularity. When people search the words "Investment Risk Tolerance Quiz" on Google, the quiz is the first item that is listed.
More than 200,000 people have taken the quiz, which is believed to be the largest personal finance research data base ever created. Quiz data have been used for several dozen research papers and graduate student theses and dissertations. Rutgers Cooperative extension will continue to maintain a downloadable PDF print copy of the quiz on their website but active data collection and immediate online access to risk tolerance results will move to University of Missouri Personal Financial Planning Department. The site will be overseen by Dr. Abed Rabbani, CFP®, an Assistant Professor in the University of Missouri Personal Financial Planning Department. Dr. Rabbani obtained his PhD at the University of Georgia and studied under Dr. Grable.
"The online Investment Risk Tolerance Quiz is in good hands and will continue to benefit online users and generate useful data about investment risk tolerance for a new generation of personal finance scholars," noted Dr. Barbara O’Neill, a Distinguished Professor and Extension Financial Management Specialist at Rutgers University. Dr. John Grable stated that, "Dr. Barbara O’Neill and her colleagues at Rutgers University provided a valuable service to consumers and researchers by hosting the risk quiz. I am so pleased to know that the quiz will be available at no cost to the public through the University of Missouri."
On the receiving end of the quiz, Dr. Rabbani noted, "It is a privilege to oversee this large data collection effort. I have added affinity to it as my doctoral dissertation was based on the dataset utilizing this quiz. I thank Dr. Barbara O’Neill and Rutgers University for overseeing this valuable resource for so many years. We will give our best to ensure quality while it is hosted at the University of Missouri."
These thoughts were echoed by Dr. Fran Lawrence, Professor and department chair of the University of Missouri Personal Financial Planning Department, who noted, "It is definitely an honor to be associated with such a credible research tool created by Dr. Grable and Dr. Lytton and particularly rewarding to step into the footsteps of hosting the site from an outstanding professional as Rutgers’ Dr. O’Neill."
Investment risk tolerance is the amount of variability in the value of an investment that an investor is able to tolerate. It is a key factor in investment decision-making and is affected by many personal factors such as an investor’s age and prior investment experience and how financial markets are performing. Ongoing research about investment risk tolerance will enable researchers to better understand investor decisions.
Spotlight on Jim Deutsch, CFP® (BS, 1994)
Posted: Dec. 18, 2018
Jim Deutsch was a business student when he discovered the Personal Financial Planning department at the University of Missouri. He stayed another year to graduate in 1994, and says he owes much of his success to the program. Now the President and CEO of Smith Moore, Jim is also a graduate of Webster University with a Master’s Degree in Finance, and the Securities Industry Institute at Wharton School of Business.
As a financial advisor with over two decades of experience helping clients, he views himself as a holistic financial planner who creates plans to help clients achieve their life goals. By leveraging his extensive financial services experience and a network of competent teammates--including attorneys, CPAs and insurance professionals--he helps his clients solve financial concerns and questions.
Jim’s experience in the industry boasts a significant record of results in organizational development, process improvement, audit performance, portfolio management, and compliance and client service. He is described as a bold, decisive leader with an unblemished reputation, a strong work ethic and a passion to improve performance at all levels of the organization. Jim re-energized the organization and raised business standards in leadership, hiring new talent, and consolidating two St. Louis offices into one central, prestigious location. He drove technology utilization and improvements, and tightened financial controls while always ensuring regulatory compliance. Jim became a shareholder in 1999, a member of the Board of Directors in 2001 and President and CEO in 2003. Under his leadership, the firm has grown revenues each year and increased its assets under management from $400 million to over $2.5 billion. During Jim’s tenure the firm has expanded its footprint, with 10 branch offices in Missouri, Illinois and Kansas. He also manages a book of business with over $125 million in assets.
Jim was a 2008 recipient of the St. Louis Business Journal’s prestigious "Forty under 40" award. He serves on the Securities Industry and Financial Markets Association (SIFMA) Private Client Group, the St. Louis Regional Chamber & Growth Association Committee (RCGA), and serves as Board President of Covenant Place. Co-Chair of the 2016 St. Louis Delegation for Maccabi Games, Jim was also one of 20 participants from St. Louis in the Wexner Heritage program which promotes leadership and Jewish study. Beginning in 2018, Jim will be an adjunct faculty member at the Olin School of Business at Washington University in St. Louis.
He is a strong advocate for the financial planning industry as a top career choice for college graduates. "There is a high need for motivated and educated professionals in this field," says Jim. "I encourage high school students to consider the University of Missouri’s Personal Financial Planning major and pursue the CERTIFIED FINANCIAL PLANNERTM certification. It is a rewarding career."
How to Get an "A" in Retirement
Posted: Dec. 14, 2017
How to Get an "A" in Retirement enrollments launched this week. The first public course will begin early in January of 2018 and additional courses will start monthly. This is a premier course launched by Extension Nexus and led by PFP Extension faculty member Dr. Cynthia Crawford. "The non-credit course is all online and people appreciate the flexibility of being able to work on it when their schedules permit 24/7," says Dr. Crawford. "One module is released per week for eight weeks. An additional month is added beyond the 8 weeks to finish in case ‘life happens.’"
The course has an established track record of success with more than 250 people participating in the pilot. 100% recommend the course to you and report the time, energy and the registration fee spent on the course was well worth it.
Please extend this VIP invitation to enroll to friends and family wanting to increase their financial and psychological well-being in retirement and the years leading to retirement. University Extension provides research-based, evidence-based education. There are no sales pitches or specific product recommendations – Extension focuses on unbiased education. We are currently enrolling people for courses starting monthly January through July of 2018.
Those interested in being in the group starting in January or February, can enroll at a 50% savings($25 rather than the usual $50.) The discount code is MIZZOU and please feel free to share the discount code and information that follows with friends and family that may also be interested. Only January and February have the opportunity for you to get a 50% fee reduction.
Outstanding Senior: Fall 2017 Graduation Class
Posted: Dec. 14, 2017
Jiali Wu was selected as the Personal Financial Planning Outstanding Senior for the Fall 2017 graduation class. Jiali has consistently engaged in a high level of academic achievement since entering the degree program as a freshman. She received a black and gold cord to wear during the graduation ceremony to honor her accomplishment. Dr. Deanna Sharpe, CFP®, AFC® CRPC®, CRPS® stated "Jiali is a thoughtful and engaged scholar; the type of student that helps energize class discussion and engage her classmates in the adventure of learning."
2017 AFCPE Mary O'Neill Award Recipients
Posted: Dec. 12, 2017
Personal Financial Planning faculty, Graham McCaulley, PhD and Andrew Zumwalt, CFP® were recognized at the Association for Financial Counseling and Planning Education Symposium as recipients of the 2017 Mary O'Neill Mini Grant for the development and implementation of an innovative, high-impact financial education project. McCaulley and Zumwalt worked with a collaborative of national Cooperative Extension faculty from Midwestern universities to create a texting intervention project for graduating college seniors facing federal student loan repayment.
Andrew Zumwalt, CFP® Offers End-of-the Year Tax Tips
Posted: Dec. 11, 2017
Holiday shopping is in full swing for consumers around the nation. Shoppers spend money. Money comes from income. And where there’s income, taxes follow. Congress is in the middle of reforming the federal income tax code, but whether a new code emerges, the earliest it would take effect is 2018. "Right now, taxpayers need to concentrate on the current tax year," says Andrew Zumwalt, CFP®, assistant extension professor of personal financial planning with University of Missouri Extension.
With 2017 drawing to a close, Zumwalt recommends a few basic year-end tax moves for all income tax filers to consider, especially if they itemize deductions. "First, start building the folder," Zumwalt urges. "Have a readily accessible place where all the tax-related paperwork goes." This includes such things as receipts for charitable donations, medical expenses and work-related payments not covered by employers. The same file will also serve as a collection point for all reportable income forms (W-2s, 1099s, etc.) that make their appearance after Jan. 1.
"If you’re unsure whether an expense will be deductible, put it in the file anyway. You can sort them out during filing season." Second, be sure to take full advantage of any flexible spending accounts you may have established for medical and dependent care expenses. Generally, it’s a use-it-or-lose-it proposition, says Zumwalt. Third, if you have a dependent attending college, you can receive a tax credit for higher education payments you make in the calendar year, according to Zumwalt. "You may also want to accelerate payments for next year to the current tax year."
Finally, depending on the outcome of tax reform, taxpayers may want to accelerate other deductible expenses (such as charitable donations, and real estate and personal property taxes) from next year, by paying them before Jan. 1, 2018. The reason, says Zumwalt, is that if any of the current tax reform proposals become law, the standard deduction could double, making it harder to itemize. Another consideration is real estate and personal property taxes may no longer be deductible.
"Those possibilities could completely eliminate the value of deductible expenses for filers who won’t exceed the potentially new standard deduction in 2018." So, while you joyously anticipate the holiday season, don’t forget to keep an eye peeled for potential year-end tax-saving moves. They may help cover those post-holiday bills.
Personal Financial Planning Seniors, Erin Bowman and Matthew Tomlin, Selected to Participate in the 2018 TD Ameritrade National LINC Conference
Posted: Dec. 6, 2017
Congratulations to Personal Financial Planning seniors, Erin Bowman and Matthew Tomlin, who have been selected to participate in the 2018 TD Ameritrade LINC Conference being held January 30 – February 3 at the Hyatt Regency Hotel in Orlando. The conference brings together industry professionals to learn, be inspired, network and collaborate. The LINC conference is one of the largest industry events for investment advisors; technology providers; asset manager, practice management experts; world leaders; and financial planning students.
Marco Pantoja Passed the Accredited Financial Counselor® Examination
Posted: Nov. 30, 2017
Marco Pantoja, MS graduate student and Assistant Director of the Office for Financial Success, passed the Accredited Financial Counselor (AFC®) examination. The AFC® certification is the industry standard for those guiding individuals and families in financial education through the life cycle.
Dr. Abed Rabbani, CFP® and PhD Student Zheying Yao Research Reported in The Kitces Report
Posted: Nov. 30, 2017
The research of Dr. Abed Rabbani, CFP® and PhD Student Zheying Yao was reported in The Kitces Report in its highlights from the 2017 Academy of Financial Services Annual Meeting held in Nashville, TN.
Dr. Graham McCaulley and Brenda Procter Direct Health Insurance Education Initiative
Posted: Nov. 17, 2017
Department of Personal Financial Planning Faculty, Dr. Graham McCaulley, Assistant Extension Professor, working with Brenda Procter, Associate Extension Director, lead MU Extension’s statewide Health Insurance Education Initiative. The Initiative, supported by the Missouri Foundation for Health, has organized and trained over 100 outstate faculty across a variety of program areas within Extension to offer education in all counties of Missouri. This is the fifth year of the Initiative.
Recent news has many consumers confused about the status of the Affordable Care Act (ACA), also known as Obamacare. Because the ACA remains the law of the land, most Americans are required to have health insurance. Most consumers qualify for financial help to lower their costs on private plans available in Missouri’s health insurance marketplace. Missourians only have six weeks to sign up for a plan – from Nov. 1 to Dec. 15, 2017 – for coverage starting Jan. 1, 2018. Special enrollment periods are available year round for those who experience certain life-changing events.
McCaulley and Procter provide curriculum and technical support statewide and overall leadership for the program. MU Extension, through this Initiative, delivers free workshops for both consumers and professionals who offer insurance assistance to consumers. Workshops present the facts in a politically neutral environment to help participants understand and comply with current law, learn how to explore all available options, gain skills to make the best decision for themselves and their families, and identify nearby sources of enrollment assistance. To date, the Health Insurance Education Initiative has reached over 4,000 consumers directly and has reached over one million Missourians through media outreach.
Dr. Cynthia Crawford and Dr. Deanna Sharpe, CFP®, AFC® CRPC®, CRPS® Collaborate on Retirement Initiative
Posted: Nov. 9, 2017
University of Missouri faculty and staff on all four campuses can be so focused on their contributions to their families, the University and communities that they don’t take important actions to make their financial futures more secure. Personal Financial Planning has strong research and evidence-based action solutions that work to strengthen well-being in the years leading to retirement and in retirement. "That's why I was pleased to learn about the collaboration between Department of Personal Financial Planning faculty Dr. Cynthia Crawford, Extension professor, and Dr. Deanna Sharpe, CFP®, AFC® CRPC®, CRPS®, assistant professor, when I arrived at Mizzou. Each semester they find a way to kick it up a notch and this semester has been no exception," explains Dr. Fran Lawrence, Department Chair.
Both Drs. Cynthia Crawford and Deanna Sharpe are pleased to work with University faculty and staff in workshops like the one sponsored earlier in November for employee recognition week.
The online course, How to get an "A" in retirement, was developed by Crawford for 30,000 UM faculty and staff as part of the Healthy for Life wellness incentive. "I was very appreciative when Dr. Sharpe volunteered to review the course after the first draft was in place. She spent hours of her time to express, not by words, but by her actions, selfless support for a colleague and for University of Missouri Extension," says Crawford.
A unique aspect of the course is that each topic in the retirement planning process is approached from a positive psychology perspective to emphasize why financial planning is critical to support well-being. Participants are encouraged to build later life plans around the aspects of their lives that matter most to them. The instruction is encouraging, supportive, and, as participants have described the course as "really, really eye-opening," "confidence building," and "wildly beneficial."
Crawford and Sharpe make sure University employees know they can turn to the Office for Financial Success for one-on-one financial counseling and coaching and they can be confident in referring students there, too.
Their collaborative work benefits the University. Financially distracted employees are less productive during working hours. Eighty-nine percent of participants have stated that their stress has decreased as their financial knowledge and informed financial decisions and actions have increased. Course evaluations have been extremely positive with 98% reporting taking action for a better retirement. One-third of those completing the course report they are less financially distracted at work. Participants learn to replace worry with positive action solutions.
Their work also benefits students. UM employees with stronger financial backgrounds are better able to reach out to students with financial issues. The number one reason students leave school before graduating is financial issues. The Office for Financial Success can help - but only if the UM community knows about this positive resource.
They continue to work together and reach out to meet the retirement planning education needs of faculty and staff, including workshops Dr. Crawford presents during employee recognition week each semester and an informative pre-retirement seminar Dr. Sharpe presents for Human Resources each semester.
Dr. Abed Rabbani Earns CFP® Designation
Posted: Nov. 6, 2017
The Department of Personal Financial Planning is proud to announce that Abed Rabbani, PhD has earned the CFP® designation. Congratulations Dr. Rabbani, CFP®!
Dr. Rabbani joins MU Department of Personal Financial Planning faculty members (Dr. Deanna Sharpe, Dr. Rui Yao, and Andrew Zumwalt) who are CFP®s. Only a select group of planners have met the rigorous requirements necessary to call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
To earn the CERTIFIED FINANCIAL PLANNER™ designation, candidates must complete what the Board of Standards refers to as the "4 E’s":
Pantoja and Wight Visit Marquette High School, Chesterfield, MO
Posted: Nov. 3, 2017
Marco Pantoja, Assistant Director of the Office for Financial Success (OFS), and Personal Financial Planning Ambassador Anthony Wight visited Marquette High School in Chesterfield, MO, on Monday, October 30, 2017. The two discussed personal finance with the students, as well as educational opportunities with the MU Personal Financial Planning degree programs, other programs within the College of Human Environmental Sciences, and the University of Missouri. Students were receptive and happy to interact by asking questions and learning more about personal financial planning. Pantoja and Wight highlighted the benefits of attending Mizzou such as the OFS, lower than average student loan debt, and the excellent opportunities available at a land grant institution (e.g. Pell grants that can essentially pay for college). Read more about the CFP Board-Registered programs offered in the Personal Financial Planning Department at Mizzou.
Doctoral Candidate Mary Dorn and Co-Authors Publish Long-Term Care Insurance Study
Posted: Nov. 3, 2017
Doctoral candidate Mary E. Dorn published an empirical research study along with co-authors Dr. Deanna Sharpe, CFP®, AFC® CRPC®, CRPS®, MU Associate Professor Personal Financial Planning, Dr. Geri Dickey, Park University Assistant Professor of Social Work, and MU Doctoral student Dalisha D. Herring, CFP®. The article, Understanding the Determinants of a Long-Term Care Insurance Purchase, is forthcoming in the November 2017 Journal of Financial Planning (online edition available now).
Given rise in longevity and number of older adults, there is concern regarding adequacy of private and public funding for long-term care expenses and greater need to understand nuances of long-term care insurance (LTCI) funding. The study observed LTCI ownership of respondents at two points in time and classified them as LTCI purchasers, lapsers, owners, or non-owners. Authors found LTCI owners were typically older, married, and had fewer children while having higher wealth, income, and home equity values as compared with individuals in other categories. Those who allowed their LTCI to lapse over the study period (2006 to 2012) had the largest increase in assets but a 3.4% decrease in income. Assets of the purchasers decreased 17% while their income increased by 10%. Those who did not own LTCI most closely followed rational choice theory in that they had the lowest financial status and thus were more likely to be consumers of Medicaid benefits for long-term care should they need it.
Mary E. Dorn
Dr. Deanna L. Sharpe
Dalisha D. Herring
University of Missouri Listed as a Top University for Financial Planning
Posted: Nov. 2, 2017
Once again, the University of Missouri is listed as a top university for financial planning. The listing is drawn from a Financial Planning survey of universities that offer CFP Board-Registered Programs. Congratulations to the Mizzou personal financial planning students, staff, faculty and alumni who are dedicated to this quality program.
$1,000 Scholarship Available
Posted: Nov. 1, 2017
The Mid Missouri Estate Planning Council will award a $1,000 scholarship. The due date is November 8.
Dr. Cynthia Crawford Receives the Carl N. Scheneman Excellence in Teaching Award
Posted: Oct. 27, 2017
Congratulations to Dr. Cynthia Crawford, Extension Professor, Department of Personal Financial Planning, who received the Carl N. Scheneman Excellence in Teaching Award at the 2017 MU Extension Summit. The award recognizes a University of Missouri Extension faculty member for planning, conducting and evaluating one extension educational activity conducted in the past year. The activity recognized was the online course, How to get an "A" in retirement that combines research and best practices from personal financial planning with research from positive psychology. "Well-being in retirement starts with financial planning that includes goal setting, assessing one’s current financial situation, pension plan details, Social Security facts, taxation of various retirement income streams, saving and investing, estate planning, insurance changes and more. The course became more holistic and groundbreaking, though, with the addition of concepts from positive psychology that look at positive emotions, engagement, relationships, meaning, accomplishment, forgiveness and gratitude in retirement as well as the years leading to retirement," said Crawford.
How to get an 'A' in retirement" was also recognized by the University of Missouri Extension Association as one of the top three outstanding programs in 2017.
Human Environmental Sciences Instructional Designer Briana Johnson was key in working with Crawford to move the course into an online format. Johnson and Crawford’s teamwork significantly helped in the transition from a face-to-face instruction to delivering the content effectively online.
Dr. Fran Lawrence, Personal Financial Planning Department Chair, congratulates Crawford for her ground breaking work. Lawrence states, "While leading this project, Dr. Crawford has mentioned many times how its success reflects the support that the resident and Extension faculty have for one another’s work. Whenever she asked her Personal Financial Planning Extension colleagues for help, especially Andrew Zumwalt and Graham McCaulley, the answer was always yes. In addition, resident faculty member Deanna Sharpe generously volunteered to vet the course before it was sent to external reviewers. Sharpe and Crawford have continued to work together on retirement planning programming as a result."
Over 40 Personal Financial Planning Students To Attend Professional Development Opportunity at Edward Jones Headquarters
Posted: Oct. 26, 2017
On Friday, November 3rd, over 40 University of Missouri personal financial planning students, along with 4 faculty members, will take part in a professional development opportunity at Edward Jones Headquarters located in St. Louis, MO. Edward Jones corporate leaders, along with advisors who are MU personal financial planning alumni, will present. What an incredible opportunity this event will be for all!
Personal Financial Planning Students Receive Over $28,000 in Awards and Scholarships
Posted: Oct. 24, 2017
Personal Financial Planning students receive a record high number of awards and scholarships.
Doctoral Student Zheying Yao Receives AFCPE® Conference Scholarship
Posted: Oct. 19, 2017
Personal Financial Planning doctoral student Zheying Yao will be traveling to San Diego, CA, November 15-17, for the 2017 AFCPE® Symposium. As a student scholarship recipient, Yao receives complementary registration to the Symposium, a 1-night stay at the Symposium hotel, special mentoring opportunities, and 2017 AFCPE® membership. She will present her original research co-written with Dr. Abed Rabbani, CFP®, "Factors Associated with Fragile Families’ Emergency Fund."
The Association of Financial Counseling and Planning Education (AFCPE®) brings together research, education, and practice by supporting the financial planning and counseling profession through training, development, and other resources to improve the economic well-being of families and individuals.
Doctoral Students Receive Travel Grants
Congratulations Guopeng Cheng and Chen Xu, Personal Financial Planning doctoral students, on receiving travel grants of $400 each from the MU Office of Research and Graduate Studies to offset travel to the American Council on Consumer Interests Annual Conference to present original research.
PhD Students Receive National Award
Posted: Oct. 16, 2017
Dalisha Herring, CFP® and PhD student in Personal Financial Planning, received the highest award in the nation given by the Arthur N. Caple Foundation. As the 2017 ANC Scholar recipient, Herring will receive a $5,000 scholarship; travel and hotel accommodations for the NAGDCA Annual Meeting (valued at $1,800); and enrollment in the Certified Retirement Counselor® (CRC®) certification program, materials and exams (valued at $900). Herring will be honored during the National Association of Government Defined Contribution Administrators (NAGDCA) annual conference in Milwaukee in September.
Kevin (Guopeng) Cheng, PhD student in Personal Financial Planning, has been named a 2017 Arthur N. Caple Foundation Travel Stipend and Conference Registration Award recipient. Each year, the ANC Foundation provides 6 national scholarship awards to students who demonstrate academic excellence and understanding of the issues facing public sector retirement plans. Cheng will be honored during the National Association of Government Defined Contribution Administrators (NAGDCA) annual conference in Milwaukee in September. He will receive full travel, lodging, and registration expenses for this year’s meeting.
Meet Your 2017-2018 Student Financial Planning Association Officers
Posted: Oct. 5, 2017
2017-2018 Executive Board
Social Media Chairman
Students Attend Financial Planning Association of Greater Kansas City Career Day
Posted: Oct. 2, 2017
Members of the Mizzou Financial Planning Association, Rachel Heggs, Dhiman Sarker, Samuel Wheeland, and Anthony Wight, attended the 9th Annual Financial Planning Association of Greater Kansas City Career Day. The event, held at American Century Investments, provided excellent networking opportunities for students as they were able to sit down and ask one-on-one questions with financial planning professionals that enabled them to gain great insights into life in the industry. The day concluded with a Q & A panel session led by recent graduates from Personal Financial Planning programs. Participants discussed the challenges encountered with taking exams for CFP® certification and for Series 7 and Series 66 licenses. Anthony Wight, University of Missouri’s Personal Financial Planning Ambassador, said "The event offered a great learning experience for aspiring financial planners as the platform enabled attendees to gain knowledge from established professionals in the field."
Dr. Starla Ivey Partners with Chongqing University of Technology
Posted: Oct. 2, 2017
Dr. Starla Ivey, Assistant Teaching Professor in the Department of Personal Financial Planning, traveled to Chongqing, China in the Summer of 2017 to teach aspiring Mizzou Tigers personal finance. This was a collaborative effort between the Personal Financial Planning Department at the University of Missouri along with Chongqing University of Technology in Chongqing, China. Students learned the importance of becoming a Certified Financial Planner along with practical personal and family financial skills such as filing US personal taxes, making large purchases (buying a house/automobile), investing, and time value of money.
The summer course ran for 3 weeks and was taught all in English. For most of these students it was their first experience in an all English speaking course. One of the great things about FINPLN 2183 (Personal and Family Finance) is that it is a highly mathematical course and math/numbers transcends many languages. Dr. Ivey stated that "this was a powerful experience for myself as the instructor with all of the students having English as their second language. I have a much greater appreciation for what our international students go through in order to get to the United States and then also to survive in a foreign country. Being in Chongqing, as opposed to a highly visited city like Beijing, I was immersed in the culture and the daily lives of the Chinese citizens that I lived around. It was an amazing adventure and I believe I am a better instructor because of this experience."
The Department of Personal Financial Planning offers the 3+1+1 program where prospective students complete 3 years of undergraduate study in partner universities in China. During the third year, they apply for the non-degree seeking program at MU for the first "1" year, which allows them to complete their undergraduate degree. If they qualify, they can add another "1" year where the student enrolls in the PFP Master's Program.
New Report Shows Majority of Workers Not Ready for Retirement
Posted: Sep. 26, 2017
Dr. Alicia Munnell and colleagues at Boston College’s Center for Retirement Research released a study just days ago, pointing out that more than half of American workers are in danger of retiring without enough money. The National Retirement Risk Index is the Center’s estimate of how many Americans are in serious danger of not being able to maintain their lifestyles after age 65. The latest NRRI—based on the Federal Reserve’s most recently released Survey of Consumer Finances from 2013—shows 52% of U.S. households at risk of falling short of their post-retirement financial needs by 10% or more.
"This report and many additional indicators tell us how important the work of personal financial planning is not only for individuals and families, but for our economy, as well. While the report is considered a wake-up call by many, Mizzou’s personal financial planning alumni, students, faculty and staff are already mobilized with action solutions that are critical for people to have financial security in later life," points out Dr. Fran Lawrence, Mizzou’s personal financial planning department chair.
Kiplinger Names Financial Advisor a Top 10 Best Job for the Future
Posted: Sep. 26, 2017
Kiplinger recently reviewed 785 jobs and designated 10 high-salary jobs poised for strong growth in the coming decade – including "Personal Financial Advisor" as "Top 10 Best Jobs for the Future." The report cited a 23.8% projected job growth rate for financial advisors from 2016-2026, and noted that "Certification from the Certified Financial Planner Board of Standards enhances an advisor's credibility."
MU News Bureau Reports Dr. Rui Yao's Risk Tolerance Research
Posted: Sep. 20, 2017
Prior research has long shown that women are, on average, less risk tolerant in their financial decisions than men. This is a concern as investors with low levels of risk tolerance might have greater difficulty reaching their financial goals and building adequate retirement wealth because they are unlikely to invest in stocks. Now, a researcher from the University of Missouri has found that men and women do not think about investment risks differently. Instead, income uncertainty affects men and women differently, which leads to differences in risk tolerance.
Dr. Abed Rabbani, CFP® Publishes in the Journal of Financial Service Professionals
Posted: Sep. 12, 2017
In the September 2017 issue of the Journal of Financial Service Professionals, Dr. Abed Rabbani, CFP® along with Dr. John Grable published the article, "Does Engagement in the Stock Market Shape Willingness to Take Financial Risk?"
Dr. Lu Fan Joins Faculty
Posted: Sep. 12, 2017
Dr. Rui Yao Recognized as 2017-2019 Loren Dilsaver Research Scholar
Posted: Sep. 11, 2017
The College of Human Environmental Sciences is pleased to name the first group of HES Faculty Scholars. For the next two years, these individuals will carry named titles and receive additional resources to support their research.
The first group of HES Faculty Scholars has been made possible by donors who have established endowments in support of faculty. "The HES Faculty Scholars program represents the perfect union between our amazing faculty and the generosity of our donors and supporters," said Sandy Rikoon, Dean of HES. "A key strength of our college is the excellence of our faculty, and it is contributions to the college from our alumni and friends that allow us to recruit and retain the best faculty in the country."
Selected by unit leaders and other advisors, HES Faculty Scholars are designated either Research Scholars or Teaching Scholars. Research Scholar awards recognize the demonstration of research excellence and plans for research production and productivity over the two years of the award. Teaching Scholar awards are for individuals who have demonstrated excellence in the classroom and scholarly contributions to pedagogy or other dimensions of educational scholarship.
Loren Dilsaver HES Research Scholar
Data Breach for 143 Million Americans at Equifax
Posted: Sep. 8, 2017
Our PFP students know that credit histories are critical to working successfully with lenders, banks, utility companies, insurance companies, prospective employers and more. Credit reports contain sensitive financial information, too. The Federal Trade Commission announced September 8, 2017 that 143 million American consumers likely had sensitive personal information exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies. Our students, alumni and faculty will be working to help consumers protect themselves identify theft in this breach. They are urging people to visit Equifax’s website, www.equifaxsecurity2017.com. Click on the "potential Impact" tab and enter your last name and the last six digits of your Social Security number to learn if you are impacted by the breach.
Career Prospects Bright for Personal Financial Planning Grads
Posted. Sep. 8, 2014
College is often considered the surest path to a lucrative career. After all, according to the U.S. Bureau of Labor Statistics, a worker with a bachelor's degree typically earns two-thirds more than someone with just a high school diploma. But not all college degrees are created equal. "Increasingly, students want to understand the career and income opportunities associated with their college education," says Lydia Frank, Pay Scale vice president, in a statement. "To determine which majors typically come with the best hiring prospects and pay, we analyzed data for 126 popular college majors." Kiplinger’s report was released in September 2017.
"It’s no surprise that Personal Finance is among the top ten lucrative majors identified by Kiplinger's," says Department Chair Fran Lawrence. "Money matters are growing more complex at all stages of the adult life cycle and people need top personal financial planning professions, like those we graduate at Mizzou." Kiplinger’s forecasts that the projected 10-year job growth is a brisk 13.1%. 1.4 million jobs are posted annually. Median starting salary for all majors is $43,250 however the entry-level salary for the finance field is $53,300. Kiplinger’s also points out mid-career salaries in this field are $93,200, exceeding the median mid-career salary for all majors of $74,700.
Dr. Rui Yao Quoted in CNN Money
Posted: Sep. 6, 2017
Dr. Rui Yao, Associate Professor in the Department of Personal Financial Planning, was recently quoted in a CNN Money article on LinkedIn regarding the need to hire a financial adviser.
You're at crossroads with your finances and you're not sure where to go from here. Is it time to seek out expert advice? Maybe. But the first thing to note is that a "financial adviser" isn't necessarily what it sounds like. Dr. Rui Yao says most advisers want to work with wealthy clients. That's how they make money. Rearranging debt and budgeting is not their primary focus.
Dr. Frances Cogle Lawrence Appointed Department Chair
Posted: Aug. 10, 2017
Following a nationwide search, Dr. Frances Cogle Lawrence was appointed Chair and Professor of the Department of Personal Financial Planning at the University of Missouri’s College of Human Environmental Sciences by Dean J. Sanford Rikoon. Dr. Lawrence joined the faculty on July 1, 2017.
"Dr. Lawrence stood out, not only for her outstanding leadership at Louisiana State University, but for her award-winning teaching, solid research activity, and passion for the profession" said Rikoon. "She brings extraordinary energy for the university, alumni and business community, and will deliver her bold leadership to a department specializing in financial planning research and curricula that enables outstanding career opportunities for undergraduate and graduate students."
A native of Richmond, VA, she earned an undergraduate degree from Virginia Tech and her master’s and doctorate degrees from Florida State University. Before coming to MU, Dr. Lawrence served as the George Cire and Lena Grand Williams Endowed Alumni Professor at Louisiana State University, and also as the Ourso Professor of Communications in the Department of Finance and Associate Dean in the E. J. Ourso College of Business.
At LSU, Lawrence led CFP Board-Registered Programs and was a founder of the LSU Student Financial Management Center. Strategic partnerships with companies, such as Charles Schwab, Edward Jones, Exxon Mobil, LPL Financial, Merrill Lynch, MetLife, Northwestern Mutual, Raymond James, Regions Financial Corporation, TD Ameritrade and Wells Fargo, attracted funding and resulted in student internships, scholarships, and career opportunities.
"It is very apparent to me that Dr. Lawrence’s passion for student learning and her leadership skills will be a winning combination for the University’s Department of Personal Financial Planning," said David Keller, President of the Bank of Missouri.
With a mission of leading the University of Missouri’s financial planning department to further national and global recognition, Lawrence is committed to meaningful research, to students becoming leaders in the financial planning industry with a special emphasis on obtaining the CFP® and AFC® professional certifications, and to forging strong relationships with financial planning professionals. "I am pleased to join an outstanding group of faculty, staff and students at the University of Missouri. Their dedication to superior academic programs and research, along with a supportive and engaged network of alumni, industry and campus partners, makes this a unique and exciting opportunity," said Lawrence.
"As the Department of Personal Financial Management’s new chair, Frances Lawrence will bring a new vision, fresh talent and renewed energy to the department," said Provost Garnett Stokes. "She has received a multitude of honors and awards for teaching, research and service to the profession. Furthermore, Dr. Lawrence is deeply committed to collaborations with other academic units on the University of Missouri campuses and the financial planning industry."
Dr. Abed Rabbani, CFP® Featured in Article on "Establishing Credit History"
Posted: Jul. 26, 2017
Dr. Abed Rabbani, CFP®, Assistant Professor of Personal Financial Planning, recently spoke with the site WalletHub.com (one of the leading outlets covering the personal finance industry) on the subject of "Establishing Credit History."
Among the tips offered, Dr. Rabbani recommended checking one’s credit report from www.AnnualCreditReport.com for free.
Dr. Cynthia Crawford Earns Graduate Certificate in Positive Psychology
Posted: Jul. 25, 2017
Dr. Cynthia Crawford, Extension Professor, has earned a graduate certificate in positive psychology from the University of Missouri. She combined subject matter from personal financial planning with positive psychology to craft a holistic retirement planning online course for 30,000 faculty and staff on all four campuses of the University of Missouri. The course is titled How to get an “A” in retirement. Dr. Crawford and University of Missouri Extension faculty will begin delivering the online course to residents of Missouri via the Extension Nexus efforts in coming months. Dr. Crawford is continuing her positive psychology studies with Dr. Martin Seligman, considered the founder of positive psychology, and colleagues at Penn State University. Crawford explains, “Positive psychology is a science and research based discipline looking at effective interventions for dialing up well-being. Personal Financial Planning is about increasing your financial well-being. As the development work of the course progressed, it was clear it was incomplete without the contributions of both disciplines.” The work at Mizzou is ground-breaking in combining the two in an interdisciplinary approach to financial education and retirement planning and is receiving national attention.
Office for Financial Success Cited Where Quality Research Is Conducted
Posted: Jul. 20, 2017
The Office for Financial Success was recently cited as one of four financial counseling labs where quality research is conducted. For more information see the article, How Financial Counseling Laboratories Will Change Financial Planning .
Zumwalt, McCauley, King, Pantoja, and Lawrence Attend Hot Salsa Night
Posted: Jul. 19, 2017
Andrew Zumwalt, CFP®, Dr. Graham McCaulley, Kate King, and Marco Pantoja of the Department of Personal Financial Planning’s Office for Financial Success along with Department Chair Dr. Fran Lawrence and numerous advocates attended Hot Salsa Night, a charitable event supporting the Human Environmental Sciences Extension’s Family Impact Center Camp Salsa program. Camp Salsa helps local youth learn about money management, entrepreneurship, sustainable gardening, and many other valuable life skills.
Dr. Abed Rabbani Passes CFP® Certification Examination
Posted: Jul. 18, 2017
Congratulations to Dr. Abed Rabbani who passed the comprehensive CFP® Certification Examination exam on July 17, 2017. Passing of the exam is one of the 4 requirements for becoming a CFP® professional. The CFP® Certification Examination assesses one’s ability to apply financial planning knowledge, in an integrated format, to financial planning situations.
Congratulations Personal Financial Planning Graduate Students
Posted: May 18, 2017
Guopeng Cheng and Chen Xu were selected to receive the Student Conference Scholarships for the 2017 American Council on Consumer Interests (ACCI) conference held April 21-23 in Albuquerque, NM. Their papers were accepted to be presented at the conference. The titles of their papers are: Guopeng Cheng – Are Millennials Saving for Retirement? and Chen Xu – Financial Literacy of Chinese College Students. Since 1953, ACCI has been a leading membership organization for academicians and other professionals involved in consumer and family economics. Both Cheng and Xu are from China and are second year PHD students in the Department of Personal Financial Planning. Congratulations!
Gupeng Cheng, second from the left, and Chen Xu, eighth from the left (center).