Personal financial planning in Poland against the background of international experience

• Authors: Waliszewski Krzysztof
• Languages of publication: EN

Abstracts

EN

The objective of this article is to present a profession personal financial advisor in Poland against the background of an international perspective ( the USA, the United Kingdom and the EU). The main hypothesis of this article is as follows: personal financial planning in Poland is developing area and its role will be growing in the future, especially in the pension, investment, insurance and credits area, but this growth will depend on the growth of economic and financial literacy, the enrichment of Polish society and the creation of public confidence towards the personal financial advisor profession. The auxiliary hypothesis of the article is as follows: the main barriers in the development of the financial advisor profession in Poland are low financial knowledge/financial literacy, lack of awareness in the benefits of personal financial planning and advising, reluctance to pay for professional financial advice, low savings rate and lack of regular savings habit and the low level of advice services’ market regulation. Verification of the hypothesis will base on literature study and own study executed among independent personal financial advisors.

Keywords

EN

personal finance; household finance; financial literacy; financial advisor

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Nauki o Finansach
• Year: 2014
• Issue: 4(21)
• Pages: 111-134

Contributors

author

Waliszewski Krzysztof

References

• Adviser Numbers in Line with Expectations, FCA, www.fca.org (15.08.2013).
• Altfest L., 2004, Personal financial planning: Origins, developments and a plan for future direction, “The American Economist”, vol. 48, no. 2.
• Brandon E.D.,Jr., Welch H.O., 2009, The History of Financial Planning: The Transformation of Financial Services, John Wiley & Sons.
• Bridging the Advice Gap. Delivery Investment Products in a Post-RDR World, 2012, A Deloitte insight report.
• Dunton L., 1986, The Financial Planner: A New Professional-Yesterday-Today-Tomorrow, Longmlian Financial Services Publishing.
• Ennew C., Waite N., 2013, Financial Services Marketing: An International Guide to Principles and Practice, Routledge, Abingdon.
• Fatuła D., 2010, Polish households’ behaviour on the financial market, Publishing House of the Cracow University of Economics, Cracow.
• FECIF White Book 2009.
• Financial Planning Process, Certified Financial Planner Board of Standard, www.cfp.net.
• Financial Planning Profiles of American Households: The 2013 Household Financial Planning Survey and Index, A Summary of Key Findings, 18 September 2013.
• Financial Planning Standards Board Ltd. (FPSB), www.fpsb.org.
• Finanzvertriebe: Weniger Berater, mehr Provisionen, 31 July 2012, www.cash-online.de.
• FSA formally approves IFP as an Accredited Body, Institute of Financial Planning Press Release, 26 September 2011.
• FSA formally approves IFP as an Accredited Body, Institute of Financial Planning Press Release, 26 September 2011.
• Garman E.T., Forgue R., 2011, Personal Finance, Cengage Learning.
• Gitman L., Joehnk M., Billingsley R., 2013, Personal Financial Planning, Cengage Learning.
• Hanna S.D., 2011, The Demand for financial planning services, “Journal of Personal Finance”, vol. 10, no. 1.
• Hanna S.D., Lindamood S., 2010, Quantifying the economic benefits of personal financial planning, “Financial Services Review”, vol. 19, no. 2.
• Harrison D., 2005, Personal Financial Planning: Theory and Practice, Pearson Education.
• IFAs: Turbulent Times Ahead, 2012, Grant Thorton, November.
• Jajuga K., 2008, New trends in the financial management of individuals, [in:] P. Karpuś, J. Węcławski (ed.), Financial Market. Inspiration of European integration, Publishing House of the UMCS, Lublin.
• Jajuga K., 2013, Ryzyko inwestycji gospodarstwa domowego – koncepcja pomiaru, [in:] K. Marcinek (ed.), Inwestycje i nieruchomości we współczesnej gospodarce: księga jubileuszowa prof. zw. dr hab. Haliny Henzel, Prace Naukowe Uniwersytetu Ekonomicznego w Katowicach, Katowice.
• James K., Germany Imposes New Rules on Financial Advice, www.dw.de.
• Koh B., 2012, Personal Financial Planning, TF Press.
• Liberda B., 2000, Saving in the Polish economy. Facts and myths, PTE, Bellona Publishing House, Warsaw.
• Madura J., 2010, Personal finance, Pearson.
• Maison D., 2009, Financial knowledge of Poles, the report Kronenberg Foundation at Citi Handlowy, Maison Research House, September.
• Maison D., 2014, The role of financial institutions in society, materials from the conference Leaders elections - Indicators or values?, Warsaw, 30 October, The research house Maison, www.nieodpowiedzialni.pl.
• Number of CFP professionals worldwide tops 150,000, 27 February 2014, www.fpsb.org.
• Personal financial advisors, United States Department of Labor, Bureau of Labor Statistics, www.bls.gov.
• Personal financial planning process by ISO 22222:2005, www.standardsinternational.co.uk.
• Professional Designations, FINRA (Financial Industry Regulatory Authority), www.finra.org.
• Retail Distribution Review, www.fsa.gov.uk.
• Retail Distribution Review: Independent and Restricted Advice, 2012, Financial Services Authority, June.
• Rytelewska G., Szablewski A., 1993, Savings in the national economy, “Bank and Credit”, no. 4.
• Smyczek S., 2007, Models of consumer behavior in the financial services market, Publishing House of the University of Economics in Katowice, Katowice.
• Świecka B., 2011, Household finance and personal finance – new challenges of theory, [in:] K. Jajuga (ed.), Finance – New Challenges for Theory and Practice. Financial Market, Scientific Papers of the University of Economics in Wroclaw No. 174, Publishing University of Economics in Wroclaw, Wroclaw.
• Świecka B., 2009, Insolvency households. Causes - effects - counteracting; Difin, Warsaw.
• Szymańska-Koszczyc M., Certified European Financial Advisor EFA in Poland, www.blog.wib.edu.pl.
• The Financial Advisors Market in Numbers, 2013, Edition 1.1, The Association of Professional Financial Advisors (APFA), July.
• The Financial Advisors Market in Numbers, 2014, Edition 2.0, The Association of Professional Financial Advisers (APFA), April.
• Waliszewski K., 2012, European standards for financial advisory services in Poland, [in:] I. Pyka, J. Cichorska (eds.), Finance in an Unstable Environment – Dilemmas and Challenges. Banking, Publishing House of the University of Economics in Katowice, Katowice.
• Warschauer T., 2002, The role of universities in the development of the personal financial planning profession, “Financial Services Review”, vol. 11.
• Zięba F., Financial Advisor – profession of the future. Financial market changes inevitable, www.pte.pl.
• Zięba F., 2007, The evolution of financial intermediation in Poland and Europe, conference material organized by Polish Chamber of Insurance Insurance Mediation – trends and current problems, 4-5 October, www.piu.pl.
• [1] ww.efpa-eu.org.
• [2] www.blog.wib.edu.pl.
• [3] www.bls.gov.
• [4] www.cash-online.de.
• [5] www.cfp.net.
• [6] www.dw.de.
• [7] www.efpa-eu.org.
• [8] www.fca.org.
• [9] www.finra.org.
• [10] www.fpsb.org.
• [11] www.piu.pl.
• [12] www.pte.pl.
• [13] www.sec.gov.
• [14] www.standardsinternational.co.uk.