Financial Services Professionals Research Articles

Breaking Down the Barriers: The Schoharie County Local Agri-Preneurship Project for Next Generation Farmers

ABSTRACT The Schoharie County Local Agri-Preneurship Project for Next Generation Farmers (hereafter, the SCHOCO-LOCA project) was initiated to determine the opportunities and barriers facing that locale's new agriculturists. Using data collected from a series of focus groups including area high school students, farmers, and agricultural, financial, educational and human service professionals, the study identifies a set of barriers named by the acronym TACS (Technical problems, Assumptions, Community concerns and Social issues) that is threatening the health and future of Schoharie County's agricultural industry. After examining the changing structure of U.S. agriculture and the concomitant impact on Schoharie County, the study explains the problems that collectively create the barrier of TACS. Technical problems included a lack of custom services, lack of knowledge about farm transfers, an unfulfilled demand for information about alternative agriculture, and a need for improved business management skills. Observed assumptions included feelings that the state's land grant school was not concerned with the county's agricultural future, impressions that new farmers were destined for a life of poverty, and that new agricultural businesses were necessarily part of a conventional, input-intensive agricultural paradigm. Community concerns expressed by focus groups included a lack of co-operation and communication between different agencies, an impression within the education system that agricultural courses are generally meant for students who are incapable of handling traditional classroom instruction, a community-wide perception that the local state agricultural college is not a respected post-secondary education institution, conflicts among the agricultural and non-agricultural community members, and confusion among the agricultural service industry regarding who is a farmer deserving of support services, and who is not. Social issues facing the farmers included relationship strife amongst themselves, an independent mindset that prevents farmers from seeking assistance, isolation, apathy and depression, and a need to organize the agricultural sector for political purposes. Recommendations include suggestions for helping farmers work together, capitalizing on new agricultural trends for diversification and niche marketing, and acknowledging the importance of local agriculture on a community-wide basis. While this study addresses the specific concerns of one rural community, practitioners in the field of sustainable agriculture development may find some of the concepts insightful as they reflect on their own situations and experiences.

Investors' risk tolerance and return aspirations, and financial advisors' interpretations: A conceptual model and exploratory data

Many resources available to aid financial services professionals emphasize investment products rather than client characteristics. Financial advisors can use various resources to review quantitative details about investment products, for example, investor-clients’ previous investments, past performance of particular investment products, ratings of investment products presently available in the market place, and so on, but have little more than intuitive, subjective judgments as a basis for understanding clients’ investment needs and aspirations relevant to their investment decisions. In Etzioni’s terms, financial services professionals have a wide array of resources concerning “Logical/Empirical” (L/E) factors but comparatively few systematic techniques or guidelines for accurate assessment of clients’ “Normative/Affective” (N/A) attributes.(5*6’ The authors address these practical matters in the context of (a) Heider’s contention that scientific psychology can benefit from analysis of commonsense psychology beliefs, (b) person perception theory, and (c) problem solving

Review of Book Entitled Protecting against Inflation--and Maximizing Yield: Comment

I wish to thank Mr. Robert Puelz (1988) for his numerous complimentary remarks in his review of my book entitled Protecting Against Inflation -and Maximizing Yield. The book was intended to sensitize financial service professionals to the horrors of decreased purchasing power; to provide useful information about insurance product performance; and to provide clear information about Life of Georgia's experience with the Cost of Living policy, in the hope that other insurers will answer the challenge of inflation. I am glad that Puelz found the ideas about future financial products to be thought-provoking. However, there are a number of points which I would like to clarify. Puelz states: Although written with an fund manager in mind, this book can just as easily be understood by a novice. The book was, in fact, written for investment novices among whom are: persons supervising or reviewing the work of fund managers, but who are not professional managers themselves; persons designing financial services products; owners of some financial services products, who are expected to make their own decisions in spite of a lack of professional expertise in the field (this would include owners of universal-variable plans and numerous other products); and life insurance agents and financial services professionals who find themselves in the position of discussing strategy questions with clients. Investment results have become too important to leave solely to the fund managers. I take exception to Puelz's remark: In some ways the credibility of the book is tainted by the inclusion of the chapter on That chapter reaches the optimistic conclusion that performance can overcome inflation. This is a fundamental point, making the various financial services products viable. Because of this fundamental point, and because this is a book about inflation, it was necessary to explore how performance, which might overcome inflation, could best be achieved. The chapter on investments certainly did need to be included. Mr. Puelz discusses the Theory of the Economic Series, which is at the core of my strategy. I will summarize the strategy as follows: -The

Protecting against Inflation and Maximizing Yield

Protecting Against Inflation - and Maximizing Yield I wish to thank Mr. Robert Puelz (1988) for his numerous complimentary remarks in his review of my book entitled Protecting Against Inflation - and Maximizing Yield. The book was intended to sensitize financial service professionals to the horrors of decreased purchasing power; to provide useful information about insurance product performance; and to provide clear information about Life of Georgia's experience with the Cost of Living policy, in the hope that other insurers will answer the challenge of inflation. I am glad that Puelz found the ideas about future financial products to be thought-provoking. However, there are a number of points which I would like to clarify. Puelz states: Although written with an fund manager in mind, this book can just as easily be understood by a novice. The book was, in fact, written for investment fund managers, but who are not professional managers themselves; persons designing financial services products; owners of some financial services products, who are expected to make their own decisions in spite of lack of professional expertise in the field (this would include owners of universal-variable plans and numerous other products); and life insurance agents and financial services professionals who find themselves in the position of discussing strategy questions with clients. Investment results have become too important to leave solely to the fund managers. I take exception to Puelz's remark: In some ways the credibility of the book is tainted by the inclusion of the chapter on That chapter reaches the optimistic conclusion that performance can overcome inflation. This is a fundamental point, making the various financial services products viable. Because of this fundamental point, and because this is a book about inflation, it was necessary to explore how performance, which might overcome inflation, could best be achieved. The chapter on investments certainly did need to be included. Mr. Puelz discusses the Theory of the Economics Series, which is at the core of my strategy. I will summarize the strategy as follows: - The business cycle can be broken down into four periods - one optimistic, one pessimistic, and two changing. Investment yields and other economic results vary remarkably from one period to another; this is especially true relative to three principle forms of investments: three month bills, long term bonds, and common stocks. To achieve the most satisfactory protection against inflation, this variation must be understood and used. Various trading strategies are considered; the one recommended in the book is the Prudent Mixture Strategy. Any trading strategy depends on determination of economic period. The book suggests the theory of underlying mood as one means of determining economic period; this is a controversial suggestion which might just turn out to be correct. Puelz apparently has difficulties with the efficiency implications of the theory. The Efficient-Market Hypothesis is often described and research by financial writers, but not all agreed with it. Farrell (1983), for example, after a thorough discussion of the hypothesis, states: There is opportunity for managers to develop superior insights with the potential for above-average performance. I myself disagree with the efficient market hypothesis because of long observation of the fact that fund managers, when faced with the same set of circumstances, do not al take the same course of action; their courses of action can differ very widely. Puelz also has difficulties with the underlying mood theory. He states: no doubt psychiatrists knowledgeable in projectionism would have certain arguments against the accuracy of a single investor's measurement of the state of social psychology. The underlying mood theory was developed in consultation with a distinguished professor who is an authority on psychiatric phenomena, and who believes very strongly in the theory. …

Financial Expertise, Examinations, and the Formulation of Economic Policy in Northern Sung China

This paper is primarily concerned with the institutional framework of economic policy formulation in China during the Northern Sung dynasty (960–1126). During this period there evolved a professional financial service whose members had a direct influence on economic legislation either as incumbents in fiscal offices or as members of Imperial advisory organs. The financial specialist was seen as possessing a specific body of expertise—administrative ability, talent in mathematics, a knowledge of classical Chinese monetary theory and familiarity with the history of economic policy. These attributes were tested in the civil service recruitment examinations and used as criteria for the recommendation and assignment of men to fiscal posts. The resulting consistency and predictability in legislation was a significant aspect of material progress in eleventh century China. The article is based on an extensive analysis of biographical information contained in chronicles, dynastic histories, records of conduct, and funerary inscriptions, as well as extant copies of examination questions and answers and edicts of appointment contained in the collected papers of Nordiern Sung writers.