This column provides an introduction to the use of big data and data analytics within the financial services profession. Although the concept of big data is not new, the tools and techniques used to analyze large data sets are becoming more sophisticated and precise. Based on new methodologies, it is likely that big data will fundamentally change the way in which financial advisors practice in the future.
Author: John E. Grable, PhD, CFP, holds an Athletic Association endowed professorship at the University of Georgia, where he conducts research and teaches financial planning. He is best known for his work related to financial risk tolerance assessment and psychophysiological economics. He serves as the director of the Financial Planning Performance Laboratory at the University of Georgia.
Author: Angela C. Lyons, PhD, is an associate professor and the director for the Center for Economic and Financial Education at the University of Illinois at Urbana-Champaign. She received her PhD in economics from the University of Texas at Austin, where she specialized in advanced applied microeconometrics. She is widely recognized as an international expert in household and behavioral economics. Her research includes work related to the impacts of financial planning, counseling, and education on households’ decision making, financial security, and health and well-being.