Over the past few years, you have probably heard the term “fit-for-purpose” being used as a way to describe the value of risk-tolerance assessment tools. In this column, we review what is meant by the term fit-for-purpose and summarize nine standards that we believe comprise fit-for-purpose standards.
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. Dr. Grable is best known for his work related to financial risk tolerance assessment and behavioral financial planning. He serves as the director of the Financial Planning Performance Laboratory.
Author: Amy Hubble, PhD, CFA, CFP, is the principal investment advisor at Radix Financial, LLC, specializing in research-based, long-term investment management and planning. Amy earned an MBA from the University of Oklahoma, a PhD in consumer economics and financial planning from the University of Georgia, and is both a CFA charterholder (CFA) and Certified Financial Planner (CFP).
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