A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World
With COVID-19 still making headlines around the world, many people currently feel uncertain about many aspects of life, including family financial planning and wealth management. Financial planning is important at all times, but it becomes essential during a crisis such as the coronavirus pandemic,...
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Format: | Article |
Language: | English |
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MDPI AG
2022-09-01
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Series: | Axioms |
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Online Access: | https://www.mdpi.com/2075-1680/11/9/452 |
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author | Chia-Chi Sun |
author_facet | Chia-Chi Sun |
author_sort | Chia-Chi Sun |
collection | DOAJ |
description | With COVID-19 still making headlines around the world, many people currently feel uncertain about many aspects of life, including family financial planning and wealth management. Financial planning is important at all times, but it becomes essential during a crisis such as the coronavirus pandemic, which has disrupted people’s finances. Some economic consequences are already apparent, but the financially-induced stress caused by the uncertainty is less visible. With the increase in family wealth and size of organizations, there is a comparable increase in their assets. There is considerable demand for professionals to manage these assets and coordinate investment activities in order to maintain growth. This raises the issue of how to increase a wealth management bank’s competitive advantages. This study approached the issue by using experts and the application of fuzzy logic and decision-making trial and evaluation laboratory and multiple criteria decision-making to segment a set of the selection criteria used by prospective customers, to select a wealth management bank that can effectively manage personal wealth. The results showed that the management’s learning and growth perspective was the most important factor in respondents’ selection of a wealth management bank. This paper also provides managerial practice implications. |
first_indexed | 2024-03-10T00:44:10Z |
format | Article |
id | doaj.art-79137d2c3c0d412ebe9cebef6fdf39b5 |
institution | Directory Open Access Journal |
issn | 2075-1680 |
language | English |
last_indexed | 2024-03-10T00:44:10Z |
publishDate | 2022-09-01 |
publisher | MDPI AG |
record_format | Article |
series | Axioms |
spelling | doaj.art-79137d2c3c0d412ebe9cebef6fdf39b52023-11-23T15:02:17ZengMDPI AGAxioms2075-16802022-09-0111945210.3390/axioms11090452A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 WorldChia-Chi Sun0Department of International Business, Tamkang University, New Taipei City 886, TaiwanWith COVID-19 still making headlines around the world, many people currently feel uncertain about many aspects of life, including family financial planning and wealth management. Financial planning is important at all times, but it becomes essential during a crisis such as the coronavirus pandemic, which has disrupted people’s finances. Some economic consequences are already apparent, but the financially-induced stress caused by the uncertainty is less visible. With the increase in family wealth and size of organizations, there is a comparable increase in their assets. There is considerable demand for professionals to manage these assets and coordinate investment activities in order to maintain growth. This raises the issue of how to increase a wealth management bank’s competitive advantages. This study approached the issue by using experts and the application of fuzzy logic and decision-making trial and evaluation laboratory and multiple criteria decision-making to segment a set of the selection criteria used by prospective customers, to select a wealth management bank that can effectively manage personal wealth. The results showed that the management’s learning and growth perspective was the most important factor in respondents’ selection of a wealth management bank. This paper also provides managerial practice implications.https://www.mdpi.com/2075-1680/11/9/452personal financial planningwealth managementCOVID-19decision-making trial and evaluation laboratory (DEMATEL)multiple criteria decision-making (MCDM)fuzzy set |
spellingShingle | Chia-Chi Sun A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World Axioms personal financial planning wealth management COVID-19 decision-making trial and evaluation laboratory (DEMATEL) multiple criteria decision-making (MCDM) fuzzy set |
title | A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World |
title_full | A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World |
title_fullStr | A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World |
title_full_unstemmed | A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World |
title_short | A Fuzzy Decision-Making Soft Model for Family Financial Planning in the Post-COVID-19 World |
title_sort | fuzzy decision making soft model for family financial planning in the post covid 19 world |
topic | personal financial planning wealth management COVID-19 decision-making trial and evaluation laboratory (DEMATEL) multiple criteria decision-making (MCDM) fuzzy set |
url | https://www.mdpi.com/2075-1680/11/9/452 |
work_keys_str_mv | AT chiachisun afuzzydecisionmakingsoftmodelforfamilyfinancialplanninginthepostcovid19world AT chiachisun fuzzydecisionmakingsoftmodelforfamilyfinancialplanninginthepostcovid19world |