Utilizing What We Know About Tele-Mental Health in Tele- Financial Planning: A Systematic Literature Review

ABSTRACT

The coronavirus pandemic expanded the adoption of virtual financial planning, or tele-financial planning practices, as it's referred to in this paper. Unfortunately, limited empirical research on telefinancial planning exists to guide planners through this transition. However, there are similarities between financial planning and counseling;therefore, a systematic literature review on tele-mental health interventions was conducted to provide guidance for financial planning practices and future research. Research suggests the efficacy of tele-mental health is comparable to face-to-face delivery while creating greater efficiency for the therapist and the patient. The breadth and severity of conditions treated suggest that this delivery method is a viable channel, not a convenient stopgap for extraordinary circumstances or lower-value engagements. These findings suggest financial planners might leverage a virtual delivery channel to provide effective recommendations while expanding their reach and providing an experience that is less stressful and more convenient. The operational efficiencies experienced in tele-mental health suggest that financial planners could also improve the efficiency of their practices. Planners should proactively ensure that all clients have the resources and knowledge to engage in a virtual capacity and review their data security measures. For the financial planning profession to advance, practitioners cannot solely rely on research and best practices from related disciplines. Thus, this paper serves as a call for further study on telefinancial planning.