Leon Chen, Ph.D., FRM; Sophia Duffy, J.D., CPA; and Daniel Hiebert, Ph.D., CFP®, to receive annual award for outstanding contribution to the Journal of Financial Planning

DENVER (July 13, 2023) – The Financial Planning Association® (FPA®) is pleased to announce Leon Chen, Ph.D., FRM; Sophia Duffy, J.D., CPA; and Daniel Hiebert, Ph.D., CFP®, as the recipients of the 2023 Montgomery-Warschauer Award for their November 2022 Journal of Financial Planning paper, “The Role of Financial Planners on African American Business Owners’ Personal Credit and Access to Capital.” 

In its 12th year, the Montgomery-Warschauer Award recognizes the paper published in the Journal of Financial Planning that provided the most outstanding contribution to the betterment of the profession in the preceding year. The award is named after the late Henry Montgomery, who helped create the Journal, and Tom Warschauer, the Journal’s first academic editor.

“The Journal of Financial Planning has served as an important platform for thought leadership for nearly five decades and has brought critical thinking to the forefront on many issues that have not been explored elsewhere,” says 2023 FPA President James Lee, CFP®, CRPC®, AIF®. “This important paper by Chen, Duffy, and Hiebert further builds on that legacy and we look forward to honoring them and their contributions at FPA Annual Conference this September.”

The winning paper was selected by the Journal of Financial Planning’s Editorial Advisory Board and the Journal editorial staff. The award will be presented to Chen, Duffy, and Hiebert, at FPA Annual Conference 2023 in Phoenix, Ariz., Sept. 27-29.

Recognizing that small business ownership is an established method for individuals of varying backgrounds to amass significant wealth, the paper aims to assist financial advisers in understanding the challenging landscape for African American business (AAB) owners. By utilizing this knowledge, financial advisers can help their clients improve their business outcomes by studying the role personal credit has on access to credit. The paper also provides guidance for financial advisers to improve their efficacy in assisting AAB owners in improving business outcomes, such as utilizing decentralized finance as a means for obtaining capital and mitigating the discrimination risk inherent in obtaining credit from traditional banking institutions.

“Small businesses play a vital role in healthy communities, and the number of Black- and minority-owned businesses has seen substantial growth before and during the COVID-19 pandemic. Authors Chen, Duffy, and Hiebert identified specific challenges faced by these business owners and offered ways for financial planners to support them. Planners who serve these clients can have a profound impact on their communities as well as their individual clients,” says Danielle Andrus, editor of the Journal of Financial Planning.

Leon Chen, Ph.D., FRM, is a professor of finance at Minnesota State University Mankato. He has published in various academic journals such as Journal of Risk and Insurance, North American Actuarial Journal, and Journal of Investing in the past 10 years.

Sophia Duffy, J.D., CPA, is an associate professor of business planning and assistant vice president of curriculum quality at the American College of Financial Services. She teaches classes in business and estate planning at the undergraduate and graduate levels.

Daniel Hiebert, Ph.D., CFP®, is an assistant professor of finance at Minnesota State University Mankato. He has more than 26 years of financial service industry experience, and currently also serves as the director of the financial planning program.

“The paper addresses impactful topics not only in financial planning, but also on societal impact. It identifies an important issue, studies it from different angles, and proposes practical solutions for business owners and the financial advisers working with them,” added Inga Timmerman, Ph.D., CFP®, academic editor of the Journal of Financial Planning.

The authors will present the award-winning research at FPA Annual Conference 2023.

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About the Financial Planning Association

The Financial Planning Association® (FPA®) is the leading membership organization and trade association for Certified Financial Planner™ professionals and those engaged in the financial planning process. FPA is the CFP® professional’s partner in planning by helping them realize their vision of professional fulfillment through practice support, learning, advocacy, and networking. Learn more about FPA at financialplanningassociation.org and on Twitter at twitter.com/fpassociation.

About the Journal of Financial Planning

First published in 1979, the mission of the Journal of Financial Planning is to expand the body of knowledge in the financial planning profession. With monthly feature articles, interviews, columns, and peer-reviewed technical contributions, the Journal's content is dynamic, innovative, thought-provoking, and directly beneficial to financial planners in their work. Learn more at www.fpajournal.org.