Understanding client perceptions of financial adviser education in Australia (Poster)
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Loy, Ellana
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Arlington, USA
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Abstract
Client advice-seeking behaviour and outcomes are impacted by financial adviser characteristics such as education. With the international shift towards the professionalisation of financial advisers through obtaining academic qualifications, there is an opportunity to explore the behavioural change implications of Australian financial adviser education reform. Extant literature demonstrates the reputational and signalling effects of professional designations (Black Jr., 2002; Guillemette & Jurgenson, 2017; James III, 2013; Raskie, Martin, Lemoine, & Cummings, 2018). This project investigates how financial adviser education, including professional designations and academic qualifications, impacts the choice of financial adviser in Australia, the characteristics of clients who value credentialed and degree qualified advisers and client perceptions of the rigour and quality concerning designations and qualifications. Industry partner channels are used to electronically distribute web-based surveys to advised clients to gather their demographic data and information on their advice-seeking behaviour and perceptions of financial adviser education. The analysis of results intends to support practice in developing appropriate marketing and education strategies for clients as financial adviser education reform is implemented over the next four years and to provide a benchmark for understanding how financial adviser education reform impacts on perceptions of financial adviser education and advice-seeking behaviour over time.
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CFP Board 2020 Academic Research Colloquium for Financial Planning and Related Disciplines
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Financial institutions (incl. banking)
Household finance and financial literacy
advice-seeking behaviour
education reform
financial adviser
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MacDonald, K; Loy, E, Understanding client perceptions of financial adviser education in Australia (Poster), CFP Board 2020 Academic Research Colloquium for Financial Planning and Related Disciplines, 2020