Factors affecting the growth of small privately-owned financial planning businesses

IF 1.2 4区 经济学 Q3 ECONOMICS
Darren A. Pawski, Robert J. Powell, Anna Golab
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引用次数: 1

Abstract

Over the past 10 years, there have been many financial scandals in the financial advice industry, which has caused substantial losses for investors. Large wealth institutions controlled by major Australian banks have significantly contributed to investor losses by promoting their products which were not always in the best interests of clients. The aim of this study was to explore the factors affecting the current and future growth of small privately-owned financial planning businesses as a competitive marketplace provides better consumer outcomes. The study undertook a qualitative approach using an exploratory research design which involved the recruitment of 51 privately-owned financial planning practice owners who were personally interviewed with semi-structured interview questions. Using a theoretical framework based on Michael Porter's five competitive forces model, the study found that the main factors enhancing growth were differentiation of service, technology enhancement, target marketing and business and client referral arrangements. Factors that negatively affected growth included the affordability of providing advice due to regulatory changes and the negative public perception associated with various industry scandals. The results provide existing and new entrant adviser practices with valuable knowledge to make informed decisions in the areas of practice management and direction. Additionally, the study provides policymakers and regulators with further knowledge to better support the privately-owned financial planning sector, thus enabling consumers to benefit from a more competitive marketplace.

Abstract Image

影响小型私营理财业务发展的因素
在过去的10年里,金融咨询行业发生了许多金融丑闻,给投资者造成了巨大的损失。由澳大利亚主要银行控制的大型财富机构,通过推销并不总是符合客户最佳利益的产品,对投资者的损失做出了重大贡献。本研究的目的是探讨影响小型私营财务规划业务当前和未来增长的因素,因为竞争激烈的市场提供了更好的消费者结果。本研究采用了定性方法,采用探索性研究设计,招募了51名私营财务规划实践业主,他们接受了半结构化访谈问题的亲自采访。运用基于Michael Porter五种竞争力量模型的理论框架,研究发现促进增长的主要因素是服务差异化、技术提升、目标营销和业务与客户推荐安排。对增长产生负面影响的因素包括,由于监管变化,提供咨询的负担能力较低,以及与各种行业丑闻相关的公众负面看法。结果为现有的和新进入的顾问实践提供了宝贵的知识,以便在实践管理和方向方面做出明智的决策。此外,该研究还为政策制定者和监管机构提供了进一步的知识,以更好地支持私营财务规划部门,从而使消费者能够从更具竞争力的市场中受益。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
36
期刊介绍: Australian Economic Papers publishes innovative and thought provoking contributions that extend the frontiers of the subject, written by leading international economists in theoretical, empirical and policy economics. Australian Economic Papers is a forum for debate between theorists, econometricians and policy analysts and covers an exceptionally wide range of topics on all the major fields of economics as well as: theoretical and empirical industrial organisation, theoretical and empirical labour economics and, macro and micro policy analysis.
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