SUCCESS within the financial planning profession

Studies discussing success within financial planning have been open to definitional interpretation and without regard to both the objective and subjective elements of success. Empirical studies considering client management, client demographic, personal, job, and business practices have been limited at best. This research is the first to test whether preference for numerical information and need for emotion are contributors to perceived level of success within financial planners. The purpose of this research was to 1) analyze the manner upon which objective and subjective factors (such as pay, promotion, status, work/life balance) have contributed to the perceived level of success of individuals working as financial planners, 2) analyze client management, client demographic, personal, job, or business practice factor differences contributing to the self-reported success of an individual working as a financial planner, and 3) to test for differences between a financial planner with a preference for numerical information and a financial planner with a preference for emotion with regard to self-perceived success within the financial planning industry. The data utilized within this study were gathered via a survey instrument developed and administered in an online format during the month of June 2008. A total of 403 geographically diverse respondents (4% response rate) who are members of the FPA answered the survey. The final sample used after data reduction and incomplete responses was 349 respondents (3.5%). The survey remained open from June 4th to July 3rd, 2008. Results of this study indicate that client relationships, wealth of client served, use of ethical practices, ability to empathize, number of clients served, client referrals, and job autonomy are among the most important contributors to financial planner perceived success. Findings of this study also indicate that client relationships, wealth of client served, use of ethical practices, ability to empathize, number of clients served, client referrals, and job autonomy are among the most important contributors to financial planner perceived success. Results of this study also conclude there is no relationship between preference for numerical information or need for emotion and financial planner perceived success.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Doctoral

Discipline thesis:degree_discipline

Applied and Professional Studies

Grantor dc:publisher

Texas Tech University

Year dc:date.issued

2009

Author dc:creator

• DeArmond, DeArno D.

Chair dc:contributor.committeechair

• Durband, Dorothy B.

Committee members dc:contributor.committeemember

• Gustafson, William
• Hampton, Vickie L.
• Katz, Deena
• Terry, Neil
• Williams, Amanda

• Personal financial plan
• Financial planning
• Success

Language dc:language.iso

eng

Handle dc:identifier.uri

http://hdl.handle.net/2346/15826

OAI identifier oai:identifier

oai:ttu-ir.tdl.org:2346/15826