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Financial planners in Australia : an examination of loyalty

Clayton, Bruce, Lynch, Barbara and Kerry, Michael 2007, Financial planners in Australia : an examination of loyalty, International journal of knowledge, culture and change management, vol. 7, no. 3, pp. 13-24.

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Title Financial planners in Australia : an examination of loyalty
Author(s) Clayton, Bruce
Lynch, Barbara
Kerry, Michael
Journal name International journal of knowledge, culture and change management
Volume number 7
Issue number 3
Start page 13
End page 24
Publisher Common Ground
Place of publication Altona, Vic.
Publication date 2007
ISSN 1447-9524
1447-9575
Keyword(s) organisational commitment
professional commitment
financial planning
financial planners
Summary The purpose of this paper is to determine whether the demographic variables of age, gender and length of service, and the levels of the three independent variables of internal versus external locus of control personality dimension, individualist versus collectivist personality dimension, and perceived environmental uncertainty can be shown to be related to the organisational commitment (OC) and professional commitment (PC) of financial planners in Australia. The financial planners employed by one major Australian bank, during the period November to December, 2004 were surveyed using an instrument derived from established questionnaires. It was mailed nationally to 312 financial planners. A response rate of 36% was achieved, equating to 113 useable responses. The analyses revealed no statistically significant results at the 95% confidence level (p=0.05), that the level of OC and PC for respondents over the age of 35 differed from those under the age of 35. At the same level of confidence, females demonstrated a statistically significant higher level of OC than did their male counterparts, however there was no difference between their levels of PC. Financial planners employed for a period of over 3 years showed no difference in their levels of OC or PC than those employed for a period of less than 3 years (p=0.05). Respondents with an external locus of control displayed  statistically significant lower levels of OC than those with an internal locus of control, however there was no difference between these groups in their levels of PC (p=0.05). Such findings contribute to our understanding of the organisational and professional commitment of financial planners, and have implications for employers in terms of hiring and retention of employees. The analyses are also important from a public policy perspective in an era of increasing attention to, and likely increased regulation of, the financial planning industry.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 150312 Organisational Planning and Management
Socio Economic Objective 900199 Financial Services not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2007, Common ground, Bruce Michael Clayton, Barbara Lynch, Michael Kerry
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007237

Document type: Journal Article
Collections: School of Accounting, Economics and Finance
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.