‘I can’t get no satisfaction’...or can I? A study of satisfaction with financial planning and client wellbeing

This paper reports findings from an ongoing collaborative research project with the Financial Services Council (FSC), which contributed funding and facilitated the survey of financial planners’ clients through FSC member organisations. The article draws on the report to the FSC that was prepared by the QUT researchers, reporting findings on the initial exploratory stage of the project.1 The lyric in the title of this paper has become a catchcry for consumers dissatisfied with a range of financial services and products, and, as recent Federal Government inquiries have revealed, there is some truth to the claim. But as financial planning undergoes a series of reforms, including increased professionalism (FPA 2009) and improved quality of advice (Australian Government 2011), there are good reasons to explore the conditions under which clients report satisfaction with their financial planners; not least because the provision of effective financial planning and advice, delivered in accordance with, or transcending, the rules and norms of industry best-practice has the potential to benefit clients, not just financially, but across a number of life domains. In this paper, we report findings from an exploratory study investigating whether financial planning and advice contribute to client well-being, beyond effects on financial well-being. While anecdotal evidence supports psychological benefits such as a sense of security, little research has explored these links in any systematic or theoretically driven way. However, theory and research from cognate disciplines, such as psychology, indicate clear links between planning, goal setting and well-being that are likely to arise in the financial planning domain. Surveyed clients were asked to indicate their satisfaction with their financial advisers, the planning process and the advice they received. Clients responded to items designed to reflect key areas for financial planners in the shift towards increased professionalism, improved disclosure and greater client focus (e.g. FPA 2009). Clients also reflected on their financial situations before and after seeing their advisers, and considered the impact of their financial situations on a number of life areas including family relationships, mental health and well-being, and overall life satisfaction.

Cant Chant

Art installation catalogue for Vernon Ah Kee at Institute of Modern Art. Vernon Ah Kee’s Cant Chant was first exhibited at the Institute of Modern Art, Brisbane, in 2007. It featured in Once Removed, the Australian group exhibition at the 2009 Venice Biennale, and is being toured through Australia by the IMA with support from Visions of Australia. This education resource has been prepared to assist the appreciation of the exhibition. It is desgned to be used in conjunction with exhibition visits and with the Institute of Modern Art book, Vernon Ah Kee: Born in this Skin. While aimed at secondary-school art students, the resource can be adapted for other key learning areas, particularly History, Legal Studies, English, and Indigenous Studies.

Can’t we all just get along? A qualitative investigation of the cognitive processes motivating driver aggression.

Although driver aggression has been identified as contributing to crashes, current understanding of the fundamental causes of the behaviour is poor. Two key reasons for this are evident. Firstly, existing research has been largely atheoretical, with no unifying conceptual framework guiding investigation. Secondly, emphasis on observable behaviours has resulted in limited knowledge of the underlying thought processes that motivate behaviour. Since driving is fundamentally a social situation, requiring drivers to interpret on-road events, insight regarding these perception and appraisal processes is paramount in advancing understanding of the underlying causes. Thus, the current study aimed to explore the cognitive appraisal processes involved in driver aggression, using a conceptual model founded on the General Aggression Model (Anderson & Bushman, 2002). The present results reflect the first of several studies testing this model. Participants completed 3 structured driving diaries to explore perceptions and cognitions. Thematic analysis of diaries identified several cognitive themes. The first, ‘driving etiquette’ concerned an implied code of awareness and consideration for other motorists, breaches of which were strongly associated with reports of anger and frustration. Such breaches were considered intentional; attributed to dispositional traits of another driver, and precipitated the second theme, ‘justified retaliation’. This theme showed that drivers view their aggressive behaviour as warranted, to convey criticism towards another motorist’s etiquette violation. However, the third theme, ‘superiority’ suggested that those refraining from an aggressive response were motivated by a desire to perceive themselves as ‘better’ than the offending motorists. Collectively, the themes indicate deep-seated and complex thought patterns underlying driver aggression, and suggest the behaviour will be challenging to modify. Implications of these themes in relation to the proposed model will be discussed, and continued research will explore these cognitive processes further, to examine their interaction with person-related factors.

If you don’t know, you can’t help: A practical guide for alcohol and other drug screening in psychological services

Alcohol is implicated in over 60 diseases and injuries and accounted for 6.2 per cent of all male deaths globally in 2004 (WHO, 2011). Alcohol and other drug (AOD) abuse causes significant individual, family and social harms at all age levels and across all socioeconomic groups. These may result from intoxication (e.g., overdose, vulnerability to physical injury/trauma or death, consequences of impulsive behaviour, aggression and driving under the influence) and longer-term consequences (e.g., alcohol or drug-related brain injury, cardiovascular and liver diseases, blood borne viruses e.g., Chikritzhs et al., 2003, Roxburgh et al., 2013). Mental health problems may be triggered or exacerbated, and family breakdown, poor self-esteem, legal issues and lack of community engagement may also be evident. Despite the prevalence of substance use disorders and evident consequences for the individual, family and wider community, it would seem that health professionals, including psychologists, are reluctant to ask about substance use.

“Legit can’t wait for #Toronto #WorldPride!”: Investigating the Twitter public of a large-scale LGBTQ Festival

This article investigates whether participation on Twitter during Toronto’s 2014 WorldPride festival facilitated challenges to heteronormativity through increased visibility, connections, and messages about LGBTQ people. Analysis of 68,231 tweets found that surges in activity using WorldPride hashtags, connections among users, and the circulation of affective content with common symbols made celebrations visible. However, the platform’s features catered to politicians, celebrities, and advertisers in ways that accentuated self-promotional, local, and often banal content, overshadowing individual users and the festival’s global mandate. By identifying Twitter’s limits in fostering the visibility of users and messages that circulate nonnormative discourses, this study makes way for future research identifying alternative platform dynamics that can enhance the visibility of diversity.

Can’t see the trees for the forest? Why IS-ServQual items matter

Despite longstanding concern with the dimensionality of the service quality construct as measured by ServQual and IS-ServQual instruments, variations on the IS-ServQual instrument have been enduringly prominent in both academic research and practice in the field of IS. We explain the continuing popularity of the instrument based on the salience of the item set for predicting overall customer satisfaction, suggesting that the preoccupation with the dimensions has been a distraction. The implicit mutual exclusivity of the items suggests a more appropriate conceptualization of IS-ServQual as a formative index. This conceptualization resolves the paradox in IS-ServQual research, that of how an instrument with such well-known and well-documented weaknesses continue to be very influential and widely used by academics and practitioners. A formative conceptualization acknowledges and addresses the criticisms of IS-ServQual, while simultaneously explaining its enduring salience by focusing on the items rather than the “dimensions.” By employing an opportunistic sample and adopting the most recent IS-ServQual instrument published in a leading IS journal (virtually, any valid IS- ServQual sample in combination with a previously tested instrument variant would suffice for study purposes), we demonstrate that when re-specified as both first-order and second-order formatives, IS-ServQual has good model quality metrics and high predictive power on customer satisfaction. We conclude that this formative specification has higher practical use and is more defensible theoretically.

A review of LCADesign

Objective The review addresses two distinct sets of issues: 1. specific functionality, interface, and calculation problems that presumably can be fixed or improved; and 2. the more fundamental question of whether the system is close to being ready for ‘commercial prime time’ in the North American market. Findings Many of our comments relate to the first set of issues, especially sections B and C. Sections D and E deal with the second set. Overall, we feel that LCADesign represents a very impressive step forward in the ongoing quest to link CAD with LCA tools and, more importantly, to link the world of architectural practice and that of environmental research. From that perspective, it deserves continued financial support as a research project. However, if the decision is whether or not to continue the development program from a purely commercial perspective, we are less bullish. In terms of the North American market, there are no regulatory or other drivers to press design teams to use a tool of this nature. There is certainly interest in this area, but the tools must be very easy to use with little or no training. Understanding the results is as important in this regard as knowing how to apply the tool. Our comments are fairly negative when it comes to that aspect. Our opinion might change to some degree when the ‘fixes’ are made and the functionality improved. However, as discussed in more detail in the following sections, we feel that the multi-step process — CAD to IFC to LCADesign — could pose a serious problem in terms of market acceptance. The CAD to IFC part is impossible for us to judge with the information provided, and we can’t even begin to answer the question about the ease of using the software to import designs, but it appears cumbersome from what we do know. There does appear to be a developing North American market for 3D CAD, with a recent survey indicating that about 50% of the firms use some form of 3D modeling for about 75% of their projects. However, this does not mean that full 3D CAD is always being used. Our information suggests that AutoDesk accounts for about 75 to 80% of the 3D CAD market, and they are very cautious about any links that do not serve a latent demand. Finally, other system that link CAD to energy simulation are using XML data transfer protocols rather than IFC files, and it is our understanding that the market served by AutoDesk tends in that direction right now. This is a subject that is outside our area of expertise, so please take these comments as suggestions for more intensive market research rather than as definitive findings.

AITPM Email Newsletter Volume 0910, October 2009 : Presidents Message

President’s Message Hello fellow AITPM members, Well I can’t believe it’s already October! My office is already organising its end of year function and looking to plan for 2010. Our whole School is moving to a different building next year, with the lovely L block eventually making way for a new shiny one. Those of you who have entered the Brisbane CBD from the south side, across the Captain Cook Bridge, would know L block as the big 9 storey brick and concrete Lego block ode to 1970’s functional architecture, which greets you on the right hand side. Onto traffic matters: an issue that has been tossing around in my mind of late is that of speed. I know I am growing older and may be prematurely becoming a “grumpy old man”, but everyone around me locally seems to be accelerating off from the stop line much faster than I was taught to for economical driving, both here and in the United States (yes they made my wife and me resit our written and practical driving tests when we lived there). People here in Australia also seem to be driving right on top of the posted speed limit, on whichever part of the Road Hierarchy, whether urban or rural. I was also taught on both sides of the planet that the posted speed limit is a maximum legal speed, not the recommended driving speed. This message did seem to sink in to the American drivers around me when we lived in Oregon - where people did appear to drive more cautiously. Further, posted speed limits in Oregon were, and I presume still are, set more conservative by about 5mph or 10km/h than Australian limits, for any given part of the Road Hierarchy. Another excellent speed limit treatment used in Oregon was in school zones, where reduced speed limits applied “when children are present” rather than during prescribed hours on school days. This would be especially useful here in Australia, where a lot of extra-curricular activities take place around schools outside of the prescribed speed limit hours. Before and after hours school care is on the increase (with parents dropping and collecting children near dawn and dusk in the winter), and many childcentred land uses are located adjacent to schools, such as Scouts/Guides halls, swimming pools and parks. Consequentially, I believe there needs to be some consideration towards more public campaigning about economical driving and the real purpose of the speed limit = or perhaps even a rethink of the speed limit concept, if people really are driving on top of it and it’s not just me becoming grumpier (our industrial psychology friends at the research centres may be able to assist us here). The Queensland organising committee is now in full swing organising the 2010 AITPM National Conference, What’s New?, so please keep a lookout for related content. Best regards to all, Jon Bunker PS A Cartoonists view of traffic engineers I thought you might enjoy this. http://xkcd.com/277/

A Reliable Basis for Approximate Association Rules

For most of the work done in developing association rule mining, the primary focus has been on the efficiency of the approach and to a lesser extent the quality of the derived rules has been emphasized. Often for a dataset, a huge number of rules can be derived, but many of them can be redundant to other rules and thus are useless in practice. The extremely large number of rules makes it difficult for the end users to comprehend and therefore effectively use the discovered rules and thus significantly reduces the effectiveness of rule mining algorithms. If the extracted knowledge can’t be effectively used in solving real world problems, the effort of extracting the knowledge is worth little. This is a serious problem but not yet solved satisfactorily. In this paper, we propose a concise representation called Reliable Approximate basis for representing non-redundant approximate association rules. We prove that the redundancy elimination based on the proposed basis does not reduce the belief to the extracted rules. We also prove that all approximate association rules can be deduced from the Reliable Approximate basis. Therefore the basis is a lossless representation of approximate association rules.

Avoiding full extension field arithmetic in pairing computations

The most costly operations encountered in pairing computations are those that take place in the full extension field Fpk . At high levels of security, the complexity of operations in Fpk dominates the complexity of the operations that occur in the lower degree subfields. Consequently, full extension field operations have the greatest effect on the runtime of Miller’s algorithm. Many recent optimizations in the literature have focussed on improving the overall operation count by presenting new explicit formulas that reduce the number of subfield operations encountered throughout an iteration of Miller’s algorithm. Unfortunately, almost all of these improvements tend to suffer for larger embedding degrees where the expensive extension field operations far outweigh the operations in the smaller subfields. In this paper, we propose a new way of carrying out Miller’s algorithm that involves new explicit formulas which reduce the number of full extension field operations that occur in an iteration of the Miller loop, resulting in significant speed ups in most practical situations of between 5 and 30 percent.

Delaying mismatched field multiplications in pairing computations

Miller’s algorithm for computing pairings involves perform- ing multiplications between elements that belong to different finite fields. Namely, elements in the full extension field Fpk are multiplied by elements contained in proper subfields F pk/d , and by elements in the base field Fp . We show that significant speedups in pairing computations can be achieved by delaying these “mismatched” multiplications for an optimal number of iterations. Importantly, we show that our technique can be easily integrated into traditional pairing algorithms; implementers can exploit the computational savings herein by applying only minor changes to existing pairing code.