Financial planners in Australia : an examination of loyalty

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.

Financial, family, and social factors impacting on cardiac rehabilitation attendance

Background
Attendance in phase 2 cardiac rehabilitation program after acute myocardial infarction is poor.

Objective
To identify and explore the demographic factors that influence peoples’ decisions to attend cardiac rehabilitation programs.

Methods
A descriptive-interpretive design was used. Semi-structured interviews were conducted with 10 people post infarction in Victoria, Australia after their first scheduled appointment to attend outpatient cardiac rehabilitation. The interview transcripts were thematically analysed.

Results
The perceived relevance of cardiac rehabilitation related to the context of people’s lives, namely their financial, family and social situation, and how important program outcomes were seen to be relevant to this context.

Conclusion
The findings of this study suggest that there are a proportion of people unlikely to attend outpatient cardiac rehabilitation programs following an AMI despite encouragement to attend. It may be unrealistic to aim for 100% referral and uptake into cardiac rehabilitation programs and therefore an inappropriate endpoint by which to evaluate such programs.

The impact of the financial costs of multiple sclerosis on quality of life

This study examined the financial costs of multiple sclerosis (MS) and the impact of financial strain on the subjective quality of life of people with MS and their families. Due to the lack of research in this area, a qualitative research design was employed. Interviews were conducted with 16 health professionals, 26 people with MS, and 11 family members of people who had MS. Adjusting to actual or threatened loss of income caused financial stress. These financial struggles led to a lower quality of life among respondents. Problem solving, coping, and positive reappraisal helped people to adjust to financial changes. Professionals focused on increased funding for services, whereas people with MS focused on improved income support. These findings highlight the need for professionals to consider the financial strain associated with this disease and the impact of this strain on the quality of life of individuals with MS and their families.

Intelligent financial news digest system

We present an agent-based system Intelligent Financial News Digest System (IFNDS) for analyzing online financial news articles and associated material. The system can abstract, synthesize, digest, and classify the contents, and assesses whether the report is favorable to any company discussed in the reports. It integrates artificial intelligence technologies including traditional information retrieval and extraction techniques for the news analysis. It makes use of keyword statistics and backpropagation training data to identify companies named in reportage whether it is, evaluatively speaking, positive, negative or neutral. The system would be of use to media such as clipping services, media management, advertising, public relations, public interest, and e-commerce professionals and government non-governmental bodies interested in monitoring the media profiles of corporations, products, and issues.

Modelling linkages between Australian financial futures markets

This paper investigates the dynamic interdependence of the Australian financial futures markets. A multivariate EGARCH model is developed to investigate linkages and stochastic volatility interactions between the 10-year Treasury bond, 90-day bank-accepted bill, and the All Ordinaries share price index futures markets. In this analysis, the empirical results strongly suggest that significant volatility interactions are evident across the 3 markets.

Financial institutions, instruments and markets

Latest information, developments and statistics, with website addresses provided to allow students to access up to the minute, real-world data. Real-world examples throughout the text help students relate theory to pracical situations.

SME owners at personal financial risk

Phillip Kemp's article ("Increase will stifle ambition", Opinion, March 3) highlighted two main issues related to the small business sector, namely financial risk and its collective role in the employment of the Australian workforce.

Job satisfaction among financial planners in Australia

Purpose - Job satisfaction has been the subject of a considerable body of research. In this study, the authors examine job satisfaction among financial planners in Australia, a relatively new profession which has been the subject of very little research.

Method/Approach - A national survey of financial planners was conducted, using a sample of convenience drawn from websites of two large organisations in the financial and insurance industry employing, or having agency agreements with, financial planners. A job satisfaction questionnaire designed for Australian conditions was used.

Findings - Based on a literature review, hypotheses were examined regarding the relationship between job satisfaction and age, job tenure, gender and type of employing organisation, and between job satisfaction and motivation. Results of this survey indicated little correlation between job satisfaction and age, gender, tenure or type of employing organisation. On the other hand, a positive relationship between job satisfaction and motivation was evident.

Practical implications – Respondents comments helped elucidate reasons for financial planner’s job satisfaction or dissatisfaction. Observations provided indicators that may help management nurture a positive job response among employees.

Value of this paper – Practically, this paper contributes to an underdeveloped area of research. It highlights scope for future research in two particular fields. Firstly, in-depth case studies to explore more thoroughly issues of job satisfaction and dissatisfaction. Secondly, with access to a larger number of employed financial planners a comparative study between those and self-employed financial planners on the subject of job satisfaction may enlighten managers and the profession generally.