In my thesis I analyse the issue of the legal regulation of activities of financial advisors in the Czech Republic. Besides the applicable law, the work examines the legal literature, periodicals, as well as the case law of the Czech courts and decisions of the Czech national bank and other sources of information. The main contribution of this work lies in the evaluation of the current state of the regulation of activities of financial advisors in the Czech Republic, alongside a comprehensive review of the matter, resolution of issues of possible definitions of certain terms and removal of certain ambiguities associated with the interpretation of the legal norms entailing the regulation. Alongside the introduction and conclusion, the thesis contains six chapters, each focusing on a specific part of the regulation of activities. Second chapter is dedicated to the definition of the term of financial advisor, as there is no legal definition and the term is used with many meanings. Thereafter, the chapter focuses on the position of financial advisors on the financial market, the need of regulation and the purpose of state supervision. Third chapter addresses the definition of the activities of financial advisors as an entrepreneurship, and its possible divisions. The fourth chapter examines the...

This thesis investigates the role of financial advisors and their impact on their clients' short-term M&A deal performance. The examination of the extant literature on M&A advisors reveals a lack of focus on the target side of the equation. Therefore, the first topic is dedicated to the examination of the effects of target financial advisors' involvement and quality on their clients' short-term M&A deal outcomes. The findings reveal that targets that opt to hire an advisor are able to achieve better short-term deal performance, and that highly reputable target advisors are associated with higher premiums in all-cash deals. To add more clarity on the mechanisms through which target advisors contribute to the performance of M&A deals, I leverage a hand-collected dataset, from public targets' SEC filings, that covers the actual activities conducted by target advisors. The results of the analyses conducted show that target advisors add value through the provision of services relating to the evaluation of deals from a financial perspective, however, assigning them to the search/matching activities is associated with a negative effect on the premium achieved. Despite the abundant literature on the role of acquirers' financial advisors in M&A deals, findings on the impact of their involvement in such deals are rather inconclusive, and the bulk of research in this area is quite dated. Using the different ranking schemes developed, I re-examine this topic using a most recent dataset (2001 to 2017). I find that acquirers' financial advisors with stronger past performance are able to secure better short-term deal outcomes to their clients, and in line with Golubov et al. (2012), highly reputable acquirers' advisors deliver higher returns to their clients in public deals. The presence of an advisor (on the target or on the acquirer side) allows completing deals in a shorter period of time. This thesis covers, as well, the determinants of advisor hiring-related decisions regarding the reputation of the advisor selected. The findings reveal that, on the target side, there is a higher propensity to hire a highly-ranked financial advisor when the firm is being served by a Big-4 accounting firm, and in the presence of a larger institutional ownership base. On the acquirer side, firms are found to be more likely to hire a highly-ranked financial advisor if they face a higher litigation risk, if they are served by a Big-4 accounting company, and if they involve a higher institutional ownership base. The findings of this research project hold important implications both for businesses involved, through guiding their choice of advisor to assist them with their M&A deals, and for the academic research by offering a comprehensive analysis that incorporates a range of existing and newly developed proxies of quality, thus reconciling the inconclusive findings reached in the extant literature.

Background – Due to the increased complexity of the Swedish financial market, the increased demand for financial services and the increased number of financial advisors, the role of financial advisors is important on the financial market. The external control from Finansinspektionen has been increased in order to eliminate rogue advisors and this type of control often affects employees’ motivation in a negative way. Because of the important role financial advisors have on the financial market, it is essential that they are motivated in order to perform well in their profession.  Purpose – The purpose of this study is to investigate how the external control affects the work motivation of financial advisors and how motivational factors could be used when designing a management control system in a context characterized by high external control. To answer this purpose, this thesis answers these following three research questions: What do financial advisors perceive to be the most effective motivational factors? How does the external control influence the motivation of financial advisors? How could the work be designed to maximize the motivation of financial advisors? Method – In order to fulfill the purpose of this study, we have a qualitative approach were we conducted ten semi-structured interviews with financial advisors. The financial advisors are working at two large Swedish financial advisory companies. Findings/Conclusion – After analyzing the empirical data, with relevant theories, interesting findings were made. In general, the external control from Finansinspektionen is interpreted as unmotivating by financial advisors. To counter this, it is important that the employers invest resources to develop IT-systems that minimize the time spent on these work tasks. The administrative work, which arises from the external control, would become more effective and not so time consuming. The management control systems must be designed so that they maximize the motivation of the advisors. Employers must also use correctly designed reward systems in order to have motivated employees. Practical Implications – This study contributes to important findings for managers in Swedish financial advisory companies. Since the management control systems could be designed in another way to maximize the motivation of the financial advisors, this study is an important contribution to the financial sector, where the financial advisors operate.

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Unethical behaviour is a concern in the workplace, because of the possible consequences for all stakeholders. This issue is particularly salient in the financial services sector, a highly regulated environment, where breaches of the regulations can result in large fines and reputational damage to the organisation concerned. Unethical behaviour can also have severe effects on customers, such as when inappropriate advice leads to customers losing all or a large part of their savings. Empirical studies have tended to focus mostly on organisational antecedents of unethical intentions and behaviour, with individual factors not being given that much attention. Research on the antecedents of unethical intentions and behaviour has produced inconsistent findings, suggesting that context might play a role. Consequently, my research has attempted to study the individual antecedents of unethical intentions and behaviour in the financial services industry, a specific context where it is salient. Malta presents a particularly pertinent context for this study, as its profile on Hofstede's cultural dimensions scale has been empirically linked to a higher potential for engaging in unethical behaviour.

Thesis (MComm)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: In insurance sales organisations, the Personal Financial Advisors (PFAs) serve a pivotal function in the relationship between the organisation, product and customer. The organisation invests a great deal of time and money in recruiting, training and retaining good PFAs. However, turnover amongst these employees seem to remain high within the first 36 months of employment. The aim of this study was to explore the non-remuneration predictors of burnout and intention to quit amongst PFAs in order to shed some light on the turnover problem. Specific constructs were identified in a pilot study which would not necessarily have been explored by the organisation and may have gone unacknowledged or overlooked. These constructs are emotional labour, self-efficacy, time wasted on non-sales activities, supervisor support and their relationship with burnout and intention to quit. A convenience sample of 608 PFAs was approached from one insurance sales organisation. One hundred and twenty two (122) respondents completed and returned their questionnaires. The descriptive statistics of the sample reflected a mean age of 35 years (range 21 to 61 years), with 66% males and 34% females, and a race distribution of 64% White, 19% African, 10% Coloured and 7% Indian. The majority of the population had been working for 13 to 24 months (46%). Overall, the sample produced a satisfactory to good representation of the demographic statistics of the total population available to the researcher. Both quantitative and qualitative research techniques were utilised in this study. Analysis of the qualitative data supported the role of the theoretical constructs chosen for inclusion and additional sources of job stress were identified. Pearson productmoment correlation analysis was used to analyse the questionnaire data, followed by multiple regression analyses with work burnout, client burnout and intention to quit as dependent variables, and the remaining constructs as the predictors. Both a measurement and structural model was tested; both produced acceptable goodness-of-fit statistics. From all of the above-mentioned analyses, significant relationships were found to exist between time wasted on non-sales activities, burnout, and self-efficacy; self-efficacy, burnout and intention to quit, and burnout and intention to quit. Conclusions were drawn from the obtained results and recommendations are made with respect to future research, as well as with respect to the management of burnout and intention to quit in the sales environment. / AFRIKAANSE OPSOMMING: In versekeringsmaatskappye speel die Persoonlike Finansiële Adviseur (PFA) ‘n baie belangrike rol in die verhouding tussen die organisasie, die produk en die kliënt. Die organisasie belê heelwat hulpbronne in die vorm van tyd en geld om goeie PFAs te werf, op te lei en te behou. Ten spyte hiervan is daar steeds ‘n groot hoeveelheid PFAs wat die organisasie verlaat binne die eerste 36 maande van aanstelling. Die huidige studie se doelwit was om die nie-vergoedingsvoorspellers van uitbranding onder PFAs, asook hulle intensies om te bedank, te bestudeer, om sodoende lig te werp op die hoë omset onder PFAs. Spesifieke konstrukte wat nie noodwendig deur die organisasie bestudeer sou word nie, is geïdentifiseer in ‘n loodsstudie. Hierdie konstrukte is emosionele arbeid, selfbekwaamheid, tyd verloor op nieverkoopsaktiwiteite, en ondersteuning deur die lynbestuurder. Hierdie konstrukte se verwantskap met uitbranding en intensies om die organisasie te verlaat, is bestudeer in die huidige studie. ‘n Gerieflikheidsteekproef van 608 PFAs vanuit een versekeringsmaatskappy is genader vir deelname aan die huidige studie. Een honderd twee-en-twintig (122) respondente het hul vraelyste voltooi en ingedien. Die beskrywende statistiek van die steekproef het ‘n gemiddelde ouderdom van 35 jaar getoon (verspreidingswydte 21 tot 61 jaar), met 66% manlik en 34% vroulik, en ‘n rasseverspreiding van 64% blank, 19% swart, 10% kleurling en 7% Indiër respondente. Oor die algemeen was die beskrywende statistiek ‘n aanvaarbare tot goeie verteenwoordiging van die totale populasie. Beide kwantitatiewe asook kwalitatiewe navorsingsmetodes is gebruik in hierdie studie. ‘n Analise van die kwalitatiewe data het die rol van die konstrukte wat vir insluiting gekies is, bevestig, en addisionele bronne van werkstres is geïdentifiseer. Die Pearson korrelasie-analises is gebruik om die vraelysdata te analiseer, gevolg deur stapsgewyse meervoudige regressie-ontledings met werksuitbranding, kliëntuitbranding en intensie om te bedank as afhanklike veranderlikes, en die oorblywende konstrukte as voorspellers. Beide die metingsmodel en die strukturele model is getoets, albei het aanvaarbare pasgehalte van die model opgelewer. Uit al die bogenoemde analises is beduidende verbande tussen die veranderlikes tyd verloor op nie-verkoopsaktiwiteite, uitbranding, en intensie om te bedank; selfbekwaamheid, uitbranding en intensie om te bedank; asook uibranding en intensie om te bedank gevind. Gevolgtrekkings is gemaak vanuit die bevindinge en voorstelle is gemaak met die oog op verdere navorsing, sowel as met betrekking tot die bestuur van uitbranding en intensie om te bedank in die verkoopsomgewing.

本論文名稱:借鏡英國探討台灣基金市場行銷服務模式之改進方向。主旨係探討國內基金市場行銷現況，旨揭銀行主導銷售的服務模式及費率揭露乃至資金流向疑慮等幾大問題。輔證外國學者學術探討，以及參酌英國共同基金市場發展經驗，提出如統合專業證照、建立類IFA功能、顧問費合法化、開創多元理財商品之開放式交易服務平台及金融監理應扮演角色有關研究心得。 國內商業銀行(前30大)僱用相關理財業務人員已達到4萬餘人，主導共同基金銷售趨勢。但依據國外學者研究，以商業銀行主導基金商品銷售，卻可能衍生問題，形成資金流向扭曲。銀行薪酬制度設計也與理財商品銷售資金流向形成互為因果的連帶關係。銀行能否擺脫佣金高低作為投資建議動力，金融消費者能否得到適合自身的投資組合，仍然存疑。 英國基金市場發展已久，尤其以具有允許收取單一顧問費的獨立財務顧問運用多元化資產組合的包裹基金平台，最具特色。獨立財務顧問運用包裹基金平台給予民眾建議，無論保險、股票、基金、退休金方案等都可透過平台加以交易、組合以及管理等。這樣的投資組合建立、整合交易、保管及管理等模式，提高了消費者和金融業者的管理和投資效率。 參考英國發展基金市場經驗，台灣得以借鏡之處，為加以整合有關金融投資商品證照的分散現狀，並拋開金融機構分業管理的歷史包袱，允許獨立財務顧問存在，給予顧問費收費合法化空間等等。另外，打破現狀，允許商業銀行開放出交易平台供顧問代客戶執行交易，則有助於個別顧問與銀行的良性合作及競爭關係，發展投資理財市場朝向提供金融消費者最適化投資組合的有利環境。 / This paper naming”On the Enhancement of the Mutual Fund Distribution Marketing in Taiwan: Lessons from the UK” subjects local fund marketing status, aims to expose issues of current bank-sales and service model, meanwhile the transparency of sevice rate disclosure. With secondary evidence of foreign scholars’ academic research, concerns of dispute of capital flows as well as other issues i.e.whether consumers get proper sevices and products arised. The status quo in UK fund market is in particular that allows financial advisers to charge a single advisory fee by applying diversified portfolio fund platform and making portforlio suggestion for their clients which includes recommendations and trading of stocks, funds, insurance, pension schemes etc., so as the related services of custody and management. This market will only succeed if it can build a highly efficient operating platform that reduces the operating costs of intermediary firms and product providers alike – creating enhanced value across the value chain that can be shared between customers, intermediaries and product manufacturers (including platforms). Taking into account the development of UK mutual fund market, lessons we have captured such as integration professional licenses, the establishment of classes IFA function, legalization of advisory fees, and create an open trading financial multi-service platform system, etc. Also, financial supervision should play an important role in the research experience.

近年來，金融環境的變遷，使金融業面臨很大的變化，金融業勢必提高非利息收入並發展不耗用資本的業務，因此財富管理業務成為銀行獲利來源重要的一環。理財專員是銀行財富管理業務的軸心，銀行理財專員的遴選便成為一項重要工作。 本研究採用五大人格特質理論的觀點，探討理財專員的人格特質與工作績效的關聯性。本研究以問卷調查方式，採用五大人格特質繁體中文量表，工作績效除了實際手續費收入之外，分為任務績效與脈絡績效，透過發放問卷由理財專員自評，問卷內容分為人口統計變項、五大人格特質量表及工作績效自評量表，研究對象為國內F銀行理財專員共183人，採用量化分析方法包括敘述性統計、皮爾森相關分析及迴歸分析，探討人格特質與工作績效的關聯性，實證結果發現： (1) 人格特質中的「經驗開放性」、「親和性」、「勤勉審慎性」及「外向性」與其工作績效是顯著有相關的，且皆屬於正相關。 (2) 「親和性」的人格特質對理財專員的「任務績效」及「脈絡績效」有正向的影響的。 (3) 「勤勉審慎性」的人格特質對理財專員的三項工作績效指標有正向的影響，而且該特質對於三項工作績效因素構面的影響力皆是最大的。 (4) 「經驗開放性」的人格特質對理財專員的三項工作績效指標有正向的影響。 (5) 「外向性」的人格特質對於理財專員的「脈絡績效」有正向的影響的。 本研究建議個案銀行日後在遴選理財專員時，可優先考慮選擇人格特質中具有「勤 勉審慎性」者，預期未來會有較佳的工作表現。 / In more recent years, changes in the financial environment are significant. Banks have to increase the profits from the non-interest income and develop the business not entailing Regulatory Capital. So the fee incomes from the Wealth Management Section become more important for banks. The financial advisor is the key factor of the Wealth Management Section. The selection of financial advisors is very important for the banks. The study is based on the view of the personality theory of Big-Five factor. The purpose of this study is to find the relationship between the personality traits of financial advisors and the job performance. The study involved a survey, comprised of three sets of questionnaires concerning demographics, Big-five personality and job performance. 183 financial advisors in the domestic F Bank participated in this study. The quantitative analysis of the questionnaires was conducted through descriptive statistics, Pearson correlation and regression analysis were used to indicate the direction and relationship between personality and job performance. The result of this study was showed as following： 1. Four of Big-Five factors including “Extraversion”, “Openness to Experience”, “Agreebleness” and “Conscientiousness” are positively correlated with job performance. 2. The factor “Agreebleness” has a positive effect on “task performance” and “contextual performance”. 3. The factor “Conscientiousness” has a positive effect on “task performance”, “contextual performance” and “fee income”. The factor “Conscientiousness” has the greatest effect on job performance among the Big-Five factors. 4. The factor “Openness to Experience” has a positive effect on “task performance”, “contextual performance” and “fee income”. 5. The factor “Extraversion” has a positive effect on “contextual performance”. Based on the results, the researcher recommends that F Bank select employees with personality trait “Conscientiousness” and “Conscientiousness” as the financial advisors. The researcher expects the financial advisors with personality trait “Conscientiousness” have better job performance.

This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners. / <p>Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser</p>

Bakgrund: Bakgrunden presenterar digitaliseringens utveckling och jämför det med media som tidigare varit analogt. Därefter redogörs för utvecklingen av automatiserade finansiella rådgivare och de utvecklingsstadier det genomgått. I samband med utvecklingen påträffas olika aspekter hos unga småsparare som påverkar förtroendet som övergången från att använda mänskliga finansiella rådgivare till robotrådgivare. Syftet: Syftet med uppsatsen är att undersöka hur företag inom fondförsäljning och aktiemäklarbanker kan nyttja robotrådgivningstjänster bland unga småsparare. Undersökningen fokuserar främst på aspekterna informationsspridning och riskupplevelse.  Teoretisk referensram: Denna studie utgår från tre olika teorier, vilka omfattar Unified theory of acceptance and use of technology, Theory of perceived risk och Innovation Diffusion Theory. Metod: Studien utför en kvantitativ ansats genom en tvärsnittsdesign. Urvalsramen inkluderar unga vuxna som är 18 till 30 år. Datainsamlingen genomfördes via sociala medier och skolplattformar, och totalt deltog 151 unga högskolestudenter i enkätundersökningen.  Slutsats: Utifrån resultaten förekommer det en positiv korrelation mellan användningen och riskupplevelsen, vilket gör att robotrådgivare har en möjlighet att attrahera unga vuxna till segmentet.