Thesis (M.B.A.)--Boston University

This research project identified principles of practice management as applied to the personal financial planning process. The purpose of this research was to establish principles that Financial Planners could use to improve service delivery to the individual. In broad terms this is known as practice management and this research attempted to develop a greater understanding of practice management and provide a basis for further research on the subject.To do this in a meaningful way the research had two structured phases. The first phase was a theoretical study that provided the basis for the design of a research instrument. The second phase was an empirical study that was done on the responses received on the research instrument to establish principles of practice management.The research successfully identified four components and twenty principles of practice management, as well as three demographic drivers of income and succeeded in meeting the research objectives. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

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Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2999-01-01

As the rise of globalisation continues to pressurise companies to improve performance, there is a lot of hype surrounding Six Sigma’s abilities to do so. After all, for managerial techniques to be credible, they need to improve profit. It is therefore concerning that to date only one empirical study examines the role of Six Sigma on performance and it finds mixed empirical results. This study aims to replicate the preceding study over a more recent time period and include the impact of sector on performance. This study examined 43 Six Sigma firms listed in the United States and their financial results for a four year period from 2004 to 2007, compared to 43 homogenous firms that formed a control group. The results for five operational and five financial measures were tested using analysis of covariance to see whether, given equal initial levels of the measure, the Six Sigma firm would outperform the control firm after four years. The main contribution of this study is to show how little Six Sigma contributes to financial and operational performance overall. Companies looking to implement a Six Sigma initiative should be cognisant of this before investing in high initial investment costs. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

As financial planners operate in a competitive business environment, it is important to identify how financial planners can apply relevant industry aspects to positively influence their customer satisfaction and customer retention levels. Although models of customer satisfaction and subsequently customer retention have been well researched for consumer products and services, there has been limited research in regards to financial planning. Previous research in the financial planning industry focussed on specific elements of financial planner-client relationships, for example trust, integrity and ethics. This research study reviews existing literature on customer satisfaction and customer retention, as relevant to the financial planning industry. Thus the primary objective of this study is to investigate the extent to which the four predetermined independent variables; namely, two-way communication, ethical responsibility, clients’ financial knowledge and commission fees can possibly influence the intervening variable customer satisfaction and ultimately the dependent variable customer retention in the financial planning industry. An empirical investigation was undertaken to establish whether the independent variables; namely, two-way communication, ethical responsibility, clients’ financial knowledge and commission fees can possibly influence customer satisfaction and ultimately customer retention in the financial planning industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of financial planning clients. The sample size consisted of 250 financial planning clients in the Nelson Mandela Metropolitan area. A response rate of 76.40 percent was achieved. The usable questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 10. The validity of the study was confirmed by utilising EFA. Cronbach’s alpha coefficients were calculated to confirm the reliability and the internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter the internal reliability of the data was assessed using Cronbach’s alpha coefficients. Pearson’s product moment correlation coefficients and multiple regression calculations were calculated and discussed. Through multiple regression calculations, the factors that emerged were used to analyse the relationships predicted by the five hypotheses. Finally t-tests and analysis of variance (ANOVA) tests were conducted and discussed. The empirical investigation revealed that significant relationships exist between the independent variables two-way communication, ethical responsibility, commission fees and the intervening variable customer satisfaction as well as the dependent variable customer retention. The empirical investigation revealed that if a financial planner communicates financial information accurately and understandably to clients while acting in an ethical manner, clients are likely to be satisfied with the products/services of the financial planner and be retained by the financial planner. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the financial planning industry. Recommendations have been provided based on the main empirical findings. All financial planners in South Africa, including all the regulatory bodies, will benefit from the empirical findings as well as the recommendations of this study on how to improve customer satisfaction and customer retention which will ultimately increase service delivery of financial planners in the financial planning industry.

The South African financial planning industry experienced a rapid growth from its generic beginnings in the 1970’s to the vast levels of specialisation taking place in the 21st century. Financial planning, akin to the medical profession, is arguably one of the most critical areas of influence in the personal lifestyle planning of individuals given the increasing longevity brought about by the medical profession. Early transgressions and irregularities, as in the case of most industries, brought about the introduction of the Financial Advisory and Iintermediary Services (FAIS) Act in 2004 to regulate, transform and restructure the industry. Since the introduction of the Act, compliance with the legislation and obtaining the appropriate qualifications have become a major focus for financial planners. This groundbreaking academic research involves an assessment of the educational needs of graduates in the financial planning industry including an evaluation of the relative importance of the subject fields, management competencies and skills required in the field of financial planning with specific reference to the financial planning programmes offered by the HEIs in South Africa. The purpose of this study can be phrased in a threefold manner: Firstly, to assess at programme level the theoretical and practical relevancy of the HEIs financial planning programme content relative to the present and immediate future normative requirements of the financial planning profession; Secondly, to assess whether the academic programmes address the critical skills shortage in financial planning by determining the appropriate qualification delivery in terms of academic and practical learning to develop the appropriate management competencies; and Thirdly, based on the findings of this research, to address any gaps pertaining to the financial planning programme content and management competency and skills levels, thereby contributing to the body of knowledge pertaining to financial planning education in order to be relevant and responsive in servicing the financial services sector. To give effect to the problem statement and to validate the research propositions, a mixed methods design within the pragmatic research paradigm was used. A relatively new and innovative mixed methods approach, namely Real-time Delphi (RTD) procedures of sourcing professional expert opinion enabled the collection of qualitative and quantitative data for data triangulation. The RTD methodology which seeks the pooled intelligence from a group of selected experts is also capable of determining future requirements rather than only the current practice. This is the first academic study of its kind in South Africa utilising the RTD methodology.

Thesis (M.B.A.)--Boston University. Missing p. 19 in numbering only.

Doctor of Philosophy / School of Family Studies and Human Services / Maurice M. MacDonald / Since 2008, the effects of the Great Recession have lingered in memory and in public discourse, and have underscored the need to better understand the determinants of financial resilience. Financial resilience refers to the household’s ability to absorb and respond to financial shocks (MacKinnon & Derickson, 2013). A financial shock may be induced by a rapid decline in income or asset values, an increase in expenses, or some combination thereof. Solvency -- the relationship between a household’s assets and liabilities -- is one aspect of financial resilience: maintaining a healthy debt ratio affords a household the opportunity to liquidate assets to meet debt obligations in response to a financial shock. Thus, the practical question which inspired this dissertation was "what is the right amount of debt for the household?" Within the personal finance and consumer economics literature, borrowing and saving -- behaviors which influence household solvency -- are conceptualized in part as functions of individual future orientation. The premise that resources are fungible, however, has led to the characterization of concurrent borrowing and saving as a behavioral anomaly. Corporate finance, by contrast, does not characterize this common practice as an anomaly, but suggests that concurrent borrowing and saving is, in part, a matter of balancing the costs and benefits of debt. However, theories of corporate finance cannot predict or explain how individual future orientation might influence a household’s capital structure. Thus, this dissertation adds to the literature by exploring precisely this question: how does individual future orientation influence household capital structure? The present results suggest, in contrast to the existing body of research, that future orientation is positively associated with an individual’s propensity to use leverage to finance investments; but that within a complex family resource management system, this individual propensity is moderated by the relative bargaining power of the other members of the household.

Maslow¡¦s famous theory, the demand theory, constitutes a hierarchy of five levels. One can fulfill these demands stage by stage provided one has sufficient money. In Taiwan, more and more people are getting old, but the government hasn¡¦t figured out the welfare system for the aged. Without annuities after retirement, it¡¦s important for one to have an alternative. Financial planning helps one make good use of income to accumulate a considerable amount of money for children¡¦s education and spending after retirement. In this research, I try to establish the patterns of individual and family financial planning in the method of system dynamics, helping people to choose their destiny in their lives. This research shows that system dynamics modeling for the analysis of financial planning can really work. The structure and dynamics of systems enable us to understand and control the complex financial systems. It allows us to design strategies for greater success. This research reaches two achievements: 1. Make causal loop diagrams (CLDs) of financial planning The CLDs eliciting here are suitable for individuals or teams. CLDs enable us to seek endogenous explanations for phenomena , instead of exogenous ones, which may be more lopsided. It can help us to have a whole picture of the interaction of the variables presented. 2. Formulate a simulation model The model built in this research can lead to quantification results, which enable us to compare all kinds of different situations and estimate the long-term influences on different plans . The long-term financial investment planning must be done under an effective management structure. An investment managed in scientific methods can be more effective and create a fortune more easily as well. A well-designed financial planning allows one to understand one¡¦s financial condition, precisely predict the cash flows in the future, and choose the most suitable kind of investment combination. In this way, one can successfully accomplish each goal of one¡¦s life without any concerning for money.