This study investigates the quantitative value of advice added by financial advisors in South Africa; where value is measured through return differentials between advised and non-advised investors. A sample of 3189 individual investors from a large South African investment manager was analysed over a period of approximately five years, from 4 August 2014 to 31 July 2019. The primary focus of this study is to determine whether financial advisors create value for investors relative to the cost of advice, by investigating if a significant difference exists between the net of advisor fee returns earned by advised and non-advised investors. It also examines investor trading behaviour and assesses if any significant correlations exist between the number of trades made and returns earned. Current South African literature has a limited consideration of the cost of advice when considering the overall value added by financial advisors and has been found to consider a limited range of investment funds and asset classes. This study examines a range of ten investment funds that cover a range of asset classes and examines investment performance both before and after advice fees. The data is also analysed to examine the trading behaviour differences with the correlation between trading and investment returns also examined. The results of this study show that overall, the returns generated by non-advised investors are not significantly different from the returns generated by advised investors before advisor fees are considered. When advisor fees are considered, the impact of advisor fees creates a significant difference in performance between advised and non-advised investors; leading to non-advised investors performing the same or better after fees are considered. The trading behaviour showed that advised investors made statistically significantly fewer trades than non-advised investors. The results did not show strong evidence of return differentials arising from the timing of trade decisions, for either advised or non-advised investors.

The aim of this master's thesis is to describe the current situation in financial advisory services in the Czech Republic. It contains an analysis of financial advisory companies on the Czech market. Another goal is to monitor the financial literacy of the Czech population. In the theoretical part it is referred to the difference of working with personal finance among the Western nations and the Czech population. The following describes the reasons why the families of the Western economies get richer faster than the Czech. There are carefully analyzed the financial counseling process and discussed the reasons why the service is beneficial. The practical part is made inquiries about the use of financial advisory services in the Czech Republic and related topics satisfaction. The survey is also aimed at providing current information on the work of people of different ages and social groups with personal finances. The conclusion summarizes all the results and the survey questionnaire.

A Study on the relationships between financial advisors¡¦ perceived quota difficulty, customer orientation, job satisfaction and turnover intention- Using Kaohsiung area wealth management banking sector as an example Abstract: In retrospect over the changes of past few decades, service industry has gradually become the largest industry in Taiwan and wealth management banking services has become the most desired financial services over the past few years. Despite that wealth management service has already been in existence in the western world for a long period of time, it is still in its infant stage for the domestic banking sector. In the face of fierce competition, gaining highest profit with lowest risk has been the objective of every bank in Taiwan. How to strengthen the service quality, enhance productivity and retain qualified financial advisor has been financial players¡¦ utmost goal. Thus, this study aims to study the relationships between financial advisors¡¦ perceived quota difficulty, customer orientation, job satisfaction and turnover intention. This research utilizes questionnaire study method and using SPSS for Windows as the tool to conduct statistical analysis, including reliability test, descriptive analysis, ANOVA test, correlation and regression analysis. The research findings are as follow: 1. There has been partial significant difference for individual variables¡¦ with respect to their perceived quota difficulty, customer orientation, job satisfaction and turnover intention 2. There are significant negative correlations between financial advisors¡¦ perceived quota difficulty and customer orientation as well as job satisfaction. 3. There are significant positive correlations between financial advisors¡¦ perceived quota difficulty and turnover intention. 4. There are significant positive correlations between financial advisors¡¦ customer orientation and job satisfaction. 5. There are significant negative correlations between financial advisors¡¦ customer orientation and turnover intention. 6. There was no significant evidence of mediation for customer orientation with respect to perceived quota difficulty and job satisfaction. Given the research results, the financial institutions should seriously look into setting up a reasonable sales quota while simultaneously stress the importance of customer oriented service. The human resources department should establish a comprehensive and thorough benefit policy and training program to enhance employee job satisfaction and reduce turnover intention. On balance, customers and employees are the two most valuable assets for a firm. Only happy employees and excellent service quality can create utmost value and profit for a firm. Key words: wealth management, salespeople (financial advisor), perceived quota difficulty, customer orientation, job satisfaction, turnover intention.

Thesis "frauds committed by financial advisors and its prevention" introduces the concepts of fraud, reasons for fraud, types of frauds and prevention suggestion. Financial advisors misuse the imperfections of insurance products and financial illiteracy of people for their own enrichment. This topic is very up to date for insurance companies. These cases are not publicized in media to protect the insurance companies. Within the thesis there was carried out a research among financial advisors in order to confirm or disprove the claim that financial advisors commit such offenses. It provides information for potential clients that would help them to be more conscious and to prevent them from concluding disadvantageous contracts. Recommendations are designed also for the insurance companies in the form of anti-fraud information system.

Independent financial advisors face challenges with successful marketing strategies as competition from web-based resources, large U.S. financial services, and wealth advisors' corporations increase. The purpose of this exploratory case study was to understand financial advisors' perceptions, experiences, and marketing strategies to improve their companies' sustainability by targeting a broader population base, including minorities, who need assistance with retirement planning strategies. Consumer culture theory was the conceptual framework for this study. Purposeful sampling was the basis for selecting 7 financial advisors from the mid-Atlantic region of the United States for face-to-face interviews. Semistructured interviews with open-ended questions were used to identify financial advisors' marketing strategies to support financial stability. Secondary sources for data collection included documented client testimonials and reviews of company data. Yin's 5-step process of compiling, disassembling, reassembling, interpreting, and drawing conclusions was used; 6 themes emerged from the data: (a) building a referral system, (b) hosting events, (c) implementing community involvement, (d) knowing minorities' behavioral language, (e) providing financial literacy tools, and (f) maintaining effective marketing strategies. Implications for social change include financial advisors' strategies for marketing retirement planning strategies to the U.S. minority subcultures who are not solicited by financial advisors.

Finansiella rådgivare är en yrkesgrupp som ofta beskrivs hamna i en svår position mellan sin arbetsgivare och kunden. Arbetsgivaren kan sätta press på att sälja produkter, medan kunder eftersträvar att få en lämplig rådgivning som är anpassad utifrån kundens förutsättningar. Få studier har studerat hur olika finansiella rådgivare tänker och agerar i en rådgivningssituation mellan de två parterna, samt även hur rådgivarens professionalism påverkar. Vi skapade därför en modell som belyser hur arbetsgivare, professionalism och kundvärde påverkar en finansiell rådgivare. Syftet med denna studie är att skapa förståelse om hur faktorer från arbetsgivaren, professionalism och kundvärde påverkar finansiella rådgivares agerande utifrån rådgivarens olika individuella egenskaper. Teorierna som används i studien är nära relaterade till vad som kan påverka och förklara en finansiell rådgivares agerande. Agentteorin används för att visa på svårigheten i relationen rådgivare har till sina kunder och sin arbetsgivare. Teorin förklarar även hur belöningssystem används för att påverka finansiella rådgivare till att agera enligt arbetsgivarens önskningar. Metoden som användes för att erhålla data var först en förstudie med två intervjuer, som användes för att få information inför skapandet av studiens undersökningsmodell. Därefter användes en kvantitativ metod i form av webbenkäter som skickades ut till 348 finansiella rådgivare, vilka ligger till grund för studiens empiriska data. Slutsatsen visade att det existerar ett samband mellan rådgivare med lite erfarenhet, ung ålder, och till viss del även kvinnor vad gäller att känna sig pressade av arbetsgivaren. Erfarna finansiella rådgivare agerade mer utifrån kundvärde och värderar sin professionalism högre. Framtida forskning kan göra en kvalitativ studie som grundligt undersöker om studiens resultat är samma och utforska om det existerar fler faktorer inom undersökningsmodellen som kan påverka en finansiell rådgivare. / Financial advisors are a profession that is viewed as having a difficult position between their employer and the costumer. This position is a result of the employer wanting the financial advisor to create profitability, meanwhile, the customer on the other hand is looking for advice that is best suited for them. Few studies however, have explored how different financial advisors think and act between these two factors, also professionalism is a factor. We have therefore in this study, created a model that emphasizes key qualities in each factor. The purpose of this study is to create a better understanding about how financial advisors are effected by factors from the employer, their professionalism and costumer value. The theories used in this study are related to what might affect and explain financial advisor's behavior in their working situation. Agency theory is used to show the difficulty for an advisor in the relationship between clients and employers. The reward system theory is used to explain how employers can control financial advisors. The method used to obtain data was first through a preliminary study with two interviews. Then we used a quantitative approach in the form of surveys that were sent to 348 financial advisers. This data was then analyzed in SPSS. The conclusion shows that there is a link between advisors with little experience, young age, and to some extent gender to feel pressured by their employer. Experienced financial advisors acted more towards customer value and value their professionalism higher. Future research can make a qualitative study about the same subject, but explore it more in detail and examine if there are new factors that can exist in the model. They can also investigate if a qualitative study will result in the same as our study.

abstract: 财富管理是一个高度信息不对称的行业，因此投资人需要尽可能减少自身的不确定来做投资决策，通过文献整理，本文发现通过建立信任来消除不确定性是很多投资人都会选择的帮助投资决策的方法。纵观历史，美国2007-2008年的金融危机也恰恰导致金融市场投资人对于理财机构信任的严重缺失，相同的情况也可能发生在中国财富管理市场，因此本文将此选作研究重点，希望深入研究财富管理公司投资人对理财师的信任来得到一系列结论。本文最终发现就平台和理财师相比，投资人更看重平台的信誉度。 投资人大多认为平台的信誉度要高于理财师的信誉度，但是这并不意味着理财师不重要。本文进一步的分析发现，多数投资人会和理财师建立起一种私人联系，且该私人关系有助于加强客户和平台的联系。投资人认为行业经验、为人诚恳，说话可信以及责任心是加强这种私人关系的重要因素。最后，投资人对于钜派平台的信任主要由对于理财师的信任来维持，同时对于理财师的信任主要来自与情感信任。本文的发现对财富管理平台具有战略意义。 / Dissertation/Thesis / Doctoral Dissertation Business Administration 2019

This study investigated the relationships between personality, ability, biographical and sociographical factors on the one hand and criterion measures of job-relevant behaviour on the other. The aim of the study was to isolate success-predicting factors for a Personal Financial Advisor in a South African Bancassurance operation. The research was done by means of a criterion-related concurrent validation study. The sample consisted of 185 advisors with two years or longer sales tenure in the position. Predictor variables included measurement on a 20-dimension competency model, an ability assessment and 17 biographical and sociographical variables related to the position. Criterion variables included production figures and managerial ratings on advisor performance. Meaningful predictors for the success of financial advisors were found for personality, ability, biographical and sociographical variables, and the results confirmed the hypothesised competency model derived from a job analysis. / Industrial and Organisational Psychology / M. Com. (Industrial and Organisational Psychology)

金融服務業乃一國經濟發展中重要樞紐，也是支持產業發展之經濟命脈。回顧台灣金融業近30年來的軌跡，可以說就是一部台灣經濟發展史的縮影。金融發展之於經濟成長，如同血液循環之於身體，一旦循環阻塞，健康立即出狀況。因此一旦金融機構資金中介角色不順暢，經濟成長肯定受到嚴重的打擊，同時產生不少社會問題。 2003年起，台灣各金控公司與銀行間，開始大力的拓展財富管理業務。T銀行則於2007年7月1日才正式開辦財富管理業務，在同業中是起步最晚。本研究旨就財富管理市場之經營特質，針對T銀行所屬全體理財專員，從各項人口統計變數中，探討對工作績效之影響，作為業者日後甄選理財專員、管理與培訓時建請卓參，俾利積極發展財富管理業務，超越同業，成為相關領域的巨擘。 本研究採用郵寄問卷調查法，對T銀行全體127位理財專員全面寄發，以Limdep 9.0統計軟體進行各項資料分析，並輔以實證模型分析來驗證各項假設，經研究後主要發現： T銀行的理財專員的教育程度、服務的地區、與顧客溝通使用的語言均與工作績效呈現顯著差異；而理財專員每日工作時數、擁有貴賓客戶數量，與工作績效呈現顯著正影響。理財專員擁有證照的張數，與工作績效呈現顯著負影響；理財專員在中、南部地區使用國語行銷則與工作績效呈現顯著負影響。 若採納研究建議，T銀行於財富管理業務上，當可獲致極大的進展。將於同業中取得優勢、營業績效蒸蒸日上，市占率將名列前矛。 / The financial services industry is one of the most important sectors for the economic growth and development of a country. It also functions as the lifeline supporting the development of business and industry of a nation. The business track for the past three decades of the financial services industry indeed reflects the overall big picture of Taiwan's economic development. Financial development to the growth of economy is just as the circulation of the blood to the body. Once the financial institutions fail the role of financial intermediaries, economic growth will undoubtedly have a grave impact resulting in a lot of social problems. Since 2003, Taiwanese financial holding companies and banks have been trying hard to develop wealth management business. T-Bank engaged in this business on July 1, 2007, which is the latest bank to start wealth management business in the industry. This study is to investigate the impact of demographic variables toward job performance, especially to the financial advisors in T-Bank, based on the operating characteristics of financial management market. The research results can provide valuable suggestions to T-Bank in terms of hiring, training and management of financial advisors, which can help to actively expand its wealth management business and make it a leading role in the industry. Using the mailed questionnaire method, 127 copies of questionnaire had been sent out to all the financial advisers of the T-Bank. All the data were analyzed by statistical software Limped 9.0. The empirical model was then utilized to verify all the hypotheses. The major findings of this study are as follows: There are significant differences between the work performance and the education level of the advisers, their serving area, the language they use when communicate with customers; their daily working hour and the number of VIP customers in individual account has significant positive influence to the work performance. The number of certificate each advisor possesses has significant negative influence to the work performance; conversing in Mandarin Chinese in central and southern Taiwan has significant negative influence to the work performance. T-bank will gain tremendous progress in wealth management business if it adopts the proposed suggestions in this study. It will also have strong competitive advantages among the industry. Its business will flourish and have the top rank in market shares.

Expansion, development and knowledge have characterized the economy in recent decades and we are now living in a knowledge society. This has created an alteration in the typical features of the assets where invisible capital in the form of intellectual capital has become more important. An uncertainty has arisen in how the intellectual capital should be accounted for and how it is valued and assessed by stakeholders. The purpose of this study is to investigate how financial advisors value and assess intellectual capital within knowledge companies, also understand the possible irrational elements in their process because of the ambiguity of this capital. A qualitative method is used in this study where interviews with five financial advisors within the banking sector are carried out. The result demonstrates that there is a similar understanding about what intellectual capital is, but that valuation and assessment of this vary. The result also indicates that human capital is the essential asset for knowledge companies. Elements of irrational decisions also have a meaning in their valuation and assessment process. The conclusion is that intellectual capital is still something that stakeholders find difficult to grasp, and when valuing and assessing knowledge companies with significant intellectual capital, elements of irrational decisions are implied to be more obvious. / Expansion, utveckling och kunskap har präglat ekonomin de senaste decennierna och vi lever nuförtiden i att kunskapssamhälle. Detta har skapat en förändring i tillgångarnas typiska drag där osynligt kapital i form av intellektuellt kapital har blir mer väsentligt. En oklarhet har då uppstått i hur det intellektuella kapitalet ska redovisas och för den delen värderas och bedömas av externa intressenter. Syftet med denna studie är att undersöka hur finansiella rådgivare värderar och bedömer det intellektuella kapitalet och då specifikt hos kunskapsföretag, även förstå möjliga irrationella inslag i deras process på grund av otydligheten av detta kapital. En kvalitativ metod används i denna studie där intervjuer med fem stycken finansiella rådgivare inom bankväsendet genomförts. Resultatet antyder ett samförstånd kring vad intellektuellt kapital är men att värdering och bedömning varierar, där humankapitalet antyds vara den väsentliga tillgången för kunskapsföretag. Inslag av irrationella beslut har även en betydelse i deras värdering-och bedömningsprocess. Slutsatserna är att det intellektuella kapitalet är fortfarande något som externa intressenter har svårt att greppa och vid värdering och bedömning av kunskapsföretag medväsentligt intellektuellt kapital antyds inslag av irrationella beslut bli mer påtagliga.