ORCID Profile
0000-0001-7451-0060
Current Organisation
York University
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Publisher: Emerald
Date: 20-03-2023
DOI: 10.1108/IJBM-09-2022-0431
Abstract: Financial risk-taking attitude (FRT) plays an important role in consumers' financial decisions, thereby determining consumer well-being. Motivated by the recent research on consumer well-being, this paper explores the relationships between financial literacy, a propensity to plan (PTP), FRT, financial satisfaction and life satisfaction. The authors use the Household, Income and Labour Dynamics in Australia (HILDA) survey to achieve the purpose of this paper. Furthermore, the authors use the variance-based partial least square structural equation modeling (PLS-SEM), also known as the PLS path modeling approach to test our proposed hypotheses empirically. The study finds a strong partial mediation of FRT between financial literacy and financial satisfaction. Moreover, the analyses reveal that a high PTP combined with a high FRT results in achieving high financial satisfaction, which leads to improved life satisfaction. The findings show the importance of creating financial plans in accordance with risk tolerance. While increasing financial literacy is relevant, the research suggests that tools that help consumers plan and invest in appropriate risky investments will lead to better outcomes. Though scholarly acumen of consumer well-being is rapidly developing, little remains known regarding the collective roles of financial literacy, PTP and FRT. The study addresses this gap by showing that financial literacy, risk-taking attitudes and planning propensities are all interconnected and necessary ingredients to improve financial and life satisfaction.
Publisher: SAGE Publications
Date: 30-12-2020
Abstract: We investigate the gender imbalance in the financial advising industry by analysing 32 in-depth qualitative interviews of female and male financial advisers in Australia and New Zealand. Using the framework of organisational structures, advisers’ preferences and stereotypical discrimination, we identify barriers for women and the adaptive strategies they employ to overcome them. Findings show that sales-based structures, servicing client needs, difficulties networking, a dominant masculine management culture and the gendered nature of flexible work inhibit women’s careers in financial advice. Strategies to overcome these barriers are finding the ‘right’ manager, receiving mentoring, selective networking and establishing a partnership arrangement with another adviser. JEL Classification: M12, M14
Publisher: Emerald
Date: 15-03-2022
DOI: 10.1108/IJBM-09-2021-0407
Abstract: This paper explores the direct and indirect associations between financial resilience and life satisfaction, using the moderation of non-impulsive behavior and mediation of financial satisfaction. The authors analyze the Australian household dataset, named the Household, Income and Labour Dynamics in Australia (HILDA) Survey, to meet the objectives of this paper. Furthermore, the authors use the PROCESS Models 4 and 7 to test the mediation and the combined moderated mediation relationships, respectively. The authors find the complete mediation of the relationship between financial resilience and life satisfaction by financial satisfaction. Also, this study finds that both financial resilience and non-impulsive behavior positively contribute to financial satisfaction, which is positively associated with life satisfaction. This research supports the need for consumers to build emergency funds as financial resilience is related to consumer well-being. This research also recommends that impulsive behavior should be addressed by the personal finance curriculum and financial advisors. This research contributes by showing that financial satisfaction is an important predictor of consumers’ well-being. The ability to access financial resources, which increases for non-impulsive consumers, is associated with increased life satisfaction but only via financial satisfaction.
Publisher: American Psychological Association (APA)
Date: 11-2012
DOI: 10.1037/A0030364
Publisher: Informa UK Limited
Date: 06-2015
Publisher: Elsevier BV
Date: 2018
DOI: 10.2139/SSRN.3108317
Publisher: Emerald
Date: 28-06-2021
DOI: 10.1108/QRFM-04-2020-0060
Abstract: Scandals in the Australian financial services industry highlight the conflicts of interest between those who provide financial advice (financial planners) and their clients. Disclosure is a potential governance tool to manage these conflicts of interest by reducing asymmetries in information. Yet, the efficacy of disclosure is questionable as scandals persist, so this paper aims to research the effectiveness of disclosure in financial planning. This research used a qualitative approach involving the triangulation of data from parliamentary inquiries in financial services with data collected in semi-structured interviews with financial planning professionals. The findings draw a clear portrayal of the disclosure requirements and illustrate how disclosure processes are onerous and complex. Starting with detangling the complex interactions between the beneficial role of disclosure in reducing information asymmetry and unethical behaviour and the detrimental effect of information overload, the authors then highlight effective disclosure techniques used by financial planners, including visualisation of material information. The study reveals that financial planners perceive their role as filtering information for clients and ensuring clients’ comprehension, due to the onerous disclosure requirements. The study is of interest to researchers, practitioners, policymakers and society as it implies that how disclosure occurs is as important as what information is disclosed. Those who wish to foster effective disclosure in the financial services industry need to consider the quantity, quality and process of disclosure. A limitation is the research focusses on financial planning practices and not client outcomes, which could be considered in future research. The study adds to the understanding of how disclosure is used as a governance tool and how the quantity of information may impede the effectiveness of disclosure in the financial planning industry. In addition, the study identifies and elaborates on the influential factors and best practices for enhancing the disclosure effectiveness by financial planners.
Publisher: Elsevier BV
Date: 02-2018
Publisher: Elsevier BV
Date: 06-2019
Publisher: Wiley
Date: 17-10-2022
DOI: 10.1111/IRFI.12399
Abstract: Behavioral finance has uncovered that investor engage emotionally when trading. We investigate how three psychological factors influence purchase and repurchase decisions: representativeness, the influence of prior gains, and reference points. Using trading data of 7200 UK investors we find that purchase decisions are influenced by representative heuristic and repurchase decisions are influenced by both representative heuristic and prior profitability. Further survival analysis showed that investors use the prior selling price as a unique reference point. Investors are more likely to repurchase a stock when trading above its reference point, but more likely to initiate the repurchase when trading below. Investors are influenced by previous experience and engage learning behavior when they seek to reinforce past success. As reference points are inferred but infrequently researched, this research adds to the literature and provides important and robust results for those engaging with financial planning clients.
Publisher: Wiley
Date: 06-2021
DOI: 10.1002/CFP2.1123
Abstract: Gender inequality and occupational segregation in Australian financial services present a stark disparity, with men working as financial planners and women being over‐represented in lower‐paid administrative positions. This article uses a gender capital theoretical framework to examine gender segregation between financial planning and paraplanning occupations. Analysis of interviews with 26 financial professionals suggested that masculine capital, including confidence and persuasive soft skills, marked success as a financial planner. Feminine capital, including organizational skills, was aligned with the role of paraplanner. These findings contribute a new perspective on why gender segregation occurs in financial planning. These findings bear relevance as financial planning professionalizes.
Publisher: Elsevier BV
Date: 06-2018
Publisher: Emerald
Date: 17-09-2022
DOI: 10.1108/JPBAFM-11-2020-0182
Abstract: This paper researches the professionalization of financial planning in Australia. The authors investigate how the institutional logic of major institutions inhibits this occupation from moving toward a professional status. The study uses documentary analysis of government inquiries into Australian financial services from 1997 to 2017 to ascertain the various institutional logics relating to the professionalization of financial planning. The method involves generating ideas from the data and applying an institutional logic framework to make sense of impediments to the professionalization of financial planning in Australia. The regulator adopted a self-regulation logic that empowered financial institutions to govern financial advice. These financial institutions have a logic of profit maximization that creates conflicts of interest in financial planning. The financial planning professional bodies adopted a logic of attracting and retaining members due to a competitive professional environment. Thus, financial planners have not been defined as fiduciaries, professional standards have not increased and an ineffective disciplinary resolution system exists. This research illustrates the various institutional logics that need to be addressed to professionalize financial planning in Australia. However, the data used is limited to that drawn from the parliamentary inquiries. Prior research on the emergence of professions such as accounting has shown that financial institutions are sites of professionalization. This research shows that financial institutions impede professionalization in financial planning. Also, where the state granted legitimacy to other professions, this research indicates that the state regulator's logic of self-regulation has not legitimized financial planning.
Publisher: SAGE Publications
Date: 29-06-2022
DOI: 10.1177/03128962211022568
Abstract: Scandals show that ethics is an important topic in financial planning. Our research analyses 212 financial ombudsman decisions (2013–2018) to understand the nature of financial planning misconduct in complaint decisions. We develop a coding structure to ascertain what professional conduct involves and then use content analysis and cluster analysis to identify the aspects of professional conduct occurring in these misconduct decisions. Diligence, acting in the client’s best interest and having no reasonable basis for advice are interconnected elements in over half of these decisions. Secondary elements are misleading statements, conflicts of interest and disclosure. Analysis of decisions involving fiduciary duty showed that financial planners failed to ascertain a client’s circumstances and did not form advice based on their client’s information. As financial planning professionalises, future research, financial planning education, policy and practice should address these issues. JEL Classification: D14, G20, G50
Publisher: Emerald
Date: 12-07-2021
DOI: 10.1108/IJBM-09-2020-0490
Abstract: This study aims to test a moderated mediation model for a twofold purpose. First, to examine the mediating role of financial capability (FC) in the association between financial literacy (FL) and financial well-being (FW). Second, to analyze if non-impulsive future-oriented behavior (NIB) moderates the associations of FL with FC and FL with FW. The authors use the PROCESS macros in IBM SPSS Statistics to test the moderated mediation model and analyze the 2016 wave of the Household, Income and Labor Dynamics in Australia Survey. The empirical analysis shows that FC partially mediates the association between FL and FW. Furthermore, the moderated mediation analysis shows that NIB strengthens the associations of FL with FC and FL with FW. Specifically, the positive associations of FL with FC and FL with FW significantly increase for those consumers who score high on NIB. The findings have implications for the financial services industry. Professional financial planners can positively improve the ability of consumers to deal with their financial matters by highlighting the importance of FL and NIB. The study findings suggest educating consumers to discourage impulsive behavior and encourage them to create financial plans as it will enhance their ability to conduct financial tasks efficiently, improving their FW. To the authors’ knowledge, this is the first study to assess a moderated mediation model, which examines the role of FC as a mediator variable and NIB as a moderator variable in the association between FL and FW.
Publisher: Edward Elgar Publishing
Date: 15-06-2023
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for Daniel Richards.