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Independent financial advisors: open innovation and business performance

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  • Ian Chaston

Abstract

The purpose of this paper is to examine the behaviour of small independent financial advisors (IFAs) in terms of their involvement in networks and open innovation. A mail survey of small IFAs was undertaken utilising previously validated scales to assess business performance in relation to networking and open innovation. Results indicate that IFAs involvement in networks and open innovation can assist business performance. The managerial implications are that IFAs and other financial services organisation sector firms may be able to achieve higher sales growth by participating in networks and engaging in open innovation. This paper provides an original empirical assessment of possible strategies to enhance sales growth in small financial service sector firms facing volatile market conditions.

Suggested Citation

  • Ian Chaston, 2013. "Independent financial advisors: open innovation and business performance," The Service Industries Journal, Taylor & Francis Journals, vol. 33(6), pages 636-651, May.
    • Handle: RePEc:taf:servic:v:33:y:2013:i:6:p:636-651
    DOI: 10.1080/02642069.2011.622371
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    Cited by:

    1. Lei Shen & Xi Zhang & Hongda Liu, 2022. "Digital technology adoption, digital dynamic capability, and digital transformation performance of textile industry: Moderating role of digital innovation orientation," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2038-2054, September.
    2. Darren A. Pawski & Robert J. Powell & Anna Golab, 2022. "Factors affecting the growth of small privately‐owned financial planning businesses," Australian Economic Papers, Wiley Blackwell, vol. 61(4), pages 717-737, December.
    3. Marisela-Yazmín García-Vidales & Gonzalo Maldonado-Guzmán & Sandra-Yesenia Pinzón-Castro, 2019. "The influence of open innovation practices on business performance in Mexican family and non-family SMEs," Estudios Gerenciales, Universidad Icesi, vol. 35(153), pages 370-378, December.
    4. Chihcheng Lo & Chunhsien Wang & Yi-Chun Chen, 2020. "The Mediating Role of Intellectual Capital in Open Innovation in the Service Industries," Sustainability, MDPI, vol. 12(12), pages 1-12, June.

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