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Characteristics of Trust in Personal Financial Planning

Author

Listed:
  • Cull Michelle

    (Western Sydney University, Sydney, Australia)

  • Sloan Terry

    (School of Business, Western Sydney University, Sydney, Australia)

Abstract

This Australian study utilises quantitative and qualitative research planning. Affective characteristics of trust were found to be essential to the client-adviser relationship. Increased legislation and specific behavioural and technical competencies of advisers were also found to build consumer trust in financial advice. The study’s results provide guidance to financial advisers with regards to the skills and factors that build and maintain trust with clients. This may lead some advisers to engage in additional training or education programs to improve specific skills, or to reconsider the way they interact with clients.

Suggested Citation

Handle: RePEc:vrs:finprj:v:2:y:2016:i:1:p:12-35:n:1001
DOI: 10.2478/fprj-2016-0001
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More about this item

Keywords

Financial advice; Financial planning; Competencies; Trust;
All these keywords.

JEL classification:

  • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
  • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
  • G20 - Financial Economics - - Financial Institutions and Services - - - General
  • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
  • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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