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Dissertations / Theses on the topic 'Financial advisory'

Author: Grafiati
Published: 4 June 2021
Last updated: 14 February 2022

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1

Jansen, Christian. "Excellence in financial advisory services /." Berlin : Pro Business, 2008. http://d-nb.info/990670015/04.

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2

CARLSON, VIKTOR. "The Value of Financial Advisory Services." Thesis, KTH, Industriell Management, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-236512.

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Financial advisory services currently face many challenges such as adapting to regulations, competing against robot advisors and offering qualitative advice. We use a utility function based on the clients' risk preferences and investigated the value added by advisory services. The data represents real clients that received financial advisory services from an advisory firm, which gives this thesis a unique accuracy. For the calculations we simulated outcomes of the portfolios and computed key values pertaining to the investors' financial positions. Our calculations show that investors on average gain corresponding 1.66 % per year in risk free return on their investments from advisory services. In addition, we show that the client's value of advisory service increased with respect to the investor's risk level and time horizon of investment.
Aktörerna inom finansiell rådgivning står för närvarande inför flera utmaningar, att anpassas efter regleringar, konkurrera mot robotrådgivare och erbjuda hög kvalitet i rådgivningen. Vi har använt en nyttofunktion baserad på kunders riskpreferenser och utrett vilket värde som finansiell rådgivning tillför. De data som använts representerar verklig kunddata från ett rådgivningsföretag, vilket ger denna studie en unik träffsäkerhet. Beräkningarna av nyckeltal för investerarnas finansiella position har gjorts genom simulering av portföljer. Våra beräkningar visar att finansiell rådgivning ger investerare i genomsnitt motsvarande 1.66 % i ökad riskfri avkastning per år efter avgifter och skatter. Dessutom vi visa att rådgivarnas tillförda värde ökar med avseende på investerarnas risknivå och tidshorisont.
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Kaiser, Marcus. "Financial services advisory individualisation and the role of customer data." Hamburg Kovač, 2008. http://d-nb.info/993077056/04.

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Buckner, Julian M. "Battle of the ‘Bulge’: A boutique offensive in M&A advisory." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/826.

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This paper examines 878 mergers and acquisitions between 2003 and 2012 to investigate the impact of advisor choice on transaction performance. Differentiating between bulge bracket, boutique and mixed team advisors, this analysis uses cumulative abnormal announcement returns, purchase premiums, completion ratios, and deal durations as indicators of outcome. Using ordinary least squares and probit regressions an analysis of premium outcomes and target abnormal returns point to there being significant shareholder benefits to using boutique advisors. However, the use of boutiques significantly increases the length of the transaction, and appears to have no impact on the likelihood of a successful completion.
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Dreyer, Elizabeth. "The role of specialist advisory services within a development bank." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97463.

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Thesis (MDF)--Stellenbosch University, 2015.
ENGLISH ABSTRACT: It is accepted that financial sector development contributes to economic growth, equality and poverty alleviation. Economic development in many developing economies is constrained by the failure of financial markets to provide appropriate financial services products to enable these economies to address structural transformation and enable sustainable economic growth. Development Finance Institutions (DFIs) have emerged as an effective institutional vehicle to provide financial services to support the development and financing needs of market segments, particularly in developing economies, which the commercial financial sector is unable or unwilling to serve. DFIs provide financing to markets with a perceived high investment risk by developing appropriately structured innovative financing solutions and risk mitigation instruments needed to address the infrastructure and development financing gaps within these economies. DFIs are able to address commercial financial market failure by providing financing to support long-term private sector investment in infrastructure, financing products that service high-risk market sectors that lack collateral and financing to support public sector efforts to provide adequate social and economic infrastructure in countries with a high-risk investment rating. Specialist advisory skills are a critical resource that DFIs deploy to identify, package and finance sustainable and bankable solutions to support transformative growth. For DFIs to operate optimally they need to implement an integrated loan approval process that enables effective investment decision-making. By deploying specialist advisory services at each stage of the investment value chain, DFIs comply with international best practice standards, package development finance solutions to meet potential clients’ needs and ensure financial sustainability. An extensive literature review on DFI practice revealed that the predominant literature on DFIs focuses on the mandate and governance relationships within these institutions. This research assignment addressed the gap in available DFI literature. The research assignment aimed to build on the available literature on DFI investment decision-making and to contribute to the body of knowledge of the DFI investment value chain. The research assignment focused on DFI operations and investment decision-making procedures and considered how DFIs deploy specialist advisory services to enhance the application of an integrated loan approval process, mitigate investment risk and enable the optimal allocation of scarce resources to enhance sustainable development. The assignment identified the various institutional approaches and methodologies DFIs adopt to utilise specialist advisory services and identified the challenges, opportunities and limitations within the process. Chapter 1 introduces the key themes addressed in the research assignment. Chapter 2 provides a literature review of DFI practice and application of best practice considerations in investment decision-making. Chapter 3 details the research methodology deployed to conclude the research assignment. Chapter 4 addresses the research findings emanating from a case study analysis of the specialist advisory services deployed by the Development Bank of Southern Africa (DBSA), the European Investment Bank (EIB) and the Land Bank of South Africa. The assignment concludes with findings and recommendations. The research assignment found that limited investigation has been conducted on the operational execution of specialist advisory services within the investment value chain. Specialist advisory services provide DFIs with a key resource to assist in assessing potential loan applications in ensuring that clients meet mandate criteria to qualify for DFI loan applications, assist in assessing whether clients meet investment standards, and ensure that financially sustainable transactions are supported. To enhance DFI practice, further research is required to unpack the various investment modules applied within the investment value chain.
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6

Hermansson, Cecilia. "Understanding the relationships between bank-customer relations, financial advisory services and saving behavior." Doctoral thesis, KTH, Centrum för bank och finans, Cefin, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-162909.

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While the saving environment has become more complex in recent years, so has the demand for individual activity. Important impetuses include financial deregulation, globalization, technological change, and reformed pension systems. Financial institutions can provide financial advisory services to help their customers to obtain positive net benefits by avoiding mistakes and using economies of scale, and they can also attract and maintain their customers by creating strong relationships. Earlier studies show that the incentive structure often leads to advice that is not to the benefit of the customers. In addition, not all customers seek and receive advisory services. The objective of this study is to increase our understanding of the relationship between the bank advisor – customer relation and the bank customer’s saving behavior. The scope of the study is to analyze relevant theories and develop a model that includes financial advisors as a mediator of saving behavior, and to understand the relational attributes that can affect saving behavior. Also, the characteristics of customers with a relational versus a transactional exchange form with the bank are explored. Given the problems of establishing causality, the scope is also to understand the impact of the relationship and, in particular, face-to-face advisory meetings on saving behavior. The analysis is mainly carried out with the help of customer data – both objective bank register data and subjective survey data – while the advisor characteristics are to a lesser extent part of the data material. Five studies are carried out using various methodologies, i.e., theoretical review and model development, probit and multinomial logistic regressions, difference-in-difference regression, and structural equation modelling. In addition, a case study is made analyzing dyads of customers and advisors in order to explore theoretical assumptions. Economics and relationship marketing are used to explain saving behavior with transactional, interimistic relational, and enduring relational exchange forms (Paper 1). Several major findings emerge in the quantitative analysis: First, the attributes are longer and stronger, the more relational the exchange form is (Paper 2). A second finding is that relational attributes also surface in transactional exchange, a finding that requires further research to be understood in more detail (Paper 2). Third, among relational attributes, duration and context have the largest total effects on saving behavior, while trust is a mediating variable (Paper 5). Fourth, not only demographic and socioeconomic factors can predict whether customers use the relational exchange form; psychological factors, such as saving motives and risk attitudes, are also predictors. Results are clearly different for women and men (Paper 3). Finally, financial advisory meetings are found to increase saving volumes and saving products held in stock. The largest effects are found for young customers with low wealth and low profitability to the bank, i.e., customers who initially have low activity levels and thus create a large potential (Paper 4). Limitations include endogeneity problems in general, and selection bias in particular, making it difficult to establish causality, and internal and external validity. Future research should focus on data management, especially building time series with enhanced methods to adjust for selection bias. In addition, studies to better understand the transactional exchange form are needed, as well as studies that deepen the definition of relational exchange, not least when alternative channels to face-to-face meetings include mobile banking and internet banking, and the digitalization of  the social know-how of financial advisors. Managerial implications include understanding the relational attributes that affect saving behavior, such as context, duration, and trust. Also useful to know are the factors that can help to predict the probability of a customer’s having a transactional or relational exchange form, i.e., including demographics, socioeconomics, psychology, and gender, to see how channels and customers can be better matched. Policy implications include using the model in this study to match relational attributes to the degree of financial literacy, since the risk of misselling is particularly large for relational-oriented customers with low financial literacy.
Samtidigt som sparandet har blivit mer komplext under senare år, har behovet av individens egen aktivitet ökat. Viktiga drivkrafter för denna utveckling har varit finansiell avreglering, globalisering, teknisk utveckling och reformerade pensionssystem. Finansiella institutioner kan erbjuda finansiell rådgivning för att hjälpa kunderna erhålla positiv nettonytta genom att de då kan undvika att göra vanliga misstag och kan få skalfördelar med ökad tillgång till information. Genom att skapa starka kundrelationer kan dessa institutioner också använda rådgivningen för att attrahera och behålla kunder. Tidigare studier visar att incitamentsstrukturen ofta leder till att rådgivningen missgynnar kunderna. Det är heller inte alla kunder som söker och får tillgång till rådgivning. Syftet med denna avhandling är att öka förståelsen för sambanden mellan bankkundens sparbeteende, finansiell rådgivning och relationen mellan bankrådgivaren och kunden. I avhandlingens omfång ingår att analysera teorier, utveckla en modell som inkluderar finansiella rådgivare som intermediärer till sparbeteende samt förstå de relationsattribut som kan påverka sparbeteendet. Dessutom görs jämförelser mellan kunders karaktäristika utifrån deras utbytesform. Med hänsyn tagen till svårigheterna att fastställa kausalitet ingår även att förstå hur relationen i allmänhet, och rådgivningsmöten i synnerhet, påverkar sparbeteendet. Analyser görs med hjälp av kunddata, både objektiva registerdata och subjektiva enkätdata, medan karaktäristiska för rådgivarna i mindre utsträckning finns med i datamaterialet. Fem studier utförs som använder olika metoder, såsom teoretisk genomgång och modellutveckling, probit- och multinomiala logitregressioner, ”difference-in-difference” regressioner samt struktur-ekvationsmodellering. Inledningsvis gjordes också en fallstudie som analyserade dyader av bank-kunder och rådgivare för att undersöka teoretiska antaganden. Det framkommer att national-ekonomi och relationsmarknadsföring tillsammans kan användas för att förklara sparbeteende med hjälp av tre utbytesformer (transaktion, interimistisk relation, djupgående relation) (Art. 1). Ju mer relation utbytesformen innehåller, desto längre och större är relationsattributen (Art. 2). Relations-attribut finns också representerade i transaktionsutbytet, ett resultat som kräver ytterligare forskning (Art. 2). För det tredje framkommer att bland relationsattributen är duration och kontext viktigast för att förklara sparbeteendet, följt av förtroende som är en intermediär variabel (Art. 5). För det fjärde framkommer att förutom demografiska och socioekonomiska faktorer är psykologiska faktorer, såsom sparmotiv och riskpreferenser, prediktorer för utbytesform. Resultaten är markant olika för män och kvinnor (Art. 3). Slutligen, givet endogenitetsproblem, syntes finansiella rådgivningsmöten öka sparvolymer och antal produkter som bankkunder använder. De största effekterna observeras för unga, personer med låga förmögenheter samt personer med låg lönsamhet för banken, d v s kunder som initialt har en låg aktivitetsnivå men som utgör en potential (Art. 4). Begränsningar i studierna handlar om endogenitetsproblemen i allmänhet, och selektions-svårigheter i synnerhet, vilka gör det svårt att fastställa kausalitet och vilka begränsar extern och intern validitet. Framtida forskning bör därför fokusera på datahanteringen genom att bygga upp tidsseriedata och utveckla metoder som justerar för selektionsproblem. Dessutom behöver transaktionsattributen studeras. Samtidigt är studier som fördjupar förståelsen kring relationen viktiga, inte minst som alternativa kanaler till mänskliga rådgivningsmöten – såsom mobilbank och internetbank – snabbt vinner gehör i bankerna och bland kunderna.     Avhandlingens implikationer för bankledningar inkluderar ett ramverk som kan användas för hur relationen och dess attribut påverkar sparbeteendet, såsom duration, kontext och förtroende. Vidare är det användbart att förstå de faktorer som predicerar sannolikheten att kunden har en relations- eller transaktionsutbytesform, och de inkluderar demografi, socioekonomiska faktorer, psykologi och genus, inte minst som behovet att bättre matcha kanaler med kunder ökar. För politiska beslutsfattare kan avhandlingens modell användas för att matcha relationsattribut till graden av finansiell förmåga, inte minst som risken för ”misselling” är särskilt stor för relationsorienterade kunder med låg finansiell läsförmåga.

QC 20150327

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7

Brink, William, and Christopher Furu. "Investigating usefulness of portfolio optimization with respect to prospect utility in financial advisory." Thesis, KTH, Matematisk statistik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-213549.

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In this paper we derive and analyze the usefulness of a prospect theory based model for selecting optimal portfolios with respect to multiple investment goals. The focus is to determine whether or not the model would be suitable for the advisory process by investigating the result given by the optimal portfolio values and proportion in risky assets in continuous time. The model is based on the framework proposed by Berkeelar et al. [1] and De Giorgi [2] and follows a two step approach. It starts by finding the optimal terminal portfolio value for each investment goal and secondly determines the optimal initial funding for each investment goal based on the optimal terminal portfolio value. We have shown that the initial funding is monotone in the long term investment goal, in other words the investor initially puts all capital in that goal and therefore neglect remaining goals. Moreover we have shown that the model, assuming evenly distributed initial capital among investment goals, results in the investor reaching the short term goal only, for median risk profile but reaching all investment goals for the extreme loss averse profile. Lastly we also point out that the model holds very high leverage in risky assets for the median risk profile and less in risky assets when the investor is considered extreme loss averse. We conclude that this model is not suitable for the financial advisory process mainly because the median risk profile does reach her long term goal.
I det här dokumentet tar vi fram och analyserar användbarheten av en prospect theory baserad modell för att välja optimala portföljer, med avseende på flera investeringsmål. Fokus var att avgöra om modellen skulle vara lämplig för en rådgivningsprocess, genom att undersök resultatet från optimala portföljvärden och andelar i risktillgångar, för kontinuerlig tid. Vår modell är baserad på ramverket framtaget av Berkeelar et al. [1] och De Giorgi [2] och följer en tvåstegsmetod. Den börjar med att hitta det optimala terminala portföljvärdet för varje investeringsmål och för det andra bestämmer den optimala finansieringen av varje investeringsmål, baserat på det optimala terminala portföljvärdet. Vi har visat att den initiala finansieringen är monoton i det långsiktiga målet, vilket innebär att investeraren initialt allokerar allt kapital på det långsiktiga målet och därmed försummar resterande mål. Vidare har vi visat att modellen, förutsatt initialt fördelat kapital bland målen, resulterar i att investeraren endast når det kortsiktiga investeringsmålet för en median riskprofil men uppnär alla mål för extrem förlustmotvilja. Slutligen påpekar vi även att investeraren tar väldigt hög leverage när vi antar riskprofilen för en medianinvesterare och investerar mindre i risktillgångar när investeraren anses ha extrem förlusträdsla. Vi drar slutsatsen att denna modell inte är lämplig för den finansiella rådgivningsprocessen på grund av att en median riskprofil inte uppnår det långsiktiga investeringsmålet.
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Halaby, Bassim (Bassim M. ). 1960, and Qunmei 1962 Li. "Introducing fundamental changes to a service delivery model : "lessons from a financial advisory organization"." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/8507.

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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.
Includes bibliographical references (leaves 104-105).
Trends change, companies grow, merge and folds, things occur at an unusually rapid pace and clients' expectations of services value and costs take new form every day. The information for this research was gathered mainly between December and April of 2002 and reflects the situation as it was that time. The biggest change of all to occur during 2001 and 2002 was the collapse of share prices in many sectors, the fall of Enron and Global Crossing, and SEC probe of the way investment banks link research to brokerage. This environment creates tremendous pressure on financial institutions to improve business operations, not through cost cutting measures, but through a critical review of the way services are delivered. Investment banks in particular, are under scrutiny to shift their strategy from product to customer centric. We identified 2 reasons behind the impetus for shifting strategies. First, the cyclical nature of the financial markets requires an unusual flexibility in deploying and folding strategic assets with minimum damage to operations. Second, the competition among financial services to attract High Net Worth Individuals keeps extending the core services offered to clients. As a result, financial services are taking high risks to change the way business is delivered in order to respond to client changing needs; the service has become driven by "clients' expectations for more and more services for less and less costs". This case study assesses how a financial services firm introduces fundamental change to the way it does business in an attempt to respond to new market pressures. The case analyzes to what extent strategy is aligned with execution and evaluates service delivery changes from the lens of the Clients, Financial Advisors, and Client Associates. The findings of the study are based on the extensive use of operation research, marketing, and management models. The use of system dynamics, service delivery, and gap models identified various factors critical for successfully implementing changes . The results of intensive field surveys offered valuable data for creating a decision support system to our recommendations.
by Bassim Halaby and Qunmei Li.
M.B.A.
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Cedrell, Linda, and Nivin Issa. "The Adoption of Robo-advisory in the Swedish Financial Technology Market : Analyzing the consumer perspective." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-235778.

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Due to the digitalization revolution within the financial sector fintech companies are challenging the traditional banking institutes with new technologies and innovations. Robo-advisors are the new way to get personalized investment services online instead of using traditional advisory.The aim is to research the consumer adoption of robo-advisory in the Swedish financial sector. Additionally, the core emphasis throughout this thesis is on; consumers personal traits, as well as behavioral factors that impact consumers investment decision. Theories used are mostly innovation theories and behavioural theories. To investigate the aim aquantitative approach is used and a survey with 435 respondents were conducted and two probit and margin regressions was made, one for securities as the dependent variable and one for robo-advisory as the dependent variable. The results show that the adoption of robo-advisoryhas been slow in Sweden due to lack of transparency and information. Lastly, gender was the most significant factor in both regressions.
På grund av digitaliseringen inom finanssektorn utmanar fintech företagende traditionella bankinstitut en med ny teknik och nya innovationer. Robotrådgivare är det nya sättet att få personliga investeringsråd istället för att använda traditionell rådgivning. Syftet är att undersöka konsumenternas uppfattning kring robotådgivning i den svenska finans sektorn. Uppsatsen kommer baseras på konsumenternas personliga egenskaper samt beteendemässiga faktorer som påverkar konsumenternas investeringsbeslut. Teorierna som används är innovationsteorier och beteendeteorier. För att undersöka frågeställningarna har ett kvantitativt tillvägagångssättanvänts. En enkätundersökning genomfördes som resluterade i 435 respondenter. Datan från enkäten analyserades via grafer samt två probitregressioner med olika beroende variabler, värdepapper samt robotrådgivning. Resultaten visar att adoptionen av robotrådgivning har varitlångsam i Sverige på grund av bristande transparens och information. Den mest signifikanta faktorerna i båda regressionerna var kön.
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Černeckis, Gvidas, and Edvin Rogefors. "Framtidens finansiella rådgivare : Människor, robotar eller hybrider?" Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-150928.

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BAKGRUND: Robotrådgivning kan något förenklat definieras som en digital plattform som förser kunder med en automatiserad finansiell rådgivning. Många nya aktörer har börjat tillhandahålla robotrådgivningstjänster och robotrådgivning anses ha potential att förbättra marknaden för finansiell rådgivning. Ur ett konsumentperspektiv leder robotrådgivningen till bland annat sänkta direkta kostnader i form av lägre förvaltningsavgifter. Trots sänkta direkta kostnader och övriga konsumentfördelar har kapitalinflödet till robotrådgivningstjänster inte varit omfattande. Enligt ekonomiska teorier om transaktionskostnader, väljer köpare att inte genomföra köpet av en tjänst om uppfattade transaktionskostnader förenade med själva transaktionen upplevs för höga. Därmed är det av intresse att undersöka hur konsumenter uppfattar transaktionskostnader förenade med robotrådgivningen samt hur detta påverkar intention att använda tjänsten. SYFTE: Syftet med studien är att undersöka hur direkta kostnader respektive indirekta transaktionskostnader påverkar konsumenters intention att använda sig av robotrådgivning. Vidare är syftet att undersöka huruvida respondenter med en liknande intention att använda robotrådgivningstjänster delar några gemensamma drag. GENOMFÖRANDE: Data till studien har samlats in med hjälp av enkätundersökning. Enkäten har besvarats av 77 personer. För att analysera statistiska samband mellan de olika oberoende variablerna och den beroende variabeln intention har vi genomfört en multipel regressionsanalys. För att vidare analysera den insamlade datan och få ännu djupare insikter i hur respondenterna ställer sig i förhållande till robotrådgivningen har vi genomfört klusteranalys. SLUTSATS: Enligt vår studie har variablerna förtroende och mänsklig kontakt ett statistiskt signifikant samband med intentionen att använda robotrådgivning. Enligt klusteranalysen kan dessutom två konsumentprofiler urskiljas med utgångspunkt i intention att använda robotrådgivning. Direkta kostnader, vilka har undersökts med hjälp av variabeln kostnad, har inte visats ha något större inverkan på konsumenternas inställning till robotrådgivning, varför hybridlösningar enligt vår mening skulle kunna vara en möjlig lösning för att minska konsumenternas uppfattade transaktionskostnader och på det sättet öka intentionen att använda robotrådgivningstjänster.
BACKGROUND: Robo-advisory can be defined as a platform which provides customers with an automated financial advisory. A large number of new and already existing financial institutions have started providing robo-advisory services and robo-advisors are considered to have the potential to improve the market of financial services. Among other things, robo- advisory leads to decreased direct costs for consumers in terms of lower management fees. Despite the reduced direct costs and other consumer benefits, the capital inflow to robo- adivosory services has not been substantial yet. According to the economic theories in the field of transaction costs, a buyer is not going to conduct a purchase of a service if perceived transaction costs associated with the transaction itself are too high. Thus, it is essential to examine how consumers perceive transaction costs associated with robo-advisory and how that affects consumers intention to use robo-advisory-services. PURPOSE: The purpose of this study is to examine how direct costs and indirect transaction costs affect consumers intention to use robo-advisory. Furthermore, the purpose of this study is to examine whether consumers with a similar intention to use robo-advisory services, share any other characteristics. IMPLEMENTATION: Data for our study has been collected via survey. The survey has been answered by 77 people. To analyze possible statistical relationships between the dependent variables and the independent variable intention, we have conducted a multiple regression analysis. In order to further analyze the collected data and gain even deeper insights into how respondents stand in relation to robo-advisory, cluster analysis has been conducted. CONCLUSION: According to our results, only variables trust and human contact have a significant statistic relationship with the intention to use robo-advisory. Furthermore, by means of cluster analysis we have been able to distinguish two consumer profiles based on the dependent variable intention. Direct costs, in terms of the variable cost, have not been shown to have any substantial impact on consumers attitude towards robo-advisory. Hence, hybrid- solutions could, in our opinion, be a possible solution in order to reduce consumers perceived transaction costs, and further increase the intention to use robo-advisory.
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Baechel, Nicholas John. "Relief agency, hegemon, or failure? an evaluation of the IMF as crisis manager /." Akron, OH : University of Akron, 2006. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=akron1163097350.

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Thesis (M.A.)--University of Akron, Dept. of History, 2006.
"December, 2006." Title from electronic thesis title page (viewed 12/31/2008) Advisor, Walter L. Hixson; Co-Advisor, Jane Kate Leonard; Department Chair, Walter L. Hixson; Dean of the College, Ronald F. Levant; Dean of the Graduate School, George R. Newkome. Includes bibliographical references.
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Kičmerová, Lada. "Vstup společnosti Partners na rumunský trh." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15976.

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Subject of the thesis is "The expansion of the company Partners to the Romanian market." It analyses each step of this financial advisory firm that it took while preparing the expansion abroad. The thesis consists of four chapters: the first summarises the theory concerning the expansion abroad and the composition of the entrepreneurial plan of expansion. The second chapter analyses the romanian market. It includes both macro- and micro-analysis specializing on the sector of financial services. The analyses PEST follows. The third chapter states basic information about the company Partners For Life Planning, including economic results and the composition of product portfolio. Last chapter looks at each practical step that the company had to deal with while getting ready for the expansion: choice of legal form, budget and the composition of entrepreneurial plan. The thesis is suppose to serve as both theoretical and practical guide to the expansion of a Czech company to an eastern European market.
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Brandell, James Francis. "An Evaluation of how Federal Advisory Boards Operationalize Congressional Intent of Transparency, Financial Efficiency, and Balanced Membership." Diss., Virginia Tech, 2019. http://hdl.handle.net/10919/89364.

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The intention of this dissertation is to understand how federal advisory boards are operationalizing Congressional intent of transparency, financial efficiency and balanced board membership. When Congress passed the Federal Advisory Commission Act (FACA) in 1972, these three values were intended to help add legitimacy to the operation advisory boards. Advisory boards have been in use on the federal level since the first term of President George Washington, and they provide valuable expertise on a wide variety of subjects for the government. Currently, over 1,000 advisory boards are operating across the federal government with nearly 25,000 people participating. Collectively, annual operations of these boards approaches a half billion dollars. In the years leading up to the passage of FACA, Congressional hearings revealed deficiencies across federal departments with transparency of advisory board operations, spending practices, and appointment processes which threatened the legitimacy of their use. The FACA law was intended to bring legitimacy back to boards' operation by requiring more transparency, financial efficiency and balance in viewpoints on board appointments. With the law more than 40 years old, this dissertation explores how advisory boards today are operating is relation to the values Congress laid out in legislation. A quantitative exploration was conducted to assess the fidelity to the Congressional values by using publicly available data points. A sample of the 1,000 operating advisory boards was used to conduct the research. Using the results of the quantitative exploration, six case studies were selected for additional examination. Three cases were selected by a systematic method based on the quantitative data, and three additional cases were selected by the unique results from the data. A dozen policy changes were suggested as a result of the quantitative and qualitative examinations to better align present day operation of advisory boards with the Congressional intent. This study may be useful to policymakers who have oversight on advisory board operations.
Doctor of Philosophy
American citizens provide input to the federal government in several ways. Voting for President and Members of Congress is the most visible way. However, serving on one of the approximately one thousand existing federal advisory boards is another way. These are boards and commissions made up of citizens who have expertise in various subjects for which the government needs ideas to help fix problems affecting our country. The focus of these boards ranges greatly. For example, some boards focus on highly specialized medical issues, and others focus on how citizens use the land around national forests. In 1972, Congress passed a law that set some basic guidelines on how these boards should operate. Congress said that boards need to be transparent in how they work so the public can monitor them easily. Congress also noted that the boards need to use the tax money given to them to operate efficiently and try to save money whenever they can. Finally, Congress wanted boards to have people with different points of views represented, so recommendations are not one-sided. Now that the law is over 40 years old, this dissertation examines how closely advisory boards today are following those guidelines Congress wrote in 1972. This dissertation suggests some ways to measure how close they are following the directions, and it looks in-depth to several of them to see how they operate. Finally, the dissertation gives some new suggestions on how all boards can operate to better reflect the ideas Congress wanted.
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Prošvicová, Soňa. "Analýza trhu finančního poradenství se zaměřením na společnost Partners Financial Services, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192381.

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The aim of the thesis is to carry out marketing research and to conduct an analysis of the financial advisory market followed by a brand study of the company Partners. The first part of the thesis is theoretical, and it is devoted to general information about marketing, marketing communication, marketing research, consumer behavior, and financial advisory. The beginning of the practical part is dedicated to the presentation of the company Partners, followed by the actual marketing research, whose results are further examined. Based on the results, the study then answers the main research questions. The practical benefit of this thesis are data to be used by the company Partners for planning of future marketing campaigns and for working with prospective as well as current clients.
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Klofáč, Michal. "Regulace finančního poradenství v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198026.

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Consulting one's personal finance with a financial advisor should allow even the less financially educated to optimize their financial portfolio. The client-advisor relationship is however a strong case of information asymmetry, which can result in harm being made to the client by the advisor, either knowingly (when the advisor attempts to maximize their own utility, even at the client's cost) or unknowingly (e.g. when the advisor is inadequately qualified in the field). One of the ways to reduce such risks is a proper regulatory framework, which is the core subject of the thesis. At first, the thesis analyzes the current state of financial advisory in the Czech Republic (how it is performed, what part of the population benefits from it, what the main problems are etc.) and shows how the client-advisor interaction ought to be performed. The main part of the thesis describes what the main problems and risks for the client are and which legal measures exist that can reduce these negative effects. The current legal framework in the Czech Republic is then thoroughly analyzed and compared with best-practice of select EU states. Finally, legal measures which are currently being discussed or passed as laws are mentioned. In the very end, other measures which could help make the field of financial advisory in the Czech Republic more efficient are suggested. The aim of the thesis is to provide a compact overview of the regulatory measures currently affecting financial advisory in the Czech Republic, show them in the international context and test the hypothesis that the Czech market of financial advisory is still relatively immature and that further appropriate regulation would improve its effectiveness resulting in higher protection of clients.
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Barra, Hugo Botelho 1976. "Evaluating the implementation of new services models in the financial advisory industry : a statistical data mining and system dynamics approach." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/8067.

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Thesis (M.Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2002.
Includes bibliographical references (p. 74).
Program Alpha is a new business practice model designed to increase service quality and productivity of one of the world's largest financial services organizations, by implementing structured time management and a disciplined client and prospect contract process. This thesis quantitatively and qualitatively evaluates business impact of this program, by developing and applying two analytical frameworks. We first present and develop a System Dynamics framework for interpretation of qualitative information collected through interviews, focus groups and surveys, which measure the impact of Program Alpha from operational, organizational and behavioral perspectives. Secondly, we present a Statistical Data Mining framework for interpretation of quantitative financial and customer preference information. Using this framework, we generate a preliminary set of algorithmic guidelines for improvement of Program Alpha in future deployment stages. Such guidelines, based on statistical learning algorithms applied to historical data, aim to streamline the client segmentation process at the core of Program Alpha.
by Hugh Botelho Barra.
M.Eng.
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Látalová, Jana. "Spotřební chování na trhu finančního poradenství se zaměřením na společnost OVB Allfinanz, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205623.

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The goal of this master's thesis is, through marketing research in the field of financial advisory, to gain knowledge of the three research areas, which are consumer behaviour on the financial market, consumer attitude to financial advisory services and consumer knowledge of the company OVB Allfinanz, a.s. and their experience with company's consultants. The thesis is divided into two main parts. The theoretical part describes general knowledge of the topic and focuses on consumer behaviour, marketing of services, marketing communication, marketing research and financial advisory market in the Czech Republic. In the beginning of the practical part, there are introduced the company OVB Allfinanz and their main competitors on the market. The main part covers quantitative research, where are analysed data obtained from a questionnaire survey. These data are then evaluated and based on them some recommendations are suggested to the company OVB Allfinanz.
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Zámečník, Petr. "Dopad regulace finančního zprostředkování na ochranu klientů." Doctoral thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-264711.

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Financial intermediation due to misselling harms consumers. The work concerns to regulation of financial intermediaries and relation between financial intermediary and his or her client. The main objective is to analyze how the regulatory of commissions impact financial intermediation. The paper analyzes the current form of legal status of financial intermediation in the European Union and the Czech Republic and results in analyzing the impacts of regulatory proposals that was discussed in Chamber of Deputies Parliament of the Czech Republic. It concludes that if the proposals were accepted, it will not improve the quality of consumer protection, but even can cause damage to the client. The current legislative base moreover provides sufficient resources to prosecuting financial intermediation, which does not respect the client's interest. For analyzing the relation between financial intermediary and his or her client is developed theoretical model based on theory of games.
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Ennen, Maximilian, and Hanna Persson. "Riskprofilering inom förmögenhetsrådgivning och privatrådgivning : En studie inom banksektorn." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-17195.

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Sveriges största banker erbjuder både förmögenhetsrådgivning och privatrådgivning till sina kunder. Förmögenhetsrådgivare ger råd till bankkunder som innehar ett stort kapital, där storleken varierar från bank till bank, medan privatrådgivare ger råd till kunder som inte kvalificeras som förmögenhetskunder. Det som både förmögenhetsrådgivare och privatrådgivare har gemensamt är skapandet av kundernas riskprofiler som görs innan finansiella råd ges. De väsentliga påverkansfaktorerna i denna uppsats är reglering, styrsystem, kundens demografiska attribut, professionalism samt rådgivaren som individ. Det har tidigare studerats hur olika faktorer kan tänkas påverka generell risksättning men då har jämförelsen mellan förmögenhetsrådgivning och privatrådgivning inte tagits i bejakande. Syftet med denna uppsats är hur de olika faktorerna kan tänkas påverka den riskprofil som fastställs inom förmögenhetsrådgivning i jämförelse med privatrådgivning. Två hypoteser har konstruerats utifrån uppsatsens syfte och de teorier som är inkluderade. I denna uppsats används ett positivistiskt synsätt och en deduktiv ansats, där data har samlats in med hjälp av en enkätundersökning för att undersöka studiens syfte. Resultatet kan inte påvisa att faktorerna påverkar den riskprofilering som de finansiella rådgivarna fastställer och därför gick inte hypoteserna att acceptera. En antydan finns dock i att förmögenhetsrådgivare har högre precision i att fastställa kundens risktolerans. En annan antydan är att förmögenhetsrådgivare överskattar kundens risktolerans. Slutsatsen visar att forskningen ger en antydan till att rådgivarens professionalitet samt rådgivaren som individ påverkar den riskprofilering som förmögenhetsrådgivarna och privatrådgivarna sätter på kunden. Slutligen bidrar studien till en diskussion om skillnader mellan förmögenhetsrådgivare och privatrådgivare när de fastställer kundens risktolerans. Idén i denna studie har därmed bidragit till nya tankar gällande uppsatsens koncept.
Sweden's largest banks offer financial advice regarding the customer’s wealth. Wealth management advises bank customers who hold large capital where the size varies between the banks. Private advisers provide consulting to bank customers who do not qualify for wealth management. What both wealth managers and private advisors have in common is the creation of customer risk profiles that are made before any financial advice is given. The key impact factors in this paper are regulation, control systems, customer demographic attributes, professionalism and the advisor as an individual. It has previously been studied how different factors may affect general risk setting but not focusing on the professions of wealth managers and private advisors and the comparison between them. The purpose of this paper is how the various factors may affect the risk profile from wealth management in comparison to private advising. Two hypotheses have been constructed from the purpose of this paper and the theory’s that are included. This essay uses a positivistic approach and a deductive approach, in which data has been gathered through a questionnaire survey for studying the purpose of this paper. The result cannot show that the factors affect the risk profile set by the financial advisors and the hypotheses where therefore rejected. However, there is an indication that wealth managers have higher precision in determining the client's risk tolerance. Another indication is also that wealth managers overestimate the client's risk tolerance compared to private advisors. The research conclusions indicate that the advisor's professionalism and the adviser as an individual influence the risk profile that wealth managers and private advisor’s determents for the customers. Finally, the study contributes to a discussion of differences between wealth managers and private advisors when they determent the customers risk profile. The idea of this study has contributed to new thoughts about the essay concepts.
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Luna, Aroni Luis Miguel, Canta Jesús Yori, and Cosme Felix Amed Flores. "Proyecto empresarial de asesoría financiera personalizada - Solucorp." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/656453.

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En el siguiente proyecto de negocio SOLUCORP, se plantea mostrar la viabilidad económica que ofrecería sus servicios de asesoría en gestión financiera y reinserción al sistema financiero, está dirigida a personas que están con mala calificación en el sistema financiero y quieren obtener una nueva oportunidad del departamento de Lima, inicialmente a las personas localizadas al sur de la ciudad de Lima. En el trayecto se han identificado las diferentes variables que hay en nuestros futuros clientes que desean reinsertarse al sistema financiero uno de ellos es la falta de educación financiera la cual los hace caer en deudas por ello surge nuestra propuesta de valor la cual es crear una empresa de Asesoramiento para la reinserción al sistema financiero y dando consejos en el manejo de las finanzas a nuestros clientes para que tomen buenas dediciones en el ámbito financiero. Donde la diferenciación con nuestros competidores es brindarle la asesoría de por vida después de haber tomado el servicio con nosotros. Asimismo, post liquidación de la deuda, nos encargaremos sin costo alguno que una entidad financiera le otorgue una tarjeta de crédito para que vuelva a generar un historial crediticio positivo. Y lo que SOLUCORP desea ser la empresa de asesoría y educación financiera líder en el sector, posicionándonos como la mejor alternativa para los clientes, logrando su fidelidad al brindar un servicio de calidad que contribuya con su desarrollo económico y una mejor salud financiera.
In the following SOLUCORP business project, it is proposed to show the economic viability that its advisory services in financial management and reintegration into the financial system would offer, it is aimed at people who were at INFOCORP and want to obtain a new opportunity from the department of Lima, initially to people located south of the city of Lima. Along the way, the different variables that exist in our future clients who wish to re-enter the financial system have been identified, one of them is the lack of financial education which makes them fall into debt, so our value proposition arises, which is to create a company. Advice for reintegration into the financial system and giving advice on managing finances to our clients so that they make good decisions in the financial field. Where the differentiation with our competitors is to provide you with advice for life after taking the service with us. Also, after debt settlement, we will arrange at no cost for a financial institution to grant you a credit card so that it can once again generate a positive credit history. And what SOLUCORP wants to be the leading financial education and advisory company in the sector, positioning ourselves as the best alternative for clients, achieving its loyalty by providing a quality service that contributes to its economic development and better financial health.
Trabajo de investigación
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Trávník, Vladimír. "Návrh vytvoření úspěšného obchodního týmu ve finančních službách." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224365.

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The main goal of this thesis is to design concept of creating business team and increase motivation of each member of business team. The analysis of procedure of creating the business team will be used for accomplishment the research project. The motivation of the businessmen will be evaluated by the chosen criteria. Further will be designed the way of leading the business teams to better results. On the basis of the analasis will be processed strengths and weaknesses of the concept of creating each teams and will be designed the way, how will be better culture in the team, how can the team reach better results and how to more involve each businessman to the team goals.
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Lundgren, Sanna, and Chenchira Mårtensson. "Digitalisering ur en rådgivares perspektiv : en kvalitativ studie om rådgivarens utmaningar i det digitala kundmötet." Thesis, Högskolan Kristianstad, Avdelningen för ekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-22557.

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Finansiell rådgivning är en tjänst som karaktäriseras av att det är en aktivitet som ett företag utför för att möta kundens behov. Interaktionen mellan den finansiella rådgivaren och kunden är därmed betydelsefull. Då en interaktion består av två parter är det även relevant att studera den finansiella rådgivarens perspektiv. Syftet med studien är att bidra med förståelse för de utmaningar som finansiella rådgivare upplever i det digitala rådgivningsmötet. För att kunna uppfylla syftet med studien har en kvalitativ forskningsmetod använts. Det empiriska materialet bestod av sju semistrukturerade intervjuer med finansiella rådgivare. Studiens resultat visar att de finansiella rådgivarna upplever att det digitala rådgivningsmötet fungerar relativt väl. Dock upplever de finansiella rådgivare som har intervjuats att det finns vissa utmaningar i det digitala rådgivningsmötet. Resultatet visar att det uppstår olika utmaningar i de olika faserna i rådgivningsprocessen.
Financial advice is a service that is characterized by the fact that it is an activity that a company performs to meet the customer's needs. The interaction between the financial advisor and the client is thus significant. As an interaction consists of two parties, it is also relevant to study the financial advisor's perspective. The purpose of the study is to contribute with an understanding of the challenges that financial advisors experience in the digital advisory meeting. In order to fulfill the purpose of the study, a qualitative research method has been used. The empirical material consisted of seven semi-structured interviews with financial advisors. The results of the study show that the financial advisors feel that the digital advisory meeting works relatively well. However, the financial advisers who have been interviewed experience that there are certain challenges in the digital advisory meeting. The results show that different challenges arise in the different phases of the counseling process.
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Nüesch, Rebecca. "Hybride Kundeninteraktion." Doctoral thesis, Universitätsbibliothek Leipzig, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-214332.

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Die Interaktion zwischen Kunden und Banken unterliegt einem Wandel. Im Zuge der Medienkonvergenz verschmelzen die Inhalte und Services einzelner Endgeräte (Smartphone, Tablet PCs, etc.) schliesslich in einem Endgerät. Die Konvergenz verändert die Kommunikation und Interaktion und bewirkt, dass der Bezug von Inhalten ständig, simultan und überall möglich ist. Der technologische Fortschritt sowie das veränderte Kundenverhalten tragen zu einem vermehrten Kanalwechsel bei. Die Unternehmen sind gefordert die online und offline Kanäle zu integrieren. Dies führt zu sogenannten „No-Line Systemen“, die sich durch eine maximale Konvergenz auszeichnen und eine hybride Kundeninteraktion ermöglichen. Motiviert durch die beschriebene Konvergenz fokussiert die vorliegende Arbeit die Ausgestaltung einer hybriden Kundeninteraktion am Beispiel der Bankindustrie. Die Arbeit identifiziert Auslöser, die zu einem Kanalwechsel führen, und leitet anhand dessen, basierend auf der Wissenschaft und Praxis, die Anforderungen an eine hybride Kundeninteraktion zur Unterstützung des Kanalwechsels ab. Die Auslöser und Anforderungen von Kanalwechseln ergeben die Entwurfsmuster zur Unterstützung von Kanalwechseln. Zur Darstellung möglicher Implikationen einer hybriden Kundeninteraktion untersucht die Arbeit eine praxisorientierte Tabletlösung aus dem Bereich Anlegen. Hierzu werden die Veränderungen einer Tablet-gestützten Kundeninteraktion im Beratungsprozess beschrieben. Zur Demonstration der Ergebnisse entwickelt die Arbeit einen Prototyp. Dieser veranschaulicht eine weitere mögliche Ausgestaltung sowie den Nutzen einer hybriden Kundeninteraktion.
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Karlsson, Kasper, and Maria Wahlström. "Psykologiska fallgropar i rådgivningsprocessen : En kvalitativ studie om anchoring och framing ur ett rådgivarperspektiv." Thesis, Linköpings universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-167804.

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Bakgrund: Finansiellt beslutsfattande är en central del i den finansiella rådgivningen gentemot privatpersoner och det gemensamma branschorganet SwedSec har uppmärksammat psykologiska fallgropars roll i den finansiella rådgivningen. Den finansiella rådgivarens roll är att, bland annat, hjälpa sina kunder hantera de psykologiska fallgropar de kan råka ut för vid investeringar. Därför finns incitament att undersöka hur rådgivare i rådgivningsprocessen hanterar den eventuella förekomsten av anchoring och framing, samt hur väl de känner till dem. Syfte: Syftet med denna studie är att undersöka finansiella rådgivares kännedom kring anchoring och framing, samt hur de upplever och hanterar fenomenen som en del av rådgivningsprocessen gentemot privatpersoner med ett placerbart kapital under 2 miljoner kronor. Vidare syftar studien till att analysera hur dessa psykologiska fallgropar kan tydas i den finansiella rådgivningsprocessen. Metod: Studien har genomförts med en kvalitativ metod för att uppfylla studiens syfte. Datainsamlingen har bestått av nio semi-strukturerade djupintervjuer med SwedSeclicensierade finansiella rådgivare. Vidare har en abduktiv ansats antagits, för att kunna bidra med en intressant analys kring det studerade ämnet samt nå en slutsats. Slutsats: Studien finner att rådgivarnas kännedom är låg kring behavioral finance i allmänhet och anchoring och framing i synnerhet, även om förekomsten av de psykologiska fallgroparna uppmärksammats i studien. Trots låg kännedom har ungefär hälften av respondenterna utvecklat medvetna strategier för att hantera anchoring och framing. Hos de rådgivare som inte utvecklat medvetna strategier finner studien stöd för en omedveten hantering. Vidare kan studien inte ge stöd för att anchoring och framing utgör ett problem i rådgivningsprocessen gentemot privatpersoner med ett placerbart kapital under 2 miljoner kronor.
Background: Financial decision making is a central part of the financial advisory process for individuals, and the organization SwedSec has acknowledged the role of biases in the advisory process. The role of the financial advisor is, amongst other things, to protect their customers from biases in investments. Therefore, it is of interest to examine how well the advisors manage any presence of anchoring and framing, and the advisor's knowledge of them. Aim: The purpose of this thesis is to examine the financial advisor's knowledge regarding anchoring as well as framing, and how they handle these factors as part of the advisory process towards clients with funds of no more than 2 million SEK. Furthermore, the thesis aims to analyze how these biases can take shape in the advisory process. Method: The thesis has, to fulfill its purpose, used a qualitative method. Empirical data has been gathered through nine semi-structured interviews with SwedSec-licensed financial advisors. Furthermore, the thesis has taken on an abductive approach, to contribute with an interesting analysis of the subject and to reach a conclusion. Conclusion: The thesis finds that the financial advisor's knowledge about behavioral finance in general, along with anchoring and framing in particular, is low. The thesis, however, supports these biases existence in the advisory process. Regardless of the lack of knowledge, about half of the respondents have developed aware methods to handle the biases. The thesis shows that the advisors without aware methods handle the biases unconsciously. Furthermore, the thesis cannot support that anchoring and framing constitutes a problem in the advisory process towards clients with funds under 2 million SEK.
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Dahlander, Lina, and Tove Hultkrantz. "Råd från en robot? : En komparativ studie av storbankers och nischaktörers utformning av finansiell rådgivning." Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-139991.

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Bakgrund: I Sverige sker stora förändringar i finanssektorn till följd av regleringar, internationalisering och teknisk utveckling. I takt med digitaliseringen etablerar sig nya digitala aktörer på bankmarknaden, fintechbolag och nischbanker. De nya aktörerna introducerar finansiell rådgivning som baseras på algoritmer, så kallad robotrådgivning. De nya alternativen till traditionell rådgivning innebär en högre konkurrens för etablerade banker, som länge haft en stark position. Förändring av finansiell rådgivning och konkurrens från nya innovativa aktörer innebär en komplex utmaning och det är således relevant att undersöka hur olika aktörer ställer sig till förändring av finansiell rådgivning. Syfte: Syftet med studien är att analysera hur olika finansiella aktörer utformar finansiell rådgivning i ljuset av digitalisering och automatisering. Metod: Studien är utformad med en kvalitativ flerfallstudiedesign. Det empiriska materialet har samlats in från respondenter i två olika urvalsgrupper, storbanker och nischaktörer i Sverige. Sammanlagt har sex semistrukturerade intervjuer genomförts. Slutsats: Resultatet visar att de olika aktörerna, storbanker och nischaktörer, har skillnader och likheter i deras erbjudanden av finansiell rådgivning. De traditionella aktörerna, storbankerna samt Söderberg & Partners, erbjuder personlig fysisk rådgivning och framhäver rådgivarnas kompetens som en konkurrensfördel. De digitala nischaktörerna erbjuder alternativ till traditionell finansiell rådgivning endast via digitala och automatiserade verktyg och framhäver användarvänlighet och transparens som deras konkurrensfördelar. Ålder och storlek är inte avgörande faktorer om en finansiell aktör väljer att erbjuda digital eller automatiserad rådgivning, snarare dess inställning till digitaliseringens framfart och vad de anser att finansiell rådgivning bör innehålla. Avslutningsvis hämmas utveckling av finansiell rådgivning av nuvarande regelverk medan kommande regelverk kommer att underlätta för digitala och innovativa nischaktörer. Således kommer konkurrensen att öka och storbankerna behöver därmed omformulera strategier och erbjudanden för att försvara sin marknadsposition.
Background: As a result of regulations, internationalization and technical development major changes in the financial sector have occurred which have impacted financial institutions. New digital players, fintechs and niche banks, have introduced alternatives to traditional financial advisory. The new digital and self-directed financial advice which is based on algorithms is called robotic-advice. This poses challenges to older and established banks, which have had a strong market position in the past. The changes in society and competition from new innovative players creates a complex challenge which is likely to be of great importance for financial institutions in the future. Therefore, it is of interest to investigate how different companies in the financial sector are responding to the change of financial advisory. Aim: The aim of the study is to analyze how different financial institutions design financial advisory in the light of digitalization and automatization. Methodology: The study is designed in accordance with a qualitative research strategy. Empirical data have been collected from respondents divided into two different groups, major banks and niche players in Sweden. The study consists of six semi- structured interviews. Conclusion: The findings in the study indicate differences and similarities in the major banks and niche players offers of financial advisory. The traditional financial companies, such as the major banks and Söderberg & Partners, offer personal financial advisory and emphasizes the expertise of advisors as a competitive advantage. Digital niche-players offers alternatives to traditional financial advisory that are digital and self-directed and their competitive advantage is their simplicity and transparency. The financial advisory is not affected by the players age and size, but rather the companies’ attitudes towards the development of digitalization and what they consider financial advisory should include. Furthermore, the development of financial advisory is affected by current regulations, however, new regulations will facilitate for digital and innovative niche players. Therefore, the competition will increase and it is essential for the established banks to review their strategies and offers of financial advisory to maintain their market position.
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Hagenmalm, Pia. "Dokumentation av finansiell rådgivning : ett förbättringsprojekt inom Skandiabanken." Thesis, Högskolan på Gotland, Institutionen för humaniora och samhällsvetenskap, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hgo:diva-1135.

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I ett modernt företag som Skandiabanken, vars ambition är att tillhöra de främsta inom sin bransch och som har en vision som säger att företaget ska ”ha sparmarknadens nöjdaste kunder”, ställs stora krav på effektivitet i alla led. För att möta kraven från kunder att producera varor och tjänster som motsvarar, eller helst överträffar kundernas förväntningar, samt för att möta organisationens egenintresse i att producera varor och tjänster på ett kostnadseffektivt och inkomstbringande sätt för att på så sätt säkra lönsamheten och konkurrenskraften på lång sikt, behöver företaget ständigt se över och utveckla verksamheten. D.v.s. för att överleva på en konkurrensutsatt marknad är ett strategiskt och hållbart kvalitetsarbete, och att snabbt kunna anpassa och utveckla verksamheten, av allra största vikt. Det finns inget utrymme för uppenbara kvalitetsbrister varken i verksamheten eller i produkter och tjänster som denna åstadkommer. Den snabba utvecklingen på finansmarknaderna, i kombination med att de finansiella produkter som erbjuds idag kan vara komplexa och svårbedömda, innebär att de finansiella rådgivarna under de senaste åren har fått en allt större betydelse för både privatpersoner och juridiska personer. Till grund för detta förbättringsprojekt ligger konstaterade kvalitetsbrister i den dokumentation som enligt lag ska upprättas vid all finansiell rådgivning. Syftet med förbättringsprojektet var att besvara nedan frågeställningar: Vad är de bakomliggande orsakerna till de konstaterade kvalitetsbristerna i dokumentationen av den finansiella rådgivningen? Vilka förändringar behöver genomföras för att kvaliteten ska bli bättre? Att notera här är att en bristfälligt eller utelämnad dokumentation inte per automatik behöver innebära att dåliga råd har lämnats. Metoder som använts för att utreda de bakomliggande orsakerna till kvalitetsbristerna har varit processkartläggning, orsaks-verkan-diagram, relationsdiagram, enkät, personliga intervjuer samt dokumentgranskningar. Förbättringsarbetet har, utifrån konstaterade huvudorsaker, fokuserat på förbättring av verktyg och dokument. Detta har inneburit ett tydliggörande av dokumentationspliktens innebörd vilket genererat i ett framtagande av riktlinjer samt en förbättrad dokumentationsblankett.  En reflektion efter projektets avslut är att kvalitetsförbättrande punktinsatser självklart är bra men att det inte är tillräckligt. Den viktigaste slutsatsen är därmed att avsaknaden av synliggjorda ledningsprocesser, en helhetssyn på verksamheten och ett systematiskt processorienterat arbete i kombination med återkommande omorganisationer är den troliga orsaken till att de beskrivna problemen uppstått. Därför är författarens förbättringsförslag, att som ett led i Total Quality Management, starta ett arbete i enlighet med ISO 9001:2008. För att uppnå ett hållbart långsiktigt kvalitetsarbete krävs en helhetssyn och ett systematiskt och ständigt pågående förbättringsarbete. Ett arbete med 9001:2008, i enlighet med TQM och tillsammans med de faktaunderlag som de facto redan finns tillgängliga, såsom policys, riktlinjer, rutinbeskrivningar, kundundersökningar mm, kommer att generera i förbättrad effektivitet, minskad resursåtgång, förbättrad möjlighet till verksamhetsstyrning, högre kvalitet i affären, högre kundnöjdhet, nöjda medarbetare och ägare, samt att ett långsiktigt bra ekonomiskt resultat uppnås. Dessutom blir verksamheten snabbare och mer flexibel inför framtida förändringar.
In a modern company like Skandia who wants to be in the forefront of its business and with a vision to have “the most satisfied clients in the savings market” there is high demand on efficiency in all aspects of the business. To meet the demand from customers to produce products and services that meets or even better exceeds the customers’ expectations, and to meet the organization self interest in I producing products and services in a cost efficient way and with revenues to secure profitability, and competitive long term, the company at all times needs to evaluate the strategic and sustainable quality work, and that swiftly have the ability to develop the company is of extreme importance. There is no room for obvious quality deficiencies in either the product or services that the deficiency creates. The fast development in financial market in combination with the financial products that today is more complex and harder to understand the implication is that the financial advisors during the last years have a larger influence for both private persons and legal entities. The foundation for this improvement project has been to answer the questions; What are the underlying reasons for the lack of quality in the documentation of the financial advice meeting? What has to be done to improve the quality? Note that a poor or total lack of customer documentation dose not mean that bad advice has been given to the client. Methods which has been used to investigate the underlying reasons for the lack of quality has been process mapping, reason-effect diagram, relations diagram, survey, personal interviews , and examining of documents.  The improvement work has, with the fact based main reasons, focused on improving the tools and documents, which have made it clearer, make people understand the reasons for the documentation regulation and the production of a new guideline and an improved document for the financial advisor.  The most imported conclusion is that a lack of clear management processes, a holistic view of the business and a systematic process oriented work, in combination with a lot at reorganizations is the reason for the described problem. That is the reason for the author’s improvement suggestion, as a step in Total Quality Management, start of a work according to ISO 9001:2008. A reflection after the project was finished I that ad hoc quality improvement is of course good but not good enough. To reach a sustainable long-term quality work there is a need for a holistic view and a constant improvement focus. A work with 9001:2008 in accordance with TQM that together with fact based approach that already Is there like policy’s, guidelines, routine manuals, customer surveys among others will lead to better efficiency, less use of resources, improved opportunity lead the business, higher quality in the business, increased customer satisfaction, more pleased staff and owners, and a long term financial result will be accomplished. Further the business will be faster on more flexible for future changes.
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Rowland, Jonica. "Financial Advisors' Marketing Strategies to Minorities." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5938.

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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.
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Warren, Cranla. "Financial Investment Advisor Professional Arrogance and Performance." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/6701.

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Arrogance in the workplace is a growing area of interest within industrial-organizational psychology. Arrogant employees tend to lack positive interpersonal work relationships, act superior yet have a lower level of cognitive abilities, and have poorer job performance than their less arrogant counterparts, leading to challenging work relationships and overall impact on an organization's ability to meet its objectives. The present study examined professional arrogance measured by the Workplace Arrogance Scale (WARS), a 26 question survey, in relation to the objective outcome measure of a Financial Investment Advisor's (FIA) ranking on the firm's leader board based on total assets under management plus revenue. A total of 37 participants who have been in the profession for more than 2 years completed the survey. This study employed a quantitative, correlational research design. The research questions were assessed using linear regression and moderation analyses. Analysis of the data showed no significant predictive relationship between results of the WARS and performance. Gender and professional experience did not moderate the relationship between an FIA's arrogance and their performance. While these findings did not support the hypothesis of a connection between a FIA's assessed arrogance and measured performance, arrogance remains an important construct requiring further study. As workplace arrogance is better understood, it can be screened for by human resources within hiring processes and can be addressed directly by leadership through training and development. Decreased arrogance is likely to lead to more respectful client relationships, leading to customer loyalty and increased revenues for the client, FIA and the financial firm that he/she serves.
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Hedman, Tobias, and Gustav Pettersson. "Hur påverkas kapitalförvaltning och finansiell rådgivning av Artificiell Intelligens? : En studie om de möjligheter dagens aktörer står inför." Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-148425.

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Bakgrund: Artificiell Intelligens (AI) och maskininlärning implementeras i allt större grad på de finansiella marknaderna världen över. Syftet med implementeringen av AI inom finanssektorn innefattar bland annat kostnadsminimering, effektivisering, reducering av mänsklig bias samt ökning av intäkter för företagens verksamheter. Inom finansiell rådgivning och kapitalförvaltning finns brister gällande oberoende, kostnader, bias samt effektivisering varför det är relevant att undersöka hur dessa områden kan effektiviseras och förbättras med hjälp av AI. Vidare är det av intresse att undersöka hur människans roll kan komma att påverkas. Syfte: Syftet med denna studie är att analysera hur kapitalförvaltning och finansiell rådgivning kan påverkas av implementeringen av AI och hur synen på AI är inom dessa två områden. Metod: Studien är utformad utifrån en kvalitativ flerfallstudiedesign. Studiens empiriska material har samlats in från respondenter i två olika urvalsgrupper: kapitalförvaltare och finansiella rådgivare. Data har insamlats genom sju semistrukturerade intervjuer. Slutsats: Studiens resultat visar att AI har stor potential att reducera inslag av bias inom rådgivning och kapitalförvaltning. Styrkan i AI-lösningar återfinns i kombinationen av mänsklig intelligens och Artificiell Intelligens. Vidare står det klart att implementering av AI kan bidra till effektivare datahantering, kostnadshantering samt stordriftsfördelar. Implementeringen skapar möjligheter till ökad kundnytta samt en utökad kundgrupp. Vidare visar studiens resultat att AI har potential att minska intressekonflikter i form av Agency Theory. Slutligen visar studiens resultat att den framtida rådgivningen och kapitalförvaltningen sannolikt kommer ha inslag av cyborg finance, en samverkan mellan Artificiell Intelligens och mänsklig intelligens i form av hybridtjänster där de bästa egenskaperna från bådadera förenas. Nyckelord: Artificiell Intelligens, kapitalförvaltning, finansiell rådgivning, maskininlärning, djupinlärning, automatisering, psykologisk bias.
Background: Artificial Intelligence (AI) and machine learning are increasingly being implemented within the financial markets. The purpose of Artificial Iintelligence is to reduce costs, increase profits as well as efficiency and also reduce human bias. Within finacial advisory and asset management there are problems with independence, costs, bias and efficiency. Our study aims to analyse how these areas can be improved and become more efficient with AI. In addition, it is interesting to study what role the human is likely to take on as AI is increasingly being implemented. Aim: The purpose of this study is to analyse how AI can affect asset management and financial advisory, and also to study the public opinion of this transformation. Methodology:  This study has been designed by a qualitative research strategy. The empirical data derives from two different respondent groups: asset management and financial advisory. The data has been collected through seven semi-structured interviews.                                                                                                                                                  Conclusion: The result of this study indicates that AI has the potential to reduce biases within financial advisory and asset management. The strength of AI-solutions lies in the combination between Artificial Intelligence and human intelligence. Furthermore, an implementation of AI contributes to a higher efficiency when it comes to data handling, cost efficiency as well as economies of scale. This creates opportunities to reach a higher customer benefit and a wider customer group. Moreover, the study indicates that AI has the potential of reducing conflicts of interest and agency problems. Lastly, this study indicates that the future of financial advisory and asset management is likely to consist of cyborg finance. In other words, cooperation between Artificial Intelligence and human intelligence is likely to become commonplace, in the shape of hybrid services where the best attributes of humans and AI work together. Keywords: Artificial Intelligence, asset management, financial advisory, machine learning, deep learning, automation, psychological bias
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Gonzalez, Villasanti Hugo Jose. "Feedback Controllers as Financial Advisors for Low Income Individuals." The Ohio State University, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=osu1429614036.

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31

Moosa, Abdallah. "The cost and value-add of using a financial advisor." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33871.

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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.
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Van, Tonder Ronel. "Non-remuneration predictors of intention to quit among personal financial advisors." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/17911.

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Thesis (MComm)--Stellenbosch University, 2011.
ENGLISH ABSTRACT: In insurance sales organisations, the Personal Financial Advisors (PFAs) serve a pivotal function in the relationship between the organisation, product and customer. The organisation invests a great deal of time and money in recruiting, training and retaining good PFAs. However, turnover amongst these employees seem to remain high within the first 36 months of employment. The aim of this study was to explore the non-remuneration predictors of burnout and intention to quit amongst PFAs in order to shed some light on the turnover problem. Specific constructs were identified in a pilot study which would not necessarily have been explored by the organisation and may have gone unacknowledged or overlooked. These constructs are emotional labour, self-efficacy, time wasted on non-sales activities, supervisor support and their relationship with burnout and intention to quit. A convenience sample of 608 PFAs was approached from one insurance sales organisation. One hundred and twenty two (122) respondents completed and returned their questionnaires. The descriptive statistics of the sample reflected a mean age of 35 years (range 21 to 61 years), with 66% males and 34% females, and a race distribution of 64% White, 19% African, 10% Coloured and 7% Indian. The majority of the population had been working for 13 to 24 months (46%). Overall, the sample produced a satisfactory to good representation of the demographic statistics of the total population available to the researcher. Both quantitative and qualitative research techniques were utilised in this study. Analysis of the qualitative data supported the role of the theoretical constructs chosen for inclusion and additional sources of job stress were identified. Pearson productmoment correlation analysis was used to analyse the questionnaire data, followed by multiple regression analyses with work burnout, client burnout and intention to quit as dependent variables, and the remaining constructs as the predictors. Both a measurement and structural model was tested; both produced acceptable goodness-of-fit statistics. From all of the above-mentioned analyses, significant relationships were found to exist between time wasted on non-sales activities, burnout, and self-efficacy; self-efficacy, burnout and intention to quit, and burnout and intention to quit. Conclusions were drawn from the obtained results and recommendations are made with respect to future research, as well as with respect to the management of burnout and intention to quit in the sales environment.
AFRIKAANSE OPSOMMING: In versekeringsmaatskappye speel die Persoonlike Finansiële Adviseur (PFA) ‘n baie belangrike rol in die verhouding tussen die organisasie, die produk en die kliënt. Die organisasie belê heelwat hulpbronne in die vorm van tyd en geld om goeie PFAs te werf, op te lei en te behou. Ten spyte hiervan is daar steeds ‘n groot hoeveelheid PFAs wat die organisasie verlaat binne die eerste 36 maande van aanstelling. Die huidige studie se doelwit was om die nie-vergoedingsvoorspellers van uitbranding onder PFAs, asook hulle intensies om te bedank, te bestudeer, om sodoende lig te werp op die hoë omset onder PFAs. Spesifieke konstrukte wat nie noodwendig deur die organisasie bestudeer sou word nie, is geïdentifiseer in ‘n loodsstudie. Hierdie konstrukte is emosionele arbeid, selfbekwaamheid, tyd verloor op nieverkoopsaktiwiteite, en ondersteuning deur die lynbestuurder. Hierdie konstrukte se verwantskap met uitbranding en intensies om die organisasie te verlaat, is bestudeer in die huidige studie. ‘n Gerieflikheidsteekproef van 608 PFAs vanuit een versekeringsmaatskappy is genader vir deelname aan die huidige studie. Een honderd twee-en-twintig (122) respondente het hul vraelyste voltooi en ingedien. Die beskrywende statistiek van die steekproef het ‘n gemiddelde ouderdom van 35 jaar getoon (verspreidingswydte 21 tot 61 jaar), met 66% manlik en 34% vroulik, en ‘n rasseverspreiding van 64% blank, 19% swart, 10% kleurling en 7% Indiër respondente. Oor die algemeen was die beskrywende statistiek ‘n aanvaarbare tot goeie verteenwoordiging van die totale populasie. Beide kwantitatiewe asook kwalitatiewe navorsingsmetodes is gebruik in hierdie studie. ‘n Analise van die kwalitatiewe data het die rol van die konstrukte wat vir insluiting gekies is, bevestig, en addisionele bronne van werkstres is geïdentifiseer. Die Pearson korrelasie-analises is gebruik om die vraelysdata te analiseer, gevolg deur stapsgewyse meervoudige regressie-ontledings met werksuitbranding, kliëntuitbranding en intensie om te bedank as afhanklike veranderlikes, en die oorblywende konstrukte as voorspellers. Beide die metingsmodel en die strukturele model is getoets, albei het aanvaarbare pasgehalte van die model opgelewer. Uit al die bogenoemde analises is beduidende verbande tussen die veranderlikes tyd verloor op nie-verkoopsaktiwiteite, uitbranding, en intensie om te bedank; selfbekwaamheid, uitbranding en intensie om te bedank; asook uibranding en intensie om te bedank gevind. Gevolgtrekkings is gemaak vanuit die bevindinge en voorstelle is gemaak met die oog op verdere navorsing, sowel as met betrekking tot die bestuur van uitbranding en intensie om te bedank in die verkoopsomgewing.
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Abgrall, Corentin. "Deep learning models as advisors to execute trades on financial markets." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-235782.

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Recent work has shown that convolutional networks can successfully handle time series as input in various different problems. This thesis embraces this observation and introduces a new method combining machine learning techniques in order to create profitable trading strategies. The method addresses a binary classification problem: given a specific time, access to prices before this moment and an exit policy, the goal is to forecast the next price movement. The classification method is based on convolutional networks combining two major improvements: a special form of bagging and a weight propagation, to enhance the accuracy and reduce the overall variance of the model. The rolling learning and the convolutional layers are able to exploit the time dependency to strongly improve the trading strategy. The presented architecture is able to surpass the expert traders.
Nyligen utförda arbeten har visat att faltningsnätverk framgångsrikt kan hantera tidsserier som indata i olika problem. Observationen utnyttjas i detta examensarbete som introducerar en ny metod som kombinerar tekniker för maskininlärning för att skapa lönsamma handelsstrategier. Metoden löser ett binärt klassificeringsproblem: beroende på en viss tidpunkt, tillgång till priser före denna tidpunkt och ett säljkriterium så är målet att förutsäga nästa prisvariation. Klassificeringsmetoden baseras på faltningsnätverk som kombinerar två stora förbättringar: en speciell form av bagging och en viktpropagering för att förbättra noggrannheten och reducera modellens varians. Det rullande lärandet och faltningsnätverken kan utnyttja tidsberoendet för att förbättra handelsstrategin. Den presenterade arkitekturen klarar av att prestera bättre än experthandlare.
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Siming, Linus. "Private equity and advisors in mergers and acquisitions." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-947.

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This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners.

Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser

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WEI, JIE. "Essays in Mergers and Acquisitions: Roles of the Third Party." University of Cincinnati / OhioLINK, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1211910954.

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Xing, Xiaofei. "Reputation-quality mechanism in the context of mergers and acquisitions : financial advisors, financial analysts and acquirer performance." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11450/.

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This thesis focuses on the reputation–quality mechanism in the context of mergers and acquisitions (M&A). This study specifically examines whether investment bank reputation is a determinant of M&A advisory service quality, and whether sell-side analyst reputation is a determinant of the predictive ability of stock recommendations. To begin with, this research investigates whether top-tier M&A financial advisors improve their acquirer clients’ performance in both the short and long term, and whether top-tier advisors can help their acquirer clients to gain bargaining advantage, allowing them to pay lower bid premiums. I find that acquirers advised by top-tier advisors outperform in the long term and pay lower bid premiums, suggesting that top-tier advisors do have superior skills. Furthermore, the social loafing hypothesis suggests that individuals exercise less effort when they work collectively. My research therefore explores whether multiple top-tier financial advisors can cooperate effectively to create value for their clients or whether they suffer from social loafing. This study finds that acquirers advised by multiple top-tier advisors gain greater long-term returns and pay lower bid premiums than acquirers advised by a single top-tier advisor. The results suggest that top-tier advisors care more about their reputational capital, and therefore do not suffer from social loafing. Instead, they can make concerted efforts to improve their clients’ performance and bargaining power. In addition, my study examines whether the pre-acquisition stock recommendations of sell-side analysts can be used to predict acquirer performance, and more importantly whether the recommendations of star analysts have stronger predictive ability for acquirer announcement performance than those of non-star analysts. I find that pre-deal consensus recommendations are an effective predictor of acquirer performance; however, star recommendations are not predictive of acquirer performance, while acquirers with more favourable non star consensus recommendations gain higher announcement returns. In other words, non-star recommendations have stronger predictive ability than star recommendations. Overall, this thesis provides new evidence on the reputation–quality mechanism in the context of M&A. The results suggest that market share-based league tables are reliable to reflect financial advisors’ skills, while sell-side analyst rankings are a kind of popularity contest.
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Weinert, Markus [Verfasser], and Jörg [Akademischer Betreuer] Schiller. "Essays on remuneration systems of financial advisors / Markus Weinert ; Betreuer: Jörg Schiller." Hohenheim : Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim, 2019. http://d-nb.info/1184984476/34.

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38

Redelinghuys, Maruschka. "The Effect of Compensation Structures on the Well-being of Financial Advisors." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/60518.

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Orientation: The financial sector comprises of the biggest part of South African economy. Organisations are growing fast and changes also happen rapidly which leave employees uncertain. Without the necessary perceived organisational support employees can suffer from several psychological illnesses such as burnout, over-/under committed or feeling unsatisfied with their lives. Research purpose: The purpose of this study was to investigate whether different compensation structures, namely (i) fixed salary; (ii) fixed salary and commission; and (iii) commission only, will influence employees' perceived organisational support, organisational commitment, burnout and satisfaction with life of financial advisors within South Africa. Research design, approach and method: The present study used a quantitative research approach, with a non-experimental, explanatory and cross-sectional survey design, with a population in the financial industry (n=105). The statistical analyses that were conducted include descriptive statistics, exploratory factor analyses (EFA), and multivariate analysis of co-variance (MANCOVA). Main findings: This study brought new insights in how the different outcomes of wellness may be related to perceived organisational support, and how they differ for different types of compensation structures. Specifically, it was found persons receiving fixed salaries experienced higher levels of affective commitment, but they may also be more prone to burnout. Practical/managerial implications: The present study sheds light on the effect of different compensation structures on employees' wellness in terms of Perceived organisational support, organisational commitment, burnout and satisfaction with life. The results can be used by organisations to introduce more suitable compensation structures for a healthier workforce, which could result in higher levels of commitment, and would reduce burnout. In this study it was found that financial advisors who receive a fixed salary are more prone to burnout. Perceived organisational support was significant with all the constructs except for continuous commitment.
Mini Dissertation (MCom)--University of Pretoria, 2017.
Human Resource Management
MCom
Unrestricted
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Hensler, Philipp A. "The Belief System and Behavior of Financial Advisors After a Market Disruption." Case Western Reserve University Doctor of Management / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=casedm1568710731430581.

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40

Rodriguez, Marius del Giudice. "Essays on financial analysts' forecasts." Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2006. http://wwwlib.umi.com/cr/ucsd/fullcit?p3222052.

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Thesis (Ph. D.)--University of California, San Diego, 2006.
Title from first page of PDF file (viewed September 20, 2006). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 125-132).
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41

Hallborg, Adam, and Arya Haidarova. "Investeringsrådgivning och portföljförvaltning enligt MiFID II : – ett orosmoln på en klar finansmarknadshimmel?" Thesis, Linköpings universitet, Affärsrätt, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-139476.

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Bakgrund: I och med den globala finansiella kris som utbröt år 2008 påvisades ett flertal brister i den befintliga lagstiftningen på finansmarknadsområdet. Den rådande EU-lagstiftningen behövde uppdateras och anpassas efter en mer komplex finansmarknad. Därmed antogs av Europaparlamentet och rådet år 2014 två nya rättsakter, MiFID II och MiFIR, i syfte att täcka rådande brister och vidareutveckla den befintliga regleringen i det gällande direktivet MiFID.   Syfte: Syftet med uppsatsen är att utreda och analysera de effekter som införandet av MiFID II får för finansiella rådgivare såväl som för portföljförvaltare i deras löpande verksamhet.   Genomförande: Studien har genomförts med ett rättsdogmatiskt angreppssätt i referensramen. Vidare används ett rättsekonomiskt angreppssätt i analysen där det även förs en etisk diskussion. Underliggande direktiv ”Europaparlamentets och rådets direktiv 2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om ändring av direktiv 2002/92/EG och av direktiv 2011/61/EU” har legat till grund för studien där störst vikt har lagts vid regeringens proposition 2016/17:162: “Nya regler om marknader för finansiella instrument”.                                                                  Slutsats: Studiens resultat av de analyserade ändringarna visar på att regleringen kring tillståndspliktiga värdepappersbolag kommer att bli mer omfattande samt att det kommer att ställas högre krav på dokumentation vid investeringssammanhang. Dessa ökade krav torde medföra att kostnaderna, för såväl tillståndspliktiga bolag som tillsynsmyndigheter, kommer att öka samtidigt som fler bolag kommer att bli tvungna att underkasta sig tillståndsplikt. Ur en konkurrenssynpunkt riskerar ändringarna att gynna stora och/eller kapitalstarka aktörer och därigenom snedvrida konkurrensen på marknaden. Det föreslagna provisionsförbudet torde å sin sida verka för att kapital omallokeras från bolag som tidigare levt på höga avgifter och incitamentsstrukturer till att istället förflyttas till bolag vilka levererar en bra tjänst och produkt.
Background: Due to the global financial crisis that occurred in 2008, multiple deficiencies in existing financial market legislation were identified. The current EU legislation was in need of update and to be adapted to a more complex financial market. Therefore, the European Parliament and the Council adopted two new legal acts in 2014, MiFID II and MiFIR, to overcome current shortcomings and further develop the existing regulation in the current MiFID Directive. Aim: The purpose of this paper is to investigate and analyze the effects of the introduction of MiFID II for financial advisors as well as for asset managers in their ongoing operations. Completion: The study has been conducted with a legal-judicial approach in the theoretical part, whereas we in the analysis part we use law and economics. In the analysis the ethical impact of the changes in legislation is also discussed. “Directive 2014/65/EU of the European parliament and of the council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU” as well as the Swedish bill “2016/17:162: “Nya regler om marknader för finansiella instrument” has provided the basis for the study. Conclusion: The results of the study indicate that the regulation of licensed securities companies will increase and become more extensive, and that there will be more requirements for documentation in investment context. These increased requirements will lead to a rise in costs, both for licensed companies and regulators, as more companies will need to be subject to a license requirement. From a competitive point of view, the changes tend to benefit large and/or capital-strong players, thereby distorting competition in the market. The prohibition of commission, on the other hand, should result in a re-allocation of capital from companies that previously received their incomes from high fees and incentive structures to instead be re-allocated to companies that deliver a good service and a good product.
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42

Bergström, Jesper, and Andreas Gustafsson. "Employee motivation underexternal control : A study of financial advisors at large Swedish firms." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-27008.

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Background – Due to the increased complexity of the Swedish financial market, the increased demand for financial services and the increased number of financial advisors, the role of financial advisors is important on the financial market. The external control from Finansinspektionen has been increased in order to eliminate rogue advisors and this type of control often affects employees’ motivation in a negative way. Because of the important role financial advisors have on the financial market, it is essential that they are motivated in order to perform well in their profession.  Purpose – The purpose of this study is to investigate how the external control affects the work motivation of financial advisors and how motivational factors could be used when designing a management control system in a context characterized by high external control. To answer this purpose, this thesis answers these following three research questions: What do financial advisors perceive to be the most effective motivational factors? How does the external control influence the motivation of financial advisors? How could the work be designed to maximize the motivation of financial advisors? Method – In order to fulfill the purpose of this study, we have a qualitative approach were we conducted ten semi-structured interviews with financial advisors. The financial advisors are working at two large Swedish financial advisory companies. Findings/Conclusion – After analyzing the empirical data, with relevant theories, interesting findings were made. In general, the external control from Finansinspektionen is interpreted as unmotivating by financial advisors. To counter this, it is important that the employers invest resources to develop IT-systems that minimize the time spent on these work tasks. The administrative work, which arises from the external control, would become more effective and not so time consuming. The management control systems must be designed so that they maximize the motivation of the advisors. Employers must also use correctly designed reward systems in order to have motivated employees. Practical Implications – This study contributes to important findings for managers in Swedish financial advisory companies. Since the management control systems could be designed in another way to maximize the motivation of the financial advisors, this study is an important contribution to the financial sector, where the financial advisors operate.
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Catania, Gottfried. "Financial advisors' perceptions of ethical and effective attitudes and behaviour in their profession." Thesis, Loughborough University, 2017. https://dspace.lboro.ac.uk/2134/33337.

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Unethical behaviour is a concern in the workplace, because of the possible consequences for all stakeholders. This issue is particularly salient in the financial services sector, a highly regulated environment, where breaches of the regulations can result in large fines and reputational damage to the organisation concerned. Unethical behaviour can also have severe effects on customers, such as when inappropriate advice leads to customers losing all or a large part of their savings. Empirical studies have tended to focus mostly on organisational antecedents of unethical intentions and behaviour, with individual factors not being given that much attention. Research on the antecedents of unethical intentions and behaviour has produced inconsistent findings, suggesting that context might play a role. Consequently, my research has attempted to study the individual antecedents of unethical intentions and behaviour in the financial services industry, a specific context where it is salient. Malta presents a particularly pertinent context for this study, as its profile on Hofstede's cultural dimensions scale has been empirically linked to a higher potential for engaging in unethical behaviour.
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Oliveira, Madalena Mendes de Almeida Esteves de. "On Robo assessment of risk profiles." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20778.

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Mestrado em Finanças
Nos tempos que correm, o mundo tecnológico tem crescido a um ritmo muito acelerado, o que significa que tem de haver uma rápida adaptação, e as empresas sentem a necessidade de se reinventar. As inovações tecnológicas também alcançaram a indústria de serviços de gestão de ativos com os chamados Robo-Advisors. Estas são as plataformas que fornecem aconselhamento financeiro ou gestão automatizada de investimentos. Os Robo-Advisors coletam informações sobre a situação financeira e os objetivos futuros de seus clientes através de questionários, recomendando carteiras baseadas em ETFs, supostamente adequadas ao perfil de risco do investidor. No entanto, os questionários parecem vagos e os robôs não revelam os métodos usados na alocação de ativos. Este estudo visa contribuir para a compreensão da eficácia dessas plataformas. Baseia-se na teoria da utilidade esperada e, para vários níveis de aversão relativa ao risco, propomos carteiras de média-variância ótimas. Em seguida, comparamos as nossas carteiras com as carteiras propostas pela plataforma Riskalyze, para três tipos diferentes de investidores: conservador, moderado e agressivo. Avaliando o seu desempenho in-sample e out-of-sample. Concluímos que, a longo prazo, a metodologia utilizada pelos robo-portfolios, de acordo com o perfil de risco do investidor, pode ser eficaz para investidores que apresentam um maior nível de aversão ao risco, porém para investidores com aversão ao risco relativamente menor os portfólios de média-variância tendem a ter melhor desempenho.
Nowadays, the technological world has been growing at a very fast rate, which means there has to be a quick adaptation and companies feel the need to reinvent themselves. Technological innovations also reached the asset management service industry with the so-called the Robo-Advisors. These are platforms that provide financial advice or automated investment management. Robo-Advisors collect information about their clients' financial situation and future goals through questionnaires, then recommending ETF based portfolios supposed to fit investor's risk profile. However, questionnaires seem to be vague, and robos do not reveal the methods used in asset allocation. This study aims at contributing to the understanding the effectiveness of these platforms. It relies on expected utility theory, and, for various levels of relative risk aversion we propose optimal mean-variance portfolios. We then compare our portfolios with the portfolios proposed by the Riskalyze platform, for three different types of investors: conservative, moderate and aggressive. By evaluating their in-sample and out-of-sample performance. We conclude, that in the long run, the methodology used by robo-portfolios, according to the investor's risk profile, can be effective for investors who have a higher level of risk aversion, however for investors with relatively lower risk aversion the mean-variance portfolios tend to perform better.
info:eu-repo/semantics/publishedVersion
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45

Poole, Adam. "Trust and the financial adviser : an examination of environmental trust." Thesis, Cardiff University, 2017. http://orca.cf.ac.uk/111715/.

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While research has called for investigating the drivers, antecedents, and predictors of trust (Grayson et al., 2008; Nienaber et al., 2014; Sekhon et al., 2014), no research has empirically identified and discussed the factors that drive environmental trust and the impact of such trust upon interpersonal trust. Guided by agency theory (Eisenhardt, 1989) and institutional theory (Grayson et al., 2008; Scott, 2014), the first goal of this research is to identify the role of the two sub-components of environmental trust (structural assurance and situational normality) in predicting interpersonal trust (trusting beliefs and the intention to use a particular financial adviser) in the context of the UK financial advice industry. The second goal is to identify the predictors of environmental trust, more specifically, those of structural assurance and situational normality. The third goal is to determine the impact that demographic factors like gender, age, income, and occupation may have on trust, including environmental trust, by developing a conceptual model for environmental trust that extends our knowledge about this subject and closes a gap in the academic literature. Finally, this research provides insights into the role that environmental trust and its predictors play in the development of consumer trust, thereby assisting managers and policy-makers in developing the business practices and policies that foster trust. The UK financial advice industry is the context for this research; trust has been shown to be central in the relationship between consumers and their financial advisers, as many consumers base their decisions about purchases on their trust in their financial advisers (McKechnie, 1992). The loss of consumer trust in the wider financial services industry that occurred after the events of 2008 and other scandals, such as PPI mis-selling, (Uslaner, 2010) is an additional motivation for this research. Two phases of empirical research are undertaken to achieve the goals of the research. Firstly,a qualitative phase of research used focus groups and in-depth interviews (n=23 participants in total) to identify and confirm the predictors of environmental trust. The predictors that emerged included regulation of consumer and data protection, self-regulation, the organisation’s size, guarantees and warranties, prior experience, and prior knowledge of the industry. Findings from the qualitative phase helped to refine the conceptual model. The second phase of the empirical research tested the conceptual model quantitatively using an online questionnaire (n=302). This mixed, two-phase approach is common in academic marketing research into a largely unresearched area (Harrison and Reilly, 2011). The effect that the demographic factors of gender, age, educational attainment, income, and occupation have on the predictors of environmental trust are also examined. This research contributes to theory and knowledge by providing a thorough analysis of environmental trust in the context of the financial advice industry. This research:  develops and tests a conceptual model of environmental trust in the context of the relationship between a UK consumer and his or her financial adviser that demonstrates the impact of such trust on consumer’s trusting beliefs and intentions; vi  identifies predictors of the two sub-components of environmental trust, structural assurance and situational normality; and  examines and identifies the impact of the demographic factors of gender, age,education, income, and occupation on environmental trust. Therefore, this research extends the limited research on environmental trust by developing it in the context of the relationship between UK consumers and their financial advisers. It is also the first study to identify the predictors of environmental trust empirically and to examine empirically the effect of demographic factors on environmental trust. Several findings can be drawn from this research, including:  that structural assurance has a greater impact on consumer trusting beliefs and intentions than situational normality does;  that, amongst other factors, statutory regulation and self-regulation play roles in fostering structural assurance;  that, amongst other factors, some consumers expect the presence of a well-known brand, so the presence of such a brand can foster situational normality;  that, among the demographic factors examined, only gender has a significant impact; and  that the design of financial service providers’ business premises should reflect consumers’ needs for privacy, confidentiality, and data security so trust can develop. This research also provides a theoretical underpinning for environmental trust by demonstrating that environmental trust is a product of an interaction between agency theory and institutional theory, thereby extending the academic literature. The findings of this research also lead to practical recommendations for managers in the financial advice industry and policy-makers who are charged with ensuring the effective regulation of the industry. For industry managers, these recommendations include taking steps to reassure consumers regarding confidentiality by providing private meeting rooms and implementing a strict clear-desk policy, and to reassure them of their commitment to protecting their best interests by communicating their adherence to consumer- and data protection-related regulation. For policy-makers, these recommendations include improving the effectiveness of communication, as many consumers lack knowledge about the safeguards regulations offer, and about the superior effect of solutions that are based on statutory regulation in reassuring consumers following a trust-related industry crisis, compared to a solution that is based on self-regulation, given the scepticism many consumers have about self-regulation.
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Silva, Ana Rita Tavares Castro. "Financial advisory directed research internship on company valuation." Master's thesis, 2020. http://hdl.handle.net/10362/106050.

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Baker’s Yeast Company (BYC) is an industrial Portuguese firm that produces baker’s yeast and its related products. The aim of this project is to build a valuation model of the company based on a Discounted Cash Flows methodology. The report is divided in three parts: Company and Industry Overview studies the market, the main value drivers and the firm’s competitive position; Valuation Model is focused on the historical and forecasted performance, as well as the cost of capital estimation; and Valuation Outcome tests the resulting Equity Value with a multiples valuation, a sensitivity and a scenario analysis.
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Santos, Luís Xavier Silva. "Are bulge-bracket really worh it? : an empirical study into the impact of financial advisers’ reputation on acquirer performance in M&A transactions." Master's thesis, 2020. http://hdl.handle.net/10400.14/31329.

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This study aims at offering a further contribution to resolving the puzzle of conflicting literature regarding the value of hiring a top-tier investment bank to advise on an M&A transaction, from the acquirer’s standpoint. We investigate whether the relationship reputation-quality-price holds in the market for M&A advisory services. Using a sample of 5,033 domestic and cross-border deals between 1980 and 2019, we show that top-tier advisers provide higher announcement returns for the acquirer, but only in public and subsidiary domestic transactions. This work also demonstrates that this superior service originates from the advisers’ ability to extract a larger share of the synergies created by the deal from the negotiations, in favor of acquirers. We close the circle by showing that, in line with their reputation, top-tier advisers charge an average 0.32% of deal value more than their less prestigious counterparts, corroborating the reputation-quality-price hypothesis.
Este estudo procura contribuir para a resolução do puzzle de literatura conflituante relativamente ao valor gerado pela contratação de um banco de investimento de primeira linha (“bulge-bracket”) para assessorar uma transação de fusão ou aquisição¸ pela perspetiva da empresa adquirente. Nesse sentido, é investigado se a relação entre reputação, qualidade e preço é válida no mercado de serviços de assessoria a fusões e aquisições. Usando uma amostra de 5033 transações, domésticas e internacionais, entre 1980 e 2019, este ensaio evidencia que bancos de reputação notoriamente superior produzem retornos de mercado mais elevados, à volta da data de anúncio do negócio, mas apenas no contexto de transações domésticas cujo alvo são empresas públicas ou subsidiárias. Este trabalho demonstra, igualmente, que a origem deste serviço superior reside na capacidade destes bancos de, aquando das negociações, extraírem uma parcela superior das sinergias criadas pela transação, em favor do adquirente. O círculo completa-se mostrando que, de acordo com a sua mais abrangente reputação, os bancos de primeira linha cobram, em média, 0,32% do valor da transação mais do que os seus pares menos prestigiados, corroborando a hipótese sobre a relação entre reputação, qualidade e preço mencionada acima.
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Cevey, Tom, and Burman Emma Ojala. ""Can’t anyone just do it for me?!" : A qualitative study of 10 women’s views on investments and robo-advisory." Thesis, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-25486.

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Robo-advisory is a new service in the financial market and is designed to support financial decisions. Previous researches show that attitudes toward robo-advisory are an important aspect of their acceptance, and therefore this study is designed to investigate how the attitudes to robo-advisory is affected by five chosen factors. Previous studies also show a lack of financial literacy in young women leading to poor investment decisions. The purpose of this thesis is therefore to study how the factors influence the attitudes toward robo-advisors from a perspective of a young women in order to see if robo-advisory could be used as a substitute for financial literacy. This qualitative research was conducted on ten young women age​ 20-30. The collected data has then been transcribed, and then analyzed based on a content analysis with categories created for the purpose of the survey. The result shows that without financial literacy or previous use of robo-advisory in their social circle, the perception of risk and trust for robo-advisory is unlikely to change. It also shows that previous bad experience of robot-based systems affect the attitude toward robo-advisory negatively. This research can be useful in the design of robo-advisory and how to shape the service to get this target group to start using it. Because attitudes have a major impact on the use of the service, the results of this survey are a good basis for companies to relate to.
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胡雅晴. "The study of the relationships among strategic experiential modules,experiential value,customer satisfaction and loyalty:A case study of Chinatrust's Financial Advisory Club." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/17565737773034460903.

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MARHOUNOVÁ, Iveta. "Uplatňování principů řízení ve vybrané organizaci." Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-394621.

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The aim of this thesis is to analyze selected principles of management of Bata company and to compare it with current principles of management in selected company. Based on the analysis, there are introduced suggestions for improvement of the principles of management applied so far in order to improve business performance in selected areas, which are retail and human resources.
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