The value of financial planning advice - process and outcome effects on consumer well-being

Overview

Project status: In progress

An Australian Research Council Linkage Grant application (CCCL program) for this project was approved in May 2011.

Project outline

The impact of the global financial crisis on personal wealth focused attention on the effects of financial advice on consumers (e.g. Storm Financial). However, little is known about how and the extent to which financial planning advice contributes to broader client well-being.

The proposed research will address this knowledge gap by identifying the process and outcome features of financial planning that optimise affective and life satisfaction components of client well-being, and enhance client capabilities, opportunities and freedoms.

Findings will inform industry practices, policy debates, and regulatory reforms aimed at improving quality of financial advice, ultimately contributing to better economic outcomes and consumer well-being.

Knowledge of how financial advice contributes to consumer well-being is vital as industry and policy-makers strive to professionalise financial planning and enhance the quality of advice. Outcomes of this research will inform policy debate and industry practices for improving the value of financial planning advice to consumers and their well-being.

Grantor
Australian Research Council (ARC)

Financial Services Council

Amount

  • 2011: $55,611

  • 2012: $111,130

  • 2013: $113,611

  • 2014: $58,091

Research leader
Research team
QUT External collaborators Ms Cecilia Storniolo , FInancial Services Council
Organisational unit
Lead unit School of Accountancy Other units
Start date
1st July 2011
End date
30th June 2014
Keywords
Financial Advice, Consumer Protection, Investment, Well-Being

Contact

For further information on this project, contact Professor Natalie Gallery.