The professionalization of financial planning in Australia: an institutional logics perspective

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dc.contributor.authorRichards, Daniel
dc.contributor.authorUkwatte Jalathge, Sarath Lal
dc.contributor.authoryapa, prem
dc.date.accessioned2021-09-17T13:37:11Z
dc.date.available2021-09-17T13:37:11Z
dc.date.issued2021-09
dc.description.abstractPurpose – This paper researches the professionalization of financial planning in Australia. We investigate how the institutional logic of major institutions inhibits this occupation from moving toward a professional status. Design/methodology/approach – The study uses documentary analysis of government inquiries into Australian financial services from 1997 to 2017 to ascertain the various institutional logics relating to the professionalization of financial planning. The method involves generating ideas from the data and applying an institutional logic framework to make sense of impediments to the professionalization of financial planning in Australia. Findings – The regulator adopted a self-regulation logic that empowered financial institutions to govern financial advice. These financial institutions have a logic of profit maximization that creates conflicts of interest in financial planning. The financial planning professional bodies adopted a logic of attracting and retaining members due to a competitive professional environment. Thus, financial planners have not been defined as fiduciaries, professional standards have not increased, and an ineffective disciplinary resolution system exists. Research limitations/implications – This research illustrates the various institutional logics that need to be addressed to professionalize financial planning in Australia. However, the data used is limited to that drawn from the parliamentary inquiries. Originality/value – Prior research on the emergence of professions such as accounting has shown that financial institutions are sites of professionalization. Our research shows that financial institutions impede professionalization in financial planning. Also, where the state granted legitimacy to other professions, our research indicates the state regulator’s logic of self-regulation has not legitimized financial planning.en_US
dc.identifier.citationRichards, D.W., Ukwatte Jalathge, S.L. and Senarath Yapa, P.W. (2021), "The professionalization of financial planning in Australia: an institutional logics perspective", Journal of Public Budgeting, Accounting & Financial Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JPBAFM-11-2020-0182en_US
dc.identifier.issn1096-3367
dc.identifier.urihttp://hdl.handle.net/10315/38558
dc.language.isoenen_US
dc.publisherEmeralden_US
dc.rightsThis author accepted manuscript is deposited under a Creative Commons Attribution Non-commercial 4.0 International (CC BY-NC) licence. This means that anyone may distribute, adapt, and build upon the work for non-commercial purposes, subject to full attribution. If you wish to use this manuscript for commercial purposes, please contact permissions@emerald.com.en_US
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.articlehttps://www.emerald.com/insight/content/doi/10.1108/JPBAFM-11-2020-0182/full/htmlen_US
dc.rights.journalhttps://www.emerald.com/insight/publication/issn/1096-3367en_US
dc.rights.publisherhttps://www.emerald.com/insight/en_US
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectfinancial adviceen_US
dc.subjectfinancial planningen_US
dc.subjectsociology of professionsen_US
dc.subjectprofessional bodiesen_US
dc.subjectinstitutional logicsen_US
dc.titleThe professionalization of financial planning in Australia: an institutional logics perspectiveen_US
dc.typeArticleen_US

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