Customer Perceived Value in the Context of Financial Planning Carolin Plewa, The University of Adelaide, Jill Sweeney, University of Western Australia, David Michayluk, University of Technology Sydney

p2 Identify value perception dimensions from either side (benefits and costs) Understand perceived value of financial advice Identify factors that impact of value perception and outcomes Objectives

p3  Disinterest at a young to middle age  Not enough savings to worry about  Not sure of financial planner’s worth  Lack of time to find one Why don’t more people seek financial planning?

p4  In depth interviews in 3 states  Planners (n=15)  Clients (n=11)  Non-clients (n=9)  Clients - range of demographics and life styles ages (30s to 70s), occupations ( inc. 4 retirees)  Non-clients – similar range  Planners – industry experience (4m - 37 yrs), organisational size (1-200 planners) area (2 in regional area) Qualitative approach

p5 What did we discover? 7 Benefit dimensions  Expertise  Education  Motivation  Support  Reputation  Relationship  Convenience 4 Cost dimensions  Monetary  Time and effort  Emotional  lifestyle

p6  Align where the clients see value with what is delivered  Financial planner style will be relevant to different clients Why does it matter?

p7  Delegatee  Mentor  Partner  Sports coach  Validator Need to match style with client needs Five financial planner styles

p8  To determine how perceived value affects outcomes  such as financial quality of life, peace of mind and satisfaction with planner  To identify if dimension importance changes over time and/or is moderated by situational or personal factors So we need your help with the next phase of surveys Next step