The Academy of Financial Services 35th Annual Meeting

culture, values, financial, planning, advice

The cultural background and values of individual clients is an important aspect to consider in the provision of personal financial advice. However, cultural differences also create the potential for misunderstanding and miscommunication in the financial planning process. This qualitative study attempts to address the issue of cultural competence in financial planning by using data collected from interviews with 21 Australian Financial Advisers. Results suggest that culture does play a role in client selection of advisers as well as foundational relationship building. This is significant for the future of financial planning because it can provide scope for the development of future education and training to better suit professionals operating in a globalised multicultural marketplace.