Furlong - Example - Scholarly Article

© Emerald Backfiles 2007
In this work the authors examine how corporate employeesperceive their
need for financial counselling services, identify the criteria theyjudge
most important when choosing financial advisers and determine their
preferences concerning the delivery of financial services. Their findings
revealed that the consumer group studied have clearly defined preferences
concerning the nature and delivery of financial consulting services, and
that professional perceptions of these preferences are substantially dif-
ferent in some cases.
Introduction
Moves towards formal deregulation of the banking system in the United
States, and a defacto although different form of deregulation in Canada,
has meant that consumers now face a confusing array of alternatives
when attempting to meet their needs for various financial services. The
rapid blurring of the distinctions among the traditional "four pillars"
(banking, insurance, investment and trust services) of the financial com-
munity (see, for example, Riddell, 1984; Horvitch, 1984; and Evans,
1983), has resulted in the creation of new combinations of products and
services which are marketed in a variety of unconventional ways. This
dramatically heightened degree of market complexity, combined with
thecurrentlevelsof economicinstability,highunemployment, anduncer-
tain interests and inflation rates, has meant that consumers are faced
with numerous financial service alternatives which they do not have the
time or the expertise to evaluate.
Given this situation, many professionals in the field feel that some form
of financial counselling for consumers would appear to be necessary,
Personal Financial Services I 3
Consumer Concept Testing
of Personal Financial
Services
by Carla B. Furlong and J. R. Brent Ritchie
Pemberton-Houston-Willoughby, Vancouver, Canada, and
University of Calgary, Alberta, Canada, respectively

or at least helpful. What is not clear is the form which such counselling
should take so as best to respond to the needs of various types of con-
sumers. While there is a general consensus that more rather than less
financial counselling is required (Mandell, 1983), and that consumers
desire personalised attention and expertise in handling their financial
affairs (Raddon, 1983; and Hanks, 1982), relatively little is known con-
cerning the relative importance of the fundamental benefits sought by
individuals using financial services or the criteria used when choosing
an organisation to provide those services. This research is intended to
provide some input and, it is hoped, insight into this discussion and
debate.
Prior Research
While numerous companies are currently offering various forms of
financial counselling, the research reported to date has most often focus-
ed on the competition in financial services among banks in the United
States (e.g., Harris, 1983; Waite, 1982; and Cox and Spies, 1983). In par-
ticular, it should be noted that most of this research has been concern-
ed with specific financial services as opposed to the financial counsell-
ing process. One of the best studies in this category is that related to
Canadian shareholders carried out for the Toronto Stock Exchange
{Toronto Stock Exchange, 1984). This study shed new light on the pro-
files and attitudes of Canadian investors and non-investors. Italso show-
ed that Canadians are highly risk-averse as investors and that they are
primarily concerned withbuilding retirement incomeandprotecting their
capital.
Those studies which have focused specifically on financial counselling
tend to be subjective or judgemental in nature and not based on rigorous
empirical research. For example, Lacter (1983) suggests that financial
planning is a three-step process involving an inventory of aclient's assets
and goals. Further, he suggests how a consumer should choose a finan-
cial planner. The International Association of Financial Planners (1983)
offers suggestions for a consumer's choice of a planner.
One exception to this lack of empirical rigour is a comprehensive study
of financial counselling conducted recently by the Stanford Research
Institute (Thompson and Tuchman, 1983). This study suggests that finan-
cial planning can be broken down into three levels reflecting consumer
needs. The lowest level describes the situation where a consumer requires
only a single financial product. The highest or strategic level reflects
the situation where only a comprehensive financial plan will satisfy the
consumer's requirements. Further, the study concludes that financial
planning needs can also be broken down depending upon income and
4 I International Journal of Bank Marketing 4,1

wealth. Despite the value of this study, it is not clear that its findings
are applicable outside the United States. For example, there is some feel-
ing that differences between the financial structures and consumer at-
titudes towards saving/investment within Canada and the United States
could substantially modify both the findings and the implications of
this study for Canadian managers. Undoubtedly those in other coun-
tries will want to make their own assessment in this regard. In the light
of this situation, it was felt essential, for at least two reasons, to obtain
data related to the Canadian setting. First, there is a need to have an
understanding of Canadian consumers to meet the needs of thenational
community. Second, it is hoped to contribute to the literature on com-
parative studies on financial services and financial counselling at the
international level.
The Concept of Financial Counselling
As the concept of financial counselling is relatively new and ill defin-
ed, and because a thorough understanding of its meaning was essential
to the present study, considerable effort was devoted to achieving this
understanding prior to undertaking the actual research. This preliminary
research effort involved three distinct phases and approaches: (1) a
literature review- (2) interviews with 20 experts from financial counsell-
ing companies, and (3) three consumer focus group interviews.
As outlined above, the review of the literature revealed a wide interest
in providing financial planning services to the consumer but a minimum
of empirical research on how consumers perceive this new service and
whether or not they see benefits for themselves through its use. The in-
terviews with industry experts indicated that the market for financial
counselling services is segmented on three major planes: the lifestage
of the consumer, in which the financial service needs of the individual
vary according to age and income; quality of financial staff including
both years of experience and professional credentials; and the com-
pleteness of the package offered, from a specialised service in only
one or two products (such as offered by an accountant) to a full range
of financial services (such as may be offered by a bank or trust
company). These interviews also revealed that major gaps appear to
exist between the present competitive offerings of financial
counselling services and those desired or demanded by consumers.
The expert interview segment of the study further revealed three target
groups which had expressed an interest in paying for financial counselling
services, which had sufficient income to afford such services, and which
it was felt were not adequately being serviced by present financial com-
panies. These groups were: (1) government employees (middle managers

and up); (2) executive and professional women; and (3) corporate
employees (middle managers and up). The corporate employee group
was viewed as the group with the greatest profit potential, primarily
because they could be readily accessed by providing this new financial
service as part of their company benefit plans.
The three focus group interview sessions were conducted to provide fur-
ther understanding of consumers in each of the three potentially pro-
fitable target markets identified above. It was considered particularly
important that these interviews be held separately from the discussions
with industry experts. The results obtained from these sessions indicated
that consumers are unfamiliar with the concept of personal financial
counselling as a comprehensive planning process and that they confuse
this notion with financial products (such as life insurance) that may form
part of a plan. Users of financial services tended to have availed
themselves of expert advice previously and were more familiar with the
idea of a financial plan. All participants, however, processed only a
minimal amount of information when deciding on a financial counsellor
and most often only consulted with their friends or expert associates
for referrals.
The results of this three-pronged preliminary research activity provid-
ed two major sources of guidance for the main study. First, it establish-
ed that the corporate employee segment had the most potential of the
three major markets identified and that it could very usefully be the
focus of a broader research investigation. Second, the total processper-
mitted the development of an overall definition of the concept of finan-
cial counselling for use in subsequent research efforts with consumers.
Specifically, financial planning was conceptualised as a process involv-
ing three components: (1) an inventory of a client's financial assets; (2)
a statement of a client's financial goals; and (3) a written plan to achieve
these goals by proper investment of the client's assets.
Purpose and Objectives
The overall purpose of the main research was to gain further understan-
ding as to how corporate employees perceive their need for financial
counselling, how they choose financial advisers, and how they would
like to see financial counselling made available. Within this overall pur-
pose, five specific research objectives were defined. These were:
(I) to determine the dimensions of financial counselling services that
corporate employees consider relevant;
(2) to determine the importance which corporate employees attach
to each of these relevant dimensions;

(3) to evaluate the awareness of corporate employees with respect to
existing financial counselling services;
(4) to evaluate corporate employee attitudes towards financial
counselling;
(5) to investigate corporate employee attitudes concerning alternative
methods of delivery of financial advice/coo selling.
Methodology
The identification of the dimensions of financial counselling services
(objective (1)) was done in the framework of the expert interviews and
the consumer focus group sessions. Data pertaining to the remaining
fourobjectives weregatheredbymeans ofatwo-part questionnairewhich
was mailed to 500 individuals listed on the member roster of the local
Chamber of Commerce. The first part of the questionnaire requested
information concerning the respondent's previous exposure to finan-
cial advice and financial products, including whether or not financial
counselling presently was included as part of his/her employee benefit
package. The second part attempted to measure respondent reaction to
a proposed concept of financial counselling which had been constructed
using information from the preliminary research described earlier. A
total of 139 individuals returned fully completed questionnaires, a
response rate of 27.8 per cent.
Results
Importance of Financial Counselling Attributes
Respondents to the survey were provided with a list of six attributes of
a financial counselling service. The attributes included were:
-quality of the counselling, i.e., value for money,
-level of personal service provided,
-expertise of the counsellor,
-availability of a "complete package", i.e., counselling plus all
products,
-reputation of the firm,
-convenience of the counselling service.
Respondents were requested to select and rank the three most impor-
tant attributes from this list. As clearly indicated in Table I, the most
important attribute of financial counselling services for corporate
employees was the expertise of the counsellor. Quality of the service

provided and personalised attention ranked next in importance. An at-
tribute that was frequently mentioned as important by respondents, but
not included on the original list, was the loyalty of the financial expert
to the customer and his/her concerns.
Table I. Relative Importance of Attributes of a Financial Adviser
for Corporate Employees
Number of respondents ranking as:
Attribute 2 3 Score* Rank
Quality 23 34 31 168 2
Personal service 9 39 39 144 3
Expertise 80 26 13 305
Complete package 8 17 17 75 4
Reputation 10 10 11 61 5
Convenience 2 3 2 14 6
*Score was derived by assigning points to ranks as follows: rank 1 = 3 points, rank
2 = 2 points, rank 3 = 1 point.
A comparison of the foregoing findings with those reported in earlier
studies revealed a general agreement with what appears to be an increas-
ing desire on the part of (US) consumers for personalised financial
counselling (Raddon, 1983; Olafson, 1983; and King, 1983), and sug-
gests that consumers do not want the convenience of a financial super-
market; rather, they want the best advice/product. This finding that con-
sumers are more concerned with expertise than convenience implies that
companies providing FCS should invest in upgrading the competence
of their counsellors. This upgrading includes at least two dimensions:
experience, as measured by years of experience in the field; and further
formal training as reflected in a recognised professional designation,
such as "Chartered Financial Counsellor".
In contrast to the foregoing dimension, the experts interviewed in the
preliminary research portion of this study generally felt that the reput-
ation and image of the firm supplying the financial service would be
most important to consumers, with the expertise of the counsellor
being a secondary consideration. This divergence inviews suggests that
existing companies in the field may be placing too much emphasis on
the firm's overall image and not enough on the perceived expertise of the
individual counsellor.
8 I International Journal of Bank Marketing 4,/

Perceived Uses of, and Benefits from, a Financial Counselling Service
In this regard, respondents were asked to rank the relative importance
of eleven benefits that might result from the use of a financial counselling
service. These eleven items, identified from the preliminary research ac-
tivities, were as follows:
-pay off debts,
-increase overall standard of living,
-meet living expenses,
-beat inflation,
-make sure family is protected in case of emergencies,
-create a retirement fund,
-meet personal and family education goals,
-enable early retirement,
-provide an estate for family,
-create funds to buy house/car or start own business,
-pay less tax.
In responding to this question, corporate employees were asked to select
and rank the three most important uses/benefits which they felt to be
associated with a FCS. As shown in Table II, the findings indicate that
the three most important benefits of FCS for the individuals studied
were family protection, creation of a retirement fund, and reduction of
tax payments.
A comparison of these results with previously reported research findings
reveals both similarities and differences. Consistent with the findings
of the present research are those from several previous studies (e.g.,
Business Week, 1980; Migliaccio and Greenberg, 1982) suggesting that
the most important uses/benefits perceived to result from FCS are retire-
ment planning and tax reduction. In contrast, the goal of ensuring family
protection appears to have been accorded greater importance by
respondents in this study than has previously been reported. Since ex-
perts interviewed in the preliminary stage of this research were not ask-
ed this question directly, no comparisons were possible in this regard.
The implications of the priorities from this set of findings would ap-
pear to be conceptually straightforward. In effect, companies offering
financial counselling services shouldattempt toprovide their clients with
those investment vehicles which most effectively ensure family protec-
tion, retirement fund growth and tax reduction. The practical challenge
and the test of the firm's expertise is to identify creatively and deliver
the investment vehicles which best perform these roles. As this task was

outside the scope of the present research, no advice can be offered in
this area at this time.
Table II. Relative Importance of Uses/Benefits from a Financial
Counselling Service
Number of Respondents Ranking as:
Use/Benefit 2 3 Score* Rank
Pay off debts 21 7 11 88 4
Increase living standard 13 7 16 69 5
Meet living expenses 3 3 0 15 11
Beat inflation 9 8 7 50 8
Family protection 29 22 9 140
Retirement fund 22 24 20 134 2
Education goals 2 4 7 21 10
Early retirement 5 17 17 66 6
Provide estate 4 16 7 51 7
Buy house/car 4 2 10 26 9
Pay less tax 16 19 19 105 3
Ad vantages of Using a Financial Counsellor
In contrast to the previous section which attempted to determine the
specific uses/benefits associated with the financial counselling process,
the focus of this part of the study was to obtain some insight into the
underlying advantages that corporate employees believed to be derived
from the use of an expert for financial counselling. Towards this end,
respondents were asked to select and rank the two most important ad-
vantages from a list of four identified in the preliminary research. The
four available choices were:
-help in getting a plan started and completed;
-provision of an outsider's view of the individual's situation;
-source of information on available prod ucts and services;
-source of advice on the advantages and disadvantages of available
options.
The responses to this question are summarised in Table III. As seen,
the findings show that corporate employees perceive the attainment of

advice on the advantages and disadvantages of available investment op-
tions as the most significant benefit associated with the use of a finan-
cial counsellor. Obtaining an outsider's point of view and gaining in-
formation on available products and services ranked second and third
in importance. Of more general interest is the fact that 93 per cent of
all individuals responding indicated that they felt some advantage was
to be gained from financial counselling services.
Table III. Relative Importance of Advantages from using a
Financial Counsellor
Advantage 2 Score* Rank
Help getting started 12 6 30 4
Outsider's view 33 20 86 2
Information source 17 30 64 3
Advice on options 44 43 131
2 = I point.
A review of the literature with respect to this topic found no other
reported studies which have examined this particular issue. It appears
that most existing studies have taken for granted that consumers perceive
the use of a financial expert to be beneficial. While the findings of this
study support that assumption, they go further by providing some in-
dication of the underlying purpose which consumers attach to the use
of a financial expert's services.
As with the literature review, the experts interviewed seemed to assume
that consumers were well aware of the advantages of using an expert
for financial counselling services. Alternatively, a certain number
lamented that consumers were too ignorant of the concept tojudge what
aspects of FCS might be potentially beneficial to them.
The clear implication of the findings in this area is that consumers (at
least corporate employees) areprimarily seeking advice which compares
the pros and cons of different investment options. As such, the general
approach which appears most relevant would be to establish a procedure
which compares all investment options within the context of an overall
plan. The results also indicate (particularly those from the expert inter-
views) that companies offering financial counselling services may face
an educational task concerning the advantages of FCS with respect to

a significant number of consumers before attempting to sell any par-
ticular product or service.
Probability of Using Financial CounsellingServices
The purpose of this segment of the study was to determine whether or
not consumers would be likely to use financial counselling services as
defined earlier in the article. Respondents were asked to indicate this
probability of usage on a five-point scale ranging from "definitely would
use" to "definitely would not use". The data revealed that just over 50
per cent of the sample indicated that they would definitely or probably
use FCS as defined in this study. Another 26 per cent indicated that
they might or might not be interested.
While this study was not structured to probe the reasons for probable
usageornon-usageextensively,theliteratureandthepreliminary research
section of this research provide some limited insight. First, in accor-
dance with earlier discussions, it appears that many consumers are
generally unfamiliar with the concept of overall financial planning and
the use of counsellors for such planning. This lack of awareness may
explain why little research or analysis has been done to determine the
potential market for FCS among either Canadian or US consumers. As
noted previously, this general view of the lack of awareness on the part
of consumers was supported by the experts who contributed to this study.
Also of considerable interest was their view that among consumers who
were aware of FCS, there appears to be a feeling that such services are
primarily of interest only to the very rich. While participants in this
study are clearly up-scale in terms of income, the findings of the research
suggest that interest in, and thus the market for, FCS is considerably
more extensive than might be imagined. This would seem to be true on
the condition that the purpose and nature of financial counselling ser-
vices are known and understood by consumers. In particular, the results
of the present inquiry indicate a substantial interest in FCS within that
group of consumers studied, that is, corporate employees.
Preferred Type of Financial Counsellor
This section of the study was designed to explore respondents' views
concerning the type of professional they would prefer for the delivery
of Financial Counselling Services. Based on preliminary research, par-
ticipants were presented with nine possible choices. These were (1)
accountant, (2) lawyer, (3) insurance agent, (4) independent
counsellor, (5) bank employee, (6) trust company employee, (7)
stockbroker, (8) other and (9) prefer not to seek outside advice. Again,
respondents were asked to select and rank the three most preferred
alternatives.

In terms of the findings, it should be first noted that 93 per cent of
respondents indicated that they would use some type of financial
counsellor for their personal investments. For this majority of the sam-
ple, the preferred type of counsellor was clearly someone from the ac-
counting profession (see Table IV). Other alternatives which were rank-
ed highly included stockbrokers and lawyers.
Table IV. Relative Preference for Different Types of
Financial Counsellors
Type of counsellor 2 3 Score* Rank
Accountant 73 18 6 261 1
Lawyer 5 29 13 86 3
Insurance agent 5 15 15 60 4
Independent 11 8 8 57 5
Bank employee 6 10 13 51 6
Trust Co. employee 2 5 4 20 7
Stockbroker 14 19 26 106 2
The findings from this study would appear to vary from those obtained
by previously reported research. For example, the Stanford study (Thomp-
son and Tuchman, 1983) suggests that more affluent consumers would
prefer to use a lawyer for financial advice whereas less affluent individuals
would tend to seek counsel from an insurance agent. Cox and Spies (1983)
concluded that US consumers would shop for financial (primarily tax)
advice at commercial banks. As is evident, these results differ from those
of the present study. It is hypothesised that these variations reflect dif-
ferences between US/Canadian consumers as well as the structure and
nature of the financial institutions in the two countries. Clearly, further
research is required to examine these hypotheses.
There also appeared to be a certain discrepancy between the findings
of this study and the views of the experts consulted during the
preliminary stage of the research. However, in this case, thedivergence
in views is intuitively more evident. In effect, the experts interviewed
tended to be understandably biased towards the types of professionals
within their own organisations. At the same time, there seemed to be
greater support among experts than among consumers for the idea that
consumers would most often prefer an independent counsellor.

While the findings from this segment of the research require verifica-
tion and further study, certain implications would appear to be justified
even at this time. In particular, it can be asserted that Canadian cor-
porate employees do show an interest in the use of professional counsell-
ing in relation to their financial affairs. In terms of the type of profes-
sional counseller, there is a consensus that the most preferred individual
is likely to be found in the accounting field. Although the reasons for
this preference were not explored, it is hypothesised that this preference
is highly influenced by the importance accorded to the desire for tax
advice and for a professional designation, noted in an earlier section.
As such, the findings of this research imply that companies offering
financial counselling services would be advised to stress the profes-
sionalism of their staff, possibly by encouraging the attainment of pro-
fessional degrees such as the RIA, CGA or the CA.
Preference for Alternative Delivery Methods
This final segment of the inquiry attempted to determine consumer
preferences for alternative approaches to the delivery of financial
counselling services. In this regard, respondents were requested to in-
dicate a preference for one of four methods identified by preliminary
research efforts. The four alternatives presented were:
-the "general practitioner" approach in which one expert is used
to develop an overall investment plan and subsequently to direct
the investor to other experts (specialists) as needed;
-the "financial supermarket" approach in which one company
makes available all financial services ranging from traditional che-
quing accounts to a total financial plan, the investor then choos-
ing (cafeteria style) those services which he/she desires;
-the "self-shopping" approach in which the investor selects and uses
a number of experts, one for each different financial service and/or
product desired.
-the "contractor" approach in which only one expert is employed.
This expert, however, relies on the expertise and products of a net-
work of other counsellors but brings these experts to the client.
This contrasts with the "general practitioner" who sends the client
to the experts.
When asked to choose, over half the respondents (54 per cent) in the
study indicated a preference for the "contractor" approach as describ-
ed above. The "general practitioner" model was tanked second (24 per
cent) followed closely by the "self-shopping" alternative (20 per cent).

Perhapssurprisingly,the "financial supermarket" approach received very
little support (2 per cent).
Efforts to compare the foregoing findings with other research results
wereunsuccessful asnootherreported examples dealingwiththedelivery
of FCS to the consumer were found. Previous studies which are available
in this general area have restricted their study of FCS delivery to an
analysis of consumer reaction to existing companies offering these ser-
vices. Forexample, Hanks (1982) found that affluent US bank customers
want the highest return available and a full line of financial products.
Further, they exhibit no "'brand" loyalty to any one financial institu-
tion. Cox and Spies (1983) discovered that less affluent US consumers
would only shop at their banks for such financial advice as that con-
cerned with their tax returns. In contrast, this study attempted to gain
insight into consumer preferences for delivery concepts which are not
in all cases readily identifiable in the marketplace at the present time.
The findings from the survey portion of this study were somewhat at
odds with the views provided by experts in the field within the preliminary
research interviews. Specifically, the experts generally anticipated that
consumers would prefer the "financial supermarket" approach.
Although their reasons for this belief were not explored, it appeared
to be based on their perception of convenience as an important con-
sideration in consumer choice of financial counselling services. However,
as reported in an earlier section, convenience of FCS was not rated as
a high priority by the corporate employees who participated in this
research.
The practical implications flowing out of the above findings are that
delivery strategies for FCS should emphasise the establishment and pro-
motion of a system whereby the client can take advantage of the advice
of many experts and yet only have to deal directly with one. In a sense,
this approach not only stresses the client's desire for expertise in all areas
of financial counselling. It also suggests, as indicated by the experts con-
sulted, that consumers are, in fact, motivated (at least secondarily) by
a need for some form of convenience. Finally, the expressed preference
for the "contractor approach" also emphasises the consumer's desire
for personalised service in the delivery of financial counselling.
Some Practical Extensions of the Research Findings
In the preceding section, we have briefly outlined some of the direct
implications of this research for companies and practitioners offering
financial counselling services to the public. It was felt that this article
would be of even more value to such companies if we presented some

further thoughts on the practical extensions of the results derived from
attempts to utilise the findings. Some of these more pragmatic proposals
are already being used extensively by US financial firms and have been
implemented with considerable success here in Canada.
The Use of Seminars
The present research suggests that Canadians are relatively ignorant of
the financial counselling process and of how this process can help them
to manage their personal finances better. Seminars have proved to be
an effective means of educating consumers on the financial counsell-
ing process and on options for saving and investing. Seminars also of-
fer a personalised, human atmosphere in which to present a balanced
view of an individual's choices.
First Education, then Trust, and then Investing
Canadian consumers appear to be more comfortable accepting finan-
cial advice when they feel more knowledgeable and when they have
developed a personal trust in their financial adviser. Therefore, it has
been found desirable first to educate them on the choices available for
their finances and subsequently to develop a personal relationship bas-
ed on trust before exposing them to the rigours of financial options and
jargon. This philosophy has been translated successfully into the pro-
duction of financial information packages which are written for the
uninitiated in a pleasant and informative style.
Promotion as a Means of Building Trust and Credibility
As noted above, trust and a perceived professionalism are essential in-
gredients in the gaining of a financial client. The use of various public
service activities have been found to be particularly useful in building
credibility. These include the preparation of financial articles for local
newspapers and magazines, participation in radio and TV talk shows
which discuss personal finances, delivering speeches to professional and
social organisations, and participation in trade and consumer shows.
Concluding Remarks
The field of financial services has entered a new era in which much of
the existing information concerning consumer behaviour in the choice
and use of these services has become outdated and of limited value.
Even worse, it may be misleading. The implication of this situation is
that we need to undertake a comprehensive re-examination of the ways

in which the consumers of financial services now view the marketplace.
In particular, there is a need to anticipate the manner in which con-
sumersarelikelytoreacttonewconceptsandnewdeliverysystemswhich
might be used to meet their emerging needs.
It is against this background that the present study was undertaken.
While exploratory in nature, the findings cast some doubt on certain
assumptions which have been generally accepted as self-evident. For ex-
ample, consumers in this study did not attach the same importance to
"convenience" in the choice of a supplier of financial services as con-
ventional wisdom might have predicted. This result thus puts into ques-
tion the success which might be expected from "financial supermarkets".
This does not imply, of course, that convenience is not a definite
marketing asset. It does, however, imply that other more fundamental
choice criteria must be satisfied before convenience becomes a "deci-
sion variable" in the mind of the consumer.
Again it must be stressed that the findings of the present research need
to be both validated and extended. The present sample size was limited
(139respondents) and the population studied (corporate employees) was
not typical of the general population (although it does represent an im-
portant share of the market). Despite these caveats, it is felt that the
findings fromthis studyprovide somesignificant indicators forthe future
directions of financial services marketing. At a minimum, it is hoped
they will stimulate careful reflection by managers in the field as well
as serve as a benchmark to which future research findings can be
compared.
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The Toronto Stock Exchange, (1984), Canadian Shareholders: Their Profile and At-
titudes, April.
Waite, D. C., (1982), "Deregulation and the Banking Industry", The Bankers Magazine,
January-February.
Applications are invited for
Professor of Financial Services Management
within the International Management Centre from Buckingham from
individuals with both proven management experience and professional
qualifications in financial services. The person appointed must be
cognisant of banking, accountancy practice and insurance since the
work of IMCB crosses these once traditional boundaries.
IMCB is totally committed to the action learning approach to
management development to enhance managerial effectiveness.
Relocation is not normally necessary for faculty.
Salary on the University professorial scale, together with 15% non-
contributory pension and permanent health insurance.
Further details from the Principal, IMCB
Castle Street, Buckingham, England MK18 lBS.
Telephone 0280 817222.

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