A Study on the Training Needs Analysis of Financial Planners

Abstract

The study aimed to explore the relevant training issues of financial planners, the professionals in charge of the wealth management business in banks. The research includes the training needs analysis and financial planners’ perspectives toward their training and professional development. The study utilized in-depth interviews, a technique of qualitative approach, to explore the contexts of the organizations, the job, personal performance issues, and learning of financial planners. Ten professionals in financial planning field were interviewed. The research findings are the detailed contexts that can be categorized into four parts. First on the organizational issue, there are organizational problems of (1) establishing organizational fame and brand, of developing their professionals, of (2) re-constructing their organizational system to maximize the business efficiency and effectiveness, and of (3) innovating competitive products for differentiation in those banks. Second on the job analysis issue, to perform the job well, financial planners must develop effective strategies to enhance the three most important competencies: (1) strong mental strength to live with pressure, (2) client pool developing, and (3) knowing the market trend. To acquire the three competencies, it is demanded that financial planners should have other complex knowledge and skills e.g. professional knowledge of finance, interpersonal skills, together to perform successfully in their job. Third on the person performance issue, performance difficulties and problems can be summarized as being caused by (1) the bear market, (2) poorly set performance standard and goals, (3) customers’ distrust, and the (4) heavy requirement of financial planners’ knowledge and skills. On the personal analysis, (1) resistance to be transferred into the wealth management field, and (2) work pressure resulted from heavy workload, and (3) personal laziness and impatience toward their job and customers are the major person problems. On the learning issues of the financial planners, experiences that help establish client pool by being a senior staff in the same branch and experience that help understand the market trend in a securities company are explored. On the learning channels, financial planner acquire their competencies majorly through (1) internal corporate training, (2) reading, (3) financial planning exhibitions and conferences, (4) Taiwan Academy of Banking and Finance, (TABF) and Securities and Futures Institute, (SFI), (5) learning from skillful, experienced clients secretly, and (6) certification and training to satisfy their training needs.

The study aimed to explore the relevant training issues of financial planners, the professionals in charge of the wealth management business in banks. The research includes the training needs analysis and financial planners’ perspectives toward their training and professional development. The study utilized in-depth interviews, a technique of qualitative approach, to explore the contexts of the organizations, the job, personal performance issues, and learning of financial planners. Ten professionals in financial planning field were interviewed. The research findings are the detailed contexts that can be categorized into four parts. First on the organizational issue, there are organizational problems of (1) establishing organizational fame and brand, of developing their professionals, of (2) re-constructing their organizational system to maximize the business efficiency and effectiveness, and of (3) innovating competitive products for differentiation in those banks. Second on the job analysis issue, to perform the job well, financial planners must develop effective strategies to enhance the three most important competencies: (1) strong mental strength to live with pressure, (2) client pool developing, and (3) knowing the market trend. To acquire the three competencies, it is demanded that financial planners should have other complex knowledge and skills e.g. professional knowledge of finance, interpersonal skills, together to perform successfully in their job. Third on the person performance issue, performance difficulties and problems can be summarized as being caused by (1) the bear market, (2) poorly set performance standard and goals, (3) customers’ distrust, and the (4) heavy requirement of financial planners’ knowledge and skills. On the personal analysis, (1) resistance to be transferred into the wealth management field, and (2) work pressure resulted from heavy workload, and (3) personal laziness and impatience toward their job and customers are the major person problems. On the learning issues of the financial planners, experiences that help establish client pool by being a senior staff in the same branch and experience that help understand the market trend in a securities company are explored. On the learning channels, financial planner acquire their competencies majorly through (1) internal corporate training, (2) reading, (3) financial planning exhibitions and conferences, (4) Taiwan Academy of Banking and Finance, (TABF) and Securities and Futures Institute, (SFI), (5) learning from skillful, experienced clients secretly, and (6) certification and training to satisfy their training needs.