A reconceptualised perspective of the six-step financial planning process

The globally applied six-step financial planning process which is used by CFP® professionals to provide financial advice is designed to ensure that the financial advice is suitable, based on the needs of the consumer. However, given the diverse cultures in South Africa, this study argues that the six-step financial planning process (as it is currently applied) may not be suitable, as it requires contextualisation based on the unique needs of South African consumers. The various population groups in South Africa have their own sets of beliefs, values and cultural practices, and thus view aspects such as wealth (the creation, preservation and transference thereof), marriage, death and retirement, differently. Thus, financial planners who are not knowledgeable about different cultures, diverse financial needs, or the provisions of customary law, may not be able to provide suitable advice. The primary objective of the study is thus to reconceptualise the six-step financial planning process to be more inclusive, in order to better serve the financial planning needs of South African consumers. A comprehensive literature review was undertaken to provide the context and framework within which the reconceptualisation of the six-step financial planning process could be approached. An investigation of the financial planning environment and the financial planning process was completed to determine how the six-step financial planning process is currently applied in the South African context. Further, an investigation of culture and the cultural dimensions – power distance, uncertainty avoidance, individualism, masculinity, timeorientation and indulgence – was conducted, as it was clear that these cultural dimensions cannot be generalised to all South African consumers, due to the large degree of diversity within the population. It was also determined that there are various factors that contribute towards the cultural diversity of South African consumers, which may influence their financial needs and the type of financial advice that is required. These factors include race and ethnicity, marital regimes, procreation and family structures. To further illustrate the diversity of financial needs of South African consumers, a discussion of Black households and the application of financial planning legislation and customary law was provided. Black households are considered to be under-serviced, historically financially excluded, have low levels of financial literacy, and are mostly collectivist in nature. It is for these reasons that Black households are the focus of the study. Some of the financial needs that vi are common among Black households include land and property ownership, family wealth, family homesteads, lobola capital and ‘black tax’ expenditure. Given that the literature review established how the six-step financial planning process is currently applied, an interpretivist research philosophy was adopted in order to gain a deeper understanding of how the six-step financial planning process should be applied in a South African context. Further, the research approach in the context of this study is an inductive one, as the six-step financial planning process is an existing theory that was reconceptualised by considering the perceptions and experiences of 16 CFP® professionals and 14 Black South African households. A mono-method qualitative research methodology was used, with a single qualitative method of data collection (semi-structured interviews), and a single qualitative method of data analysis (latent content analysis). The findings of the study were used to provide a reconceptualised perspective of the six-step financial planning process which takes into consideration the fact that the image of a financial planner plays an important role when trying to establish a professional relationship with a client. The findings reveal that Black consumers in particular, generally have a negative image of a financial planner, which is influenced not only by their perceptions of a financial planner, but also by their self-perception of their own financial situation. The reconceptualised perspective of the six-step financial planning process also incorporates the finding that discussions around personal finances are considered impolite and taboo among the Black African community, which influences their ability to talk about these topics, trust a financial planner, and establish a professional relationship with them. The findings also reveal that a racial and gender bias exists among Black consumers – they prefer interacting with a White male financial planner, as they perceive them to be more competent and have more experience with finances and wealth accumulation. It was also found that CFP® professionals believe that having cultural awareness and cultural intelligence can reduce bias in the way that questions are asked, so as not to offend the client. Thus, cultural awareness was also incorporated into the reconceptualised perspective of the six-step financial planning process. It was also noted that it is important to ascertain clients’ level of financial literacy during the information gathering stage. Black consumers opined that in this regard, it is the role of the financial planner to both ascertain and ensure their clients’ financial literacy, and to offer financial education to ensure client understanding. vii Although the premise of the study is that South African consumers have unique financial needs due to the high degree of diversity among the population, it was the opinion of CFP® professionals that Black consumers, in particular, do not have unique financial needs – instead, they define their needs differently, have different exposures to financial resources to address their financial needs, and also prioritise and satisfy their needs differently. The prioritised financial needs of Black households (sub-themes) that emerged from both participant groups include the need to make provision for black tax, estate planning, funerals, and property ownership. Black household participants mentioned (to a greater extent than CFP® professionals did) the need to make provision for lobola and initiation schools, as these form part of several traditional ceremonies. The need to make provision for a family home was mentioned by Black household participants but not by CFP® professionals. It was discovered from Black household participants that stokvels are the most common micro-finance tool used by Black consumers, for various reasons. In fact for some, stokvels are preferred over formal financial products because they perceive that they yield a higher return, and others use them successfully to supplement their current provisions. These findings (among others) were incorporated into the reconceptualised perspective of the six-step financial planning process which is presented in this study. This study has made a contribution to the financial planning body of knowledge by presenting a reconceptualised perspective of the six-step financial planning process, and providing new knowledge on each of the associated six steps and their suitability in a South African context. This study also provides justification and evidence for the inclusion of aspects within the sixstep financial planning process that enhance the understanding of cultural diversity and needs of Black households in particular. Justification has also been provided for the inclusion of cultural aspects and diverse needs of Black consumers the in the academic curriculum of FPI and FSCA recognised qualifications, as well as the facilitation and learning outcomes of business and product-specific training that FSPs are required to provide to their representatives. The study findings also have implications for the development of the academic curriculum and assessment materials for CFP® professionals by recognised education providers, the FSCA regulatory examination, and the FPI professional competency examination. In addition, the study has provided evidence for the need to develop financial products, or customise existing financial products, that address the viii needs of Black households – especially culture-specific financial needs such as black tax, lobola and funding for initiation schools. Key words: Black households; CFP® professionals; culture; diverse needs; reconceptualisation; six-step financial planning process.Thesis (MSc) -- Faculty of Science, School of Environmental Sciences, 202

Establishing perceptions of an entrepreneur using word associations

Entrepreneurship as a source of economic growth and competitiveness as well as job creation and the advancement of social interests is well documented. Despite these important contributions to the economies of countries, a shortage of entrepreneurial activity exists across borders and specifically in developing countries such as South Africa. The purpose of this study was to determine the perception and image of an entrepreneur in the eyes of various stakeholders. The reasoning behind this was that if the image of an entrepreneur could be determined, one could establish whether the image positively or negatively influences entrepreneurial intentions as well as potential future entrepreneurial activity. More specifically, the primary objective was to identify the perception and image that potential entrepreneurs (students) and existing entrepreneurs (small business owners) have of an entrepreneur. In the body of knowledge or general literature on entrepreneurship, the most commonly discussed topics are the nature and importance of entrepreneurship, the attributes (personality traits, characteristics and skills) associated with an entrepreneur, various push and pull factors, various rewards and drawbacks of such a career and the challenges entrepreneurs face. It is these aspects of entrepreneurship that stakeholders will most likely have been exposed to, and that most possibly have influenced their perception and image of an entrepreneur. The aforementioned aspects provided an overview of the theoretical body of knowledge on which the perception and image of an entrepreneur is based. The present study adopted a qualitative research paradigm with a phenomenological approach to achieve the research objectives of the study. Within this context, the study made use of a qualitative method for data collection and a quantitative method for data analysis. As such, a mixed methods approach was adopted. More specifically, a qualitative dominant mixed research method was implemented. A continuous word association test, which is a projective technique, was adopted as the qualitative means of data collection. This test involved asking participants to recall the words that come to mind when presented with the word “entrepreneur”. This method was selected because of its ability to reveal both affective and cognitive associations with the concept “entrepreneur”. A quantitative summative (manifest) content analysis was used as the quantitative research method for analysing the data. The continuous word association test was conducted among three sample groups, namely students prior to commencing, and students after completing a module in entrepreneurship, and small business owners. Student and small business owner participants were asked to write down as many words or phrases as possible that came to mind when they thought of the word “entrepreneur”, which was the stimulus word, within a ten-minute period. These responses were then collated and coded by developing a coding framework based on brand image and entrepreneurship literature. In studies on brand image, the components of image are considered to be tristructured in nature, consisting of cognitive (what the individual knows), affective (how the individual feels) and holistic (overall symbolism, combination of affective and cognitive) evaluations. The words generated by the participants in this study were broadly coded according to these categories and further subcategorised by searching for themes within the broad categories, which was facilitated and guided by an in-depth investigation of the entrepreneurship literature. The findings of this study show that the words generated by all three groups of participants were mostly of a cognitive nature, followed by words of a general or affective nature. As such, the vast majority of words generated by all three groups related to what the participants knew about an entrepreneur (cognitive) versus how they felt about one (affective), and were grounded in the management or entrepreneurship literature. When comparing the top ten words most frequently associated with the term “entrepreneur” by the three groups of participants, the attribute risk-taker was the most frequently recalled word among all three groups. Students prior to undertaking the entrepreneurship module associated an entrepreneur with being creative and a risk-taker, having a business enterprise and being involved in the selling of goods and services. Students after completing the module in entrepreneurship associated an entrepreneur with being profit-orientated, a risk-taker, innovative and original, and being opportunistic. Small business owners, on the other hand, associated an entrepreneur with being a risk-taker, innovative and original, goal- and achievement-orientated and profit-orientated. The findings show that all groups of participants associated an entrepreneur principally with certain attributes rather than with learned skills and competencies, and that all groups had a more positive than negative image of an entrepreneur. It was also found that exposure to entrepreneurship literature has an influence on the perception and image that students have of an entrepreneur. Because the words recalled by students after completing the entrepreneurship module were more in line with those recalled by small business owners, than with those recalled by students before starting the module, it can be suggested that entrepreneurship literature contributes to a more realistic image of an entrepreneur among students. This study has contributed to the field of entrepreneurship research by adopting a qualitative dominant research paradigm in conjunction with quantitative research methods to explore the complexity of the term “entrepreneur”. Furthermore, this study has been able to establish how individuals feel about entrepreneurship, in terms of being either positive or negative, by adding an affective aspect to the cognitive aspect of entrepreneurial decision-making. By conducting a continuous word association test among students prior to beginning and after completing a module in entrepreneurship, the entrepreneurial knowledge of students before being exposed to entrepreneurship literature was established, and subsequently the effectiveness of the entrepreneurship module determined. It is hoped that the findings of this study have added value to the entrepreneurship body of knowledge and can be used in future studies as a tool to address the problem of low entrepreneurial intention and activity among South Africans. Furthermore, it is hoped that by creating a positive image of an entrepreneur, entrepreneurship as a desirable career choice can be promoted and an entrepreneurial culture developed within communities and broader society

Information Collection on the Situation of VET Teachers and Trainers in Candidate Countries

Currently there are two main categories of teachers in VET schools – VET teachers and teachers of general education subjects. The former status of two different kinds of VET teachers – the professional subject teacher, and the training master has been replaced by one VET teacher category by the Regulation No 18 of the Minister of Culture and Education the Statute of a VET Teacher/Trainer of 26 May 1995.VET teachers have to carry out workshop training and teach professional subjects as well. In 2000/01 academic year, there were 84 VET schools in Estonia – 62 in public (of which 59 administered by the Ministry of Education), 2 in the municipal and 17 in private ownership. The following statistical data covers only the public schools under the administration of the Ministry of Education. Information on the teachers of the remaining VET schools is not available

Características clínicas e histopatoógica de los carcinomas prostáticos diagnosticados en el Hospital Escuela Antonio Lenin Fonseca, Octubre 2012-Octubre 2014

El cáncer de próstata es uno de los principales problemas de salud de la población masculina. Su frecuencia aumenta con la edad: un 90% de casos se diagnostican en mayores de 65 años. La etiología no está demasiado clara, aunque se sabe que tiene relación con exposiciones ambientales, estilos de vida, antecedentes familiares y factores genético

Essays on Diversity and Selectivity

This dissertation consists of two essays, both dealing with selectivity decisions and diversity.Chapter 1 studies optimal admissions test design for a monopolistic profit-maximizing school in a signalling model with a notion of diversity that is correlated with an individual’s ability to pay for education, but uncorrelated with productivity. Workers’ willingness to pay for education is determined by firms’ expectations of the productivity of educated and uneducated workers, which are in turn determined by the school’s choice of admissions test and tuition. A more selective admissions test may increase the wage differential for educated workers, allowing the school to charge a higher tuition, but requires the school to admit fewer workers. At the same time, a higher tuition reduces attendance and dilutes the signalling value of education, as an uneducated worker becomes more likely to have passed the admissions test but been unable to afford education. This paper characterizes how the school may optimally discriminate in admissions and/or pricing under various policies restricting discrimination.Chapter 2 demonstrates the impact that the involvement of individuals of diverse sexual or romantic orientations can have on the equilibria of simple marriage market models. I modify the model of Burdett and Coles (1997) to involve singles who are attracted only to individuals of their own gender and singles who are attracted to individuals of more than one gender, and show that this fundamentally altars the structure of any partial rational expectations equilibria. Singles can still be divided into finitely many classes such that individuals of the same class, gender, and orientation behave identically. However, the key characteristic of Burdett and Coles’ equilibria, that marriages only occur between singles in the same class, does not hold in the presence of queer individuals.Doctor of Philosoph

A reconceptualised perspective of the six-step financial planning process

The globally applied six-step financial planning process which is used by CFP® professionals to provide financial advice is designed to ensure that the financial advice is suitable, based on the needs of the consumer. However, given the diverse cultures in South Africa, this study argues that the six-step financial planning process (as it is currently applied) may not be suitable, as it requires contextualisation based on the unique needs of South African consumers. The various population groups in South Africa have their own sets of beliefs, values and cultural practices, and thus view aspects such as wealth (the creation, preservation and transference thereof), marriage, death and retirement, differently. Thus, financial planners who are not knowledgeable about different cultures, diverse financial needs, or the provisions of customary law, may not be able to provide suitable advice. The primary objective of the study is thus to reconceptualise the six-step financial planning process to be more inclusive, in order to better serve the financial planning needs of South African consumers. A comprehensive literature review was undertaken to provide the context and framework within which the reconceptualisation of the six-step financial planning process could be approached. An investigation of the financial planning environment and the financial planning process was completed to determine how the six-step financial planning process is currently applied in the South African context. Further, an investigation of culture and the cultural dimensions – power distance, uncertainty avoidance, individualism, masculinity, timeorientation and indulgence – was conducted, as it was clear that these cultural dimensions cannot be generalised to all South African consumers, due to the large degree of diversity within the population. It was also determined that there are various factors that contribute towards the cultural diversity of South African consumers, which may influence their financial needs and the type of financial advice that is required. These factors include race and ethnicity, marital regimes, procreation and family structures. To further illustrate the diversity of financial needs of South African consumers, a discussion of Black households and the application of financial planning legislation and customary law was provided. Black households are considered to be under-serviced, historically financially excluded, have low levels of financial literacy, and are mostly collectivist in nature. It is for these reasons that Black households are the focus of the study. Some of the financial needs that vi are common among Black households include land and property ownership, family wealth, family homesteads, lobola capital and ‘black tax’ expenditure. Given that the literature review established how the six-step financial planning process is currently applied, an interpretivist research philosophy was adopted in order to gain a deeper understanding of how the six-step financial planning process should be applied in a South African context. Further, the research approach in the context of this study is an inductive one, as the six-step financial planning process is an existing theory that was reconceptualised by considering the perceptions and experiences of 16 CFP® professionals and 14 Black South African households. A mono-method qualitative research methodology was used, with a single qualitative method of data collection (semi-structured interviews), and a single qualitative method of data analysis (latent content analysis). The findings of the study were used to provide a reconceptualised perspective of the six-step financial planning process which takes into consideration the fact that the image of a financial planner plays an important role when trying to establish a professional relationship with a client. The findings reveal that Black consumers in particular, generally have a negative image of a financial planner, which is influenced not only by their perceptions of a financial planner, but also by their self-perception of their own financial situation. The reconceptualised perspective of the six-step financial planning process also incorporates the finding that discussions around personal finances are considered impolite and taboo among the Black African community, which influences their ability to talk about these topics, trust a financial planner, and establish a professional relationship with them. The findings also reveal that a racial and gender bias exists among Black consumers – they prefer interacting with a White male financial planner, as they perceive them to be more competent and have more experience with finances and wealth accumulation. It was also found that CFP® professionals believe that having cultural awareness and cultural intelligence can reduce bias in the way that questions are asked, so as not to offend the client. Thus, cultural awareness was also incorporated into the reconceptualised perspective of the six-step financial planning process. It was also noted that it is important to ascertain clients’ level of financial literacy during the information gathering stage. Black consumers opined that in this regard, it is the role of the financial planner to both ascertain and ensure their clients’ financial literacy, and to offer financial education to ensure client understanding. vii Although the premise of the study is that South African consumers have unique financial needs due to the high degree of diversity among the population, it was the opinion of CFP® professionals that Black consumers, in particular, do not have unique financial needs – instead, they define their needs differently, have different exposures to financial resources to address their financial needs, and also prioritise and satisfy their needs differently. The prioritised financial needs of Black households (sub-themes) that emerged from both participant groups include the need to make provision for black tax, estate planning, funerals, and property ownership. Black household participants mentioned (to a greater extent than CFP® professionals did) the need to make provision for lobola and initiation schools, as these form part of several traditional ceremonies. The need to make provision for a family home was mentioned by Black household participants but not by CFP® professionals. It was discovered from Black household participants that stokvels are the most common micro-finance tool used by Black consumers, for various reasons. In fact for some, stokvels are preferred over formal financial products because they perceive that they yield a higher return, and others use them successfully to supplement their current provisions. These findings (among others) were incorporated into the reconceptualised perspective of the six-step financial planning process which is presented in this study. This study has made a contribution to the financial planning body of knowledge by presenting a reconceptualised perspective of the six-step financial planning process, and providing new knowledge on each of the associated six steps and their suitability in a South African context. This study also provides justification and evidence for the inclusion of aspects within the sixstep financial planning process that enhance the understanding of cultural diversity and needs of Black households in particular. Justification has also been provided for the inclusion of cultural aspects and diverse needs of Black consumers the in the academic curriculum of FPI and FSCA recognised qualifications, as well as the facilitation and learning outcomes of business and product-specific training that FSPs are required to provide to their representatives. The study findings also have implications for the development of the academic curriculum and assessment materials for CFP® professionals by recognised education providers, the FSCA regulatory examination, and the FPI professional competency examination. In addition, the study has provided evidence for the need to develop financial products, or customise existing financial products, that address the viii needs of Black households – especially culture-specific financial needs such as black tax, lobola and funding for initiation schools. Key words: Black households; CFP® professionals; culture; diverse needs; reconceptualisation; six-step financial planning process.Thesis (MSc) -- Faculty of Science, School of Environmental Sciences, 202

A reconceptualised perspective of the six-step financial planning process

The globally applied six-step financial planning process which is used by CFP® professionals to provide financial advice is designed to ensure that the financial advice is suitable, based on the needs of the consumer. However, given the diverse cultures in South Africa, this study argues that the six-step financial planning process (as it is currently applied) may not be suitable, as it requires contextualisation based on the unique needs of South African consumers. The various population groups in South Africa have their own sets of beliefs, values and cultural practices, and thus view aspects such as wealth (the creation, preservation and transference thereof), marriage, death and retirement, differently. Thus, financial planners who are not knowledgeable about different cultures, diverse financial needs, or the provisions of customary law, may not be able to provide suitable advice. The primary objective of the study is thus to reconceptualise the six-step financial planning process to be more inclusive, in order to better serve the financial planning needs of South African consumers. A comprehensive literature review was undertaken to provide the context and framework within which the reconceptualisation of the six-step financial planning process could be approached. An investigation of the financial planning environment and the financial planning process was completed to determine how the six-step financial planning process is currently applied in the South African context. Further, an investigation of culture and the cultural dimensions – power distance, uncertainty avoidance, individualism, masculinity, timeorientation and indulgence – was conducted, as it was clear that these cultural dimensions cannot be generalised to all South African consumers, due to the large degree of diversity within the population. It was also determined that there are various factors that contribute towards the cultural diversity of South African consumers, which may influence their financial needs and the type of financial advice that is required. These factors include race and ethnicity, marital regimes, procreation and family structures. To further illustrate the diversity of financial needs of South African consumers, a discussion of Black households and the application of financial planning legislation and customary law was provided. Black households are considered to be under-serviced, historically financially excluded, have low levels of financial literacy, and are mostly collectivist in nature. It is for these reasons that Black households are the focus of the study. Some of the financial needs that vi are common among Black households include land and property ownership, family wealth, family homesteads, lobola capital and ‘black tax’ expenditure. Given that the literature review established how the six-step financial planning process is currently applied, an interpretivist research philosophy was adopted in order to gain a deeper understanding of how the six-step financial planning process should be applied in a South African context. Further, the research approach in the context of this study is an inductive one, as the six-step financial planning process is an existing theory that was reconceptualised by considering the perceptions and experiences of 16 CFP® professionals and 14 Black South African households. A mono-method qualitative research methodology was used, with a single qualitative method of data collection (semi-structured interviews), and a single qualitative method of data analysis (latent content analysis). The findings of the study were used to provide a reconceptualised perspective of the six-step financial planning process which takes into consideration the fact that the image of a financial planner plays an important role when trying to establish a professional relationship with a client. The findings reveal that Black consumers in particular, generally have a negative image of a financial planner, which is influenced not only by their perceptions of a financial planner, but also by their self-perception of their own financial situation. The reconceptualised perspective of the six-step financial planning process also incorporates the finding that discussions around personal finances are considered impolite and taboo among the Black African community, which influences their ability to talk about these topics, trust a financial planner, and establish a professional relationship with them. The findings also reveal that a racial and gender bias exists among Black consumers – they prefer interacting with a White male financial planner, as they perceive them to be more competent and have more experience with finances and wealth accumulation. It was also found that CFP® professionals believe that having cultural awareness and cultural intelligence can reduce bias in the way that questions are asked, so as not to offend the client. Thus, cultural awareness was also incorporated into the reconceptualised perspective of the six-step financial planning process. It was also noted that it is important to ascertain clients’ level of financial literacy during the information gathering stage. Black consumers opined that in this regard, it is the role of the financial planner to both ascertain and ensure their clients’ financial literacy, and to offer financial education to ensure client understanding. vii Although the premise of the study is that South African consumers have unique financial needs due to the high degree of diversity among the population, it was the opinion of CFP® professionals that Black consumers, in particular, do not have unique financial needs – instead, they define their needs differently, have different exposures to financial resources to address their financial needs, and also prioritise and satisfy their needs differently. The prioritised financial needs of Black households (sub-themes) that emerged from both participant groups include the need to make provision for black tax, estate planning, funerals, and property ownership. Black household participants mentioned (to a greater extent than CFP® professionals did) the need to make provision for lobola and initiation schools, as these form part of several traditional ceremonies. The need to make provision for a family home was mentioned by Black household participants but not by CFP® professionals. It was discovered from Black household participants that stokvels are the most common micro-finance tool used by Black consumers, for various reasons. In fact for some, stokvels are preferred over formal financial products because they perceive that they yield a higher return, and others use them successfully to supplement their current provisions. These findings (among others) were incorporated into the reconceptualised perspective of the six-step financial planning process which is presented in this study. This study has made a contribution to the financial planning body of knowledge by presenting a reconceptualised perspective of the six-step financial planning process, and providing new knowledge on each of the associated six steps and their suitability in a South African context. This study also provides justification and evidence for the inclusion of aspects within the sixstep financial planning process that enhance the understanding of cultural diversity and needs of Black households in particular. Justification has also been provided for the inclusion of cultural aspects and diverse needs of Black consumers the in the academic curriculum of FPI and FSCA recognised qualifications, as well as the facilitation and learning outcomes of business and product-specific training that FSPs are required to provide to their representatives. The study findings also have implications for the development of the academic curriculum and assessment materials for CFP® professionals by recognised education providers, the FSCA regulatory examination, and the FPI professional competency examination. In addition, the study has provided evidence for the need to develop financial products, or customise existing financial products, that address the viii needs of Black households – especially culture-specific financial needs such as black tax, lobola and funding for initiation schools.Thesis (PhD) -- Faculty of Faculty of Business and Economic Sciences, 202