Rational Paternalism Financial Advisor Ethics Dissertation Dissertation or Thesis Complete

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Ethical Imperatives for Rational Paternalism in Advisor-Client Relationships


Dissertation


A dissertation submitted in partial fulfilment of the requirements for the degree of


Doctor of Philosophy


Abstract


This study seeks to understand the role of ethics and rational paternalism in the practice of financial advising. A significant amount of research examines the effects of rational paternalism on the governmental and institutional levels. Very little research has addressed the issues associated with rational paternalistic behavior by advisors toward their clients. Fortinelle (2016) focuses on advisors\' ethics and moral responsibilities, underscoring the ethical standards clients should expect from their financial advisors. However, practically none of the literature examines individual paternalism\'s ethics, morals, and practical aspects. In response, this study explores the concept of rational paternalism in advisor-client relationships, its underlying principles, and its application in financial services. It discusses the potential benefits and ethical considerations of adopting an advisor-client rational paternalistic approach in financial decision-making. The aim is to shed light on its implications for consumers and financial service providers and raise the general level of professionalism in the financial services industry. Most importantly, and specific to the advisor-client relationship, the significance of this study is the potential for rational paternalism to provide financial advisors with the same level of professionalism enjoyed by other professions, such as law and healthcare. The findings that emerge from this study include the fact that rational paternalism is practiced in a wide range of disciplines, most especially healthcare and social work, where clients’ best interests are paramount. Drawing on this experience, the overarching purpose of this study is to develop an informed and timely answer to the guiding research question, “To what extent is the practice of rational paternalism present in advisor-client relationships?\" Second, but no less critical, “What are the advisor’s perceptions about their impact on their client\'s decisions and actions?” The findings support the conclusion that rational paternalism is more widely practiced in financial advisement settings than reflected in the academic literature and that advisors must tailor their level of guidance to match each client’s sophistication and decision-making capacity.

To everybody in this beautiful world who moved, touched and inspired me:


“Primum non nocere!”


(ACKNOWLEDGMENTS are forthcoming)


Table of Contents


CHAPTER 1: INTRODUCTION 5


Problem Statement 9


Purpose 12


Significance 14


Etymology of Paternalism 16


Nature of the study 19


Theoretical Framework 19


Key Terms and Concepts 21


Conclusion 24


CHAPTER 2: LITERATURE REVIEW 26


Background 27


Understanding Rational Paternalism 34


Definition and Core Principles 34


Nudging and Choice Architecture 36


Balancing Autonomy and Paternalism 37




Rational Paternalism in Financial Services 39


Benefits of Rational Paternalism 40


Ethical Considerations in Rational Paternalism 42


Criticisms and Challenges of Rational Paternalism 43


Agency Theory 44


Cognitive Abilities and Financial Decision-Making 47


Psychological Factors and Financial Decision-Making 49


Default Options and Behavioral Influences in Financial Decisions 50


Conclusion 52


CHAPTER 3: METHODOLOGY 54


Research Design 54


Methodologies 56


Content Analysis 58


Semi-Structured Interviews 72


Interview Questions for Financial Advisors 76


Interview Questions for Clients 79


Integration of Semi-structured Interviews and Content Analysis 83


Research Procedure 85


Conclusion 87


CHAPTER 4: FINDINGS 89


Content Analysis 89


Interviews/Research Questions 90


Interview Summaries 181


Summary of Financial Advisor Interviews 181


Summary of Interviews of Clients 189


Summation 196


CHAPTER 5: DISCUSSION 199


Theoretical Framework Applied 199


Regulatory and Ethical Considerations in Rational Paternalism 200


Implications for Financial Service Providers 202


Acknowledgment of the Study’s Limitations 205


Future Directions for the Study of Rational Paternalism in Financial Services 206


CHAPTER…

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wikipedia.org/wiki/Paternalism"target="_blank"rel="noopenernoreferrer">RationalPaternalisminAdvisor-ClientRelationships


Dissertation


Adissertationsubmittedinpartialfulfilmentoftherequirementsforthedegreeof


DoctorofPhilosophy


Abstract


Thisstudyseekstounderstandtheroleofethicsandrationalpaternalisminthepracticeoffinancialadvising.Asignificantamountofresearchexaminestheeffectsofrationalpaternalismonthegovernmentalandinstitutionallevels.Verylittleresearchhasaddressedtheissuesassociatedwithrationalpaternalisticbehaviorbyadvisorstowardtheirclients.Fortinelle(2016)focusesonadvisors\'ethicsandmoralresponsibilities,underscoringtheethicalstandardsclientsshouldexpectfromtheirfinancialadvisors.However,practicallynoneoftheliteratureexaminesindividualpaternalism\'sethics,morals,andpracticalaspects.Inresponse,thisstudyexplorestheconceptofrationalpaternalisminadvisor-clientrelationships,itsunderlyingprinciples,anditsapplicationinfinancialservices.Itdiscussesthepotentialbenefitsandethicalconsiderationsofadoptinganadvisor-clientrationalpaternalisticapproachinfinancialdecision-making.Theaimistoshedlightonitsimplicationsforconsumersandfinancialserviceprovidersandraisethegenerallevelofprofessionalisminthefinancialservicesindustry.Mostimportantly,andspecifictotheadvisor-clientrelationship,thesignificanceofthisstudyisthepotentialforrationalpaternalismtoprovidefinancialadvisorswiththesamelevelofprofessionalismenjoyedbyotherprofessions,suchaslawandhealthcare.Thefindingsthatemergefromthisstudyincludethefactthatrationalpaternalismispracticedinawiderangeofdisciplines,mostespeciallyhealthcareandsocialwork,whereclients’bestinterestsareparamount.Drawingonthisexperience,theoverarchingpurposeofthisstudyistodevelopaninformedandtimelyanswertotheguidingresearchquestion,“Towhatextentisthepracticeofrationalpaternalismpresentinadvisor-clientrelationships?\"Second,butnolesscritical,“Whataretheadvisor’sperceptionsabouttheirimpactontheirclient\'sdecisionsandactions?”Thefindingssupporttheconclusionthatrationalpaternalismismorewidelypracticedinfinancialadvisementsettingsthanreflectedintheacademicliteratureandthatadvisorsmusttailortheirlevelofguidancetomatcheachclient’ssophisticationanddecision-makingcapacity.

Toeverybodyinthisbeautifulworldwhomoved,touchedandinspiredme:


“Primumnonnocere!”


(ACKNOWLEDGMENTSareforthcoming)


TableofContents


CHAPTER1:INTRODUCTION5


ProblemStatement9


Purpose12


Significance14


EtymologyofPaternalism16


Natureofthestudy19


TheoreticalFramework19


KeyTermsandConcepts21


Conclusion24


CHAPTER2:LITERATUREREVIEW26


Background27


UnderstandingRationalPaternalism34


DefinitionandCorePrinciples34


NudgingandChoiceArchitecture36


BalancingAutonomyandPaternalism37




RationalPaternalisminFinancialServices39


BenefitsofRationalPaternalism40


EthicalConsiderationsinRationalPaternalism42


CriticismsandChallengesofRationalPaternalism43


AgencyTheory44


CognitiveAbilitiesandFinancialDecision-Making47


PsychologicalFactorsandFinancialDecision-Making49


DefaultOptionsandBehavioralInfluencesinFinancialDecisions50


Conclusion52


CHAPTER3:METHODOLOGY54


ResearchDesign54


Methodologies56


ContentAnalysis58


Semi-StructuredInterviews72


InterviewQuestionsforFinancialAdvisors76


InterviewQuestionsforClients79


IntegrationofSemi-structuredInterviewsandContentAnalysis83


ResearchProcedure85


Conclusion87


CHAPTER4:FINDINGS89


ContentAnalysis89


Interviews/ResearchQuestions90


InterviewSummaries181


SummaryofFinancialAdvisorInterviews181


SummaryofInterviewsofClients189


Summation196


CHAPTER5:DISCUSSION199


TheoreticalFrameworkApplied199


RegulatoryandEthicalConsiderationsinRationalPaternalism200


ImplicationsforFinancialServiceProviders202


AcknowledgmentoftheStudy’sLimitations205


FutureDirectionsfortheStudyofRationalPaternalisminFinancialServices206


CHAPTER6:CONCLUSION208


SummaryofKeyFindings208


ImplicationsforFinancialAdvisorsandClients209


DiscussionoftheImplications210


ConcludingRemarks212


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