The professionalization of financial planning in Australia: an institutional logics perspective

Purpose This paper researches the professionalization of financial planning in Australia. The authors investigate how institutional logic major institutions inhibits this occupation from moving toward a professional status. Design/methodology/approach study uses documentary analysis government inquiries into Australian services 1997 to 2017 ascertain various logics relating planning. method involves generating ideas data and applying an framework make sense impediments Findings regulator adopted self-regulation that empowered govern advice. These have profit maximization creates conflicts interest bodies attracting retaining members due competitive environment. Thus, planners not been defined as fiduciaries, standards increased ineffective disciplinary resolution system exists. Research limitations/implications research illustrates need be addressed professionalize However, used is limited drawn parliamentary inquiries. Originality/value Prior on emergence professions such accounting has shown are sites professionalization. shows impede Also, where state granted legitimacy other professions, indicates regulator's legitimized