Personal Financial Services Research Articles

KeyCorp

AbstractCommercial Banking (MIC: 8.1 SIC: 6021 NAIC:522110)KeyCorp is a bank holding company. Through its subsidiaries, Co. provides retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients through two major business groups: Community Banking and National Banking. Also, Co.'s bank and trust company subsidiaries provide personal and corporate trust services, personal financial services, access to mutual funds, cash management services, investment banking and capital markets products, and international banking services. At Dec 31 2006, Co. had total assets of around $92.34 billion and total deposits of $59.12 billion.

KeyCorp

AbstractCommercial Banking (MIC: 8.1 SIC: 6021 NAIC:522110)KeyCorp is a bank holding company. Through its subsidiaries, Co. provides retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients through two major business groups: Community Banking and National Banking. Also, Co.'s bank and trust company subsidiaries offer personal and corporate trust services, personal financial services, access to mutual funds, cash management services, investment banking and capital markets products, and international banking services. At Dec 31 2006, Co. had total assets of around $92.34 billion and total deposits of $59.12 billion.

KeyCorp

AbstractCommercial Banking (MIC: 8.1 SIC: 6021 NAIC:522110)KeyCorp is a bank holding company. Through its subsidiaries, Co. provides retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients through two major business groups: Community Banking and National Banking. Also, Co.'s bank and trust company subsidiaries offer personal and corporate trust services, personal financial services, access to mutual funds, cash management services, investment banking and capital markets products, and international banking services. At Dec 31 2006, Co. had total assets of approximately $92.34 billion and total deposits of $59.12 billion.

Northern Trust Corp.

AbstractCommercial Banking (MIC: 8.1 SIC: 6022 NAIC: 522110)Northern Trust is a financial holding company. Through its primary bank subsidiary, The Northern Trust Company (the Bank), Co. provides banking and trust services to the public within and outside the U.S. In addition, Co. organizes its services globally around its two primary business units: Corporate and Institutional Services (C&IS); and Personal Financial Services (PFS), both of which are supported by two other business units: Northern Trust Global Investments (NTGI), which provides investment management; and Worldwide Operations and Technology (WWOT), which provides operating and systems support. As of Dec 31 2005, Co. had consolidated total assets of S53.4 billion.

Northern Trust Corp.

Mergent's Dividend AchieversVolume 3, Issue 3 p. 202-202 U.S. Dividend Achievers Northern Trust Corp.† First published: 30 June 2006 https://doi.org/10.1002/div.4428 † Contact: : William A. Osborn — Chmn., C.E.O. Address: : 50 South La Salle Street, Chicago, IL 60603 Web Site: : www.northerntrust.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Commercial Banking (MIC: 8.1 SIC: 6022 NAIC: 522110) Northern Trust is a financial holding company. Co.'s Corporate and Institutional Services business provides asset custody, management, administration and related services worldwide to retirement funds, foundation and endowment clients, fund managers, insurance companies and government funds; commercial banking services to U.S. corporations and financial institutions; and foreign exchange services for global custody clients. The Personal Financial Services business provides personal trust, custody and investment management services, individual retirement accounts, guardianship and estate administration, qualified retirement plans, banking, personal lending, and mortgage lending. Volume3, Issue3Summer 2006Pages 202-202 RelatedInformation

Northern Trust Corp.

Mergent's Dividend AchieversVolume 3, Issue 2 p. 203-203 U.S. Company Reports Northern Trust Corp.† First published: 20 April 2006 https://doi.org/10.1002/div.4011 † Contact: : William A. Osborn — Chmn., C.E.O. Address: : 50 South La Salle Street, Chicago, IL 60603 Web Site: : www.northerntrust.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Commercial Banking (MIC: 8.1 SIC: 6022 NAIC: 522110) Northern Trust is a financial holding company. Co.'s Corporate and Institutional Services business provides asset custody, management, administration and related services worldwide to retirement funds, foundation and endowment clients, fund managers, insurance companies and government funds; commercial banking services to U.S. corporations and financial institutions; and foreign exchange services for global custody clients. The Personal Financial Services business provides personal trust, custody and investment management services, individual retirement accounts, guardianship and estate administration, qualified retirement plans, banking, personal lending, and mortgage lending. Volume3, Issue2Spring 2006Pages 203-203 RelatedInformation

A Rich Opportunity: Data Analysis in Personal Financial Services

Abstract Certain sectors are well known for employing large numbers of statisticians, points out David Hand. These include the pharmaceutical sector, medical research and government. Less well known, however, is that the personal financial services sector also requires large numbers of numerate people, and that statisticians, with their understanding of risk and uncertainty and their ability to extract information from large quantities of data, are in particular demand.

IGM Financial Inc

Mergent's Dividend AchieversVolume 2, Issue 2 p. 334-334 Canadian Company Report IGM Financial Inc† First published: 22 April 2005 https://doi.org/10.1002/div.2503 † Contact: : R. Jeffrey Orr — Pres., C.E.O. Address: : One Canada Centre, 447 Portage Avenue, Winnipeg Web Site: : www.investorsgroup.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Wealth Management (MIC: 8.8 SIC: 282 NAIC: 23930) IGM Financial's core business is providing personal wealth creation and financial planning services. As of Dec 31 2004, Co. has over 2 million clients and C$83.3 billion in mutual fund assets under management. Co.'s subsidiaries, Investors Group, Mackenzie Financial Corp and Investment Planning Counsel, offer their own products and services, including investment, retirement, tax and estate planning advice and service, and products such as mutual funds and managed asset funds, insurance and securities services, guaranteed investment certificates, banking products and mortgages. These products and services are offered through separate channels made up of over 34,000 consultants and advisors. Volume2, Issue2Spring 2005Pages 334-334 RelatedInformation

IGM Financial Inc

AbstractWealth Management (MIC: 8.8 SIC: 6282 NAIC:523930)IGM Financial provides personal wealth creation and financial planning services. Co. offers financial planning, a family of mutual funds and other investment products and financial services, including registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, life and disability insurance, guaranteed investment certificates and mortgages. Co. operates through three divisions: Investors Group, Mackenzie Financial, and Investment Planning Counsel. As of May 10 2004, Co. had about C$78.80 billion of mutual funds under management.

IMG Financial Inc.

AbstractWealth Management (MIC: 8.8 SIC: 6282 NAIC:523930)Investors Group provides personal wealth creation and financial planning services. Co. offers financial planning, a family of mutual funds and a comprehensive range of other investment products and financial services, including registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, life and disability insurance, guaranteed investment certificates and mortgages. Co. serves over 1.0 million clients through its network of over 3,300 consultants, working out of 100 financial planning centers across Canada.

Investment risk perceptions

This paper presents the results of a detailed comparison of the perceptions by individual consumers and expert financial advisers of the investment risk involved in various UK personal financial services' products. Factor similarity tests show that there are significant differences between expert and lay investors in the way financial risks are perceived. Financial experts are likely to be less loss averse than lay investors, but are prone to affiliation bias (trusting providers and salesmen more than lay investors do), believe that the products are less complex, and are less cynical and distrustful about the protection provided by the regulators. The traditional response to the finding that experts and non‐experts have different perceptions and understandings about risk is to institute risk communication programmes designed to re‐educate consumers. However, this approach is unlikely to be successful in an environment where individual consumers distrust regulators and other experts.

Demutualisation, Strategic Choice, and Social Responsibility

This paper examines the demutualisation of the British building societies, the trend during the 1990s for these mutual financial institutions run on behalf of their members and without external shareholders to convert to public limited companies. Demutualisation resulted from cultural change within senior management in mutual societies, which undermined their support for the idea of mutual ownership. This cultural change was a consequence of the deeper integration of mutual societies into the retail financial services sector where a different business culture was dominant. Though government has ignored the wider social impact of demutualisation, it has in fact undermined their attempts to encourage more socially inclusive forms of delivery for personal financial services. The paper makes a case for recognition of the contribution of mutual building societies to the development of more socially responsible corporate strategies. The recent wave of demutuahsations also highlights the need for mutuals to encourage greater membership involvement in the running of the organisation.

Irish Life: Paradise Lost and Regained

Irish Life & Permanent (IL&P) is the product of a merger of Irish Life Assurance and Irish Permanent in 1 999. This somewhat unusual combination brought together the largest life company in Ireland and the largest residential mortgage provider, both with shares in their respective markets of over 20 per cent. In April 2002, the further acquisition of TSB Bank and its merger with Irish Permanent created a full service retail banking operation in Ireland. We believe that Ireland with its strong and fast growing economy and attractive demographics offers tremendous opportunities for our business given our strong franchise and market shares. Our ambition is to become the number one provider of personal financial services in the Irish market and we are confident that, with the business model which we have created together with our singular focus on Ireland, we can achieve that ambition. This article focuses primarily on Irish Life and, in particular, the larger retail life business which has undergone rapid transformation and growth over the past few years.

Practice papers personal financial services in a digital age

AbstractCo‐operative Bank Financial Advisers Ltd (CBFA) is a wholly‐owned subsidiary of the Co‐operative Bank plc. Established since 1972, it specialises in the provision of independent financial advice to personal and corporate customers across the financial services spectrum. Based in Stockport in the north‐west of the UK, CBFA conducts its business via a nationally‐based team of independent financial advisers (IFA), offering a bespoke service to customers at a mutually agreed time and location—usually bank premises, business premises or in the client's own home.In the late 1990s, CBFA faced a crisis. A number of marketplace challenges threatened the long‐term viability of its business. In this paper, one of the management team members describes how her organisation used its understanding of customer decision‐making—backed by good customer research—to regain its footing in a difficult and competitive marketplace. Copyright © 2003 Henry Stewart Publications.

The role of pure and quasi-moderators in services: an empirical investigation of ongoing customer–service-provider relationships

This paper presents some significant empirical findings about the role of switching cost and alternative attractiveness in developing the long-term relationship between the client and the service-provider in personal financial planning services. Considering switching costs and alternative attractiveness as independent antecedents as well as moderators of relationship commitment, a sample of 200 clients who are the patrons of two financial planning services firms is used to test the hypothesized effects. Hierarchical regression analysis provides mixed support for the hypothesized model. While perceived switching cost is a quasi-moderator (antecedent as well as moderator), alternative attractiveness is a pure moderator of an ongoing customer–service-provider relationship.

Fitting together a modular approach

The benefits of modular thinking extend well beyond product strategies, and include new approaches to creating more flexible organisations and improving the management of supply chains and outsourcing. Modularity can also offer a powerful framework for identifying, building and using an organisation's knowledge assets. All products are composed of functional parts. The architecture of a product consists of, first, the way its design is broken down into functional components and, second, the way these components interact in the product (that is, the component interfaces). An architecture is modular when the interfaces between components are designed to allow mixing and matching of different components, thus enabling many product and process variations to be rapidly configured. Perhaps the most familiar example of a modular product architecture is the desktop computer, in which a range of microprocessors, memory cards, hard disks, monitors, keyboards and other components can be combined in a virtually unlimited number of ways to produce different variations of computer. Another familiar example is Sony's use of modular architectures to configure more than 250 variations of its Walkman product over a 10-year period. Each product variation offered consumers a new combination of functions, features, performance levels and price points. Sony also used the stream of product variations to test consumer preferences and fine-tune its mix of Walkman models. Companies in other industries are beginning to realise they too can exploit modularity to achieve fast, flexible configuration of their products - while significantly reducing their costs. Markets as diverse as automobiles, personal care products, financial services, food, software, industrial and consumer electronics, bicycles, home appliances and professional services are now adopting modular product architectures.

Task and Institutional Influences on Managers' Mental Models of Competition

From institutional theory, we argue (a) that the competitive, or task environment may encourage divergence of management cognition between organizations, management functions and amongst senior managers, and (b) that the institutional environment may encourage cognitive convergence at the level of the industry, the strategic group and within institutionalized practices linked to management functions and level. Using management cognition of competition as a vehicle and two cognitive mapping methods, we test a series of competing propositions amongst 32 managers in the UK personal financial services industry, an industry that evidences both task and institutional characteristics. Our findings indicate neither the superiority of exclusively task nor institutional explanations of management cognition. However, the results do indicate some influence of the institutional environment, most noticeably through the convergence of mental models within middle managers across the industry. The results also indicate some influence of the task environment, through cognitive differences across organizations and greater differentiation amongst senior managers' mental models. We interpret our results by referring to the usefulness of distinguishing between task and institutional environments in management cognition and strategic management research.

Task and Institutional Influences on Managers' Mental Models of Competition

From institutional theory, we argue (a) that the competitive, or task environment may encourage divergence of management cognition between organizations, management functions and amongst senior managers, and (b) that the institutional environment may encourage cognitive convergence at the level of the industry, the strategic group and within institutionalized practices linked to management functions and level. Using management cognition of competition as a vehicle and two cognitive mapping methods, we test a series of competing propositions amongst 32 managers in the UK personal financial services industry, an industry that evidences both task and institutional characteristics. Our findings indicate neither the superiority of exclusively task nor institutional explanations of management cognition. However, the results do indicate some influence of the institutional environment, most noticeably through the convergence of mental models within middle managers across the industry. The results also indicate some influence of the task environment, through cognitive differences across organizations and greater differentiation amongst senior managers' mental models. We interpret our results by referring to the usefulness of distinguishing between task and institutional environments in management cognition and strategic management research.

Strategic and Marketing Implications of Consumer Behaviour in Financial Services

As competitive liberalisation and the application of technology in the creation and distribution of financial services have increased consumer choice in the UK personal financial service industry, so consumer choice in the UK personal financial services industry, so consumer behaviour has assumed a greater role in determining the strategic environment in which financial service providers operate. This paper explores the reltionship between consumer behaviour and the strategic choices facing financial consumer behaviour and the strategic choices facing financial service firms by developing a framework of consumer behaviour and linking the forms of behaviour and type of financial service instrument that determines the strategic environment within which financial service providers operate. Based on that interaction the paper develops a contingency view of financial services strategy and argues that to be successful, financial service providers will need to move away from broad service provision and adopt more focused strategies that reflect far more closely the strategic environment in which they operate.

Predicting Segment Membership of Financial Services Consumers (Part 2)

Abstract This is the second of two articles in the Journal of Segmentation in Marketing which address the identification of segment predictors in the personal financial services sector. The first article (Volume 2, Number 2, 1998) hypothesized the existence of four segments with distinct financial services consumption patterns in the UK, based on the variables of perceived knowledge of financial services, level of involvement (interest), attitudes toward financial products and financial institutions. This paper assesses the validity of the segments in a wider marketing context. Based on an analysis of inter-segment differences in the consumption of a wide range of financial services, the key characteristics of each segment and the implications for targeting each segment are outlined.