Summary of Key Themes and Subthemes
| Theme and subtheme | No. of occurrences |
|---|---|
| 1. Lack of visible diversity in the industry | |
| Perception of homogeneity among advisers and clients | 21 |
| Impact of cultural background on financial advice | 21 |
| Cultural similarity and client–adviser relationships | 5 |
| 2. Concerns of bias and labels in cultural interactions | |
| Concerns about perceived racism | 4 |
| Experiences of discrimination | 3 |
| 3. Perceived limitations and challenges in cultural competence | |
| Self-perceived cultural competence | 19 |
| Challenges in assessing cultural competence (incompetence) | 15 (3) |
| Other factors (e.g., age, gender, language, personal values, religion) | |
| Age | 1 |
| Gender | 5 |
| Language | 8 |
| Personal values or personality | 7 |
| Religion | 3 |
| 4. Pathways to acquiring cultural competence | |
| Life experience and travel | 13 |
| Workplace exposure and training | 6 |
Participant Geographic Distribution and Representativeness
| State | No. of participants | % of participant pool | % of population |
|---|---|---|---|
| NSW | 5 | 23.8 | 31.8 |
| VIC | 5 | 23.8 | 25.9 |
| QLD | 4 | 19.0 | 20.2 |
| WA | 3 | 14.3 | 10.4 |
| SA | 1 | 4.8 | 6.9 |
| TAS | 1 | 4.8 | 2.0 |
| ACT | 1 | 4.8 | 1.7 |
| NT | 1 | 4.8 | 1.0 |
Interview Questions Design
| Interview question | Research question | Link to the literature |
|---|---|---|
| Introductory question: First I am going to clarify what I mean by cultural background: Your cultural background is often thought of as your ethnicity, but it is also the values, attitudes, traditions and beliefs that have been passed down from your family and the society you grew up in. It is distinct from religion or gender. | RQ1 | Cultural competence frameworks suggest that understanding one's cultural background is foundational to improving cross-cultural interactions (Fitzgerald 2000; Betancourt et al. 2005). |
| 1. I'd like you to think about your experience of providing or receiving financial advice in Australia. In particular, are there any events you can recall where the cultural background of the client or adviser had an impact on the provision of the financial service. | RQ1 | The role of cultural background in professional interactions, particularly in advisory settings, is crucial in shaping the effectiveness of service delivery (Chen & Li 2009; Betancourt et al. 2005). |
| 2. How do you perceive your own cultural background affecting the adviser–client relationship? | RQ1 | Self-awareness of cultural background is a key component of cultural competence, which influences professional–client relationships (Fitzgerald 2000, as cited in Stewart 2006; Livermore 2018). |
| 3. What impact/benefit do you think an adviser having an understanding and awareness of their own cultural background would have on adviser–client relationships? | RQ1, RQ2 | Understanding one's own cultural assumptions enhances empathy and improves the quality of service in culturally diverse environments (Stewart 2006; Betancourt et al. 2005). |
| 4. What do you think are the outcomes/benefits of being a culturally competent adviser? | RQ2 | Culturally competent professionals are shown to have better client outcomes, including enhanced communication and trust (Betancourt et al. 2005; Chen & Chen 2011). |
| 5. Would you say financial advisers in general are culturally competent? | RQ2 | The perception of cultural competence in various professions is often linked to formal training and education, which remains limited in financial advising (Cull & Davis 2013; Bryant 2001). |
| 6. Is there anything else about this topic you would like to discuss? | RQ1, RQ2 | Open-ended reflection encourages deeper exploration of the topic, which can uncover additional insights not initially addressed (Fetterman 1998). |
| Concluding question: Of all the things we've discussed today, what would you say are the most important issues you would like to express? | RQ1, RQ2 | Summarising and prioritising key issues helps solidify the main themes and insights drawn from the interview (Creswell & Poth 2017). |
Participant Details
| Participant | Culture | Gender | Length of interview in minutes |
|---|---|---|---|
| 1 | Anglo-Australian | Male | 24 |
| 2 | Anglo-Australian | Male | 24 |
| 3 | Anglo-Australian | Male | 37 |
| 4 | Anglo-Australian | Female | 33 |
| 5 | Anglo-Australian | Female | 52 |
| 6 | Singaporean | Female | 14 |
| 7 | British | Male | 23 |
| 8 | Anglo-Australian | Male | 20 |
| 9 | Anglo-Australian | Male | 39 |
| 10 | Greek | Male | 60 |
| 11 | Anglo-Australian | Male | 22 |
| 12 | Anglo-Australian | Male | 15 |
| 13 | Indigenous Australian | Male | 20 |
| 14 | Mixed | Female | 26 |
| 15 | Italian | Male | 32 |
| 16 | Anglo-Australian | Female | 23 |
| 17 | Lebanese | Male | 22 |
| 18 | Anglo-Australian | Female | 49 |
| 19 | Serbian | Male | 39 |
| 20 | Mixed | Male | 39 |
| 21 | Middle Eastern | Female | 29 |