Transpersonal practices for certified financial planners

This study explored correlations among spirituality, client retention, job satisfaction, and compensation structure in a population of Certified Financial Planners (CFPs) (n = 109). Participants completed Howden's Spirituality Assessment Scale (SAS); provided 5-year client retention rates; filled in a 10-point, 10-question job satisfaction survey created by the Financial Planning Standard's Council; and provided information on the percentage of annual income derived by fee-based planning and asset management. The first part of the quantitative study examined the correlation between scores on the SAS and client retention rate using a Pearson product-moment correlation coefficient. Results from this examination showed the correlation for the 1-tailed test was significant at the 0.05 level with a positive correlation of .220. The second part of the quantitative study examined the levels of spirituality, job satisfaction, and fee structure that maximize client retention rate using multiple regression analysis. The results indicate that the 3 independent variables---fee-based percentage, SAS score, and job-satisfaction totals---are not significant predictors of client retention. The third part of the quantitative study determined the intercorrelations (Pearson's r) of all 4 studied variables with each other in a 4 x 4 correlation matrix. Results show fee-based planning was positively and significantly correlated to job satisfaction (r = .17, p ≤ .05). The matrix also revealed that CFPs who scored relatively higher on the SAS had higher self-reported job-satisfaction scores (r = .39, p ≤ .01). Depth was added to the quantitative study through the interviews of 3 CFPs who scored above 150 on the SAS. These interviews were analyzed using the Integral Constructivist Grounded Theory method. Open coding uncovered 4 main themes among the transpersonal CFPs: integrity, holistic client approach, tolerance, and inner spiritual knowing. These 4 practices created an upward spiral that defined the nature of conscious financial planning.