Researchers have found that 90% of financial advisors leave the life insurance industry in first year, 68% in the second year, and 50% in the third year. Researchers have noted the importance of mentorship aimed at work attitudes, yet there is a lack of research concerning attrition and its effects on the industry. The purpose of this quantitative study was to examine managers’ and financial advisors’ perception of a mentoring program on advisors productivity and retention. Social learning theory was applied as the theoretical framework for this study. Data were collected from financial advisors and their managers across 13 branch offices from a major life insurance company. Data analysis included Pearson product moment, the independent t test, and analysis of variance. Specific quantitative findings indicated (a) a low but statistically significant positive correlation (r = .13) between advisors’ number of years of working and mentoring scores, (b) low but statistically significant negative correlation coefficient ( r = -.19) between financial advisors’ years of employment and productivity. The findings invite future research on the development of a mentoring program for advisors productivity and retention. The conclusion is that mentoring could be used to improve self-esteem and self-efficacy among advisors and a good applied recommendation would be that company leaders formulate policy to implement mentoring programs at all branches to improve job productivity and retention. Social change implications include opportunities for advisors to improve their job performance, thereby contributing revenue to the organization and the national economy.
|Commitee:||Hoehn, Lilburn, Ness, Lawrence|
|Department:||Applied Management and Decision Sciences|
|School Location:||United States -- Minnesota|
|Source:||DAI-A 72/08, Dissertation Abstracts International|
|Subjects:||Management, Direct Life, Health, and Medical Insurance Carriers|
|Keywords:||Financial advisors, Managers, Mentoring, Productivity, Retention|
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