Does a relationship with a financial service professional overcome a client’s sense of not being in control of achieving their goals?

Abstract

Although considerable evidence suggests that setting goals increases the odds of behavior changes that lead to goal attainment, less research has been conducted examining what underlying traits allow some to successfully attain their goals when others do not. This study, using the Theory of Planned Behavior, examines the affects of individual control beliefs on financial goal progress. Findings suggest that low control beliefs are significantly associated with less financial-goal progress; however, the receipt of expert financial advice can reduce this negative effect and result in higher levels of goal progress than that of individuals with high control beliefs.