Financial Advisors’ Autonomous Motivation Needs

Date of Award

Summer 2025

Document Type

Dissertation

Degree Name

Doctor of Business Administration (DBA)

Committee Chair

Kim Campbell

Committee Member

Robert Levasseur

Committee Member

Bora Pajo

Abstract

This qualitative study identified factors contributing to financial advisors’ autonomous motivation in the United States through a thematic analysis, amid projected growth in demand and concern about a worsening advisor shortage. Using Maslow’s Hierarchy of Needs as a theoretical framework, semi-structured interviews with 17 financial advisors and one manager revealed nine key themes: autonomy and self-motivation; client relationships; administrative and compliance burden; recognition, value, and organizational alignment; compensation and incentives; technology and CRM; leadership and management styles; effects of turnover and career longevity in financial advising; and personal values and ethics. Findings indicate that advisors are most motivated when allowed significant autonomy while receiving appropriate support, developing meaningful client relationships, and working in organizations aligned with their personal values. The study proposes an EPIC servant leadership model (Emotional intelligence, Purpose, Individuality, and Coaching) to address motivational needs across Maslow’s hierarchy. Recommendations include strategies for leadership development, compensation structure, organizational culture, and professional development programs that foster autonomous motivation while addressing the industry’s talent shortage. Future research should examine the model’s impact on advisor retention, productivity, and evolving career stage effectiveness.

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