Practice-based knowledge perspectives of cultural competence in Australian financial advice

Cultural competence has been cited as a key contributor to the pursuit of ethical and professional standards in a variety of professions (Tully 2020; Osborn & Karandikar 2023). There has, however, been little attention in the literature on the implications of cultural competence concerning the provision of financial advice. The discussion about the operationalisation of culturally aware approaches and behaviours in professional advice settings may be advanced by using practice-based knowledge. This qualitative study is a first attempt to assemble the experiences and insights of financial advice professionals across Australia to identify key aspects of adapting to the cultural diversity of Australian society. The experiences and views of 21 Australian financial advisers from various backgrounds using a combination of narrative and thematic analytic methodologies was applied. Four distinct themes were identified within the separate domains of 1) lack of visible diversity, 2) concerns of bias and labels, 3) perceived limitations and challenges in cultural competence, and 4) pathways to acquiring cultural competence. We conclude that the profession needs to do more to lift the cultural confidence and competence of financial advice practitioners.