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Section 1: Foundation of the Study
Most people fail to plan for retirement due to lack of information, risk, and the
costs associated with retirement savings patterns; in this respect, service members are no
exception (Lusardi & Mitchell, 2014). Many military service members will face
retirement decisions sooner than the traditional 20-year retirement plan requires, and the
current financial plan in place for service members leaves out in-depth educational
information concerning investment choices (Heil, 2016). Consequently, there is an
unexplored market where financial planners might consider to gain new customers
(Skimmyhorn, 2016). The findings from this doctoral study offers an informative look at
the challenges financial managers face marketing their products to civilian and military
members about investment strategies for financial and retirement planning.
Background of the Problem
Financial information increases financial knowledge, which can improve financial
behaviors and lead to robust economic markets (Hopkins, Little, & Pike, 2016).
Understanding investor behavior is important for the overall economy, in particular for
those who work in the financial services industry (Mehta & Sharma, 2015). The
professional growth of financial planning within the financial services industry allows
individuals to make investment choices through the direct buying and selling of
individual stocks and bonds, or by hiring a professional who manages investments on
their behalf (Gennaioli, Shleifer, & Vishny, 2015). Financial planning for service
members often leaves out in-depth educational information concerning investment
choices. The Department of Defense (DOD) is redefining the current future of retirement,
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and many service members may face retirement decisions sooner than the traditional 20-
year retirement plan requires (Heil, 2016).
Some financial advisors lack strategies to market their services to the over 8,000
service personnel who leave military service each year (Henning, 2011). The potential for
considerable revenue gains are lost because of poorly targeted marketing campaigns;
therefore, information and strategies are needed to market financial services to military
personnel. Assisting military members with financial and retirement planning can help
military members improve the overall health of the U.S. economy (Babiarz, Robb, &
Woodward, 2014).
Problem Statement
Financial managers rely on marketing campaigns targeting a variety of clients to
increase profitability (Schulaka, 2016). When using marketing strategies, financial
managers are unsuccessful in empowering 60.7% of U.S. households to use financial
planning services for investment purposes (Winchester & Huston, 2015). The general
business problem is that financial managers of financial management branch offices
lacked strategies to market investment services to clients to increase profitability. The
specific business problem is that some financial managers lacked strategies to market
their investment services to retiring military personnel.
Purpose Statement
The purpose of this qualitative, multiple case study was to explore what
marketing strategies financial managers of financial management branch offices use to
market their investment services to retiring military personnel. The targeted population
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comprised five financial managers of financial management branch offices in the
Northeastern United States who have used strategies successfully to market investment
services to retiring military personnel. The implications for positive social change (a)
include helping people achieve financial independence for future financial needs by
through developing marketing strategies to assist in developing a customer base, creating
profitability, and overall business success; (b) helping to develop a marketing strategy to
gain prospective clients and existing small business owners identify investment needs, as
well as increasing the viability of their local communities through cause-related
marketing efforts.
Nature of the Study
Qualitative research is useful to researchers who wish to explore a phenomenon in
greater detail in order to understand the perceptions, beliefs, opinions, and thoughts of
individuals with experience with the phenomenon (Braun & Clarke, 2013; Yin, 2014).
After examining the purpose and goals of the research study, I selected the qualitative
approach as the most appropriate for the purpose of my study. On the other hand, the
quantitative researcher examines the statistical significance of relationships and
differences among variables (Wong & Webster, 2016). Since I was not testing any
hypotheses addressing relationships or differences among variables, this approach did not
fit the purpose of my study. The mixed-method approach uses a combination of
quantitative and qualitative approach (Yin, 2014). I rejected this approach because my
study did not require any quantitative supporting analysis.
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The qualitative research designs I considered using included phenomenology,
ethnography, narrative, single case study, and the multiple case study. The researcher in a
phenomenological study looks at participants’ lived experience of a specific event or
phenomenon (Fusch et al., 2017). The ethnographic approach is useful for researchers
who seek meanings of a cultural event by getting close to the experience of the incident
(Markham, 2016). The narrative approach highlights the lifelong stories of individuals
(Safari & Thilenius, 2013). As the purpose of my study was not related to exploring a
phenomenon, studying a group or culture, or exploring participants’ stories,
phenomenology, ethnography, and narrative designs did not fit the purpose of my study.
The multiple case study design was appropriate for my topic, which involved exploring a
selected group within the bounds of cases (Yin, 2014).
Research Question
The following research question guided the study: What marketing strategies do
financial managers of financial management branch offices use to market their
investment services to retiring military personnel?
Interview Questions
Appendix A contains the interview protocol with the following interview
questions:
1. What kind of investment services does your firm provide?
2. How much financial education do investors feel they needed before
investing?
3. What investment services have been specialized for military personnel
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retiring from active duty?
4. What kind of marketing campaigns captures your intended audience?
5. What approaches have been most useful in accessing military personnel
investment services needs?
6. What strategies do you use to market your investment services to retiring
military personnel?
7. What challenges have you experienced in marketing your investment services
to military clients?
8. What information would you like to provide related to marketing strategies
financial managers of financial management branch offices use to market their
investment services to retiring military personnel that we have not already
covered in the interview?
Conceptual Framework
Blue ocean theory (Kim & Mauborgne, 2005), which provided the conceptual
foundation for the study, refers to shifting attention from marketing for competitive
advantage to a strategic logic of value innovation (Kim & Mauborgne, 2005). The key to
creating value innovation is to unlock new demand, by not competing with rivals in
existing markets, but by tapping into a whole new market to create value and growth
(Kim & Mauborgne, 2005). Blue ocean refers to the value potential represented by new
untouched markets; which stands in contrast to red oceans, which are traditional markets
bloodied by competition over existing demand (Miller, 2015). The strategy of value
innovation represented by blue ocean theory has the potential to make traditional market
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rivalry irrelevant by suggesting that organizations can forge ahead in untapped directions
rather than competing over limited demand in existing markets (Kim & Mauborgne,
2005). Themes associated with blue ocean theory include value innovation and
capitalizing on uncontested market space (Kim & Mauborgne, 2005; Miller, 2015). The
market space of retired military members represents an untapped market for financial
service professionals. Blue ocean theory is an appropriate conceptual framework for my
study because some financial managers lack strategies to market their investment services
to retiring military personnel.
Operational Definitions
Blue Ocean: Blue oceans are new markets or those industries without any defined
competitors (Dehkordi, Rezvani, & Behravan, 2012).
Bond contract: A kind of bond that a bank gives to a third party. This guarantees
the bank is responsible for losses incurred when a customer does not meet all contract
terms (Bouvier & Nisar, 2013).
Commodity forward contract: A type of transaction where, sometimes in the
future, a buyer will receive from the seller a specified cash commodity (Plantier, 2013).
Fiduciary: One who has legal authority to manage assets for another person
(Velasco, 2013).
Financial advisor: A person whose job it is to advise others about securities, and
especially about how to manage investments, purchases, and sales or those securities
(Wyma, 2015).
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Financial manager: A individual in an organization who is responsible for
maintaining its financial health by writing reports, directing investments, and
implementing the organization’s financial goals (Delic, Kurtovic, & Peterka, 2016).
Individual transition plan: The individual transition plan maps the transitioning
plans of service members from military to civilian life; the military has designed this plan
to increase a service member’s ability to successfully overcome challenges in pursuit of
his or her chosen career path outside of the military (Coll & Weiss, 2016; Griffith, 2013).
Survivor benefit plan: A benefit plan that if elected by the service member,
provides the retiree’s portion to the surviving spouse, upon the death of the service
member; the military pays the surviving spouse until either the death of the spouse or
remarriage (Buyer, Carney, Chiarelli, Higgins, Maldon Jr, Pressler, & Zakheim, 2015)
Thrift saving plan (TSP): A plan into which U.S. civil and uniformed services can
contribute, which is part of the larger Federal Employees Retirement System (FERS)
(Isaacs, 2015).
Assumptions, Limitations, and Delimitations
Assumptions
Assumptions are dimensions of a study taken for granted that researchers must
note (Barnham, 2015). During the completion of a qualitative research study, a
qualitative researcher should make several assumptions about the data collection tools
and the sample. The first assumption of this research study was that the participants
would respond openly and honestly to the interview questions. Second, I assumed that the
interview questions would elicit information to answer the research questions. Third, I
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assumed that the participants would respond openly to interview questions asked of them.
I also assumed that by asking the interview questions I would gather the necessary data to
generate meaningful results until I achieved data saturation. I assumed the data I collected
would be relevant to the research study. Additionally, I assumed the sample would be
representative of the target population of financial managers. The findings of the research
study were applicable to financial managers. The last assumption made in this study was
that the findings generated from participants would provide insight to both researchers
and practitioners in financial management.
Limitations
The limitations to this study included gaining access to participants, which were
factors not within the researcher’s control and may have affected the research methods or
data analysis (Kaplan, Rogness, & Fisher, 2014). The research study was limited by the
assumptions made during the research process and access to the participants exploring
financial management. The analysis was limited to the customer marketing experience
and access to information obtained through selected financial professionals.
Delimitations
Dean (2014) defined delimitations as the characteristics that delineate boundaries
and constrain the scope of a study. The focus of this study was financial managers of
financial management branch offices located in the Northern United States and
surrounding geographical areas. The study focused on exploring the components of long-
term investment strategies and who may not address all investment options. I limited my
study to those for-profit businesses and nonprofit organizational leaders, who provided
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adequate training, as well as financial advice. The major delimitation was the requirement
to interview more managers of financial management branch offices as opposed to
financial planners on installations for military members.
Significance of the Study
Contribution to Business Practice
This study is of value to the process of financial management and business
marketing. Through the research, I attempted to provide information to managers of
small-scale financial management branch offices to better target civilians and begin to
target services to military personnel leaving or retiring from the military. Results from
this study could help business leaders devise and implement educational marketing tools
designed to better target civilians, as well as to begin to target service members retiring
from the military. Managers of small-scale financial management branch offices are
missing a significant marketing opportunity given to over 8,000 service personnel who
retire from military service each year (Kamarck, 2015) and are losing revenue by
unsuccessfully marketing their services to military members leaving military service.
Implications for Positive Social Change
Financial managers are not capitalizing on marketing opportunities to military
personnel retiring from the military; therefore, service members often remain unaware of
the potential benefits of long-term financial planning. Consequently, full-time military
personnel do not have the chance to fully participate in future investment opportunities
and financial managers are missing significant business opportunities to serve clients in
need of financial assistance. Also, a majority of the civilian population fails to plan for
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retirement due to lack of information, fear of risk, and the costs associated with
retirement savings patterns (Lusardi & Mitchell, 2014). The data from this study was
expected to contribute to positive social change by providing additional financial
planning advice to assist civilian and service member’s decisions in financial planning.
A Review of the Professional and Academic Literature
The peer-reviewed article research process for this review began with keyword
searches using the following databases: Business Source Complete/Premier,
ABI/INFORM Complete, Emerald Management Journals, SAGE Premier, ProQuest
Central, Thoreau, and Google Scholar. I used various combinations of keywords related
to the sections of the literature review to locate research studies. All of these keywords
include financial advising, financial planning, retirement, service members, military
personnel, retirement planning, individual transition plan, thrift saving plan, investment
strategies, and career counseling. There are 86 sources in the literature review. Of these
86 sources, 83 are peer-reviewed (97%) and 79 (95%) have a publication date between
2013 and 2017. There are 178 sources in the entire study. Of this total count, 158 are
peer-reviewed (89%) and 158 have a publication date between 2013 and 2017 (89%).
The organization of my review of the literature includes a discussion of blue
ocean theory and strategies managers use to create change, as well as the associated
themes of value innovation and uncontested market space. The literature review then
proceeds with eight analytical dimensions relevant to financial investment and advising.
These dimensions include (a) investment strategies, (b) financial planning, (c) retirement
planning and Social Security outlook, (d) the federal budget and competing programs (e)
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defense spending, (f) retirement and gender considerations, (g) career counseling, and (h)
factors influencing a choice of retirement options.
First, I discuss blue ocean theory and the related themes of value innovation and
uncontested market space. Second, I identify and discuss investment strategies and
selected fund options for potential investment opportunities to support financial planning.
In addition, the fund options marketed to service members present a set of unique
challenges for expected rates of return to remain competitive. Bhandari (2016)
characterized mutual funds as financial intermediaries that reinvest savings into areas
where there are demands for funds. These mutual funds are expertly managed, and
provide multiple benefits like being low risk, providing steady returns and high liquidity,
and through capital appreciation (Bhandari, 2016).
Third, I explore the managers of small-scale financial management branch offices
potential investment challenges as they relate to financial planning provided to service
men and women throughout their military career. In this review of the financial planning
literature, I address the role of the financial manager and discuss financial planning as it
relates to service members. Then, I review the abundance of scholarly literature on
retirement planning providing insight into organizational management challenges. The
research literature, therefore, addresses the consequences of planning for retirement and
includes areas of concern such as Social Security outlook, the federal budget, defense
spending, and gender. Planning for a client’s retirement needs is an essential component
of a well-developed comprehensive financial plan (Barch, 2016). Determining a suitable
income replacement rate for retirement is a fundamental requirement for effective
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financial planning, and financial managers typically recommend an income replacement
rate between 60% and 80% (Boyd, Cervone, Neidermeyer, P., & Neidermeyer, A., 2015).
The final section of the literature review presents financial counseling, which is
one of the most critical issues affecting the preparation for retirement among service
members. Part of the problem for service members is that they lack exposure to
knowledge regarding retirement throughout their years of service (Griffith, 2013). An
additional part of the literature review then focuses on factors influencing a choice of
retirement options for clients (Gelb & Longacre, 2014; Lee, Xu & Hyde, 2013).
Blue Ocean Theory
The conceptual framework for this study is a blue ocean theory. As a marketing
theory, blue ocean theory holds that the key to unlocking value potential lies in tapping
into uncontested markets (e.g., blue oceans) rather than seeking a competitive advantage
in existing, overcrowded markets (e.g., red oceans) (Kim & Mauborgne, 2005). Military
members retiring are potentially an untapped market (i.e., a blue ocean) for financial
service professionals, and blue ocean theory is an appropriate conceptual framework for
understanding how financial service professionals might look to the value potential
represented by military members retiring early. Kim and Mauborgne (2005) developed
blue ocean theory from the core themes of value innovation and uncontested market
space. Understanding the blue ocean theory concept as it relates to marketing strategies
financial managers use to market their investment services to retiring military personnel
can increase profitability. In contrast, red oceans are traditional markets saturated by
competition over existing demand (Miller, 2015). The blue ocean theory offers a lens to
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help compliment the study, while answering the overarching research question: What
marketing strategies do financial managers of financial management branch offices use to
market their investment services to retiring military personnel?!
Value innovation. The fundamental principle of blue ocean theory is value
innovation that focuses on creating new market spaces instead of fighting for existing
market share. Focusing on value innovation shifts attention from trying to stay ahead of
the competition in existing markets to a more strategic logic of creating value and growth
through new ways of thinking (Kim & Mauborgne, 2005). The focus of value innovation
is staying out of competition within existing markets, which creates similar dimensions
that offer small returns regarding quality and profits. The blue ocean theory holds that
value innovation has the potential to make traditional market rivalry a non-issue by
highlighting those organizations can move in new directions rather than competing over
the limited demand in existing markets (Kim & Mauborgne, 2005).
Uncontested market space. The uncontested market space in the blue ocean
theory is a strategy that brings value innovation by making the competition irrelevant.
When companies compete within crowded, contested market spaces, companies fall into
competitive approaches and traditional ways of thinking that blind companies to new
ways of doing things (Miller, 2015). The focus of creating growth in an already crowded
market is not a viable strategy to create sustainable growth. Uncontested market space, on
the other hand, represents value potential that companies can access through strategic
thinking and innovative approaches not based on competition with rivals (Miller, 2015).
Rivalry becomes irrelevant as businesses create value by seeking out new, uncontested
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markets or creative ways of approaching existing markets (Miller, 2015). Companies
such as Cirque de Soleil and Nintendo's Wii gaming system represent business leader
strategies that focus on developing Blue Oceans laying the foundations for future market
success and innovative entrepreneurship.
Application of blue ocean theory and criticism. Cirque de Soleil and
Nintendo’s Wii gaming system represent successful examples of companies that have
created new market spaces. Leaders of the Canadian entertainment company, Cirque de
Soleil, tapped into contested circus entertainment market space by offering a circus
experience that blended opera, ballet, and thematic storylines, while removing circus
animals and star performers from the act (Miller, 2015). Likewise, Nintendo company
leaders chose to release an entirely new gaming interface concept, the interactive remote
Wii controller system, rather than just devising more sophisticated gaming controls based
on existing control consoles (Miller, 2015).
The overall goal of the blue ocean theory is for organizations to obtain a
competitive edge in the global market by developing marketing strategies focusing on
innovation outside the red ocean. Blue ocean theory can help researchers to understand
value innovation, as well as how companies can seek out and take advantage of
uncontested markets through new ways of thinking. However, the theory is still relatively
new. Despite these examples of the successful application of blue ocean theory, one of
the central criticisms of blue ocean theory is that there are relatively few successful
examples (Miller, 2015). Still, blue ocean theory was appropriate for undergirding the
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present study because military members retiring represent an uncontested and untapped
market space.
Themes associated with blue ocean theory include value innovation and
capitalizing on uncontested market space (Kim & Mauborgne, 2005; Miller, 2015).
The market space consisting of retired military members represents an untapped market
for financial service professionals. Blue ocean theory is an appropriate conceptual
framework for my study because some financial managers lack strategies to market their
investment services to retiring military personnel.
Investment Strategies
Strategies for investment opportunities have their roots in the fundamental
principles of behavioral management propounded by behavioral scientists such as Peter
Drucker. Drucker (1954) posited that the products and services offered to customers
define business organizations, and Medlin (2012) corroborated Drucker’s thoughts by
stating that the primary business of an enterprise is to develop products and services that
meet customers’ expectations. Ideally, a business organization will create value for its
clients and shareholders. Therefore, the firm has a responsibility to identify the
appropriate business venture in which they can provide adequate offerings to the market,
and generate satisfactory profitability (Denis, 2016). The success of an organization may
depend on engaging in and offering suitable investment opportunities (Baldi, Baglieri, &
Corea, 2015). Investment opportunities discussed in this literature review pertain to using
business intelligence information to develop products and services (Dawson & Van Belle,
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2013). Mergers, acquisitions, investments in joint ventures, and establishing controlling
interests in retail organizations are outside the scope of this discussion.
The availabilities of investment opportunities enable the investor to succeed
through the business products and services. Investment opportunities are the creation of
strategic offerings to the market, regarding products, services, and financial resources
(Alkaraan & Northcott, 2013). The long-term investor may have investment opportunities
to develop their investment strategies to achieve specific financial goals to target
particular wealth. Also, plans centered on long-term investments will offer the best
possibilities for sustained growth (Munnukka, Pellinen, Tormakangas, & Uusitalo, 2015).
Plantier (2013) identified three crucial stages of long-term investments: planning,
building, and operation. The period prior to making investment decisions is the planning
stage, and it requires the option of an investment strategy because investment costs and
values are uncertain (Plantier, 2013). Similar to a commodity forward contract is the
building stage, in which prices are unknown (Plantier, 2013). The operation stage, similar
in some ways to a bond contract, is commonly valued with net present value (NPV).
There is estimation inaccuracy of the variables through all phases of planning (Bouvier &
Nisar, 2013; Plantier, 2013).
The Thrift Savings Plan (TSP), part of the Federal Employees Retirement System
(FERS), is designed to represent all phases of planning. The government designed the
TSP to resemble the dynamics of 410(k) plans in the private sector (Jenning, P., Jenning,
W., & Phillip, 2016). The component within TSP gives participants the opportunity and
availability to become an investor in financial literacy in developing and updating a
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personal plan. Investors should develop personal investment strategies to help implement
savings rate and asset allocation strategies to achieve individual financial goals such as a
particular retirement wealth target (Donnelly, Gerrard, Guillen, & Nielsen, 2015).
Instead, the military offers TSP participants five investment funds: the Government
Securities Investment Fund (G Fund), the Fixed Income Investment Fund (F Fund), the
Common Stock Index Investment Fund (C Fund), the Small Capitalization Stock Index
Investment Fund (S Fund), and the International Stock Index Investment Fund (I Fund)
(Isaacs, 2015). In 1988 when the TSP began, the G, F, and C funds comprised all
investment options, and the government added the S and I funds in 2001 (Isaacs, 2015).
The government designed the L funds to tailor investment mixes to objectives
based on different time periods. Their goal is to find balance between anticipated risks
and returns for each fund. L Funds are used to invest in a mix of G, F, C, S, and I Funds
within a specific time range or until retirement (Bidabad, 2014). The mix of those funds
in the L Fund grows more conservative over time. Lifecycle funds include L Income, L
2020, L 2030, L 2040, and L 2050. The target retirement year is the number specified
after the L in each fund. The L Income Fund, however, should maintain its balance, and
so any remaining money is rolled into the G Fund, where it is backed by the U.S.
government (Turner, Klein, & Stein, 2015).
The L Income Fund strategy assumes that the more years one has until retirement,
the more risk one is able to handle in their TSP account. This means that, for any
particular risk level and time horizon, a mix of G, F, C, S, and I Funds is calculated to
yield the highest expected return. For a given risk level and time horizon, there is an
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optimal mix of the G, F, C, S, and I Funds that provides the highest expected return. Each
L Fund’s composition has a target asset allocation (Turner, Klein, & Stein, 2015). Each L
Fund contains a combination of the five individual TSP funds (G, F, C, S, and I) to
maintain an optimal balance of investment risks and rewards for a particular time
horizon.
Investing in one of the L Funds makes an allocation to the riskier TSP funds
smaller as the time nears the target date. Meanwhile, the allocation to a more
conservative G Fund gets larger, and the rate of change in the target asset allocation is
small when the L Fund target dates are distant. This rate increases as the funds approach
their target dates. Also, when an L Fund has reached its target date, it rolls into the L
Income Fund (Turner, Klein, & Stein, 2015). This fund is the most conservative of the L
Funds. The focus is mainly on capital preservation while providing a little exposure to the
TSP's riskier assets (C, S, and I Funds) to reduce inflation's effect on purchasing power.
Investing in the L Fund exposes participants to the investment risks associated
with the G, F, C, S, and I funds, and the government does not guarantee against losses.
The L Funds can have periods of gain and loss, just as the individual TSP funds do. The
government designed L Funds for individuals looking for a simple, low-maintenance way
of investing money (Turner, Klein, & Stein, 2015). The L Funds make the investing
process easy because the investor does not have to learn how to diversify their account or
how and when to rebalance. The L Funds contribution accounts for the whole TSP
account, which is invested into one or two L Funds matched to the target time horizon. If
L Funds are not used in this way, they may be subject to greater risk or fluctuation than
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necessary.
The rate of return information regarding of the L funds is an option for all service
members, with rates of returns varying between 11% and 17% yearly (TSP, 2014). The
communication, information, and education, however, are not sufficient to provide an in-
depth view of the TSP program to benefit the service member (Isaacs, 2015). For
example, a service member’s first exposure to TSP is during their initial training phase at
Boot Camp. From that point on, once the member elects to participate and contribute
monthly, the government holds their money in the G Fund. The G Fund is a government
fund with an expected rate of return less than 3% (TSP, 2016). Meanwhile, the service
members are unaware of the advantages of the L funds on average until about 6 to 8 years
later (TSP, 2014). The lack of this crucial information will place service members at a
disadvantage in their futures with being able to take advantage of future diversity earning
potential because of a crucial lack of communication concerning financial education and
information. Furthermore, because of the uncertainty of investment returns and the fund
maturity, Blake (2016) recommended a flexible retirement plan characterized by
withdrawal rate adjustment. The withdrawal rate adjustment is base on future
withdrawals from savings each year without running out of money too soon. For
example, an account with a 4% rate based on the initial account balance, when adjusted
for inflation, could survive any 30-year period through history. If the client were to leave
the principal as a legacy, the withdrawal rate would be reduced by 0.2%.
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Financial Planning
Financial planning is considered a strategic process aimed at helping individuals
to achieve long-term goals and dreams to be financially secure during every stage of life.
Historically, academic researchers have not contributed to the area of financial planning,
and, consequently, financial planning remains mostly neglected within many universities
as evidenced by the paucity of dedicated financial planning courses and research
programs (Danes & Yang, 2014). A financial plan in conjunction with financial planning
must draw upon knowledge of financial markets, economics, accounting, and psychology
to properly assist clients. In light of recent market events and an economy that has
underlined the need for customized multi-scenario assessments for workers. The
employers may need to become more hands-on themselves or hire planners who can
fulfill the education and guidance needs of their employees (Finke, Howe & Huston,
2016). Financial specialists define financial planning as the motivation, confidence,
skills, and knowledge necessary to manage money efficiently to achieve a range of
financial and lifestyle goals (Cercel, Paraschiv, & Tartavulea, 2013; Tomlinson, 2015). In
this respect, however, the military fails to educate, provide, and structure a strategic
financial education process, which takes into account the needs of its force (Carroll,
Orthner, Behnke, Smith, Day, & Raburn, 2013). A significant difference emerges when
comparing the private business decisions of civilians to the business decisions made by
service members (Carroll et al., 2013). In the private sector, factors that do not apply to
service members can influence early retirement decisions (Dushi, Iam, & Lichtensten,
2015). These factors include the financial ability to retire, the decreasing ability to handle
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work stress, recurring plateaus in job performance, and declining health. The majority of
financial plans are constructed for retirement planning, which should factor in critical
components, such as income, investments, forecasts, and supplemental advice in case of
emergencies (Damman, 2017; Tomlinson, 2015).
The process of constructing a financial plan accounts for midlife experiences and
complexities that influence retirement planning. Cutler (2016) proposed a three-principle
midlife experience model for retirement planning. The model may apply to civilians and
military personnel alike, since apparent midlife experiences in the areas of work, family,
health, and education can influence retirement planning for civilians and military
personnel in non-obvious ways (Cutler, 2016). First, employees may need or want to
work longer to increase pension value (Cutler, 2016). The option to work longer may not
be an option for many military service members facing retirement decisions sooner than
the traditional 20-year retirement plan requires (Pleeter, Simon, & Warner, 2015).
Second, workers who are younger than Medicare eligibility age may delay early
retirement to retain health benefits for themselves and their families (Cutler, 2016). This
is in part because of a decline in employer-supported retiree health benefits (Cutler,
2016). Third, the demographics of the labor force have shifted over the past quarter
century (Cutler, 2016). The labor force includes educated baby boomers approaching
retirement who hold less physically demanding jobs, a situation that may significantly
influence retirement decisions for civilians (Cutler, 2016). The fundamental tenet may
apply to military personnel as well, since military personnel hold positions requiring a
range of physical demands, from very demanding to minimally challenging. Cutler’s
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midlife financial and retirement planning model included considerations that advisors and
clients, both civilian and military, might pay more attention to in retirement
considerations. Cutler’s model outlined prospective areas for managers of financial
management offices to target when marketing their products to civilian and military
members about investment strategies for financial and retirement planning.
The traditional retirement plan such as a 401k is in many cases the primary
retirement plan offered in the United States. Also, retirement applications are on the rise
and increased 24% (92,000) in 2011; this event horizon reinforces the need for financial
planning in government agencies (Ferreira & dos Santos, 2013). The need for financial
literacy or financial knowledge is essential for addressing individual needs to supplement
income as the retirement horizon approaches. Eason (2015) addressed the issue of
suitable income replacement rates for retirement, encouraging clients to save for
retirement and for younger taxpayers to consider the future of Social Security, as well as
the decision to delay the receipt of Social Security benefits until they have reached full
retirement age. On the other hand, Baby Boomers are either approaching retirement or
are presently retired (Duska, 2013).
The Baby Boomer generation should be concerned about their retirement plan,
and the factors causing social security benefits to expect to pay out less when they retire.
Other factors that affect retirement planning are lagging economy, ongoing wars, the
rising national debt, increasing gas prices, and skyrocketing healthcare costs (Eason,
2015). Individuals must consider the social security outlook, the federal budget, defense
spending, and other programs that significantly burden the federal budget when planning
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for retirement. Also, financial advisors must consider these factors when advising
individuals planning for retirement. Economic insecurity is increasing. People are
experiencing fear of retirement because they are concerned that their quality of life will
decrease because they will have less money, smaller support circles, and greater health
concerns, and less energy (Quinn & Cahill, 2016).
The U.S. Government Accountability Office (GAO) oversees how taxpayer
money is spent at the federal level. The GAO discovered that 33% of federal workers
would be eligible for retirement within five years (Jeszeck, Cross, Jacobs, Chapman,
Morris, Patterson, & Spence, 2016). Not only will a large number of workers leave the
workforce in the next several years, but also there are now fewer younger workers to
participate in the labor force (Jeszeck et al., 2016). Consequently, because of changes in
the economy as of April 2009, 28% of workers surveyed said they had changed their
planned retirement date (Brown, Pitt-Catsoupes, McNamara, & Besen, 2014). Although
89% of 28% of workers plan to extend the age they retire, the median worker still intends
to retire at the age of 65 (Brown et al., 2014). These economic changes also affect the
military population; therefore, financial managers need to help prepare military personnel
for significant adjustment to retirement plans as well as educate them about the
investment opportunities available to them.
Retirement Planning and Social Security Outlook
Several factors can affect the economic landscape and significantly influence an
individuals’ retirement planning. Civilians and military members should consider these
factors when planning for retirement, and financial managers must consider these factors
24
as well when advising both civilians and military personnel planning for retirement. One
of the major factors affecting the economic landscape and significantly influencing the
retirement planning of both civilians and military members is Social Security.
An important aspect of the larger economic environment affecting financial and
retirement planning is Social Security. Although the Social Security outlook affects both
civilians and service members, service members, when compared to the civilian
population, are often not adequately educated about how Social Security concerns affect
their financial and retirement planning (Houser & Rosacker, 2014). The average service
member understands their contribution to Social Security, but they often do not know
enough about its solvency to plan effectively (Kashin, King, & Soneji, 2015). For years,
Social Security Administration actuaries have published projections using pessimistic,
intermediate, and optimistic assumptions. Social Security’s income currently exceeds its
costs, but will face deficit in the long-term (Tully & Crooks, 2014). Specifically, by 2033
the Social Security trustees expect that the Social Security Act to exhaust its reserves, to
the extent that income will only cover approximately 77% of the scheduled benefits
(Walker, Reno, & Bethell, 2014).
Another significant factor driving the rise in Social Security costs is health care as
it relates to Social Security Disability Insurance (SSDI). The number of caseloads of
SSDI has increased rapidly and is growing at an exponential rate. The number of disabled
worker beneficiaries rose from 1.5 million in 1970 to 8.2 million in 2010 (Fichtner &
Seligman, 2016). To qualify for SSDI benefits, individuals must have a medically
determinable ailment expected to last for at least 12 months, or result in their deaths, and
25
which prevents them from engaging in substantial gainful activity (Fichtner & Seligman,
2016). The benefits covered under SSDI serve the majority of retiring military for
medical ailments resulting from active duty. The immediate problem of sustainment
during retirement years requires sustainability of the program itself, which is in financial
trouble and in dire need of fundamental change (Fichtner & Seligman, 2016).
The Americans with Disabilities Act (ADA) provides civil rights protection to
people with disabilities increasing the benefits from the social security disability
insurance. Since the ADA was passed in 1990, the population of disabled persons has
experienced decreased employment rates and stagnant household income levels (Fichtner
& Seligman, 2016). Disabled persons are now substituting SSDI benefits for income
earned from wage labor, which limits their capacity to tap into overall economic growth
and makes them net withdrawers from the tax base, rather than net contributors (Fichtner
& Seligman, 2016). Title I of the Americans with Disabilities Act of 1990 (ADA)
protects a qualified individual with a disability (QID) from discrimination, including
discrimination regarding "fringe benefits (Smith, 2014). Moreover, SSDI has become an
essential lifeline for millions of Americans (Sutclife, 2015). Without SSDI, many
families would face decreased economic security; SSDI has now become a program that
helps all workers through wage-replacement insurance, as opposed to its original goal of
providing an early retirement (at age 50) to disabled workers (Gokhale, 2013). The SSDI
program is an important source of financial support or financial safety net for millions of
working-age Americans who are limited in their capacity to work due to a long-term
physical or mental impairment.
26
The federal Social Security Administration (SSA) paid over $12 billion in
benefits to approximately 12 million Social Security Disability Insurance (SSDI) and
Social Security Insurance (SSI) beneficiaries during 2011 (SSA, 2012). The number of
people who received disabled-worker benefits in 2011 were 8.5 million, and 1.8 million
children (Daly, Lucking, & Schwabish, 2013). The SSDI and SSI is an essential lifeline
for people who have limited income and resources. The SSDI and SSI replace earnings
due to an inability to work, and for adults with disabilities, children, and people 65 and
older without disabilities that meet the financial limits. For example, the average
disabled-worker in December 2010 received $1,070 a month, or about $12,840 a year
(Daly et al., 2013). Also, applicants with one or more dependent children received on
average $1,640 per month or $19,640 a year. For many disabled workers, Social Security
provides most of their income and accounts for over 5.3 million working-age Americans
lifted out of poverty (Ruffing, 2013). Forty-six percent of the disabled-worker
beneficiaries count on these benefits for 90% of their personal income (Fichtner &
Seligman, 2016). The Social Security system is the largest government program in the
United States, accounting for about one quarter of all federal revenue (Street & Desai,
2016) and, as such, represents a crucial aspect influencing the decisions of financial and
retirement planning for civilians and service personnel alike.
The educational outlook on Social Security is another factor not defined with
respect to service members. The average service member understands their contribution
to Social Security, but they often do not know enough about its solvency to plan
effectively (Ben-Shalom, Tennant, & Stapleton, 2016). The Social Security
27
Administration actuaries have published projections using pessimistic, intermediate, and
optimistic assumptions (Tully & Crooks, 2015). The Old Age, Survivors, and Disability
Insurance (OASDI) trust fund reserves pay for Social Security benefits (Pattison, 2015).
These reserves are generated by Treasury securities from dedicated tax revenues and
accumulated reserve holdings interest (Pattison, 2015). Yet this, too, faces a long-term
deficit, and estimates show that by 2033, the SSA income will only be enough to cover
approximately 75% of its projected benefits (Tang, 2015).
The future outlook of Social Security coupled with high rates of growth per
capital in health care costs will be a potential shortfall (Milford, Bond, McGurk, &
Drake, 2015). To qualify for Social Security Disability Insurance (SSDI) benefits,
individuals must show a medically determinable illness that is expected to last for a
minimum of a year, or result in their death, and that precludes them from gainful
employment. The average service member understands their contribution to Social
Security but is not informed enough about its solvency to plan effectively. The military
veteran benefits under SSDI serves and underserves the majority of retiring military for
medical ailments resulting from active duty. The immediate problem of sustainment
during retirement years requires sustainability of SSDI itself (Milford et al., 2015).
The Federal Budget and Competing Programs
The mandatory spending fluctuations of the federal budget and competing
programs of the federal budget will require all Americans to make informed financial and
retirement planning decisions sooner or later. The crucial factor of influencing decisions
regarding financial and retirement planning for all Americans is the federal budget (Daly
28
et al., 2013). The yearly costs of major social programs like Social Security, Medicare,
Medicaid, and welfare will grow or shrink according to the demands placed on them.
Liu, Rettenmaier, Saving, and Wang (2016) identified Medicare as a financial burden to
the federal budget. Calcagno and Lopez (2015) explained economic choices and
processes regarding the federal budget are a part of mandatory and discretionary spending
in a given year. Adjusting the federal budget involves political leaders deciding how to
divide and allocate tax revenues taken in every year to various federal programs
(Calcagno & Lopez, 2015). Clearly, the debates over the budget’s bottom line—how
much surplus or deficit there should be, now, and in the future—have significant
consequences which pertain not only to the growth of the economy but to the distribution
of economic resources among various interests as well (Calcagno & Lopez, 2015).
The federal budget can be broken into two categories: mandatory spending and
discretionary spending. Calcagno and Lopez (2015) explained, the processes and
decisions regarding the federal budget should perform four primary functions. First, they
should develop overall macro fiscal policy by determining the size of the federal deficit
or surplus, a function vital to both our governance and the economy (Calcagno & Lopez,
2015). Second, they should set priorities across the competing programs and projects
vying for limited resources (Calcagno & Lopez, 2015). Third, they should promote
accountability for implementing fiscal goals in budget execution by agencies (Calcagno
& Lopez, 2015). Last, they should prompt consideration of the temporal impacts on the
budgets and economies of the future (Calcagno & Lopez, 2015). Cici, Kempf, and
Sorhage (2016) stated that financial managers cannot overstate the importance of a
29
thorough knowledge of the workings and fluctuations of the federal budget concerning
making sound and informed financial and retirement planning decisions. An in-depth
knowledge of the workings and fluctuations of the federal budget is important for both
civilians and military members alike.
In addition to Social Security, Liu et al. (2016) identified Medicare spending as
another program significantly burdening the federal budget. The projection costs for
federal health programs and Social Security continue to rise more rapidly than the gross
domestic product (GDP) as Baby Boomers retire, and health spending increases per
person (Duska, 2013; Liu, 2016). Liu (2016) observed from 1970 to 2007, outlays for
Medicare, Medicaid, and Social Security, as shares of the GDP, increased only a little
over four percentage points. During the same period, outlays for defense as a proportion
of the GDP decreased by slightly more than four percentage points. Furthermore, outlays
for Social Security and federal health programs are projected to expand faster than the
GDP; they are projected to climb another three and one-half percentage points, according
to the Congressional Budget Office's projections from 2007 to 2021 (Liu, 2016).
Defense Spending
The congressional budget office categorized defense spending as discretionary
spending which is the largest expenditure of the federal budget. The common defense is
an essential function of the federal government; however, the executive branch depending
on which party often see defense spending as a place where they can save money by
cutting spending (Sharp, 2014). Sharp noted that (2014) even a 1% increase in federal
consumption expenditures for national defense can lead to a significant increase (over
30
2%) in the federal corporate income tax rate. Henderson and Hummel’s (2014) research
also provides statistical evidence to suggest that for every 1% of GDP allocated to the
military sector, U.S economic growth declines by 0.5%. Lynn (2014) found that, in the
end, reductions in military expenditures encouraged investment, which promoted
economic growth, suggesting that it is now possible to determine the drawdown of war
conflicts and figure their economic effects. Yildirim and Öcal (2014) theorized that
defense spending enhances aggregate demand, creates jobs, and provides positive
technological spillover effects leading to increased economic growth, which has
implications for both civilians and military members.
The economic growth produced from defense spending both directly and
indirectly helps economic growth by increasing power, enhancing aggregate demand, and
by financing the heavy industry in the short term. The military downsizing programs
called drawdown, Force shaping, reduction in force, or RIF is all the same in terms of
military layoffs (Jackson, 2015). The expected monetary growth from a potential military
reduction in force passes to the service member in the form of termination of service and
early retirements. On the other hand, the increasing conflicts around the world have
dictated the United States’ need for additional troops to offset or counterbalance the
security of the nation. In the meantime, the stresses and strains placed on the military as
the world’s police force can only jeopardize future federal spending related to all federal
programs (Schake, 2017).
The most noticeable federal spending program identified to help eliminate defense
spending is the 20-year retirement plan. The Department of Defense (DOD) personnel
31
have conducted studies to find ways to help eliminate the mountain of debt generated by
defense spending (Belasco, 2015). The DOD studies have found that the largest area of
consideration for elimination is the 20-year retirement plan and the yearly expense budget
for retirees who have already retired (Faber, 2015). In 2010, 4.3% of the United States’
GDP went to the national defense for a total of $663 billion, and 7% ($52.0 billion) of
that went toward active duty military retirement pay (Springer, 2010). Springer (2010)
projected that the DOD expenditure on military retirement would increase to $69.3
billion by 2020. Meanwhile, the federal deficit is growing even larger, and the DOD is all
but too eager to change or reduce the current retirement system, or to dismantle the U.S.
military’s retirement system altogether (Heil, 2016; Springer, 2010). The military
retirement system necessitates a qualitative study that provides a level of understanding
to support why military personnel require additional investment opportunities and
economic education to support sound financial and retirement planning. However,
because defense spending affects investment activities and economic growth, issues of
defense spending are important retirement planning considerations for civilians as well.
Retirement and Gender Considerations
Because there is a life expectancy gap between men and women and because
quality of life factors differ for men compared to women, gender considerations are
relevant to discussions of retirement for both civilians and military personnel. Before
even considering retirement; however, it is important to recognize that a gender pay gap
exists between men and women, which labor force statistics have made evident (Lips,
2013). The United States US National Women's Law Center (NWLC) declared at the
32
present rate of the gender gap pay, the average woman had to work until April 2008 to
make what the average man made by the end of 2007 (Lips, 2013). However, as reported
by the US Department of Labor, a female retiring at age 65 can expect to live another 19
years. Consequently, savings are necessary to ensure that women have enough money for
their retirement years (Hosek & Wadsworth, 2013). Women generally make less money
than men make, and women generally live longer than men do. Kopanidis, Robinson, and
Shaw (2016) said that personal, day-to-day expenses for women are higher than for men.
Additionally, costs like dry cleaning, haircuts, and clothing are higher for women, as are
medical expenses, even when considering preventive care (Kopanidis et al., 2016).
Higher medical expenses for women are attributed to their longer life expectancy.
The statistics from the Centers for Disease Control and Prevention magazine showed that
medical costs for women are two to three times higher than the costs for men (Kopanidis
et al., 2016). Because women generally outlive men, medical expenses can be a
significant cost over a lifetime (Kopanidis et al., 2016). These unforeseen expenses can
impede a woman's savings target for retirement (Lips, 2013). The United States
Department of Labor (2009) revealed of the approximately 62 million eligible
workingwomen in the United States, only 45% are participating in a company-sponsored
retirement plan. The ability to save early will enhance a woman's chance of having
enough money to outlast her retirement years. Not only is this savings strategy relevant to
female civilians but also to female military personnel transitioning from the military to
civilian life (Bergman & Herd, 2016). Consequently, both female civilians and female
service members may require additional economic education to help them make sound
33
decisions regarding financial and retirement planning.
Financial Counseling
The preparation for retirement counseling among civilians and service members
includes the lack of exposure to knowledge concerning retirement and financial planning.
The role of the financial manager is crucial, and establishing trust is central to the
manager and client relationship for both civilian and military clients (Peeters, Rijk,
Soetens, Storms, & Hermans, 2016). Although early exposure to and knowledge of
retirement and financial planning are important for both civilians and service members,
the problem for service members specifically is that service members lack exposure to
knowledge regarding retirement throughout their years of service (Cordell, Grange, &
Langdon, 2013; Griffith, 2013). Each service member attends a Transitioning Assistance
Program (TAP) class at the end of their service obligation, regardless of years served, and
the transitioning program exposes service members to veteran’s benefits in support of
financial planning (Griffith, 2013). However, the emphasis and exposure to useful
financial planning knowledge is not presented early enough within the service member’s
contractual years in the military to allow them to develop and adjust their financial
planning concerns (Cordell et al., 2013).
The knowledge needed in financial planning within any plan is exposure early
enough to develop a retirement plan. The most critical issue affecting the preparation for
retirement among service members is the lack of exposure to knowledge needed to
develop a financial plan, the role of the financial manager is crucial, and establishing trust
is central to the manager/client relationship (Huang, Chang & Chiou, 2015; Park, Kim &
34
Yoon, 2013; Peeters et al., 2016). The financial manager should offer adequate financial
advice as well as equip the investor with the economic education required to grasp the
fundamentals of financial literacy (Park et al., 2013; Griffin & Tippins, 2016). Military
personnel exposed to financial education only fleetingly throughout their military service
especially need such services (Cordell et al, 2013). Financial literacy measures how much
an individual understands financial concepts, and to what extent they are able and
confident to manage their finances in both the short- and long-term, while still remaining
aware of changing economic conditions on different horizons (Cercel et al., 2013; Griffin
& Tippins, 2016). Financial literacy (or financial knowledge) is typically an input to
model the need for financial education and explain variation in financial outcomes (Cici
et al., 2016).
The exposure of financial literacy and financial education associated with career
success through employment relationship is an added incentive. The single lifelong
employment relationship is rare with people having multiple careers in different
organizations (Bergman & Herd, 2016), and to succeed in their second career, people
utilize the experience gained from their earlier career. However, during these changes
employees tend to transition without applying any focus towards their financial plan.
Often, new employees do not consider the financial plan until their new employers vest
them. This represents a valuable time for any retirement portfolio to maximize future
growth (Bergman & Herd, 2016). Therefore, during the financial counseling process, the
emergence of education of the retirement model represents an opportunity to enhance the
interpretation of assessment results by the professionals who provide financial counseling
35
services (Sprenger, 2016).
The manager/client relationship during the financial counseling process provides
an opportunity to build trust. Trust is an essential feature of the manager/client
relationship that financial managers would do well to keep in mind because studies show
that trustworthiness can be a key factor in relationships between financial managers and
investors (Huang et al., 2015). Tang (2015) observed that trust cuts through all areas of
life, and surveys conducted by the Certified Financial Planner Board of Standards (2004)
and State Street Global Advisors (2007) showed that trustworthiness was the single most
important factor for individuals when hiring a financial manager. For managers of
financial management offices, establishing and maintaining clients’ trust is critical when
marketing to a selected group such as the military. Additionally, lack of trust can lead to
larger issues of market cynicism (Estelami, 2015). Financial education programs that do
not communicate potential investment opportunities produce skepticism in its members
(Estelami, 2015). When the financial industry loses the public trust and cynicism
prevails, everyone loses because market cynicism can cause decreases in investment
(Estelami, 2015). Financial education in the form of financial literacy and establishing
manager/client trust are central challenges that financial managers face as they seek to
assist military members with their investment strategies in support of financial and
retirement planning.
Factors Influencing Choice of Retirement Options
The investment strategies associated with the choice of financial and retirement
planning provided by the employer as a product option. Gelb and Longacre (2014) argued
36
that employees should view retirement as a product to purchase, much as they would any
other product, and that employers should market retirement or retention options to
employees in ways that suit the needs of the company, as well as the individual
considering retirement. Such a strategy by employers represents a potential challenge for
external managers of small-scale financial management branch offices to market their
services successfully to prospective clients and identify factors that influence employees’
choices of retirement options. In their qualitative study involving interviews with human
resources professionals, Gelb and Longacre (2014) sought to provide information on how
organizations market retirement to employees. Gelb and Longacre (2014) found that
suggestions from human resource experts for organizations for offering retirement
included encouraging employees to start to save early, so that they can afford to retire,
thereby increasing retirement options for employees and employers. This suggestion may
apply to military personnel as well. Another suggestion included offering a flexible
retirement alternative to full-time work, such as self-employment (Gelb & Longacre,
2014). Participants also provided suggestions for retaining employees, including tailoring
rewards and schedules for individuals considering retiring (Gelb & Longacre, 2014). This
may not apply to many military service members facing retirement decisions sooner than
the traditional 20-year retirement plan requires (Heil, 2016). Gelb and Longacre’s (2014)
study provided important information managers of financial management branch offices
might use to market services to both potential civilian and military clients.
The information from this qualitative study provided to financial managers
pertains to important investment options. In their study of consumer choice and
37
retirement, Lee et al. (2013) sought to provide pension providers and financial managers
with information to understand the factors that motivate clients to choose retirement
investment options. The key investment options consumers are looking for is fund choice,
and how low or high risk is pertaining to the rate of return to his or her principle
investment. Consequently, Lee et al. (2013) sought to identify key factors that influenced
consumer choice of retirement investment. Lee et al. (2013) conducted focus group
discussions and collected information from multiple sources, including transcripts of
group discussions, participant rankings of factors influencing retirement fund choices,
and actual fund choice. Through thematic analysis, Lee et al. (2013) identified five
factors most important to consumer choice regarding retirement investment funds that
may relate to military members, as well as civilians. These factors were (a) attitude
toward financial risk, (b) perceived time to retirement, (c) advice from friends, family,
and colleagues, (d) information from the media and providers, and (e) knowledge of
investing (Lee et al. 2013). Two additional, lesser factors identified in the study were
involvement in financial planning and ethical concerns.
The ethical concerns facing financial planning involves risk associated with
compensation benefit to the client and client expectations. For many participants,
financial risk was the top concern concerning retirement fund decision and financial
planning (Lee et al., 2013). Those who were risk aversive reported that they lacked
information, were not sufficiently experienced, or that they feared potential loss (Lee et
al., 2013). Those participants who were more comfortable with financial risk were those
more experienced and knowledgeable about reducing risks (Lee et al., 2013). Perceived
38
time to retirement also emerged as a major factor in retirement fund decision, and, not
surprisingly, younger participants (20-35 years old) took a more casual approach to
retirement decisions. Word-of-mouth advice from friends and family also emerged as a
major factor in retirement investment choices. Several participants talked about the
importance of receiving advice from friends, family, or colleagues who were making, or
who have made, similar choices. The key issues in talking to friends, family, and
colleagues who had experience with financial matters were trust and reliability;
participants believed that individuals close to them would not knowingly steer them
wrong. Word-of-mouth advice from friends and family may prove particularly apropos to
military members since they do not enjoy the same financial advisement options that
civilians do.
Word of mouth involves trust recommendations among participants who know
each other. Lee et al. (2013) found that many participants’ negative views of pension
plans came from providers’ inability to market timely and useful information.
Participants also reported receiving confusing marketing information or information that
lacked detail; or reported infrequent communications or communications that required
too much effort to interpret (Lee et al., 2013). This finding highlights the need for
managers of financial management offices to market their services better to clients.
Participants also discussed previous knowledge of investment as a factor influencing the
choice of retirement options. Participants with more investment experience reported
being more confident in making choices and less apt to be risk aversive. The central
39
challenges that financial managers face is competitive marketing through word of mouth,
with trust being the biggest influence in financial and retirement planning.
One of the lesser concerns influencing retirement investment options is
involvement in financial planning. Planning for retirement requires an individual to
gather information upon which to base expectations about their lifetime income, their
working years, the expected returns on their investments, and what they will spend in
retirement (Collins & Urban, 2016). The lack of participant involvement in investment
options pertaining to financial and retirement planning may fail due to incomplete
information. Some participants discussed their lack of participation in the process, being
indifferent, or simply accepting their employer’s default scheme and fund. Lee et al.
(2013) also found that ethical issues influenced choice and that participants were
interested in socially responsible investment. Lee et al.’s (2013) study is important for
providing information on factors affecting consumers’ retirement investment options.
This information may help managers of financial management offices target their
retirement services to clients by better understanding the factors that motivate clients’
retirement decisions.
Summary and Transition
Section 1 contained the context for the issues and problems outlined in this study.
The purpose of this qualitative multiple case study was to explore what marketing
strategies five financial managers of financial management branch offices use to market
their financial services to retiring military personnel. The main topics of the literature
review identified through review of current peer-reviewed research literature included
40
issues regarding investment strategies for military personnel. The views and responses of
selected managers of financial management branch offices provided additional insight
and knowledge about retirement planning for military personnel. This review of the
literature identified and addressed the need for more education of military personnel
regarding financial and retirement planning, as well as the role of the financial manager
in providing this education. I discussed the need for financial managers to establish trust
with their clients. Moreover, the financial manager will garner an understanding of the
investment opportunities and selected fund options available for potential investment
opportunities to support military members financial plans. I addressed key aspects of the
larger economic landscape that affect financial and retirement planning—Social Security,
the federal budget, defense spending—and discussed how these factors could
significantly impact financial and retirement decisions. Since women generally live
longer than men do, I reviewed the importance of gender considerations for military
personnel about retirement concerns.
The results of this study provided information leading to better business
applications wherein managers of financial management offices strengthen
communication with or adjust training requirements for service members regarding their
financial and retirement planning. The study further affected service members within the
DOD by reducing total dependency on the entitlement system. The findings from this
doctoral study, therefore, were a means of effecting social change through educational
and informational awareness.
41
Section 2 includes a detailed description of the research methodology used for this
study. In Section 2, I outline the role of the researcher, identify the participants, and offer
a detailed description of the research method and design for the present study. Section 3
contains the results of the study that emerged from analysis of the data. I used the
procedures discussed in Section 2 to collect data from five financial managers of
financial management offices located in the Northeastern United States.
42
Section 2: The Project
The purpose of this qualitative multiple case study was to explore the marketing
strategies managers of financial management branch offices who successfully market
their services to military clients. Using a multiple case study design provided a holistic
understanding of the challenges financial managers face in marketing their products to
military members about investment strategies for financial and retirement planning. The
data from this study may contribute to positive social change by uncovering and
overcoming challenges in financial marketing to military retirees. Section 2 contains (a) a
description of the methods by which this doctoral study will lead to the resolution of the
identified problem; (b) an explanation of the population and sample size, including the
rationale for the sample size; and (c) an explanation of the security of the data and the
procedures used to maintain the confidentiality of the participants.
Purpose Statement
The purpose of this qualitative, multiple case study was to explore what
marketing strategies financial managers of financial management branch offices use to
market their investment services to retiring military personnel. The targeted population
comprised financial managers of financial management branch offices in the
Northeastern United States and surrounding geographical areas who had successful
strategies to market investment services to retiring military personnel. The implication for
positive social change includes the potential to help people achieve financial
independence for future financial needs through developing marketing strategies that will
assist in developing a customer base, create profitability, and overall business success.
43
The results from this study may contribute to positive social change by developing a
marketing strategy that could help prospective clients and existing small business owners
identify investment needs, as well as increasing the viability of their local communities
through cause-related marketing efforts.
Role of the Researcher
In qualitative research, the researcher develops the research instrument, and
collects data through semistructured interviews. The role of a qualitative researcher is to
act as an instrument of data collection due to the interactive and reactive nature of
interviewing, as well as the subjective character of the analysis of qualitative data
(Cleary, Horsfall, & Hayter, 2014). In this role, I developed open-ended interview
questions, conducted interviews, gathered data, then analyzed and interpreted results.
My role in this research was to be the instrument for data collection, and select interview
participants and process the data. To mitigate bias, I kept an open mind to the
participants’ life experiences to better analyze and interpret the study results
(Grossoehme, 2016). As an options trader and long-term investor in the stock markets, I
have acquired over 20 years of experience teaching investment strategies associated with
businesses primarily engaged in investing in securities.
The United States Department of Health and Human Services is a government
organization that provides the Belmont Report as guidance on ethical principles when
research involves human subjects (U.S. DHHS, 2015). This report features three
underlying principles, which include respect for persons, beneficence, and justice. This
report also covers three primary areas of application, which are informed consent,
44
assessment of risks and benefits, and the selection of subjects. I took steps to protect the
anonymity of the participants, per the Belmont Report standards, to minimize the
potential risks of participating in the research (Mikesell, Bromley, & Khodyakov, 2013).
Also, I safeguarded the rights and well-being of research participants, and upheld all
ethical standards of Walden University’s Institutional Review Board (IRB), including
confidentiality, beneficence, maleficence, and distribution fairness, to ensure ethical
controls throughout my data collection process.
Potential researcher bias can influence and distort the collection, analysis, and
interpretation of data to confirm preconceived beliefs about the research topic (Noble &
Smith, 2015). To mitigate researcher bias, I did not offer personal opinions or
information that might have influenced the interview process. To maintain data validity
and reliability, I did not interview any participants with whom I had a prior relationship
or professional affiliation. I organized and scheduled research activities, defined the roles
and responsibilities of participants, collected and transcribed data, coded, analyzed, and
interpreted the data, and prepared the doctoral study report. Interviews consisted of face-
to-face interaction between the participants and me (Arghode & Wang, 2016).
Interviewing is a valuable qualitative data collection tool (Pich & Dean, 2015). Through
interviews, participants provided richly detailed information relating to the topic of study
through their own unique perspectives. I conducted semistructured interviews with open-
ended questions using an interview protocol (Appendix A). The interview protocol is a
valuable tool in that it can assist the researcher with establishing rapport with the
participant, to help ensure that important concepts such as confidentiality, consent, and
45
the right to withdraw are discussed with the participant, and facilitate consistency in data
collection across all participants in the study (Jacob & Furgerson, 2012; Kallio et al.,
2016).
Participants
Selecting research participants who have knowledge and experience with the
phenomenon is important to gather rich and thick data during interviews (Robinson,
2014; Yin, 2014). I recruited five financial managers to participate in the research study
through individual semistructured interviews. Participants met the following eligibility
criteria to participate in the research study: (a) had at least one-year experience as a
financial manager (b) developed strategies to market financial services to retiring military
personnel and (c) were located in the Northeastern United States. By having eligibility
criteria to participate in the research study, I ensured each participant was knowledgeable
about the research topic (Castillo-Montoya, 2016; Merriam & Tisdell, 2016). Potential
participants who did not meet the inclusion criteria were thanked for their interest in the
research study and not considered as a participant.
After obtaining Walden IRB approval, I began reaching out to prospective
financial management businesses. To gain access to participants, I selected two
businesses similar in size and contacted an authorized representative at each prospective
site. I informed the authorized representative about my research study through email and
sent him/her the informed consent form and data use agreement (see Appendices B, C,
and E). Preliminary contact with organizations and businesses should remain concise and
clear to prevent misunderstandings (McCormack, 2014). Braun and Clarke (2013)
46
recommended the use of letters and emails to contact affiliated organizations and
companies. Representative authorities of the participating organizations signed written
permissions to use their premises, thereby granting access to the location, participants,
and relevant research data (see Appendices B, C, and E). Once I gained permission from
two financial management businesses, I began the process of reaching out to financial
managers. Merriam and Tisdell (2016) asserted that qualitative researchers need to ensure
participants met the criteria prior to invitation. As a result, I reviewed publicly available
profiles about financial managers within each respective business to select a maximum of
five participants across both businesses. After I identified potential participants, I sent an
invitation email to their work email addresses with a brief explanation about the research
study and the informed consent form attached. Braun and Clarke (2013) suggested the
use of emails and letters when recruiting potential research participants. The collection of
participants and data continued until data saturation occurred.
To establish a working relationship with participants, I contacted each participant
at the scheduled date and time to conduct the interviews. I secured a library conference
room, ensuring each participant had a comfortable and private setting during the
interview (Bagheri, Yaghmaei, Ashktorab, & Zayeri, 2014). Prior to the start of the
interview, I reviewed the informed consent with each participant and provided each
participant with an opportunity to ask any questions or raise any concerns about their
participation in the research study. I reiterated the voluntary nature of their participation
and notified them of their rights as participants. Each participant was made aware about
the confidential nature of their participation and their responses, which encouraged
47
participants to respond honestly to the interview questions (Houghton et al., 2013). After
the final review of the informed consent, I obtained a signed informed consent form from
each participant prior to beginning the interview. I explained to participants at the outset
of the interview that there were no right or wrong answers and that their responses may
contribute to marketing strategies financial managers to market their investment services
to retiring military personnel. At the end of each interview, I debriefed each participant
and thanked him or her for his or her time.
Research Method and Design
I used a qualitative methodology in conducting this study. A research method
predicates the orientation, approach, techniques for data collection, nature of data
analysis, and presentation of findings from the study (Yin, 2014). The selection of a
research method must involve considerations of the objective of the researcher and the
research question that guides the study (Ko, LaToza, & Burnett, 2013).
The qualitative method should be the method used when a researcher seeks to
understand how individuals interpret experiences and make meaning (Merriam & Tisdell,
2016). Qualitative research as a researcher seeks to explore information that is rich in
detail and expects the lived experiences of the participants to be the unit of measure
(Tracy, 2013). The goal of this research study was not to prove or disprove a hypothesis
or to report results using narrow statistical categories, such as those found in quantitative
or mixed methods studies, so a qualitative design was appropriate. The goal of this study
was to obtain accurate insight about the strategies that financial managers use to market
48
their investment services to military members leaving active duty. Based on these aims, a
qualitative method was most appropriate.
Research Method
The research method I used for this study is qualitative. Qualitative methods
provide a profound understanding of the processes underlying a phenomenon (Prowse &
Camfield, 2013). Qualitative researchers strive to obtain a broad, often contextual,
emotional understanding of people’s motivations and desires (Prowse & Camfield, 2013).
Qualitative researchers explore a social phenomenon through an exploration of many
sources of data to obtain a comprehensive view of the issue that is rooted in the naturally
existing setting of the phenomenon itself (Smith, 2015). Qualitative research techniques
can include in-depth interviews, focus groups, analysis of texts and documents,
observational methods, and ethnography (Lopez & Fornes, 2015). It is a useful method
when the variables underlying a phenomenon are unknown to the researcher (Ward,
Baldwin, & Antin, 2016).
Conversely, quantitative researchers use specific methods to explain present
conditions, describe relationships, and to investigate the cause and effect phenomena
(Bloomberg & Volpe, 2015). Quantitative methods necessitate the use of statistical
analyses (Yin, 2014). Quantitative research methodology usually addresses questions
related to what, where, when, and who (Srivastava & Thomson, 2009, p. 73). The use of
quantitative methods would have shifted my focus to the employment of mathematical
models, theories, and hypotheses. Such a change in focus would not reveal the particular
problems with marketing to service members regarding investment education. The intent
49
of this study was to seek information from the financial professionals relating to the way
in which financial planning and investment professionals market their investment
services to members of the military leaving active service.
A mixed methods approach was also inappropriate for this study. Mixed methods
research is an approach that combines qualitative and quantitative methods in the
collection and analysis of data to examine a singular topic (Archibald, 2016; Venkatesh,
Brown, & Bala, 2013). The inclusion of quantitative methodology requires hypothesis
testing and statistical analysis (Sandelowski & Boshamer, 2014). Hypothesis testing and
statistical analysis are not elements of my study. The need to understand the problem
requires an in-depth view of the experiences of business participants without the
inclusion of the quantitative methods necessitated by a mixed methods study.
My goal in this study was to obtain accurate insight regarding the strategies
participants’ use in marketing their services to military members. The aim was to explore
the phenomenon to develop an in-depth understanding of the issue, not to obtain data that
validates specific hypotheses. By using a qualitative research method, I collected data,
which directly and adequately answered the research question.
Research Design
The research design used for this study was a multiple case study design. This
design was consistent with the purpose of the study, which was to explore the strategies
financial managers’ use when marketing financial planning services to military men and
women leaving active duty. A case study approach was ideal for identifying a topic,
which lent itself to in-depth analysis to explore additional questions by investigating a
50
topic in detail (Algozzine & Hancock, 2016). The use of a multiple case study design in
this research enabled identification of a range of potential solutions to the identified
business problem by exploring and identifying the experiences of financial managers in
providing investment services.
In addition to the factors that made a case study design appropriate for this study,
several factors pointed to the unsuitability of other qualitative designs for this study. I
considered several qualitative research designs. In a narrative study, the researcher’s
focus is to explore the story generated by an individual, not a business organization
(Stenhouse, 2014). Thus, a narrative design did not fit the purpose of this study.
The phenomenological design was also inappropriate for this study.
Phenomenology aims to explore a phenomenon by elucidating the core essence of the
phenomenon through the exploration and distillation of the lived experiences of
individuals (Englander, 2016; Yin, 2014). In this study, the aim was not to arrive at an
essential description of the phenomenon of interest. Rather, the objective was to gain a
clearer understanding of the processes underlying this phenomenon, a task better suited
for case study research (Charlick, Pincombe, McKellar, & Fielder, 2016).
An ethnographic design was also inappropriate for this study. Ethnographic
researchers examine shared patterns of beliefs and culture (Yin, 2014). This approach
was not relevant in this study, as the focus of this study was not to identify and
understand shared aspects of the work or military culture, but to understand specific
processes related to marketing financial planning and investment services to military men
and women as they leave active duty. Based upon these considerations, I chose to use a
51
multiple case study design for the research project. The use of this type of design enabled
me to explore the business problem about the marketing of financial planning and
investment services to military men and women.
To ensure the research study findings are comprehensive, data saturation must be
met (Nouhi, Kazemi, & Ahmadi, 2017). Saturation is the point at which the researcher
has exhausted the data of novel themes, fully explicated the identified themes, and can
obtain no new information from the addition of more participants (Hennink, Kaiser, &
Marconi, 2016). During data collection data saturation became apparent when no
additional information or themes emerge from the interviews (Braun & Clarke, 2013).
The information associated with themes developed from the interviews with participants
helped determined data saturation beginning with the third interview, until I achieved
data saturation.
Population and Sampling
A qualitative researcher must recruit participants who enable him to explore
adequately the entire spectrum of data concerning a phenomenon. In qualitative studies,
when samples are too large, the data can become repetitive and superfluous (Castillo-
Montoya, 2016). The population for my study was financial managers and the sample
size for the research study was five managers of small-scale financial management
branch offices. I used criterion and purposeful sampling techniques to recruit the
participants. Criterion sampling is a sampling technique where a qualitative research uses
specific criteria to screen potential participants for the research study (Braun & Clarke,
2013). Purposeful sampling is a sampling technique where a qualitative researcher selects
52
participants purposefully that is familiar with the research topic to ensure the collected
data is rich in detail (Yin, 2014). These two sampling techniques are often used in
conjunction with one another to make sure participants meet certain criteria of experience
that will yield rich and thick data (Braun & Clarke, 2013; Stake, 2013).
Qualitative researchers have conflicting views on the sample size required to
conduct research studies that will achieve data saturation. Stake (2013) indicated any
number between the range of 4-10 participants to be an appropriate sample size, whereas
Yin (2014) did not state any specific number of participants. According to Yin (2014),
the number of participants is not as important as having knowledgeable and experienced
participants who can provide rich data about the phenomenon. Boddy (2016) conducted a
meta-analysis of qualitative research and suggested that sample sizes in multiple-case
study research often follows in fives, meaning that samples sizes can be anywhere from
five to 25 depending on the scope of the project. After considering these resources, I
recruited five participants for the research study. The inclusion criteria for the research
study were (a) have at least 1-year experience as a financial manager, (b) developed
strategies to market investment services to retiring military personnel, and (c) are located
in the Northeastern United States and surrounding geographical areas. Participants
included individuals from the Northeastern United States and surrounding geographical
areas who had developed successful marketing strategies for military members who are
about to retire. Stake (2013) and Boddy (2016) indicated that a sample size of five would
be sufficient to achieve data saturation; however, I assessed the data after the third
interview to establish whether the data were saturated. If the third interview did not
53
achieve data saturation, I recruited additional participants until the data were saturated.
Data saturation is the point during the data collection process where no new information
or themes emerge from participant responses (Braun & Clarke, 2013). Saturation occurs
when the addition of any other participants does not add novel data or information to the
analysis (Boddy, 2016). Fusch and Ness (2015) outlined guidelines to test for data
saturation through the use of member-checked interviews, direct observation, and
archival documentation.
Once I received Walden IRB approval and the data use agreement (see Appendix
E) from each respective organization, I used publicly available professional profiles to
determine eligibility for the research study. Participants met the following eligibility
criteria to participate in the research study: (a) have at least one-year experience as a
financial manager, (b) developed strategies to market financial services to retiring
military personnel, and (c) are located in the Northeastern United States and surrounding
geographical areas. After initiating contact with each participant through an invitational
email with a copy of the informed consent form attached and receiving statements of
willingness to participate, I scheduled a face-to-face interview with each participant at a
date and time mutually convenient. I secured a private conference room at a local library
that was easily accessible to each participant for the location of the interview. If a
participant wished to conduct the interview in a location in which they felt more
comfortable, I secured a private area within the location to conduct the interview.
Ethical Research
The consent process ensures participants understand the procedures for
54
withdrawing from the study, an offering of incentives, and confidentiality (Griffiths,
2014). I asked the participants in this study to sign consent forms to acknowledge their
willing to consent to participation. I invited all eligible candidates to volunteer and
participate in the project by face-to-face conversation, phone, or via e-mail. I also
supplied potential participants with copies of the Walden University informed consent
form by hand-delivery or via e-mail, plus a verbal explanation about the project. An
informed consent form contains background information about the purpose of the study,
expectations from a participant, and the voluntary nature of the study (Merriam &
Tisdell, 2016). Additional information contained in the consent form included the risks
and benefits of participation, compensation, confidentiality, contact information for
questions about the project, and a statement of content. I asked each potential participant
to return the signed consent forms by hand-delivery or via e-mail before they participate
in the project, as required after the IRB approval for the study. Participants interested in
the research results received copies of the completed research study upon request.
Considerations for minimizing risk to human subjects participating in research
projects are important for researchers. In the United States, the Belmont Report of 1979
stipulates the regulations involving human subjects in research (U.S. DHHS, 1979). The
primary ethical considerations are: (a) respect for persons, (b) beneficence, and (c)
justice. I provided an informed consent form to study participants to address these
regulations. The contents of the informed consent form complied with the principles
stated in the Belmont Report. I ensured that I provided respect of persons through
reminding participants that their participation was strictly voluntary and that they had the
55
right to withdraw from the study at any time, without adverse consequence. Participants
who withdrew from the study were thanked for their time and any collected data were
electronically deleted or physically shredded. The professional and legal implications for
ethical research are critical for the success of the project (Engel, 2016).
In this study, I did not solicit vulnerable or at-risk populations, such as individuals
classified as minors, homeless, imprisoned, non-English speakers, and the mentally
disabled. I respected participants’ confidentiality by seeking their consent for
participation and respecting their right to withdraw from the study at any time (Nouhi et
al., 2017). Dal-Ré, Katsanis, Katsanis, Parker, and Ayuso (2014) suggested using the
same interview protocol for each participant to ensure equal treatment is given to all
participants. Participants were made aware of the risks and benefits associated with
participating in the research study and my commitment to minimize any unfair or undue
burden associated with their participation in the research study by upholding participant
confidentiality.
To protect the confidentiality of participants and participating organizations, I
assigned code names to all entities involved in the study. No identifying information was
included in the presentation of the results of this study. I used a password-protected
computer to store the research data and will prevent unauthorized access to the
information. Upon the expiration of the 5-year Walden University time requirement, I
will destroy the hard copies using a shredding machine, and will delete all digital material
from the computer. Walden IRB approval for this study was necessary prior to the
56
collection of data. The Walden IRB approval number is (01-09-18-0249680) for this
study.
Data Collection Instruments
I was the primary data collection instrument alongside the interview protocol
(Tracy, 2013). I used a semistructured, open-ended interview protocol with open-ended
questions to guide the interviews (Appendix A). Interviews consisted of face-to-face
interaction between the participants and me. Interviewing is a valuable qualitative data
collection tool (Chan, Fung, & Chien, 2013). Through interviews, participants provided
richly detailed information relating to the topic of study through their unique perspectives
(Cleary, Horsfall, & Hayter, 2014). I conducted semistructured interviews using an
interview protocol containing open-ended questions (Appendix A).
The use of interview protocols in qualitative research has ample support in the
literature (Amankwaa, 2016; Castillo-Montoya, 2016; Robinson, 2014). Interview
protocols contain procedural instructions that guide the researcher in introducing him or
herself to the participant, and in conducting the actual interview (Amankwaa, 2016). The
interview protocol is a valuable tool to assist the researcher with establishing rapport with
the participant (Amankwaa, 2016); helps to ensure that important concepts such as
confidentiality, consent, and the right to withdraw are discussed with the participant
(Robinson, 2014); and facilitates consistency in data collection across all of the
participants in the study (Robinson, 2014).
The data collection process for this study consisted of open-ended research
questions constructed to set aside personal preconceptions and biases to collect and
57
explore the data from a fresh and impartial perspective. The intent of the interview
questions was to assist me in answering the research question (Waite, 2014; Yin, 2014).
Member checking allows the participant to review a researcher’s analysis of the interview
responses and provide applicable clarifying information (Fusch & Ness, 2015). To ensure
reliability and validity, I used member checking to verify that my analysis of participant
responses is accurate.
Company and archival documents also served as a source of data in this study. A
document summary form developed by Bloomberg and Volpe (2015) is the instrument
for archival data collection (Appendix C). The summary form enabled me to give order
and form systematically to the information I obtained from these documents. Bloomberg
and Volpe (2015) recommended using a summary form to maintain uniformity in
analysis, and to ensure that researchers sufficiently and consistently document the salient
features.
Data Collection Technique
I collected data using two different methods: (a) an in-depth, open-ended
interview, and (b) document analysis and review. Researchers have cited interviews as an
efficient data collection tool in qualitative research (Catillo-Montoya, 2016; Englander,
2016). Once the participants agreed to participate in this study, I scheduled interviews
with each of the participants. The data collection technique for my study was a recorded
face-to-face interview. I reviewed the informed consent form and invited each participant
to ask questions about the research study. After obtaining a signed consent to participate
in the research study, I began the interview, which lasted approximately 1 hour. After
58
completing the interview, I debriefed the participants to address any questions they had
concerning the study. I shared my analysis of participant responses with each participant
using member checking for the interpretation and validation that my analysis was
accurate. I reminded participants that my contact information was included in the
informed consent.
Archival data and documentation are also common data sources in qualitative
research (Bloomberg & Volpe, 2012; Khan, 2014). Secondary data is useful in
supplementing or substantiating data gleaned from interviews or other sources (Nouhi et
al., 2017). I reviewed documents related to the topic of study to provide contextual
information for the collected data and to substantiate further the participants’ interview
responses using member checking to help improve the validity. I obtained documents
through each participant’s respective financial management business.
Interviews enable the collection of in-depth information concerning the
viewpoints and experiences of the participant, but are limited by the willingness of the
participant to be honest and forthcoming with detail (Catillo-Montoya, 2016). As a result,
I established rapport with each participant during the recruitment process and during the
interview to make each participant feel comfortable sharing their experiences and
perspectives about the phenomenon. There was the risk of researcher bias with the use of
interviews since the researcher was a primary tool of data collection, the use of
interviews as data sources requires researchers to collect, analyze, and interpret the data
through a personal means of analysis (Khan, 2014; Vaismoradi, Turunen, & Bondas,
2013). Despite the disadvantages of interviews, qualitative researchers utilize interviews
59
to glean meaningful and rich data from participants that lead to significant results
(Shapka, Domene, Khan, & Yang, 2016).
Archival documents such as reports, memos, and other documents are often used
as a data source in qualitative studies because a qualitative researcher can elucidate about
the phenomenon in greater detail (Catillo-Montoya, 2016; Nouhi et al., 2017; Weiner,
Amick, Lund, Lee, & Hoff, 2011). A disadvantage of archival documents is that unless
the documents are publicly available, the possibilities of receiving documents that create
a bias or slanted perception of the phenomenon increase exponentially (Kern, 2016).
While I planned on receiving documents that did not report the number of sales of
financial management services, the disadvantage of not being able to select the
documents myself created the possibility of misguided perception (Nouhi et al., 2017).
The use of multiple methods of collection can require a longer period to complete the
data collection process (Shek & Sun, 2012). The use of several methods of data collection
may also necessitate more extensive and time-consuming analysis (Carlson, Ross, &
Stark, 2012).
Data Organization Technique
I audio-recorded the interviews, with the written permission of the participants,
and saved them on my personal password-protected computer. Upon transcribing the
interview, the transcription was placed in a Word document. The file name also indicated
the code name of the interview participant. I referred to the two participating study sites
as organization X and organization Y. I assigned each of the participants from
organization X a unique identification code numbered XINV1, XINV2, and so on. For
60
participants selected from organization Y, I assigned codes to participants in a similar
fashion, using the codes YINV1, YINV2, and so on. I used these codes to identify the
participants and research sites throughout the data collection process, including the
interview and collection of archival documentation. Transcripts and archival documents
were uploaded into the computer-assisted qualitative data analysis software (CAQDAS)
called NVivo 11. NVivo 11 is a tool that qualitative researchers use to organize and
manage qualitative data (Glaser & Laudel, 2013). I used this software to organize the
analysis of the data through the application of the software’s various functions.
On my personal computer, I saved archival documents, composed of marketing
materials such as emails, flyers, and other promotional materials distributed to current
and potential clients that exist in a digital format, and labeled them to indicate the source
of the data (Overholm, 2014). I scanned and saved archival data that existed in a paper
format as a digital file on my personal computer. The file name listed on these documents
indicated the source of the data with an X or a Y. All data were stored on a password-
protected home computer with a USB back-up in accordance with IRB and Walden
requirements. I will store the data in both electronic and hard copy for 5 years. I will be
the only person who will have exclusive access to all data. After the 5-year retention
period, I will shred the printed copies of the documents and erase all electronic files on
the computer.
Data Analysis
In this study, I collected data through interviews and document review and
analysis. In qualitative research, the researcher can increase the level of trustworthiness
61
of data analysis through the process of triangulation (Tracy, 2013). Triangulation refers to
the use of a variety of data collection methods, data sources, and methodologies to
examine a research question from different perspectives (Yazan, 2015). Denzin (2012)
identified four types of triangulation: (a) methodological, (b) data source, (c) investigator,
and (d) theory. I used semistructured interviews and archival documentation demonstrate
methodological triangulation in this study.
I conducted Clarke and Braun’s (2017) thematic analysis (TA) on the collected
interview data. TA has six distinct phases: (a) familiarization, (b) generate the initial
codes, (c) create the initial themes, (d) review the themes against the data, (e) define and
name the themes, and (f) write the final report. I used a computer-assisted qualitative data
analysis software (CAQDAS) called NVivo 11. NVivo 11 is a tool that qualitative
researchers use to manage and organize the qualitative data (Glaser & Laudel, 2013). I
reviewed the data to obtain an understanding of the overall content of the material after
importing the interview transcripts and archival documents into NVivo 11 (Noble &
Smith, 2014). Additional re-readings of the data enabled me to identify significant
statements and phrases (Noble & Smith, 2014). By reading and re-reading the data, I
became familiar with the content of the interviews and completed the first phase of TA.
After I become familiar with the data, I began to code the data by going through
each transcript line-by-line. By going through and reviewing line-by-line I ensured that I
did not miss any detail that could be significant to the phenomenon (Nassaji, 2015). I
identified words, phrases, and sentences that related to the phenomenon and label those
with a title summarizing the content of each code. This process continued for each
62
transcript until I coded all the data. This concluded the second phase of TA. I took the list
of codes and explored the relationships between codes, clustering together the codes that
related to one another. These clusters represented the initial themes from the data. After
clustering the codes together that expressed a similar sentiment, I explored the clusters to
see if any further reduction was possible. If no further reduction was possible, the clusters
became the basis for the themes.
After I created the themes, I reviewed the themes against the data to ensure the
themes reflected the data. Once the themes were reviewed against the data and verified to
reflect the data, I began the final write up of the results. The document data were
analyzed utilizing the document summary form (Appendix C). I included the findings
from the archival documents in the final write-up of the results.
Reliability and Validity
The qualitative researcher of a case study identifies reliability and validity, which
ensures the findings are not biased. Researchers determine the merits of a qualitative
study by a different set of standards than those used for quantitative studies (Anney,
2014). While reliability and validity are the terms commonly associated with quantitative
research, Lincoln and Guba (1985) proposed four criteria for determining the quality of a
qualitative study. These criteria are: (a) dependability, (b) credibility, (c) confirmability,
and (d) transferability. The concept of dependability is analogous to the quantitative
concept of reliability (Petty, Thomson, & Stew, 2012). Credibility, confirmability, and
transferability can align with the quantitative concept of validity.
63
Reliability
A qualitative researcher must first establish that the research study’s findings are
consistent and replicable to establish dependability. Dependability is an important aspect
of qualitative rigor (Anney, 2014). I gathered data using multiple sources, including
semistructured interviews, and materials to enhance the dependability and credibility of
the research findings. This is accomplished through an inquiry audit that demonstrates the
rationale behind the data analysis decisions (Petty et al., 2012). Through an inquiry audit,
an outside researcher reviewed the collected data and provided his or her insight into the
data analysis. The inquiry audit is completed to ensure the findings are concretely
represented in the data and are consistent with the collected data (Anney, 2014). An
inquiry audit is useful because it provides additional insight and perspective on the data
that otherwise would be missed (Petty et al., 2012).
Validity
The process of ensuring validity is an important part of the qualitative research
process that relates to the credibility of the findings. Credibility is a measure of the
degree to which the findings of a study are trustworthy (Kiln & Ihantola, 2015).
Qualitative researchers ensure the integrity of their research by implementing measures to
ensure study credibility (Marshall & Rossman, 2016). To ensure credibility, I used
member checking, which is a process that allows participants the opportunity to correct
errors or challenge interpretations (Fusch & Ness, 2015). Member checks also allow the
participant to provide additional or clarifying information (Fusch & Ness, 2015). This
process of data verification helped to ensure that the findings generated from this data
64
were valid. I explored discrepant findings, or negative cases, in the analyses and
discussed them among the other identified results to ensure that the narrative represented
the full breadth of participant perspectives. For this reason, I performed member checking
before data analysis.
I also employed methodological triangulation as a strategy to improve credibility.
Triangulation refers to the use of a variety of data collection methods, data sources, and
methodologies to examine a research question from different perspectives (Yazan, 2015).
Methodological triangulation ensured that the findings drawn from the data are an
accurate reflection of the phenomenon of interest, and demonstrated further evidence of
the credibility of the study. By incorporating data from both the interview and archival
documentation review and analyses. I compared findings that emerged from one data
source to those of another data source to increase validity as noted by Kern (2014).
Confirmability is another important aspect of rigor in qualitative research
(Houghton, Casey, Shaw, & Murphy, 2013). Confirmability is a measure of the extent to
which the findings of a study reflect the views of the participants and not the biases of the
researcher. To establish the confirmability of the research study’s findings as shaped by
the participants, I employed reflexivity and created an audit trail. Reflexivity is a practice
of examining personal opinions, thoughts, and biases toward a phenomenon and reporting
those during the research study (Tufford & Newman, 2012). By reflexively looking at the
data analysis, a qualitative researcher can address the personal opinions, thoughts, and
biases that could influence the interpretation of the data (Tufford & Newman, 2012). I
created an audit trail that outlined the reasons and rationale for the data analysis process
65
(Anney, 2014). An audit trail ensures the reader understands the logic employed in
completing the analyses and arriving at the findings of the study (Anney, 2014).
Thomas and Magilvy (2011) explained that the concept of external validity is
somewhat analogous to the concept of transferability in qualitative studies. In a
qualitative study, the objective is not to achieve external validity regarding the
transferability of the results (Petty et al., 2012). Rather, it is more important to provide
enough rich detail and thick description about the findings to allow readers to determine
the extent the findings that could be transferable (Petty et al., 2012; Thomas & Magilvy,
2011). I provided a vivid and detailed description of the data and results. Through thick
description, the reader will be able to make a personal determination as to the
transferability of the findings of the study (Nouhi et al., 2017).
This study included five participants and I assessed for saturation continually
throughout the process of data collection and analysis (Marshall et al., 2013). Saturation
refers to the point at which the inclusion of additional participants no longer adds new or
significant information to the body of data (Braun & Clarke, 2013). Achievement of
saturation helped to improve the overall trustworthiness of the findings of the study by
guaranteeing that the identified themes had sufficient support and confirmation within the
data (Cope, 2014; Marshall et al, 2013; Nouhi, Kazemi, & Ahmad, 2017).
Transition and Summary
The purpose of this qualitative multiple case study was to explore what marketing
strategies five financial managers of financial management branch offices use to market
their financial services to retiring military personnel. I used a multiple case study design
66
in this qualitative study. In Section 2 of this doctoral study, I presented the process of
conducting the research project, including the methodological procedures and plan for
data analysis. Two financial planning and investment businesses served as the research
sites. Participant recruitment proceeded from these two organizations. Two sources of
data informed this study: open-ended interviews and the review and analysis of archival
documents. The results of this study may provide potential insights that lead to benefits
for investment professionals when marketing to and serving military members. In Section
3 of this study, I will present the results from the findings and offer a detailed explanation
of the evidence as it relates to the research question.
67
Section 3: Application to Professional Practice and Implications for Change
Introduction
Financial managers rely on marketing campaigns to increase profitability
(Schulaka, 2016), yet they financial managers are largely unsuccessful at empowering
U.S. households to use financial planning services (Winchester & Huston, 2015).
Broadly, financial managers lack strategies to market investment services to increase
their profitability, and specifically, they lack strategies to market these investment
services to retiring military personnel. The purpose of this qualitative, multiple case study
was to explore what marketing strategies financial managers of financial management
branch offices use to market their investment services to retiring military personnel. As
such, I developed the following research question to address this problem and purpose:
What marketing strategies do financial managers of financial management branch offices
use to market their investment services to retiring military personnel?
Presentation of the Findings
The multiple case study included four cases, which were the four different
financial management branch offices under study. One financial manager represented the
financial management branch in all cases except one case, which comprised two
managers. Financial Manager 1 represented Case 1, Financial Manager 2 represented
Case 2, Financial Managers 3 and 5 represented Case 3, and Financial Manager 4
represented Case 4.
68
Case Profiles
Case 1. Case 1 is that of a general brokerage firm which offers investment
advisory services. These include retirement accounts and general brokerage accounts.
Financial planners at this firm assist clients with estate planning services as well. Other
financial services this firm offers are stocks and bonds, mutual funds, retirement
accounts, and fee-based investments.
Financial Manager 1 (FM1) stated that this firm holds product seminars for
current and prospective clients. FM1 has generated business relationships with product
vendors who provide educational seminars for clients, which help his clients stay
informed about their financial portfolios. FM1 does not actively market to obtain new
customers; rather, this participant relies on referrals from existing clientele.
Case 2. Financial Manager 2 (FM2) works with a firm providing a full range of
investment services. FM2 described these services as including retirement plan
management, annuities, individual brokerage account management, and mutual funds.
This firm also provides tax assistance for clients.
FM2 said the firm does not do a lot of marketing. Instead, financial managers at
the firm rely on word-of-mouth and referrals. FM2 shared the example of relying on
referrals through a professional organization FM2 is involved with to bring in new
clientele. In addition, this firm does not actively market to military retirees.
Case 3. Financial Managers 2 and 3 (FM2 and FM3, respectively) work for a full-
service brokerage firm. FM2 said it would be easier to describe the services the firm does
not provide than the services the firm does provide. This firm also provides insurance
69
coverage, though this does not include property or casualty insurance. FM3 said the firm
provides services from wealth management to catastrophic risk planning.
Though this firm runs some national-level marketing campaigns, the firm does not
do targeted local marketing, nor do FM2 and FM3. FM2 shared that in addition to
national campaigns, the firm uses social media for marketing. FM3 does not do targeted
marketing either, relying instead on new business generated through referrals.
Case 4. Financial Manager 4 (FM4) works at a mutual fund company. FM4
describes this as the company’s “bread and butter.” The firm manages and sells mutual
fund products to individuals and institutions. FM4 works specifically with clients in 401k
plans.
The firm at which FM4 works uses social media and national-level marketing, but
nothing targeted for local audiences. However, the firm does provide local educational
events, like workshops and seminars. These are for existing and new clients to increase
their financial education and awareness.
Thematic Findings
Five interview questions yielded responses from the participants to address the
research question, which asked: What marketing strategies do financial managers of
financial management branch offices use to market their investment services to retiring
military personnel? The following interview questions asked about financial manager
participants’ strategies to target their marketing to retiring military personnel, the services
their firms offer to retiring military personnel, and the successes and challenges these
participants had when marketing to this population. The additional five interview
70
questions provided background information about the firms and those firms’ customer
bases more generally, which are discussed in the case profiles in this section.
Table 1
Participants' Responses to Interview Question 3 (IQ3)
IQ3: What investment services have been specialized for military personnel retiring from
active duty?
FM1
We don’t typically market that much to active military personnel… their
circumstances make them that attractive of a demographic to go after right
now…We do, however, actively go after people that tend to be retired military
who…are working in private or public sectors and who have additional means of
income on top of their military pension. Their income is greater, and their
funding usually company-sponsored or employer-sponsored retirement plans by
that point anyway, so their head is more in the game.
FM2
So, I really don’t have, a basis for saying that we market to them specifically. We
have a lot of our clients who had careers in the military who maybe need some
help with a part of their investment plan. Because they’re already receiving a
retirement account from the military. For the most part, they might have, let’s
say, a rollover, a 401k or some other type of retirement account…they don’t look
for us to be their primary source for financial information.
FM3
For a number of years, I was invited on post to something they called the
transition program (TAP) transition assistance program…As I understand it, it
was mandatory for people separating from active duty. But it covered a lot more
than finances…there was a point in which the Navy took it over, and I think it
was because they had some concerns that if people like myself were doing it, that
would be our back door to getting at the service members.
FM4
So, I talk to a lot of former military, retired military individuals, but…So I’m not
talking to people who have just retired from the military. [My company] doesn’t
really have anything specialized for retired military.
FM5
I’d say, first, there’s no specific product or retirement type of program.
Participants’ responses to IQ3, as Table 1 highlights, revealed that participants
and their firms were not specializing investment services for military personnel retiring
from active duty. FM1 stated this was because those personnel detaching from the
military are not, “that attractive of a demographic to go after right now.” FM1 felt that
while those retiring military personnel had their military pensions, they did not have
71
means or income on top of that pension requiring management by a firm. Without these
means, retiring military personnel were not a desirable group to target with specialized
products because they would not bring money in for the firm. While participants did
provide financial services to retired military, more commonly those services were for
those military personnel long since retired from the military who had careers after their
military service. When those individuals were ready to retire, they might use a financial
management firm to assist with their financial planning. FM2 and FM4 stated they had
plenty of clients who were retired from the military but had other careers after they
retired from the military and now required assistance managing those financial assets.
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Table 2
Participants' Responses to Interview Question 5 (IQ5)
IQ5: What approaches have been most useful in accessing military personnel investment
needs?
FM1
It’s not so much military personnel investment needs…it’s hard to work with
people about investments until they have the assets to invest…That’s when they
come to talk to people like me… I don’t know that they really need our help as
much until they are not completed covered by that defined benefit plan.
FM2
Like I said, you know, we don’t actively go after just military people…I hear
them talk about their three-legged stool. They are going to get a retirement from
the government…social security…get social security and they are going to have
a retirement account with their new employer. So, that’s already a three-legged
stool, and then maybe we come tie into that with…that piece of their retirement,
but we don’t take the whole picture, we just take a small piece of it.
FM3
To reach people in the military with all these restrictions, the best way now is
word of mouth.
FM4
I don’t know that we’ve found that retired military are incredibly different than
your standard, I guess, client retiring from Apple, or IBM…We want to get to
know the individual, we want to understand their situation, their needs…Tailor a
solution to the individual and not, I guess, lump all retired military into one kind
of strategy.
FM5
I know that the Forces part of our regional recruiting efforts, they were to be
available at…those military recruiting functions…transition events…And we
would come in and, you know, either have a booth to provide further education
and information…So, that would be the only thing that I know that is a targeted
type of strategy for trying to recruit, or at least share, the opportunity with other,
you know, military that was in transition or about to retire.
Table 2 presents selected key words and phrases within participants’ responses to
IQ5. FM5 used opportunities like military transition events to bring awareness of their
firms and their firms’ services to retiring military. FM5 described how the firm attended
these transition events as a means to provide retiring military with financial education
and information about the services the firm provided. Other participants did not describe
any differences in the approaches to accessing retiring military personnel’s investment
needs as opposed to other private-sector or civilian investment needs. Due to restrictions
73
imposed on financial firms and managers vis-à-vis accessing military personnel, targeted
marketing strategies were difficult to work around and posed challenges to access. In
these situations, FM3 described using referrals to accessing military personnel investment
needs. Others simply stated, as FM4 did, that those needs were no different than other
retirees’ needs.
74
Table 3
Participants' Responses to Interview Question 6 (IQ6)
IQ6 What strategies do you use to market your investment services to retiring military
personnel?
FM1
Largely through referrals…it’s not a question of me actively doing
seminars…where I’m saying to all the active military down there that you need to
come talk to me after you’re retired…these people are re-starting their careers in
the private or public sector…and usually beginning a long-term investment
portfolio is typically not high on their list because they are already getting military
pensions.
FM2
Our marketing strategy is just word of mouth and personal contact. It’s not there,
there is no direct marketing to the military personnel. We do not do any direct
marketing like that.
FM3
I think that probably the fact that we are doing national advertising now and I
think it is very well structured and very effective…but I have no way of
measuring how much of that is successful within the military demographic versus
just the population at large.
FM4
The most localized kind of strategies that we use are seminars that are designed
for retired individuals…I think that’s as specific as I can get in my function,
where I’m not really working with those individuals.
FM5
Strategy was really being available…knowing which of those events are being
held. Going out and making sure that we have advisors there to explain or be a
resource to anyone who has questions for us.
When asked about the strategies participants used to market investment services
to retiring military personnel in IQ6, participants responded that they did not employ
these strategies to market investment services specifically to this population. While FM4
and FM5 took advantage of educational seminars to bring awareness of financial
investment services to retirees, these were not geared specifically toward retiring military
personnel. FM1 did not believe actively marketing to this population was beneficial to
retiring military personnel because investments were often not high on their list of
priorities at the time of retirement. FM2 and FM3 both spoke about marketing strategies
more broadly, like using referrals and contacts or national-level advertising. However, as
75
FM3 pointed out, there was no way to measure how effective those marketing campaigns
were within the military demographic because those campaigns were not targeting
retiring military personnel.
Table 4
Participants' Responses to Interview Question 7 (IQ7)
IQ7: What challenges have you experienced in marketing your investment services to
military clients?
FM1
I never took the tact myself to actively go after either active and or recently retired
military because of the fact that I find that generally the asset pools just aren’t that
large.
FM2
The biggest challenge for me…as a small financial provider, is that there are lots
of large, there are the full-time investment advisors, which I am not…that really
market more heavily because that is the only way they make their living is by
providing financial services.
FM3
Base access was one of the challenges. I think the other challenge is going through
the chain of command to have permission to come on base…so there is a certain
bureaucratic thing.
FM4
The biggest challenge that I’ve come across, with military, retired military, when
it comes to marketing and getting a buy-in to a strategy we recommend is…they
feel very well taken care of with their pension and retirement benefits they get
from the government because of their military service…helping them see a need
for maybe additional support and help from [my company] is sometimes a little bit
difficult.
FM5
There are some things with the military and retirement that I didn’t, I know that it
is very kind of specific to the military, and there are certain firms that might have
a little bit more information on how their retirement benefits work.
In response to IQ7, participants discussed the challenges to marketing investment
services to military clients, as summarized in Table 4. The responses to this question
varied, from structural limitations related to access, to the lack of desirability, either for
clients or for financial managers. For FM1, the challenge was simply that this
demographic was not profitable nor desirable and, therefore, not a priority for marketing
campaigns. Similarly, retiring military personnel are provided with pensions and benefits
76
from the government that they are happy with, so FM4 found convincing this population
of a need for a firm’s investment services was a challenge. FM2 described competing
with other, larger investment firms when marketing, and so they did not actively pursue
marketing toward retiring military personnel. When the government removed base access
from financial managers, this presented a barrier to simply access this population, as FM3
noted.
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Table 5
Participants' Responses to Interview Question 8 (IQ8)
IQ8: What information would you like to provide related to marketing strategies financial
managers of financial management branch offices use to market their investment services
to retiring military personnel that we do not already or have not already covered in this
interview?
FM1
Maybe this is something that the military already does, is for people that are
getting set to retire, they hold sessions, meetings, instructional seminars, or
something. You know, you are heading back into the private sector these are
things you should start thinking about…They have been involved in a unique
occupation for a goodly number of years now and, as they come back, as they
transition back to civilian occupations, I think that’s where people like I can help
people.
FM2
I really think that they deserve that kind of selection, products across the
spectrum... that’s what independent financial advisors are really supposed to
do…In this area I’m not seeing that the people that I talk to that are retired
military are not getting what they need when it comes to an understanding of
how they should handle their finances or how they should handle their
investments.
FM3
I think the thing that could be of benefit, a partnership, if you will, between [my
company] and all the branches of the service…there is an office near
you…offices, put your hand up if you want to be a participating location, we’ll
let the military know and you can service them by providing classes…”
FM4
I think the most effective thing that we can do is making specific efforts to
engage those people…trying to engage those people through seminars
specifically designed for retired military…tailoring the approach for those
individuals.
FM5
When you’re trying to solve more, you know, goals or items of importance to
military families and understanding that culture…once they leave the military.
Or challenges that they have when in the military. I think that just that
information sharing with other advisors that are encountering or trying to, you
know, bring on that type of client. That is helpful from the financial advisors in
terms of serving, you know, those military individuals.
In response to IQ8, participants reflected on the ways financial investment firms
could do a better job actively marketing toward retiring military personnel, as Table 5
shows. Participants believed there were two ways to do this, both through targeting
specifically to the unique individual needs of retiring military personnel and through
78
providing education and training to this population. FM1, FM3, and FM5 would like to
see their firms provide more educational opportunities to retiring military personnel who
are transitioning to civilian life. Whether these retirees need those investment services at
the time of transition seemed to be less important than that these individuals would need
to know about investment services and financial management at some point in the future.
FM2 and FM4 both advocated for tailored approaches to financial management for
retiring military personnel. FM2 said that these personnel deserved to be aware of the full
spectrum of products and services available to them, and FM4 believed that this was
important as well to tailor the right financial package to the client.
Applications to Professional Practice
Four case profiles identified from the data represented four branch offices. The
five financial managers I interviewed revealed that participants and their firms were not
specializing in investment services for military personnel retiring from active duty.
Financial managers implementing future marketing strategies to help retirees can help
with business sustainability if the focus is on sustainable retirement where consumers can
reach their desired goals.
The financial managers who were the participants in this study described their
marketing strategies as being geared towards word of mouth and through referrals in
reaching more clients. The collaborations with other professionals through personal
appearances throughout the community provide marketing strategies opportunities to
achieve a variety of clients. All consumers should plan for retirement. However, financial
79
managers should present the necessary financial literacy tools and understand the diverse
cultures around them to have successful growth.
Participants’ marketing strategies and the processes of implementing a clear
understanding of the strategy needed may allow managers the necessary tools to evaluate
and identify key investment opportunities for continued future success. To facilitate the
growth and development for sustained success; managers may consider the advantages of
a marketing strategy in addressing key diversification strategy in addressing key decision
making for continuity. Additionally, a yearly performance analysis framework may allow
managers to measure the effectiveness of an effective marketing strategy for financial
growth strategies.
Effective marketing strategies are a necessity for business growth and
sustainability. Financial managers rely on a referral system to gain new customers.
Hosting events within the local community through community involvement shows the
community financial managers care by participating in community and other activities,
such as fundraisers and charitable events. Additionally, financial managers acting in the
role of advisor in supplying the necessary tools to their prospective clients can help
increase financial literacy. Improving financial literacy provides a better trust
relationship, and builds the confidence level of consumers who need financial services.
Finally, financial managers must take the steps necessary for improving the
overall growth of developing strategies that promote business progress. Being aware of
the operational processes needed to identify supporting strategies paves the way for
managers to take advantage of existing and untapped markets of the organization’s
80
financial position for continued success. Financial managers, planners, and advisors must
strategize to ensure clients are aware of their options, such as potential yields and losses,
interest rate and risks, and investments.
Implications for Social Change
Financial managers marketing to retired service members can benefit the entire
military/local community. The implications for social change could help business leaders
devise and implement educational marketing tools designed for retired service members.
Because financial investment managers are not marketing opportunities to military
personnel leaving the military, service members often remain unaware of the potential
benefits of long-term financial planning. Consequently, full-time military personnel do
not have the chance to participate fully in future investment opportunities and investment
advisors are missing significant business opportunities to serve clients in need of
financial assistance. Also, a majority of the civilian population fails to plan for retirement
due to lack of information, and the costs associated with retirement savings patterns
(Lusardi & Mitchell, 2014).
Financial managers are missing a significant marketing opportunity to the over
8,000 service personnel who retire from military service each year (Kamarck, 2016) and
are losing considerable revenue by marketing their business services to military members
leaving military service. The data from this study may contribute to positive social
change by uncovering challenges in obtaining additional financial planning advice to
assist service members’ decisions in financial planning.
81
Recommendations for Action
The purpose of this qualitative multiple case study was about marketing strategies
financial managers of financial management branch offices use to successfully market
their financial services to retiring military personnel. The participants in this study
included five financial managers with branch offices in the Northeastern United States
and surrounding geographical areas. Financial managers should understand the
communities and culture they reside to reflect the investment planning of their client
needs. The primary limitation was retiring military personnel were not seen as a desirable
population to target because they had little in the way of assets necessitating financial
management and investment services. Additionally, accessing and understanding the
client's needs was through word of mouth and referrals to sustain the business.
Financial managers should understand their market to gain referrals or develop a
strategy to generate a broader client base. The financial markets as a whole are positioned
to attract clients from every sector of business down to the individual client. The primary
goal of the industry is to sustain and grow the business based on the services offered by
the organization. Also, the use of social media, national-level marketing, and local-level
marketing was virtually non-existent. Also, if the business used national-level marketing
and local-level marketing to attract customers, but nothing directed at retiring military
personnel they would miss the opportunity for potential clients.
Financial managers at every stage of investment/financial planning should
consider this research as a way of understanding the effectiveness of marketing strategies.
Financial managers should recognize the market through social media, and the impact of
82
implementing new policies through advanced research. Also, financial managers could
post financial literacy information through social media avenues to gain an advantage in
the market. Consumers seeking financial services can access financial managers
businesses displayed through social media. Therefore, I recommend implementing
changes via literature, conferences, and training to maintain business sustainability
including advantages in technology.
Recommendations for Further Research
The focus of this qualitative case study was about financial managers’ successful
marketing strategies for retired military personnel. The participants in this study included
five financial managers with branch offices in the Northeastern United States and
surrounding geographical areas. The financial managers in this research each had 4-20
years of experience. The primary limitation of the study was a few relevant strategies
implemented by financial managers of building a strong referral system and customizing
presentations based on the cultural needs of the surrounding communities. Financial
managers who use effective marketing strategies should gain enough customers for
sustainable business clients.
I recommend financial managers develop marketing strategies to target retired
military as well as active duty military as a strategy. Strategies used for marketing to the
retired military community are an advantage in understanding military culture to bridge
the financial gap. Another approach would be to set up a referral system for the retiring
military personnel demographic. At a minimum, the referral system should be targeted on
education about financial management, if not aimed directly on investment services.
83
Finally, I recommend a study measuring the educational relationship between the
successes of financial managers with diversified clientele to include the active military. I
achieved data saturation after interviewing four participants in this study. Data
saturation occurred when no additional information emerged while questioning new
participants. The challenge to financial managers was retirees as a demographic were not
profitable nor desirable and, therefore, not a priority for marketing campaigns.
Similarly, retiring military personnel are provided with pensions and benefits from the
government that they appear to be happy with. Therefore, financial managers are not
seeking to expand their client base to the military. Participants suggested how firms
might provide such educational opportunities in conjunction with other business partners
at transition events for retiring military personnel.
Reflections
Reflecting on the research process and interviews with local financial advisors
and understanding the inadequacies associated with the requirements for retired military
members, which I left the research feeling a relationship between the military and
financial managers have been severed. This is disappointing since these financial
managers have the resources to help active and retired military members both active and
retired. My original intention for the research was trying to understand if there was a
marketing campaign to deal with military members. During the interviews, I did not find
any marketing campaigns that would specifically address military members to assist their
needs as retiring military members, because typically they are not viewed as an attractive
demographic to financial managers.
84
As a military retiree, I have seen firsthand the lack of financial management
assistance geared towards those retiring from active military service. Experiencing this
gap brought me a stronger drive to determine if others would have been through it as
well. One of the goals of this study was to improve the financial stability of those that
have risked their lives for the United States of America. By identifying that there is not a
financial marketing strategy, there is the possibility that in the future a marketing will
benefit business and clients.
The military’s 20-year retirement process has changed putting more emphasis on
military members to take ownership of their future investment strategy needs. The
military has been shifting the retirement plans from having the military take care of
retirement savings to having the individual members take on personal ownership of their
retirement. This is occurring without the education or knowledge being given for military
members to be set up for financial retirement success.
Conclusion
In response to the research question, What marketing strategies do financial
managers of financial management branch offices use to market their investment services
to retiring military personnel?, what appeared to be a simple answer became more
complex when examining the data. Across all five cases, firms and their financial
managers do not use marketing strategies to market their investment services to retiring
military personnel. However, the reasons for not doing so varied by case. In Case 1,
retiring military personnel were not seen as a desirable population to target because they
had little in the way of assets necessitating financial management and investment
85
services. In Case 2, the firm relied on word-of-mouth referrals to generate business rather
than relying on any kind of targeted marketing toward specific populations, retiring
military personnel or otherwise. Case 3 exhibited a similar reliance on referrals and
business connections to generate business. While the firm in Case 3 did make use of
social media and national-level marketing, local-level marketing was virtually non-
existent. In Case 4 the firm also used national-level marketing to attract customers, but
nothing was directed at retiring military personnel.
In Case 1, FM1 was the only participant who openly stated that retiring military
personnel were an undesirable population to target, while the other participants were less
clear. Perhaps because this research study took place near a large military base, some
participants felt that retiring military personnel created a demographic that should, at a
minimum, be targeted for education about financial management, if not targeted directly
for investment services. Participants suggested how firms might provide such educational
opportunities in conjunction with other business partners at transition events for retiring
military personnel.
86
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