Abstract:
This study explores how employee job satisfaction among financial advisors is fostered
by financial advisor managers for the former’s retention in five Philippine financial service
firms. Guided by Herzberg et al.’s (1959) two-factor theory, this study created a conceptual
framework to present the perceived motivation and hygiene factors, retention strategies, and
retention of financial advisors in 2022 from the perspective of financial advisor managers. This
study used a qualitative descriptive research design through online in-depth interviews and
deductive thematic analysis to find the emergent themes in the retention strategies of five
Philippine financial service firms in NCR. Based on the findings, there are five perceived
motivation factors and five perceived hygiene factors influencing the job satisfaction of financial
advisors. Consequently, financial advisor managers utilized the five motivation retention
strategies rewards and recognition, opportunities for personal growth, opportunities for
advancement, responsibility, and engaging and meaningful work, and the five hygiene retention
strategies incentives, open and authentic communication, being an experienced leader,
supportive work environment, and work-life balance to increase their financial advisors’ job
satisfaction and retention. Among these strategies, open and authentic communication and
incentives were perceived to be the most effective strategies as they were able to retain more of
their financial advisors in 2022 compared to 2021. Overall, the findings affirmed that financial
advisor managers are able to successfully retain their financial advisors through retention
strategies that are based on their perceived motivation and hygiene factors that influence their
financial advisors’ job satisfaction.
