Independent financial advisors: open innovation and business performance

The purpose of this paper is to examine the behaviour of small independent financial advisors (IFAs) in terms of their involvement in networks and open innovation. A mail survey of small IFAs was undertaken utilising previously validated scales to assess business performance in relation to networking and open innovation. Results indicate that IFAs involvement in networks and open innovation can assist business performance. The managerial implications are that IFAs and other financial services organisation sector firms may be able to achieve higher sales growth by participating in networks and engaging in open innovation. This paper provides an original empirical assessment of possible strategies to enhance sales growth in small financial service sector firms facing volatile market conditions.