The Factors Influencing the Use of Financial Planners

Bomikazi ZEKA, Xolile Antoni, Jasmine Goliath, Riyaadh Lillah

Research output: Contribution to journalArticle

Abstract

Individuals need to seek professional financial advice to achieve their financial goals. However, some do not see the value of consulting financial planners, and show little intention to use financial planners. Furthermore, there is a lack of research explaining why these individuals do not make use of financial planners. This study aims, therefore, to investigate the factors that could possibly influence individuals' intentions to make use of a financial planner: awareness, perceived image, trust, and perceived rewards. To achieve this, a hypothesised model and hypotheses were developed and empirically tested. The results of the study indicated that there are significant relationships between perceived image and rewards, on the one hand, and intentions to use a financial planner, on the other. Thus financial planners must portray a positive image and deliver the perceived benefits of engaging in financial planning if individuals are to recognise the value in making use of their services.
Original languageEnglish
Pages (from-to)76-92
Number of pages17
JournalJournal of Economic and Financial Sciences
Volume9
Issue number1
Publication statusPublished - 2016
Externally publishedYes

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