Original Research

The factors influencing the use of financial planners

Bomikazi Zeka, Jasmine Goliath, Xolile Antoni, Riyaadh Lillah
Journal of Economic and Financial Sciences | Vol 9, No 1 | a30 | DOI: https://doi.org/10.4102/jef.v9i1.30 | © 2017 Bomikazi Zeka, Jasmine Goliath, Xolile Antoni, Riyaadh Lillah | This work is licensed under CC Attribution 4.0
Submitted: 18 December 2017 | Published: 10 March 2016

About the author(s)

Bomikazi Zeka, Department of Business Management, Nelson Mandela Metropolitan University, South Africa
Jasmine Goliath, Department of Business Management, Nelson Mandela Metropolitan University, South Africa
Xolile Antoni, Department of Business Management, Nelson Mandela Metropolitan University, South Africa
Riyaadh Lillah, Department of Business Management, Nelson Mandela Metropolitan University, South Africa

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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.

Keywords

Financial planner; awareness; perceived image; trust; perceived rewards; intentions

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Crossref Citations

1. CFP® professionals’ perceptions of establishing client relationships in a South African context
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doi: 10.4102/jef.v16i1.889