An Investigation on Customers' Selection on Wealth Management Services: Evidence from Taiwan

Abstract

We use a face-to-face interview to execute a two-stage questionnaire survey and employ both exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) to measure factors influencing customers' selection of WM services. The results of EFA suggest three factors, which are brand image, perceived value, and financial consultants' service quality, can influence customers' selection of WM services. A second-order CFA suggests that brand image, perceived value, and financial consultants' service quality (three first-order factors) significantly, positively affect overall customers' satisfaction (a second-order factor). In addition, the moderating analysis result shows that married and single groups have slightly different views on selecting a WM provider. We believe that once service providers understand what are the key factors that impact customer’s selection decision, they can based on this study result to develop a set of marketing strategies which satisfied customers' needs and maximize its market shares.