Generational differences in perceptions of financial planners

Raminder Luther (), Linda Jane Coleman (), Mayuresh Kelkar () and Gregory Foudray
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Raminder Luther: Salem State University
Linda Jane Coleman: Salem State University
Mayuresh Kelkar: Salem State University
Gregory Foudray: Salem State University

Journal of Financial Services Marketing, 2018, vol. 23, issue 2, No 4, 112-127

Abstract: Abstract This study investigates the differences in adoption of and perceptions about financial planners among different age groups. Data from a survey of more than 300 people across generations were used to determine if decisions of hiring financial planners, or the types of services requested from financial planners, differed across different age cohorts. Although there are some similarities across generations about expectations of expertise, unselfishness, and trustworthiness of financial planners, there are differences in how financial planners are sought out, and the areas of advice desired by different generations. Millennials and Generation X have a higher preference for independent financial planners over affiliated planners, require more frequent communication with their planners, consider advice for risk management as important as retirement planning, and wish to remain more involved with their planners than the older cohorts.

Keywords: Financial planner; Generations; Marketing; Financial advice (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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DOI: 10.1057/s41264-018-0046-9

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