Measuring Factors That Influence Customers' Selection on Wealth Management Services in Taiwan

Abstract

The aim of this study is to investigate the key factors that influence customers' selection of wealth management (WM) services in Taiwan. We used a face-to-face interview to execute a two-stage questionnaire survey and employed an exploratory factor analysis (EFA) and a confirmatory factor analysis (CFA) to measure factors influencing customers' selection of WM services. The results of EFA suggest that factors consisting of brand image, perceived value, and financial consultants' service quality, might influence customers' selection of WM services. CFA results further provide evidence that those factors significantly account for customers' overall satisfaction. The moderating analysis result however reveals that married and single groups have different views on selecting a WM services. The single customers are more likely to rely on brand images in the choice of WM services, whereas the married customers are more likely to place the emphasis on consultants' service quality. This study provides a chance for WM service providers to understand the key factors that impact customer's selection decision, so providers can address those key factors in their marketing strategy. Therefore, they can compete in this intensive market in better shape. In sum, consultants' service quality is the basic requirement for customers while perceived value plays the important role for financial institutions to excel in the WM markets.