Dissertation
How can trust exist in the absence of time?: a quantitative study linking construal level theory and choice in financial services
Doctor of Business Administration (D.B.A.), Drexel University
Mar 2022
DOI:
https://doi.org/10.17918/00001378
Abstract
Financial advisors often struggle with the dichotomy of the time required to build a trusting relationship with prospects/clients and the time-pressured demands of corporate-imposed sales goals. If advisory firms can better understand how people leverage word-of-mouth recommendations, then there are widespread implications for business development and for hiring practices in the industry. In this study, we examine the role of word-of-mouth referrals through social networks, its impact on interpersonal trust, and ultimately, how that trust translates to the selection of a wealth services provider. Surveys collected from a broad sample of respondents, many of whom are in the high-net-worth space, show that a greater social distance (between recommender and recommendee) increased interpersonal trust in the recommender of the advisor and also increased the likelihood of behavioral intention to choose (and switch) an advisor. Potential takeaways for wealth management firms in view of those findings are discussed.
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Details
- Title
- How can trust exist in the absence of time?
- Creators
- Kevin McGarvey
- Contributors
- David Gefen (Advisor)
- Awarding Institution
- Drexel University
- Degree Awarded
- Doctor of Business Administration (D.B.A.)
- Publisher
- Drexel University; Philadelphia, Pennsylvania
- Number of pages
- 88 pages
- Resource Type
- Dissertation
- Language
- English
- Academic Unit
- Bennett S. LeBow College of Business; Drexel University
- Other Identifier
- 991017130275204721