Figure 1.
Figure 2.
Client Demographic Data
| Demographic Characteristics | N or M | % or SD | |
|---|---|---|---|
| Age | 52.02 | 16.65 | |
| Gender | Female | 304 | 48.64% |
| Male | 321 | 51.36% | |
| Education | High School or Less | 95 | 15.15% |
| Some College or Diploma | 231 | 36.84% | |
| Bachelor’s Degree | 218 | 34.77% | |
| Graduate Degree | 83 | 13.24% | |
| Marital Status | Married | 352 | 56.05% |
| Single | 146 | 23.25% | |
| Cohabitating | 54 | 8.60% | |
| Divorced/Separated | 46 | 7.32% | |
| Widowed | 30 | 4.78% | |
| Race / Ethnicity | White, Non-Hispanic | 466 | 71.25% |
| Asian* | 122 | 19.49% | |
| Black/Other | 58 | 9.27% | |
| Household Income | $0 – $50,000 | 127 | 20.26% |
| $50,000 – $99,999 | 213 | 33.97% | |
| $100,000 – $149,999 | 173 | 27.59% | |
| $150,000 – $249,999 | 81 | 12.92% | |
| $250,000 – $499,999 | 33 | 5.26% | |
| Subjective Financial Knowledge | 4.83 | 1.11 | |
| Years with Financial Planner | 8.56 | 7.98 | |
| Financial Planner Designation | No designation | 25 | 8.15 |
| CFP® | 194 | 63.19% | |
| Other | 88 | 28.66% | |
| Services Financial Planner Provides** | Budgeting/Cash Management | 122 | 19.27% |
| Retirement | 347 | 54.82% | |
| Tax | 232 | 36.65% | |
| Investment | 417 | 65.88% | |
| Insurance | 136 | 21.48% | |
| Estate | 154 | 24.33% |
Descriptive statistics_
| Question | N or M | % or SD | Minimum | Maximum |
|---|---|---|---|---|
| Client Trust Scale | ||||
| I have confidence in my financial planner’s recommendations | 4.26 | 0.83 | 1 | 5 |
| I have confidence in my financial planner’s integrity | 4.34 | 0.86 | 1 | 5 |
| I have confidence in my financial planner’s financial skills and expertise | 4.34 | 0.88 | 1 | 5 |
| I can rely on my financial planner to follow through on their commitments | 4.36 | 0.89 | 1 | 5 |
| I trust my financial planner to act in my best interests | 4.34 | 0.82 | 1 | 5 |
| Perceived ease of use (PEU) scale (Strongly disagree to Agree) | ||||
| My interaction with video conferencing is clear and understandable | 3.81 | 1.11 | 1 | 5 |
| I find it easy to get video conferencing to do what I want it to do. | 3.62 | 1.18 | 1 | 5 |
| I find video conferencing easy to use. | 3.75 | 1.16 | 1 | 5 |
| Are you provided the choice of meeting with your planner virtually (using videoconferencing tools) or in-person? | ||||
| No | 193 | 31.03 | 0 | 1 |
| Yes, I am asked my preference for the first meeting with my planner | 258 | 41.48 | 0 | 1 |
| Yes, I can choose virtual or in-person for each meeting with my planner | 171 | 27.49 | 0 | 1 |
| Are you satisfied with the frequency with which your planner meets with you virtually? | ||||
| No | 63 | 10.13 | 0 | 1 |
| Yes | 559 | 89.87 | 0 | 1 |
| How often do you meet with your planner virtually (i.e., using videoconferencing tools)? | ||||
| At least once a year | 296 | 47.51 | 0 | 1 |
| Never | 327 | 52.49 | 0 | 1 |
| Financial Anxiety Scale (Never to Always) | ||||
| I feel anxious about my financial situation. | 1.36 | 1.09 | 0 | 4 |
| I have difficulty sleeping because of my financial situation | 0.82 | 1.02 | 0 | 4 |
| I have difficulty concentrating on my studies/or work because of my financial situation | 0.74 | 1.07 | 0 | 4 |
| I am irritable because of my financial situation | 0.88 | 1.09 | 0 | 4 |
| I have difficulty controlling my worries about my financial situation | 0.92 | 1.10 | 0 | 4 |
| My muscles feel tense because of worries about my financial situation | 0.69 | 1.03 | 0 | 4 |
| I feel fatigued because I worry about my financial situation | 0.81 | 1.10 | 0 | 4 |
Unstandardised, standardised, and significance levels for model in Figure 2 (standard errors in parentheses)_
| Parameter Estimate | B (SE B) | β (SE β) |
|---|---|---|
| Structural Model | ||
| PEU → Choice of meeting type | −.01 (.04) | −.02 (.06) |
| PEU → Frequency of virtual meetings | .34 (.10) | .27 (.07)*** |
| Choice of meeting type → Frequency of virtual meetings | .63 (.17) | .37 (.08)*** |
| Choice of meeting type → Client satisfaction | .12 (.11) | .08 (.07) |
| PEU → Trust | .22 (.05) | .27 (.05) *** |
| Frequency of virtual meetings → Trust | −.10 (.04) | −.15 (.06)** |
| Client satisfaction → Trust | .31 (.05) | .44 (.05) *** |
| Financial anxiety → Trust | −.32 (.05) | −.33 (.04)*** |
| Significant Controls | ||
| Age → Trust | .01 (.00) | .18 (.08)* |
| Education → Trust | −.12 (.05) | −.14 (.06)* |
| Budgeting → Trust | .23 (.08) | .13 (.05)** |
| Age → Financial Anxiety | −.02 (.01) | −.35 (.07)*** |
| Subjective Financial Knowledge → Financial Anxiety | −.11 (.04) | −.15 (.06)** |
| Budgeting → Financial Anxiety | .33 (.09) | .19 (.05)*** |
| Insurance → Financial Anxiety | .26 (.09) | .15 (.05)** |
| Income → PEU | .13 (.06) | .16 (.07)* |
| Retirement → PEU | .29 (.12) | .16 (.06)* |
| Estate → PEU | .33 (.14) | .17 (.07)* |
Standardised factor loadings for latent variables_
| Item | Cohabit |
|---|---|
| Client Trust | |
| Recommendations | .87 |
| Integrity | .89 |
| Skills and expertise | .88 |
| Follow-through | .83 |
| Best interests | .74 |
| Standardised Alpha | .94 |
| Perceived Ease of Use (PEU) | |
| Clear and understandable | .87 |
| Easy to do what they need to do | .91 |
| Easy to use | .86 |
| Standardised Alpha | .92 |
| Relationship Quality – Time 1 | |
| Stress | .75 |
| Sleep | .91 |
| Concentrate | .90 |
| Irritable | .92 |
| Worry | .87 |
| Tense | .87 |
| Fatigue | .86 |
| Standardised Alpha | .96 |