Examining Anxiety as an Additional Antecedent to Trust and Commitment in Financial Planning

Ashlyn Rollins-Koons; Ives Machiz; Megan McCoy; Joanne Wu; Kenneth White

doi:10.2478/fprj-2026-0013

.blurhash-client-img { display: none !important; }

Examining Anxiety as an Additional Antecedent to Trust and Commitment in Financial Planning

Financial Planning Research Journal

Volume 13 (2027): Issue 1 (January 2027)

By: Ashlyn Rollins-Koons, Ives Machiz, Megan McCoy, Joanne Wu and Kenneth White

Open Access

|Sep 2026

Abstract

Drawing on Morgan and Hunt’s (1994) theory of trust and commitment, this study extends prior research by examining financial anxiety as an antecedent to trust and relationship commitment in client-planner relationships. Survey data from 430 financial planning clients were analyzed using path modeling. Results generally supported the trust and commitment framework within financial planning (χ²(3) = 11.310, p = .01; RMSEA = .08; CFI = .993; TLI = .970; SRMR = .014). Communication abilities (β = .14, p = .001) and the absence of opportunistic behavior (β = .10, p = .001) were positively associated with trust, while shared values were significantly associated with trust (β = .37, p < .001) and commitment (β = .20, p < .001). Trust was positively associated with relationship commitment (β = .35, p < .001). Extending the original framework, relationship benefits were positively associated with both trust (β = .27, p < .001) and commitment (β = .22, p < .001), indicating that perceived value may shape client-planner relationships more broadly than previously theorized. Notably, financial anxiety exhibited direct negative associations with both trust (β = −.17, p < .001) and commitment (β = −.12, p < .001), even after accounting for established relational antecedents. These findings suggest that clients’ psychological experiences play an important role in client-planner relationships and provide additional insight into the application of trust and commitment theory within financial planning contexts.

References

Alyousif, M & Kalenkoski, C 2017, ‘(Mis)trusting financial advisers’, SSRN Electronic Journal, pp. 1–69. https://doi.org/10.2139/ssrn.2955828.
Search in Google Scholar Back to article
American Psychiatric Association 2026, ‘Annual mental health poll finds Americans anxious about current events, personal finances and emerging technology,’ https://www.psychiatry.org:443/news-room/news-releases/2026-annual-mental-health-poll
Search in Google Scholar Back to article
Anderson, C, Sharpe, DL, McCoy, M & Lawson, D 2022, ‘Developing and maintaining client trust and commitment in a rapidly changing environment,’ Financial Planning Association, https://www.financialplanningassociation.org/sites/default/files/2022-02/Client_Comm_Trust_Chapter1_FIN.pdf.
Search in Google Scholar Back to article
Archuleta, KL, Dale, A & Spann, SM 2013, ‘College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety’, Journal of Financial Counseling and Planning, vol. 24, no. 2, pp. 50–62.
Search in Google Scholar Back to article
Britt, SL, Mendiola, MR, Schink, GH, Tibbetta, RH & Jones, SH 2016, ‘Financial stress, coping strategy, and academic achievement of college students’, Journal of Financial Counseling and Planning, vol. 27, no. 2, pp. 172–183. https://doi.org/10.1891/1052-3073.27.2.172.
Search in Google Scholar Back to article
Brown, JR, Crosno, JL & Tong, PY 2019, ‘Is the theory of trust and commitment in marketing relationships incomplete?’, Industrial Marketing Management, vol. 77, pp. 155–169, https://doi.org/10.1016/j.indmarman.2018.10.005.
Search in Google Scholar Back to article
Brüggen, EC, Hogreve, J, Holmlund, M, Kabadayi, S & Löfgren, M 2017, ‘Financial well-being: A conceptualization and research agenda’, Journal of Business Research, vol. 79, pp. 228–237, https://doi.org/10.1016/j.jbusres.2017.03.013.
Search in Google Scholar Back to article
Calcagno, R & Monticone, C 2015, ‘Financial literacy and the demand for financial advice’, Journal of Banking & Finance, vol. 50, pp. 363–380, https://doi.org/10.1016/j.jbankfin.2014.03.013
Search in Google Scholar Back to article
Cheng, Y, Browning, C & Gibson, P 2017, ‘The value of communication in the client-planner relationship’, Journal of Financial Planning, vol. 30, no. 8, pp. 36–44.
Search in Google Scholar Back to article
Cull, M & Sloan, T 2016, ‘Characteristics of trust in personal financial planning’, Financial Planning Research Journal, vol. 2, no. 1, pp. 12–35, doi:10.2478/fprj-2016-0001.
Open DOI Search in Google Scholar Back to article
Cummings, BF & James, RN III 2014, ‘Factors associated with getting and dropping financial advisors among older adults: Evidence from longitudinal data’, Journal of Financial Counseling and Planning, vol. 25, no. 2, pp. 129–147.
Search in Google Scholar Back to article
Dobson, D. J., & Dobson, K. S. 2018, ‘Avoidance in the clinic: Strategies to conceptualize and reduce avoidant thoughts, emotions, and behaviors with cognitive-behavioral therapy’. Practice Innovations, vol. 3, no. 1, pp. 32–34. https://doi.org/10.1037/pri0000061
Search in Google Scholar Back to article
Fulk, M, Watkins, K, Grable, J & Kruger, M 2018, ‘Who changes their financial planner?’, Journal of Financial Planning, vol. 31, no. 8, pp. 48–56.
Search in Google Scholar Back to article
Gerrans, P & Hershey, DA 2017, ‘Financial adviser anxiety, financial literacy, and financial advice seeking’, Journal of Consumer Affairs, vol. 51, no. 1, pp. 54–90, https://doi.org/10.1111/joca.12120.
Search in Google Scholar Back to article
Grable, JE, Archuleta, KL, Ford, MR, Kruger, M, Gale, J & Goetz, J 2020, ‘The moderating effect of generalized anxiety and financial knowledge on financial management behavior’, Contemporary Family Therapy, vol. 42, no. 1, pp. 15–24, https://doi.org/10.1007/s10591-019-09520-x.
Search in Google Scholar Back to article
Grable, JE & Britt, SL 2012, ‘Assessing client stress and why it matters to financial advisors’, Journal of Financial Service Professionals, vol. 66, no. 2, pp. 39–45.
Search in Google Scholar Back to article
Hair, JF Jr, Hult, GTM, Ringle, CM, Sarstedt, M, Danks, NP & Ray, S 2021, ‘An introduction to structural equation modeling’, in Partial least squares structural equation modeling (PLS-SEM) using R, Springer, Cham, https://doi.org/10.1007/978-3-030-80519-7_1.
Search in Google Scholar Back to article
Hanlon, R., Leher, P., Cohen, A., Miller, E., Hancock, M. & Mitchell, R. 2025, ‘Psychophysiological finance and intelligent wellness: A new financial planning practice model,’ Financial Services Review, 33(2), pp.1–14.
Search in Google Scholar Back to article
Hanna, SD & Lindamood, S 2010, ‘Quantifying the economic benefits of personal financial planning’, Financial Services Review, vol. 19, no. 2, pp. 111–127, https://doi.org/10.61190/fsr.v19i2.4968.
Search in Google Scholar Back to article
Hartnett, N 2010, ‘Trust and the financial planning relationship’, The Journal of the Securities Institute of Australia, no. 1, pp. 41–46.
Search in Google Scholar Back to article
Hashim, KF & Tan, FB 2015, ‘The mediating role of trust and commitment on members’ continuous knowledge sharing intention: A commitment-trust theory perspective’, International Journal of Information Management, vol. 35, no. 2, pp. 145–151, https://doi.org/10.1016/j.ijinfomgt.2014.11.001.
Search in Google Scholar Back to article
Hunt, KHM, Brimble, M & Freudenberg, B 2011, ‘Determinants of client-professional relationship quality in the financial planning setting’, Australasian Accounting Business and Finance Journal, vol. 5, no. 2, pp. 69–100, https://doi.org/10.2139/ssrn.1867907.
Search in Google Scholar Back to article
Kenny, D.A., Kaniskan, B. & McCoach, D.B. 2015, ‘The performance of RMSEA in models with small degrees of freedom,’ Sociological Methods & Research, vol. 44, no. 3, pp.486–507. https://doi.org/10.1177/0049124114543236
Search in Google Scholar Back to article
Kinsman, J., Rootman, C. and Antoni, X., 2023, ‘CFP® professionals’ perceptions of establishing client relationships in a South African context,’ Journal of Economic and Financial Sciences, vol. 16, no. 1, p.12.
Search in Google Scholar Back to article
Kline, RB 2016, Principles and practice of structural equation modeling, 4th edition, Guilford Press, New York.
Search in Google Scholar Back to article
Lerner, JS, Li, Y, Valdesolo, P & Kassam, KS 2015, ‘Emotion and decision making’, Annual Review of Psychology, vol. 66, pp. 799–823, https://doi.org/10.1146/annurev-psych-010213-115043
Search in Google Scholar Back to article
Lim, H, Heckman, SJ, Letkiewicz, JC & Montalto, CP 2014, ‘Financial stress, self-efficacy, and financial help-seeking behavior of college students’, Journal of Financial Counseling and Planning, vol. 25, no. 2, pp. 148–160.
Search in Google Scholar Back to article
Loewenstein, GF, Weber, EU, Hsee, CK & Welch, N 2001, ‘Risk as feelings’, Psychological Bulletin, vol. 127, no. 2, pp. 267–286, https://doi.org/10.1037/0033-2909.127.2.267
Search in Google Scholar Back to article
Lurtz, M 2020, ‘Distinguishing financial stress from anxiety and client communication strategies to help’, Kitces.com, https://www.kitces.com/blog/distinguish-financial-stress-from-anxiety-and-client-communication-strategies-to-help/.
Search in Google Scholar Back to article
Mayer, RC, Davis, JH & Schoorman, FD 1995, ‘An integrative model of organizational trust’, Academy of Management Review, vol. 20, no. 3, pp. 709–734, https://doi.org/10.2307/258792
Search in Google Scholar Back to article
McCoy, M, Machiz, I, Harris, J, Lynn, C, Lawson, D & Rollins-Koons, A 2022, ‘The science of building trust and commitment in financial planning: Using structural equation modeling to examine antecedents to trust and commitment’, Journal of Financial Planning, vol. 35, no. 12, pp. 68–89.
Search in Google Scholar Back to article
McCoy, M. & Rollins-Koons, A. 2025, ‘Building trust, commitment, and satisfaction through effective intersession communication: The moderating effect of financial anxiety,’ Journal of Financial Planning, vol. 38, no. 1, pp.82–96.
Search in Google Scholar Back to article
McCoy, M, Watkins, K, White, K, Kahler, R & Reiter, M 2024, ‘The importance of the “client” experience for financial planning students: A qualitative inquiry of themes’, Journal of Financial Counseling and Planning, vol. 35, no. 2, pp. 264–275, doi:10.1891/JFCP-2022-0077.
Open DOI Search in Google Scholar Back to article
Morgan, RM & Hunt, SD 1994, ‘The commitment-trust theory of relationship marketing’, Journal of Marketing, vol. 58, no. 3, pp. 20–38, https://doi.org/10.1177/002224299405800302.
Search in Google Scholar Back to article
Muthén, LK & Muthén, BO 1998–2024, Mplus user’s guide, 9th edition, Muthén & Muthén, Los Angeles, CA.
Search in Google Scholar Back to article
Netemeyer, RG, Warmath, D, Fernandes, D & Lynch, JG Jr 2018, ‘How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being’, Journal of Consumer Research, vol. 45, no. 1, pp. 68–89, https://doi.org/10.1093/jcr/ucx109
Search in Google Scholar Back to article
Pittman, CM & Karle, EM 2015, Rewire your anxious brain: How to use the neuroscience of fear to end anxiety, panic, and worry, New Harbinger Publications, Oakland, CA.
Search in Google Scholar Back to article
Porges, SW 2011, The polyvagal theory: Neurophysiological foundations of emotions, attachment, communication, and self-regulation, W. W. Norton & Company, New York.
Search in Google Scholar Back to article
Pullen, C & Rizkalla, L 2003, ‘Use of self in client relationships’, Journal of Financial Planning, vol. 16, pp. 36–37.
Search in Google Scholar Back to article
Rather, RA 2019, ‘Consequences of consumer engagement in service marketing: An empirical exploration’, Journal of Global Marketing, vol. 32, no. 2, pp. 116–135, https://doi.org/10.1080/08911762.2018.1454995.
Search in Google Scholar Back to article
Rollins-Koons, A., Lawson, D., McCoy, M., Wu, J., Anderson, J. & Ludwig, E 2024, ‘Exploring the relationships between virtual client meetings, financial anxiety, and trust in financial planning,’ Financial Planning Research Journal, vol. 10, no. 1, pp.1–21.
Search in Google Scholar Back to article
Rousseau, DM, Sitkin, SB, Burt, RS & Camerer, C 1998, ‘Not so different after all: A cross-discipline view of trust’, Academy of Management Review, vol. 23, no. 3, pp. 393–404, https://doi.org/10.2307/259285.
Search in Google Scholar Back to article
Sages, RA, Britt, SL & Cumbie, JA 2013, ‘The correlation between anxiety and money management’, College Student Journal, vol. 47, no. 1, pp. 1–11.
Search in Google Scholar Back to article
Shapiro, GK & Burchell, BJ 2012, ‘Measuring financial anxiety’, Journal of Neuroscience, Psychology, and Economics, vol. 5, no. 2, pp. 92–103, https://doi.org/10.1037/a0027647.
Search in Google Scholar Back to article
Sharpe, D, Anderson, C, White, A, Galvan, S & Siesta, M 2007, ‘Specific elements of communication that affect trust and commitment in the financial planning process’, Journal of Financial Counseling and Planning, vol. 18, no. 1, pp. 2–17.
Search in Google Scholar Back to article
Taber, KS 2018, ‘The use of Cronbach’s alpha when developing and reporting research instruments in science and education’, Research in Science Education, vol. 48, pp. 1273–1296, https://doi.org/10.1007/s11165-016-9602-2.
Search in Google Scholar Back to article
Warnock-Parkes, E., Wild, J., Thew, G. R., Kerr, A., Grey, N., Stott, R., ... & Clark, D. M 2020, ‘Treating social anxiety disorder remotely with cognitive therapy,’ The Cognitive Behaviour Therapist, 13.
Search in Google Scholar Back to article
Yeske, DB 2010, ‘Finding the planning in financial planning’, Journal of Financial Planning, vol. 23, no. 9, pp. 40–52.
Search in Google Scholar Back to article

Articles in this issue

DOI: https://doi.org/10.2478/fprj-2026-0013 | Journal eISSN: 2206-1355 | Journal ISSN: 2206-1347

Journal RSS Feed

Language: English

Published on: Sep 20, 2026

Published by: Financial Advice Association of Australia

In partnership with: Paradigm Publishing Services

Publication frequency: 2 issues per year

Keywords:

client-planner relationships,

financial anxiety,

financial planning,

relationship commitment,

theory of trust and commitment,

trust

Related subjects:

Business and economics,

Political economics,

Economic theory, systems and structures,

Business management,

Business management, other,

Industries,

Banks, financial service provider, insurers

© 2026 Ashlyn Rollins-Koons, Ives Machiz, Megan McCoy, Joanne Wu, Kenneth White, published by Financial Advice Association of Australia
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 13 (2027): Issue 1 (January 2027)