Empirical investigation into the multi‐faceted trust in the wealth management context

Purpose – The purpose of this paper is to study the many manifestations of trust in the wealth management context in Finland. This empirical paper examines and contrasts how trust is perceived by financial experts and consumers in wealth management in general, and in the investment context, in particular. Design/methodology/approach – Qualitative methods, focus group discussions and interviews were employed. Findings – Financial experts and consumers emphasised different facets of trust. The level of trust towards financial service providers and financial advisors, and the level of involvement in investing served to differentiate the consumers into four distinct groups. These are presented and discussed. Research limitations/implications – Although the methods utilised were purely qualitative and the study was limited to Finland, the results offer interesting and new scientific knowledge about perceived trust, and how it can be used in market segmentation and developing customer service. Practical implications – The four quadrant matrix can assist financial companies in building customer relationships and in improving customer service. Originality/value – Qualitative research provides insights into consumers' thoughts that are difficult to obtain with quantitative data gathering and analysis. In this study, consumers expressed their opinions and thoughts in their own words. Furthermore, the dyadic comparison of opinions of consumers with experts' views about consumers' motives and behaviour contributed to a deeper understanding of the relationship between consumers and financial service providers.