From knowledge to investment: financial literacy´s impact on client acquisition in wealth management services

• Ano de defesa: 2024
• Autor(a) principal: Barboza, Rafaella Predebon Pereira
• Orientador(a): Alejandro, Thomas Brashear
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Palavras-chave em Português: Educação financeira; Gestão de patrimônio; Aquisição de clientes; Consultores financeiros
• Palavras-chave em Inglês: Financial literacy; Wealth management services; Client acquisition; Financial advisors
• Link de acesso: https://hdl.handle.net/10438/35651

This thesis explores the impact of financial literacy on prospective clients' decisions to engage in wealth management services and identifies strategies for wealth management firms to attract clients. The study addresses how a lack of financial literacy creates challenges for advisors and firms, influencing client acquisition. A quantitative research approach was employed, involving two questionnaires: one administered to a general American population via Google Forms, and the other to financial advisors. Pearson’s correlation test revealed a significant positive association between financial literacy and engagement in wealth management services, indicating that higher financial literacy correlates with greater involvement in these services. Results highlight the importance of financial literacy in empowering individuals to manage financial tasks and make informed decisions about their financial futures. Advisors reported that clients' low financial literacy and reliance on heuristics, such as the availability and representativeness heuristics, often hinder effective financial decision-making. Conversely, financially literate individuals tend to make more informed choices, manage budgets efficiently, and address debt proactively. These findings emphasize the need for wealth management firms to implement educational strategies that enhance clients' financial literacy, ultimately improving client acquisition and engagement in wealth management services.