Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

3-2026

Abstract

Trust is key to wealth management decision-making; there is little empirical clarity on the relationships between different dimensions of trust and client behavior at each stage of the relationship. Previous works differentiated Cognitive trust, based on perceived competence, and Affective trust, based on relational and emotional connections. Nevertheless, the mechanisms under which these trust dimensions act during the pre- and post-account-opening phases have not yet been thoroughly studied. This research addresses this gap by exploring the stage-dependent influence of Cognitive and Affective trust on the central behavioral outcomes in wealth management.

The approach is a quantitative research based on a survey sample from 300 high-net-worth (HNW) clients with more than SGD2m investable assets. Regression, logistic regression, and confirmatory factor analysis are used to test theoretically based hypotheses and to examine trust as a dual-dimensional and unified construct. The behavioral outcomes examined are pre-account opening decisions and willingness to increase assets under management (AUM) post-account opening. There are clear stage-contingent trust dynamics evident from the findings.

This research concluded that trust in wealth management is dynamic and stage-dependent, whereby Cognitive trust is a gatekeeper to initial delegation of decisions, and Affective trust is a stabilizing and deepening mechanism in mature relationships.

Keywords

Trust, Cognitive, Affective, Behavioral, Wealth management

Degree Awarded

PhD in Business (General Management)

Discipline

Finance and Financial Management

Supervisor(s)

CHUA, Yong Joo

First Page

1

Last Page

218

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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