Individual investors’ expectations vs. brokerage firms’ perceptions : a consistency analysis in the context of client relationship management

Abstract

PURPOSE: The objective of this article is to examine the degree of alignment between the expectations of individual investors and how these expectations are perceived by brokerage firm employees, as well as to identify key perception gaps that influence the quality of relationships, communication, and investment decisions.

APPROACH/METHODOLOGY/DESIGN: The study adopts a qualitative approach, based on indepth interviews with eleven participants — six individual clients and five employees of brokerage firms in Poland. Data analysis was conducted using thematic coding and triangulation of categories from both perspectives. The aim was to compare the experiences and expectations of both groups in the context of using brokerage services.

FINDINGS: The findings revealed both areas of convergence (e.g. the importance of technology, low entry costs, and the integration of banking and investment services) and divergence (e.g. timing of educational support, risk assessment, brand significance, and the role of the advisor). Clients emphasised functionality, simplicity, and autonomy, while employees more frequently highlighted brand image and the role of personalised advisory services.

PRACTICAL IMPLICATIONS: This article contributes to the literature on financial services by offering an integrated view of perceptual alignment and dissonance in client–institution relationships. It presents empirical evidence of persistent cognitive gaps and formulates three practical recommendations concerning service integration, the design of investment education, and fee structure.

ORIGINALITY/VALUE: The study provides a novel approach to analysing relationship quality in the retail investment sector, emphasising the importance of perceptual alignment in enhancing client engagement and institutional effectiveness.