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The purpose of this paper is to document a gap between generation X and Y’s behavior toward decision making for hiring a professional financial planner in context of an emerging country.

This research is based on a public survey in Malaysia on the effect of five major contributing factors (namely, awareness, acceptability, affordability, accessibility and assurance) on the decision to hire a professional financial planner. The study further shed light into the difference among the influential factors among generation X and Y.

Although awareness, acceptability, affordability and assurance have demonstrated significant effect on decision making in general, their impact varies among different age groups. Results of moderation tests on the role of age suggest that for Gen X, the determinant factor is only their acceptability of the financial planning service. However, awareness, affordability, acceptability and assurance are critical factors for Gen Y respondents. In contrast to Gen Y, the Gen X respondents tend to have more awareness toward their needs for financial planning; they have gained enough experience to assess the credibility of the planner and test their assurance; and have higher earnings to afford the financial planners services.

Findings of this study are novel as it provide first hand picture from an emerging market in South-East Asia. Moreover, the study documents generation gap in financial decision making process.