Consumers' use of information intermediaries and the impact on their information search behavior in the financial market

An information intermediary is a human or a nonhuman party designed to assist consumers in information processing. The current study identifies factors determining the likelihood of using human information intermediaries and the effects of using information intermediaries on the amount and the pattern of overall information search. The proposed model is built based on a value-intention framework and tested in the context of financial investment decisions. The results indicate that a low level of perceived expertise in financial management, a large amount of total financial assets, and a high opportunity cost of time enhance the perceived value of information intemediaries, thus increasing the likelihood of using information intermediaries. We also find that the use of information intermediaries is positively associated with the overall extent of information search and influences the likelihood of using other information sources.