Gender differences in financial advice

Arbeitspapier

We show that financial advisors recommend more costly products to female clients, based on minutes from about 27,000 real-world advisory meetings and client portfolio data. Funds recom-mended to women have higher expense ratios controlling for risk, and women less often receive rebates on upfront fees for any given fund. We develop a model relating these findings to client stereotyping, and empirically verify an additional prediction: Women (but not men) with higher financial aptitude reject recommendations more frequently. Women state a preference for delegat-ing financial decisions, but appear unaware of associated higher costs. Evidence of stereotyping is stronger for male advisors.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECONtribute Discussion Paper ; No. 095

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: credence goods ; financial aptitude ; consumer protection ; financial literacy ; discrimination

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bucher-Koenen, Tabea ; Hackethal, Andreas ; Koenen, Johannes ; Laudenbach, Christine
• Ereignis: Veröffentlichung
• (wer): University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
• (wo): Bonn and Cologne
• (wann): 2021

Weitere Informationen

• Handle: http://hdl.handle.net/10419/237340
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ