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Investment Preferences and Risk Perception: Financial Agents versus Clients

Kling, Luisa ; König-Kersting, Christian ; Trautmann, Stefan T.

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We study three fundamental components of financial agency settings: Perception and communication of investment profiles, the interaction of agents’ and clients’ preferences, and the role of (non-)monetary incentives. The perception of investment profile terminology is very heterogeneous, resulting in substantial miscommunication between clients and agents. Financial agents show a high willingness to implement their clients’ preferred investment profiles independent of monetary incentives. Agents’ investments for their clients are biased by their own investment preferences.

Item Type: Working paper
Series Name: Discussion Paper Series / University of Heidelberg, Department of Economics
Volume: 0674
Place of Publication: Heidelberg
Date Deposited: 20 Nov 2019 09:39
Date: November 2019
Number of Pages: 33
Faculties / Institutes: The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics
Subjects: 330 Economics
Uncontrolled Keywords: decisions under risk, decisions of agents, risk perception, financial advice
Schriftenreihe ID: Discussion Paper Series / University of Heidelberg, Department of Economics
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