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Risk Preference Elicitation and Financial Advice Taking

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Streich, David:
Risk Preference Elicitation and Financial Advice Taking.
In: The journal of behavioral finance : a publication of the Institute of Behavioral Finance. 24 (2021) 3. - S. 259-275.
ISSN 1542-7560 ; 1542-7579

Volltext

Volltext Link zum Volltext (externe URL):
https://doi.org/10.1080/15427560.2021.1974444

Kurzfassung/Abstract

Financial advisors rely on accurate measures of investor risk preferences. This study compares different risk elicitation methods (REMs) in terms of their perceived suitability and impact on financial advice taking. The results suggest that the perceived suitability of the suggested risk profile strongly predicts delegation to an advisory tool. REMs differ in terms of their perceived process similarity with the investor, which positively affects suitability (and thus, delegation) directly and through its positive effect on source credibility. Differences were also found with regards to the perceived complexity of the risk profiling task, which is positively related to suitability. In summary, the findings imply that applying suitable REMs matters not only because it avoids misrepresentation of an investor’s true risk preferences, but because it directly affects the propensity to delegate financial decision-making.

Weitere Angaben

Publikationsform:Artikel
Schlagwörter:Financial advice; robo-advisory; advice taking; risk preference elicitation
Sprache des Eintrags:Englisch
Institutionen der Universität:Wirtschaftswissenschaftliche Fakultät > Betriebswirtschaftslehre > Juniorprofessur für Digital Finance
DOI / URN / ID:10.1080/15427560.2021.1974444
Open Access: Freie Zugänglichkeit des Volltexts?:Nein
Peer-Review-Journal:Ja
Verlag:Taylor & Francis
Die Zeitschrift ist nachgewiesen in:
Titel an der KU entstanden:Nein
KU.edoc-ID:32016
Eingestellt am: 20. Apr 2023 08:52
Letzte Änderung: 09. Jul 2024 10:02
URL zu dieser Anzeige: https://edoc.ku.de/id/eprint/32016/
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