Change search
ReferencesLink to record
Permanent link

Direct link
Gender stereotyping in financial advisors assessment of customers
KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin. (Center for Banking and Finance)ORCID iD: 0000-0003-4394-4020
2012 (English)In: Journal of Financial Services Marketing, ISSN 1363-0539, Vol. 17, no 4, 259-272 p.Article in journal (Refereed) Published
Abstract [en]

This article presents the results of a comparison of male and female advisors assessment of their customers. The findings from the empirical material, consisting of 361 advisors answers to a questionnaire, show significant evidence that advisors assess their customers differently depending not only on customer gender, but also according to their own gender. The investigated variables are the advisors assessment of consumers perception of their own risk tolerance, customer satisfaction with the advisor, customer trust in the advisor, customer likelihood to follow the advice given and advisors ratings of customer financial literacy. Male advisors rated consumers answers higher than did their female colleagues for all variables, with the exception of advisors ratings of consumer financial literacy. Advisors and their employers in the financial services industry, as well as policymakers, should be aware of the possible association between advisor gender and potential gender stereotyping of clients.

Place, publisher, year, edition, pages
Palgrave Macmillan, 2012. Vol. 17, no 4, 259-272 p.
Keyword [en]
advisor, financial services, gendre, risk tolerance, overconfidence
National Category
Business Administration
URN: urn:nbn:se:kth:diva-111413DOI: 10.1057/fsm.2012.24ScopusID: 2-s2.0-84871456403OAI: diva2:586162

QC 20130116

Available from: 2013-01-16 Created: 2013-01-11 Last updated: 2013-01-18Bibliographically approved
In thesis
1. Financial Advisory Services: Exploring relationships between consumers and financial advisors
Open this publication in new window or tab >>Financial Advisory Services: Exploring relationships between consumers and financial advisors
2013 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The need for more knowledge about different aspects of financial advisory services has been highlighted by scholars of many disciplines, and calls for more in-depth studies of this practice have been put forward. The purpose of this thesis is to answer this call and, thereby, enhance knowledge about financial advisory services and the provision and receipt of advice occurring in a face-to-face encounter between a professional advisor and a consumer. The thesis consists of five papers in which different methodological and theoretical lenses are applied to the study of the practice. A mixed methods approach is applied to the object of study—financial advisory services. This approach entails using qualitative methods to analyze video-recorded interviews and quantitative methods to analyze survey data. The qualitative methods are used primarily to generate new constructs and ideas, whereas quantitative methods are used more to confirm and deepen the knowledge of constructs and relationships.

The findings show that there are important aspects of financial advisory services that have been previously neglected. The characteristics of both consumers and advisors, as tested from the aspect of gender, are shown to have importance for both consumer and advisor perceptions of different aspects of core elements of financial advisory services. Focusing on the micro-foundations of the relationship between customer and advisor in financial advisory services reveals the importance of mirroring for customers in perceiving a relationship. Two types of interactions that customers do not consider to be relationships are identified. Scholars have referred to occasions in which customers are too trusting as “the dark side of trust”, meaning that the customer becomes less actively involved in the relationship with increasing advisor trust.  Applying a concept borrowed from psychotherapy—working alliance—has opened up possibilities for further exploration of the inner workings of the financial advisory session. This thesis proposes and tests the concept of a working alliance as a way of enhancing theory and, thereby, the understanding of relationships between consumers and service providers.

The results of this thesis have implications for theory by contributing to the understanding of relationships. The implications for policymakers, the industry, and advisors and customers are many. Exploring the practice of financial advisory services lays the groundwork for discussions on, and elaborations of, regulations, educational programs, and hiring practices within the industry, as well as on financial literacy programs directed toward consumers.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2013. 114 p.
TRITA/KTH/CEFIN-DT, ISSN 1654-9376 ; 07
financial advice, conusmer finance, financial services, financial decisioin making, risk perception, relationship, working alliance
National Category
Business Administration
urn:nbn:se:kth:diva-116207 (URN)
Public defence
2013-01-25, D1, Lindstedtsvägen 17, KTH, Stockholm, 14:00 (Swedish)

QC 20130117

Available from: 2013-01-17 Created: 2013-01-16 Last updated: 2013-01-18Bibliographically approved

Open Access in DiVA

No full text

Other links

Publisher's full textScopus

Search in DiVA

By author/editor
Söderberg, Inga-Lill
By organisation
Centre for Banking and Finance, Cefin
In the same journal
Journal of Financial Services Marketing
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

Altmetric score

Total: 45 hits
ReferencesLink to record
Permanent link

Direct link