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Financial Advisor Decisions and Behavioral Biases.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial Advisor Decisions and Behavioral Biases./
Author:	Garduno, Jeremy C.
Description:	1 online resource (277 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-05, Section: B.
Contained By:	Dissertations Abstracts International84-05B.
Subject:	Behavioral sciences. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29392150click for full text (PQDT)
ISBN:	9798351442068

Financial Advisor Decisions and Behavioral Biases.
Garduno, Jeremy C.

Financial Advisor Decisions and Behavioral Biases. - 1 online resource (277 pages)

Source: Dissertations Abstracts International, Volume: 84-05, Section: B.

Thesis (D.B.A.)--California Baptist University, 2022.

Includes bibliographical references

Various studies have examined investor behavioral biases and the perceived value financial advisors provide to their clients. However, the academic literature examining behavioral biases among financial experts is scarce. This qualitative study focused on understanding what behavioral biases affect the portfolio manager and financial advisor decision process. The results of this study indicated that advisors are not immune to many of the same behavioral biases found in individual investors. The dominant biases found in this study supported past empirical findings on expert biases. Participants' responses from this research indicated that advisors' conformity and experiences led to advisor herding and overconfident behaviors. Data-driven results showed that advisor conformity could manifest into a moderate-risk bias. Moderate-risk bias is the advisor's tendency to classify investment allocation and client risk tolerance to a moderate-risk level. Another key finding was that advisor behavioral bias awareness aided the advisor's financial decision making process. The more advisors were aware of biases the more they could clearly articulate that bias to clients. Advisors' responses during interviews indicated that if they could effectively communicate and discuss that behavior with clients, they could adopt practical strategies to suppress behavioral biases and avoid predictable cognitive errors. Early adoption of bias suppression could have practical implications in understanding and explaining advisor value to clients.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798351442068Subjects--Topical Terms:

529833
Behavioral sciences.
Subjects--Index Terms:

Behavioral BiasesIndex Terms--Genre/Form:

542853
Electronic books.

Financial Advisor Decisions and Behavioral Biases.
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500 $a Source: Dissertations Abstracts International, Volume: 84-05, Section: B.
500 $a Advisor: Petersen, Henry L.
502 $a Thesis (D.B.A.)--California Baptist University, 2022.
504 $a Includes bibliographical references
520 $a Various studies have examined investor behavioral biases and the perceived value financial advisors provide to their clients. However, the academic literature examining behavioral biases among financial experts is scarce. This qualitative study focused on understanding what behavioral biases affect the portfolio manager and financial advisor decision process. The results of this study indicated that advisors are not immune to many of the same behavioral biases found in individual investors. The dominant biases found in this study supported past empirical findings on expert biases. Participants' responses from this research indicated that advisors' conformity and experiences led to advisor herding and overconfident behaviors. Data-driven results showed that advisor conformity could manifest into a moderate-risk bias. Moderate-risk bias is the advisor's tendency to classify investment allocation and client risk tolerance to a moderate-risk level. Another key finding was that advisor behavioral bias awareness aided the advisor's financial decision making process. The more advisors were aware of biases the more they could clearly articulate that bias to clients. Advisors' responses during interviews indicated that if they could effectively communicate and discuss that behavior with clients, they could adopt practical strategies to suppress behavioral biases and avoid predictable cognitive errors. Early adoption of bias suppression could have practical implications in understanding and explaining advisor value to clients.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2023
538 $a Mode of access: World Wide Web
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653 $a Behavioral Biases
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653 $a Investment advisor
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