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Financial advisors influence on private investors’ financial decisions

Møller, Amanda Staude; Rita Maria, Gunnerød
Master thesis
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URI
http://hdl.handle.net/11250/2637543
Date
2019
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  • Master of Science [1116]
Abstract
Most individual retail investors today rely on recommendations from financial

advice when investing in stocks or bonds. Understanding the impact of financial

advice on individual investors portfolio decision is thus of great importance, yet

relatively little is known about this topic. This paper contributes to the

understanding of the effects of financial advice on investors’ asset allocation and

examines whether clients act according to their estimated risk profile or if other

determinants influence their decisions. Our results show that financial advisors

exert little influence over their clients’ asset allocation, and differences is rather

due to clients’ attributes, particularly risk tolerance and investment horizon.

Further, we find no evidence that deviations from recommended investment

(based on clients’ attributes) are due to advisors’ influence. Actually, the findings

indicate a weak explanatory power of both client and advisor characteristics on

equity deviation, and a remarkable difference in client’s deviation from

recommendations remains unexplained.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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