TY  - UNPD
A1  - Bucher-Koenen, Tabea
A1  - Hackethal, Andreas
A1  - Koenen, Johannes
A1  - Laudenbach, Christine
T1  - Gender differences in financial advice
T2  - SAFE working paper ; No. 309
N2  - We show that financial advisors recommend more costly products to female clients, based on minutes from about 27,000 real-world advisory meetings and client portfolio data. Funds recommended to women have higher expense ratios controlling for risk, and women less often receive rebates on upfront fees for any given fund. We develop a model relating these findings to client stereotyping, and empirically verify an additional prediction: Women (but not men) with higher financial aptitude reject recommendations more frequently. Women state a preference for delegating financial decisions, but appear unaware of associated higher costs. Evidence of stereotyping is stronger for male advisors.
T3  - SAFE working paper - 309 
KW  - financial advice
KW  - consumer protection
KW  - household finance
KW  - financial literacy
KW  - discrimination
KW  - credence goods
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/58272
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-582722
PB  - SAFE
CY  - Frankfurt am Main
ER  -