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Millionaire investors: financial advisors, attribution theory and gender differences

Baeckström, Y., Silvester, J. & Pownall, R. A. J. (2018). Millionaire investors: financial advisors, attribution theory and gender differences. European Journal of Finance, 24(15), pp. 1333-1349. doi: 10.1080/1351847x.2018.1438301


To date little attention has been paid to how social cognitive bias can influence how financial advisors interpret and respond to the needs of millionaire investors, and if this varies depending on the gender of the investor. This research investigates whether experienced professional financial advisors who work with millionaire investors make different attributions for the control and knowledge that investors have of their investments, and if they make different investment portfolio recommendations to equivalent male and female investors. Using methodology novel to finance, this vignette-based study that controls for gender finds evidence that professional financial advisors judge millionaire female investors to have less control over their investment portfolios relative to men. Empirical results also show that female advisors judge women to be less knowledgeable about investments than men. Despite such perceptual differences, advisors recommend equally risky portfolios to male and female investors. These results have implications for wealth management institutions and the monitoring of financial advisors for millionaire individuals.

Publication Type: Article
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in The European Journal of Finance on 21 Feb 2018, available online:
Publisher Keywords: Portfolio choice, investment decisions, financial advice, risk-taking, gender
Departments: Bayes Business School
SWORD Depositor:
[thumbnail of Millionaire_Investors_Financial_Advisors_Attribution_Theory_and_Gender_Differences Full Manuscript 11-12-17 JS R2.pdf]
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