Expertise is in the eye of the beholder : financial advisor evaluations and client satisfaction as a result of advisor recommendations

2020
journal article
article
3
cris.lastimport.wos2024-04-09T23:03:05Z
dc.abstract.enClients' satisfaction with financial advice provided by professional advisors depends on how this advice has fulfilled their expectations and goals. However, once a recommendation is made, a client is unable to predict and evaluate the real financial outcome of the advisor's proposal. In such a case, she/he can base her/his assessment on the characteristics ascribed to the financial advisor: her/his epistemic authority (competence) and level of caring. Additionally, clients expect to receive a "tailor-made" solution that takes into account her/his individual needs and characteristics. In the present study, we asked participants to evaluate financial experts who had recommended risky vs safe investments. The recommendations were congruent or incongruent with the clients' risk tolerance (high vs low). The kind of recommendation influenced the participants' evaluations of the advisors (and as a result, the clients' perceived satisfaction) only for low-risk tolerance clients. For these clients, investment recommendations that were not adjusted to their levels of risk tolerance led to lower evaluations of the advisors and consequently to lower evaluation of satisfaction with their visits. These lower evaluations regarded both dimensions: the interpersonal aspec t (caring) and competence in the field of finance (epistemic authority). Such incongruence between risk tolerance and the riskiness of the recommendation did not affect high-risk tolerance clients' advisor evaluations.pl
dc.affiliationWydział Zarządzania i Komunikacji Społecznej : Instytut Psychologii Stosowanejpl
dc.contributor.authorDanieluk, Barnabapl
dc.contributor.authorMuda, Rafałpl
dc.contributor.authorKicia, Mariuszpl
dc.contributor.authorStasiuk, Katarzyna - 383711 pl
dc.date.accession2021-02-17pl
dc.date.accessioned2021-02-22T16:09:56Z
dc.date.available2021-02-22T16:09:56Z
dc.date.issued2020pl
dc.date.openaccess0
dc.description.accesstimew momencie opublikowania
dc.description.number1pl
dc.description.physical14-22pl
dc.description.publication0,6pl
dc.description.versionostateczna wersja wydawcy
dc.description.volume51pl
dc.identifier.doi10.24425/ppb.2020.132648pl
dc.identifier.eissn1641-7844pl
dc.identifier.issn0079-2993pl
dc.identifier.projectROD UJ / OPpl
dc.identifier.urihttps://ruj.uj.edu.pl/xmlui/handle/item/265521
dc.identifier.weblinkhttps://journals.pan.pl/dlibra/publication/132648/edition/115904/contentpl
dc.languageengpl
dc.language.containerengpl
dc.rightsUdzielam licencji. Uznanie autorstwa - Użycie niekomercyjne - Bez utworów zależnych 3.0*
dc.rights.licenceCC-BY-NC-ND
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/legalcode*
dc.share.typeotwarte czasopismo
dc.subject.enclient satisfactionpl
dc.subject.enrisk tolerancepl
dc.subject.enprofessional competencepl
dc.subject.enagency and communionpl
dc.subject.enepistemic authoritypl
dc.subtypeArticlepl
dc.titleExpertise is in the eye of the beholder : financial advisor evaluations and client satisfaction as a result of advisor recommendationspl
dc.title.journalPolish Psychological Bulletinpl
dc.typeJournalArticlepl
dspace.entity.typePublication
cris.lastimport.wos
2024-04-09T23:03:05Z
dc.abstract.enpl
Clients' satisfaction with financial advice provided by professional advisors depends on how this advice has fulfilled their expectations and goals. However, once a recommendation is made, a client is unable to predict and evaluate the real financial outcome of the advisor's proposal. In such a case, she/he can base her/his assessment on the characteristics ascribed to the financial advisor: her/his epistemic authority (competence) and level of caring. Additionally, clients expect to receive a "tailor-made" solution that takes into account her/his individual needs and characteristics. In the present study, we asked participants to evaluate financial experts who had recommended risky vs safe investments. The recommendations were congruent or incongruent with the clients' risk tolerance (high vs low). The kind of recommendation influenced the participants' evaluations of the advisors (and as a result, the clients' perceived satisfaction) only for low-risk tolerance clients. For these clients, investment recommendations that were not adjusted to their levels of risk tolerance led to lower evaluations of the advisors and consequently to lower evaluation of satisfaction with their visits. These lower evaluations regarded both dimensions: the interpersonal aspec t (caring) and competence in the field of finance (epistemic authority). Such incongruence between risk tolerance and the riskiness of the recommendation did not affect high-risk tolerance clients' advisor evaluations.
dc.affiliationpl
Wydział Zarządzania i Komunikacji Społecznej : Instytut Psychologii Stosowanej
dc.contributor.authorpl
Danieluk, Barnaba
dc.contributor.authorpl
Muda, Rafał
dc.contributor.authorpl
Kicia, Mariusz
dc.contributor.authorpl
Stasiuk, Katarzyna - 383711
dc.date.accessionpl
2021-02-17
dc.date.accessioned
2021-02-22T16:09:56Z
dc.date.available
2021-02-22T16:09:56Z
dc.date.issuedpl
2020
dc.date.openaccess
0
dc.description.accesstime
w momencie opublikowania
dc.description.numberpl
1
dc.description.physicalpl
14-22
dc.description.publicationpl
0,6
dc.description.version
ostateczna wersja wydawcy
dc.description.volumepl
51
dc.identifier.doipl
10.24425/ppb.2020.132648
dc.identifier.eissnpl
1641-7844
dc.identifier.issnpl
0079-2993
dc.identifier.projectpl
ROD UJ / OP
dc.identifier.uri
https://ruj.uj.edu.pl/xmlui/handle/item/265521
dc.identifier.weblinkpl
https://journals.pan.pl/dlibra/publication/132648/edition/115904/content
dc.languagepl
eng
dc.language.containerpl
eng
dc.rights*
Udzielam licencji. Uznanie autorstwa - Użycie niekomercyjne - Bez utworów zależnych 3.0
dc.rights.licence
CC-BY-NC-ND
dc.rights.uri*
http://creativecommons.org/licenses/by-nc-nd/3.0/legalcode
dc.share.type
otwarte czasopismo
dc.subject.enpl
client satisfaction
dc.subject.enpl
risk tolerance
dc.subject.enpl
professional competence
dc.subject.enpl
agency and communion
dc.subject.enpl
epistemic authority
dc.subtypepl
Article
dc.titlepl
Expertise is in the eye of the beholder : financial advisor evaluations and client satisfaction as a result of advisor recommendations
dc.title.journalpl
Polish Psychological Bulletin
dc.typepl
JournalArticle
dspace.entity.type
Publication
Affiliations

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