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The Journal of Wealth Management

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Trust within Investment Decisions and Advice

Petra Ritzer-Angerer
The Journal of Wealth Management Winter 2019, jwm.2019.1.083; DOI: https://doi.org/10.3905/jwm.2019.1.083
Petra Ritzer-Angerer
is a specialist at ifo Institute–Leibniz Institute for Economic Research at the University of Munich, Germany
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Abstract

Behavioral economics can be understood as a paradigm change within economics. The impression of revolution is especially apt in finance, where the participation of individuals has been omitted from the equation for too long. The collapse of Lehman Brothers seriously damaged trust in financial institutions: The stock market crisis became a trust crisis highlighting the significance of trust within investment decisions. Advisors work to create trust for potential investors, while institutions offering this service play an important role within investment decision-making. However, bad decisions ultimately damaged trust in advisors. Here the model of trust intermediaries by Coleman is transferred to investment advisory services.

TOPICS: Wealth management, long-term/retirement investing

Key Findings

  • • Investment decisions are both emotional and rational (as known from behavioral finance), but there is also an often disregarded relational aspect.

  • • Invest advisory service is more than a specialist consultancy containing only objective facts, it is trust intermediation as modeled by James S. Coleman.

  • • Investment advisors play an important role in the process of trust repair after financial crisis.

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The Journal of Wealth Management: 23 (4)
The Journal of Wealth Management
Vol. 23, Issue 4
Spring 2021
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Trust within Investment Decisions and Advice
Petra Ritzer-Angerer
The Journal of Wealth Management Sep 2019, jwm.2019.1.083; DOI: 10.3905/jwm.2019.1.083

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Trust within Investment Decisions and Advice
Petra Ritzer-Angerer
The Journal of Wealth Management Sep 2019, jwm.2019.1.083; DOI: 10.3905/jwm.2019.1.083
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  • Article
    • Abstract
    • HUMAN DECISION-MAKING AND PROSPECT THEORY
    • INVESTMENT DECISION-MAKING
    • ROLE OF TRUST IN INVESTMENT DECISIONS
    • DEFINITION OF TRUST IN INVESTMENT DECISIONS
    • RELATIONAL ASPECTS OF INVESTING AND THE ROLE OF FINANCIAL ADVISORS
    • COLEMAN’S MODEL OF INTERMEDIARIES IN TRUST
    • CONCLUSION
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