RT Journal Article
SR Electronic
T1 Who Is Less Likely to Be Involved in Financial Advisor Misconduct?
JF The Journal of Wealth Management
FD Institutional Investor Journals
SP 85
OP 96
DO 10.3905/jwm.2018.21.2.085
VO 21
IS 2
A1 Jeffrey Camarda
A1 Inga Chira
A1 Pieter J. de Jong
YR 2018
UL https://pm-research.com/content/21/2/85.abstract
AB The authors study two characteristics found to be associated with reduced financial advisor misconduct: gender and professional designations. Their findings suggest that consumer guidelines are helpful in avoiding adverse advisor experiences. These guidelines can be especially valuable given the advisory market’s absence of clear, uniform standards to assess financial advisory professionals. The authors find that female advisors are statistically less likely to engage in misconduct. In addition, they find that female advisors with a Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designation are less likely to exhibit disclosed misconduct as compared to male and female advisors who have at least one of the CFP, ChFC, or Chartered Financial Analyst designations. Their findings offer another powerful reason why attracting women to the industry is important and why advanced financial planning training may improve consumer outcomes.TOPICS: Wealth management, in wealth management, legal/regulatory/public policy