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...

Using a unique data set of 6,556 investment advisory clients of a large European wealth management institution we reveal how wealth trumps gender in determining women’s risk preferences. While overall women’s portfolios contain less equity exposure and produce lower returns compared to...