Financial consulting: A qualitative study on its role in financial decision making

Julia Sprenger

No 670, Ruhr Economic Papers from RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen

Abstract: The current study examines the way people deal with financial decisions. The purpose of this study is to explore the role of financial consulting in the decision making process and the complex decision dynamics in the run up to a decision. Data for this study were collected through a series of semi-structured interviews with both financial consultants of a savings bank and their clients. The findings provide insights into different attitudes towards financial decision making, locate financial consulting within the decision process, and compare the information habits and the degree to which decision autonomy is maintained, restricted, or given up across different types of clients. Besides, the study shows how trust between client and consultant encourages reciprocal behavior and increases the willingness to accept opportunity costs. The paper discusses these findings with respect to consulting practices and consumer policy and outlines directions for future research.

Keywords: financial decision making; financial consulting; interviews; decision autonomy; information (search for similar items in EconPapers)
JEL-codes: D14 D18 D83 G21 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-hme and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:rwirep:670

DOI: 10.4419/86788777

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