Experts’ versus Consumers’ Perception of Financial Products

This study explores decision-making processes of promoters of financial products and financial advice services. We collect experimental evidence about how these professionals perceive their customers' needs, preferences, and biases. By focusing on the behavioral differences between expert (621) and non-expert subjects (573) this study shows that expertise alone is not enough to prevent biased behavior. Our results suggest that even the most experienced and well-informed professionals exhibit systematic biases. We discuss how interpersonal cues used in financial communications may induce trust-related biases. This research provides useful insights for future in-depth research on how contextual factors, often non-informative, influence financial advisers' judgments and subsequent advice