Understanding the emotional influences of financial adviceseeking behaviour and the value of addressing them

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The wealth management industry is an important part ofthe UK economy. In 2018 over £942 billion of financialwealth (almost 45% of UK GDP) was managed by UKprivate banks, execution-only brokers and wealth andinvestment management firms (PIMFA, 2019), and over£4.4bn revenue was generated from retail investmentbusiness by regulated intermediary activities (FCA, 2018a).The proposed studies will contribute additional insight tothe traditional economic view of therole of financial advice. It will examine the emotionalinfluences of financial advice-seekingbehaviour and quantify the value of these non-economicaspects.The research will measure the non-economic valuedelivered by different advice interactionmodels, e.g., face to face and robo-advice as well as howthese vary depending on gender.The research will contribute to the financial adviceliterature by drawing further on socialpsychology and psychoanalytic theories for different adviceinteraction models. It will alsohave impacts for the financial market and industrystakeholders, particularly considering rapidtechnological and social developments within the financialservices industry.The first of the three proposed studies is supported by datafor which access has already been negotiated.