The Original And Innovative Aspect Of This Article Is To Verify Whether An Investor’S Risk Attitude Is Influenced (Not Only) By His/Her Sociodemographic Characteristics (E.G., Age And Gender), But Also By The Emotional Meaning He/She Associates With Money (E.G., Power, Security, Love, And Freedom) And By The Financial Advisor’S Characteristics. For This Purpose, We Collected Information On A Sample Of Real-World Asset Allocation Choices Made By 177 Italian Investors With Their Respective Financial Advisors. Our Results Demonstrate That Some Investor’S Characteristics Indicated In The Literature As Variables Having An Impact On Investor Risk Appetite No Longer Turn Out To Be So When The Advisor Is Professionally Recognized And He/She Has Been Able To Build A Stable And Lasting Relationship Over Time. Moreover, The Different Emotional Meaning Investor Associates To Money Affect His/Her Risk Appetite. In Particular, Security And Power Mitigate And Amplify Investor’S Risk Attitude, Respectively. Our Results May Be Useful For Banks, Financial Advisors, And Possibly The Creators Of Artificial Intelligence Algorithms, In Providing Guidance Toward Optimal Portfolio Asset Allocations In Line With Investor’S Emotional Associations As Regards Money
Original languageEnglish
Pages (from-to)207-221
Number of pages15
JournalJournal of Neuroscience, Psychology, and Economics
Publication statusPublished - 2021


  • Financial Advice
  • Money And Emotions
  • Portfolio Composition
  • Risk Tolerance


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