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• W1510348586 abstract "ABSTRACT Clients' age, gender, and educational level were investigated in relation to their perceptions of investment broker practices and level of financial investment. Drawing on data from a sample of 779 investors, results of hierarchical multiple regression analyses yielded statistically significant two-way interactions among the demographic variables. This suggested that the effects of demographic variables might be more complex than suggested by previous research based on simple bivariate correlational analyses. Specifically the present study's findings suggested that: (1) Compared to the other age and educational groups studied, older investors with lower educational levels appeared to have the least trust in their broker. (2) Older women tended to have the least confidence in their own investment choices. (3) Older, well-educated investors tended to have the highest dollar level of investment. It appears that interplay of demographic variable effects should be considered before drawing conclusions about investment preferences of age or gender groups. Recommendations for building broker-client relationships and directions for future research are suggested. INTRODUCTION During the past decade there has been a remarkable increase in the proportion of the U.S. population that owns stocks. This increased stock market participation has been attributed to rising aggregate net worth and demographic changes such as the maturing baby boom generation (Rex, 1999) and economic advancement of women (Sullivan, 1993). As different age groups and more women are seeking investment brokering services (Thomas, 2000), client needs may also be changing. New behaviors on the part of the broker may be necessary as the client mix evolves. At the general level, there is some agreement in the literature concerning effective investor practices (Gray, 1994;Mushkin, 1997). Client trust in the broker has been repeatedly identified as critical for turning prospects into clients (Olivo, 1998; Reimel, 1999). Other important factors that appear to play a role in gaining clients are advisor knowledge and understanding of client needs (Olivio, 1998) and also time spent with clients (Reimel, 1999). Fusilier, Simpson, Aby, and Simpson (1999) identified broker behaviors that were related to client satisfaction. These authors reported a considerably stronger correlation between broker behavior and client satisfaction (r = .73; p Other studies have explored demographic variation in client perceptions of broker practices. These findings are reviewed below. The focus of the review is on gender and age related perceptions. Almost no literature was found on the relationship between client educational levels and perceptions of broker behavior. However, it is well known that education is strongly and positively related to income, which creates the potential for investment activity. REVIEW OF THE LITERATURE Age and wealth tend to be positively related in the U.S. The senior investment market is expanding as a large segment of the U. S. population enters old age. Sullivan and Ross (1999) argued that age is predictive of investment clients' attitudes and behavior. They concluded that older clients tend to be frugal, regard investing in the stock market as an emotionally threatening experience, and want firm recommendations from their financial advisors. Kaplan (1 999) indicated that most seniors want help and information in order to understand their investment choices. Different asset allocations have been recommended across age groups (Stovall, 1997). Likewise, Weil (1999) and Bakshi and Chen (1994) investigated life-cycle investments. …" @default.
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• W1510348586 title "Client Age, Gender, Education and Perceptions of Investment Broker Practices" @default.
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