The Lucky Financial Advisor: How Luck Perceptions Influence Consumers' Investment Decisions

Peter Darke , The Schulich School of Business, York University, Canada
Jennifer Argo, University of Alberta, Canada
Monica Popa, Edwards School of Business, University of Saskatchewan, Canada
We show that financial advisors' luck in areas unrelated to investment influences consumers: they invest more when learning that the advisor is lucky. The effect is prominent for consumers who believe in good luck, and arises regardless of advisor's expertise: consumers place as much stock in luck as in competence.
[ to cite ]:
Peter Darke , Jennifer Argo, and Monica Popa (2013) ,"The Lucky Financial Advisor: How Luck Perceptions Influence Consumers' Investment Decisions", in NA - Advances in Consumer Research Volume 41, eds. Simona Botti and Aparna Labroo, Duluth, MN : Association for Consumer Research.