Purpose

This study examines the effect of a regulatory-focused prime (i.e. a brochure with a picture and message) on the recommending behavior of investment advisers in the context of an investment decision.

Design/methodology/approach

Three experiments were conducted with 468 participants, mostly from the financial services industry. Study 1 examined the direct effect of a regulatory-focused prime on an investment adviser's recommending behavior, whereas Study 2 examined the moderating role of regulatory fit on such behavior. Study 3 validated the findings.

Findings

The results provide evidence that a message using visual and textual cues based on a promotion and prevention regulatory focus may trigger a preference in an investment adviser's product recommendation. A promotion (prevention)-focused framed message will trigger the recommendation of an investment plan with a higher but riskier (safe and stable) potential return. However, when the same prime is presented with details of a performance incentive scheme, the effect of the prime is reduced when there is a regulatory nonfit between the prime and the message relating to the performance incentive scheme.

Practical implications

The findings highlight the importance of understanding how regulatory-focused stimuli may subconsciously influence the recommendation of investment advisers as heuristics used in decision-making, thereby influencing their clients' investment decisions.

Originality/value

Past studies have focused on how regulatory-focused visual and message cues influence consumer decision-making. This study provides empirical evidence regarding the influence of regulatory-focused prime on an investment adviser's behavior when providing investment advice.

中文翻译：

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监管重点和投资顾问的推荐行为

目的

这项研究考察了以监管为重点的总理（即带有图片和信息的小册子）对投资决策中投资顾问的推荐行为的影响。

设计/方法/方法

有468名参与者进行了三个实验，其中大多数来自金融服务行业。研究1研究了以监管为重点的总理对投资顾问的推荐行为的直接影响，而研究2研究了监管适应对此类行为的调节作用。研究3验证了结果。

发现

结果提供了证据，表明基于促销和预防法规重点使用视觉和文字提示的消息可能会触发对投资顾问产品推荐的偏好。以促销（预防）为重点的框架消息将触发对投资计划的建议，该计划应具有较高但风险（安全和稳定）的潜在回报。但是，当为相同的素数提供绩效奖励计划的详细信息时，如果素数和与绩效奖励计划有关的消息之间存在监管不匹配，则会降低素数的影响。

实际影响

研究结果突显了理解以监管为重点的刺激可能会在决策中使用启发式方法潜意识地影响投资顾问的建议的重要性，从而影响客户的投资决策。

创意/价值

过去的研究集中于以法规为重点的视觉和消息提示如何影响消费者的决策。这项研究提供了经验证据，证明了在提供投资建议时，以监管为重点的黄金对投资顾问行为的影响。