Personality plays a key role when investing: BCSC
30% of Canadians 35 and older invest with an advisor
30% of Canadians 35 and older invest with an advisor
When it comes to choosing investments, personality may have more to do with it than advisors and their clients realize. In fact, a study by the BCSC finds that an investor’s personality plays a key role, particularly when he works with an advisor.
The study asks Canadians whether they knew their investment goals, were confident their investments were suitable, understood the investments in their portfolio, and were confident when making investment decisions. The study measures the current state of how investors feel about these issues, giving respondents a score between 0 and 100.
The study also looks at Canadian investors’ knowledge, attitudes, and behaviours to understand how they differ when they work with an advisor and when they do not. In all cases, those who know, feel, and do the right things report attitudes that give them a higher index rating.
One key finding reveals that while Canadians in general—investors and non-investors alike—index at 62 on the 100-point scale. Those who work with an advisor are at 70 out of 100.
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Here are some other findings.
Investors can find out their own personality and how it impacts their investing decisions by taking the Smarter Investor Quiz.
This article was originally published on Advisor.ca.
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