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2013 Conference

del 10 al 12 de April del 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

The Impact of CFP Certification on Consumers’ Cognitive Processes During Performance Fluctuations: An fMRI Neuroimaging Study

jueves, el 11 de abril de 2013 a las 14:15–15:45 PDT
Cambridge Room (Breakout Session B)
Major Area of Focus

Financial Services

Secondary area of focus

Financial Services

Short Abstract

This paper examines the effect of Certified Financial Planner® (CFP®) certification on the neural activation of participants in an advisor-intermediated stock market game using functional magnetic resonance imaging (fMRI).  Brain activations were greater in regions associated with continued decision-making and error detection when employing an underperforming non-CFP advisor as compared with an underperforming CFP advisor.  This greater activation may reflect greater uncertainty or “second guessing” associated with the use of a non-CFP advisor during periods of underperformance.  In contrast, when advisors outperformed the overall market, there were no significant differences in brain activations when using CFP or non-CFP advisors.  In this experiment, the CFP mark generated observable behavioral and neurological differences in participant decisions to retain an investment advisor during underperformance.  To the extent that maintaining a consistent investment strategy during inevitable market fluctuations is a desirable goal, the behavioral and neurological impact of a designation of expertise such as the CFP may benefit consumers by engendering relatively greater confidence during temporary periods of underperformance.

Corresponding Author

[photo]
Russell N James, III, JD., Ph.D., Texas Tech University
Job Title

Associate Professor

City & State (or Province & Country)

Lubbock, TX

Additional Authors

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