Overconfidence in financial planners
DOI:
https://doi.org/10.61190/fsr.v20i4.4709Keywords:
CFP, CFA, OverconfidenceAbstract
Possessing limited knowledge can sometimes cause overconfidence in one's judgment and ability. This limited knowledge creates a "dual burden" because not knowing what we do not know robs us of the ability to recognize it. This research examines the dual burden phenomena by comparing two groups of financial professionals, one group that has earned one certification with another group that has earned the first certification plus a second certification that requires greater depth of knowledge in a specific area, implying greater skill. We find that financial professionals in the less skilled group are actually more confident in their investment and portfolio management skills than those in the more skilled group.
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