If you are not a wine aficionado and your waiter recommends a pricey bottle, you can be forgiven for thinking it is more about netting a big tip than improving your meal.
The same thing apparently happens with women and financial advisors. More than 90 percent of the respondents to a recent survey said they felt financial services companies were more interested in selling them products than providing advice.
They may be on to something. A 2015 discussion paper published by the Max Planck Institute for Social Law and Social Policy in Germany found that in that market, financial advisors with a conflict of interest tend to provide worse advice to clients who appear unsophisticated.
"In a perfect world, the solution to limited financial literacy would be to consult an independent, well-meaning and knowledgable financial advisor," the authors wrote. However, in reality, "consumers who appear to be more versed in financial matters receive better advice, on average," perhaps because the advisors realize that they are better able to go elsewhere for quality information.