Weather and mood make financial advice appear almost “totally random” May 25, 2021 By Funds Europe Behavioural finance experts have found financial advisers can give “remarkably different” advice from each other to the same clients based on factors including sleep or how long since the adviser last ate. Oxford Risk studied 200 financial advisers giving advice to imaginary clients with the same information and said subsequent asset allocations were “scattershot”. The implications for clients’ portfolios was “massive”, with on one occasion an imaginary client bracketed as high or low risk depending on the adviser. Researchers said “noise” was a key factor in advice and was caused by irrelevant factors such as an adviser’s current mood, the time since their last meal, or the weather.