Unconscious bias appears to be rife in the investment industry, according to a recent study conducted by Aviva PLC (LSE:AV.)'s financial advice arm.
It found that 94% of men and 92% of women provided male names when asked to envision a financial adviser. However, only 40% of people admitted to assuming most advisers are men.
Unconscious bias refers to the stereotypes and preconceived notions that individuals hold about certain groups, which can influence their decision-making process without them even realising it.
Sam Mirehouse, managing direct of Aviva Financial Advice, said: "Although this is a light-hearted take on people's perceptions of advisers and the advice market, the results do show us that there's still an unconscious bias at work when thinking about the 'typical' adviser.
"There's a big difference between 40% of people saying they do assume most advisers are men, and 94% giving a male name when asked what they think this might be."
Mirehouse emphasised the importance of addressing the issue of unconscious bias in the investment industry and encouraged further efforts to increase diversity across the board, not just in terms of gender.
Acknowledging the ongoing challenge, he added: "We've consciously striven for a gender split in Aviva Financial Advice which is more even than the market, and currently 45% of our advisers are women. Maintaining the balance will remain an area of focus for us."