Retail Financial Advice: Does One Size Fit All?
Abstract
Using unique data on Canadian households, we show that financial advisors exert substantial influence over their clients' asset allocation, but provide limited customization. Advisor fixed effects explain considerably more variation in portfolio risk and home bias than a broad set of investor attributes that includes risk tolerance, age, investment horizon, and financial sophistication. Advisor effects remain important even when controlling...
Paper Details
Title
Retail Financial Advice: Does One Size Fit All?
Published Date
May 25, 2017
Journal
Volume
72
Issue
4
Pages
1441 - 1482
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