학술논문
Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study.
Document Type
Article
Source
Subject
*Individual investors
*Stockbrokers
*Investment advisors
*Personal finance
*Investment policy
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Language
ISSN
0893-9454
Abstract
Working with one of the largest brokerages in Germany, we record what happens when unbiased investment advice is offered to a random set of approximately 8,000 active retail customers out of the brokerage's several hundred thousand retail customers. We find that investors who most need the financial advice are least likely to obtain it. The investors who do obtain the advice (about 5%), however, hardly follow the advice and do not improve their portfolio efficiency by much. Overall, our results imply that the mere availability of unbiased financial advice is a necessary but not sufficient condition for benefiting retail investors. [ABSTRACT FROM AUTHOR]