| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20712 |
| 来源ID | Working Paper 20712 |
| Retail Financial Advice: Does One Size Fit All? | |
| Stephen Foerster; Juhani T. Linnainmaa; Brian T. Melzer; Alessandro Previtero | |
| 发表日期 | 2014-12-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients into similar portfolios independent of their clients' risk preferences and stage in the life cycle. An advisor's own portfolio is a good predictor of the client's portfolio even after controlling for the client's characteristics. This one-size-fits-all advice does not come cheap. The average client pays more than 2.7% each year in fees and thus gives up all of the equity premium gained through increased risk-taking. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w20712 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578385 |
| 推荐引用方式 GB/T 7714 | Stephen Foerster,Juhani T. Linnainmaa,Brian T. Melzer,et al. Retail Financial Advice: Does One Size Fit All?. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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