publication . Article . Conference object . 2010

Financial Advice: An Improvement for Worse?

Karabulut, Yigitcan;
Open Access
  • Published: 01 Jan 2010 Journal: SSRN Electronic Journal (eissn: 1556-5068, Copyright policy)
  • Publisher: Elsevier BV
Using a unique administrative data set from a large German commercial bank, this paper aims to ascertain the role of financial advisors in individual portfolios. Following on the heels of the ongoing regulatory and political debate as to the merits of financial advice, we focus in this paper on three key issues. First, we examine whether collaboration with financial advisors attains to better performing portfolios. Second, we investigate whether the involvement of financial advisors mitigates costly investment mistakes. Third, we document whether financial advisors provide asset allocation recommendations that market time. Econometric analysis that is corrected ...
free text keywords: G11, D10, G20, Financial advice, household finance, ddc:330
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