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Retail banking customers seeking financial advice naturally aim to build portfolios that will support their lifetime planning goals. However, discrepancies may arise between the quality of financial advice and advisor… Click to show full abstract
Retail banking customers seeking financial advice naturally aim to build portfolios that will support their lifetime planning goals. However, discrepancies may arise between the quality of financial advice and advisor commissions. We use savings and loan contracts (SLCs), a financial product earmarked by law for housing purposes, to empirically show that professional advice is no guarantee of a suitable match between investments and individual savings targets, even for the most financially experienced households.
Journal Title: Economics Letters
Year Published: 2018
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