The Market for Financial Advice: An Audit Study

@article{Mullainathan2012TheMF,
  title={The Market for Financial Advice: An Audit Study},
  author={S. Mullainathan and M. Noeth and Antoinette Schoar},
  journal={Behavioral & Experimental Finance eJournal},
  year={2012}
}
Do financial advisers undo or reinforce the behavioral biases and misconceptions of their clients? We use an audit methodology where trained auditors meet with financial advisers and present different types of portfolios. These portfolios reflect either biases that are in line with the financial interests of the advisers (e.g., returns-chasing portfolio) or run counter to their interests (e.g., a portfolio with company stock or very low-fee index funds). We document that advisers fail to de… Expand
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