Blir finansielle rådgivarar påvirka av sine økonomiske insentiv til å gi dårlege råd til sine kundar? Ei nytt paper med data frå kanadiske finansielle rådgivarar tyder på at dei er like dårlege med sine eigne investeringar, og at det dermed er mangel på kompetanse som er hovudproblemet.
A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Using detailed data on financial advisors and their clients, however, we show that most advisors invest personally just as they advise their clients. Advisors trade frequently, chase returns, prefer expensive, actively managed funds, and underdiversify. Advisors» net returns of -3% per year are similar to their clients» net returns. Advisors do not strategically hold expensive portfolios only to convince clients to do the same; they continue to do so after they leave the industry.
Referanse:
Linnainmaa, Juhani T. and Melzer, Brian and Previtero, Alessandro, The Misguided Beliefs of Financial Advisors (December 15, 2017). Kelley School of Business Research Paper No. 18-9. Available at SSRN: https://ssrn.com/abstract=3101426 or http://dx.doi.org/10.2139/ssrn.3101426