Financial Advice and Individual Investor Portfolio Performance

144 citations recorded by the source corpus.

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Financial literacy, financial advice, and financial behavior (2017, background): “…are on average associated with higher costs, lower returns and inferior risk-return tradeoffs (Bergstresser et al. 2009; Hackethal et al. 2012; Kramer 2012) and conclude that advisors do not add value through their investment recommendations when judged relative to passive investment…”
Financial Literacy, Confidence and Financial Advice Seeking (2016, result): “Some studies have indeed established hat advisors do more harm than good (Mullainathan et al., 2012; Hackethal et al., 2012), whereas other research has found ositive effects (Kramer, 2012; Hung and Yoong, 2010).”