Footnote:
In: Review of Financial Studies, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 23, 2011 erstellt
Description:
Working with one of the largest brokerages in Germany, we record what happens when unbiased investment advice is offered to a random set of roughly 8,000 of the brokerage's several hundred thousand active retail customers. We find that investors who most need the financial advice are least likely to obtain it. The investors who do obtain the advice (about 5%), however, hardly follow the advice, and so do not improve their portfolio efficiency much. Overall, our results imply that the mere availability of unbiased financial advice is a necessary but not sufficient condition for benefiting retail investors