Financial Advice and Individual Investor Portfolio Performance
研究了金融顾问是否通过比较荷兰有顾问和自主决策的个人投资者的投资组合来增加价值，发现顾问投资者的投资组合更分散、非系统风险更低，但风险调整后收益无显著差异。
This paper investigates whether financial advisers add value to individual investors’ portfolio decisions by comparing portfolios of advised and self‐directed (execution‐only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these investor groups, but no evidence of differences in risk‐adjusted performance. The findings indicate that portfolios of advised investors are better diversified and carry significantly less idiosyncratic risk. In addition, evidence from an analysis of investors who switch to advice taking indicates that these findings (at least in part) reflect the effect of advisory intervention.