Financial Advice and Bank Profits
利用一家大型零售银行的内部管理会计数据，分析银行和金融顾问如何从客户中获利，发现顾问推荐的交易比客户独立交易利润更高，但客户业绩更差。
We use a unique data set from a large retail bank containing internal managerial accounting data on revenues and costs per client to analyze how banks and their financial advisors generate profits with customers. We find that advised transactions are associated with higher profits than independently executed trades of the same client. The bank’s own mutual funds and structured products are most profitable for the bank, and profits increase with trade size. We show that advisors recommend exactly those transactions. Furthermore, we find that advised clients achieve a worse performance than independent clients, suggesting that advisors put their employer’s interest first.