The Misguided Beliefs of Financial Advisors
研究发现加拿大金融顾问的个人投资行为与客户相似，同样存在频繁交易、追逐收益、偏好高成本基金等问题，年净回报率为-3%，且离职后仍保持该行为，表明并非出于利益冲突。
ABSTRACT A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Within a large sample of Canadian financial advisors and their clients, however, we show that advisors typically invest personally just as they advise their clients. Advisors trade frequently, chase returns, prefer expensive and 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.