Retail Financial Advice: Does One Size Fit All?
利用加拿大住户数据，发现金融顾问对客户资产配置影响很大但个性化不足，顾问效应比客户自身特征更能解释风险与本土偏好差异，且建议成本高昂。
ABSTRACT Using unique data on Canadian households, we show that financial advisors exert substantial influence over their clients' asset allocation, but provide limited customization. Advisor fixed effects explain considerably more variation in portfolio risk and home bias than a broad set of investor attributes that includes risk tolerance, age, investment horizon, and financial sophistication. Advisor effects remain important even when controlling flexibly for unobserved heterogeneity through investor fixed effects. An advisor's own asset allocation strongly predicts the allocations chosen on clients' behalf. This one‐size‐fits‐all advice does not come cheap: advised portfolios cost 2.5% per year, or 1.5% more than life cycle funds.