When Financial Advice Leads to Positive Performance: Evidence from Repeated Client–Advisor Interactions
研究了德国10,063名经纪客户与财务顾问的通话数据，发现顾问建议带来正收益时，客户安排第二次会议的可能性是负收益时的2.1倍，且正收益客户更倾向于遵循建议。
Abstract Does the performance of advisors’ recommendations influence investors’ propensity to seek advice again? I investigate a sample of calls between 10,063 German brokerage clients and financial advisors from 2005–2015. If advisors’ recommendations in the initial meeting led to positive (vs. negative) performance, investors are 2.1 times more likely to arrange a second meeting. This effect is driven by the performance of the recommendations the investor decided to follow. Investors with positive performance follow recommendations to a greater degree. The findings show that experiences matter in the advisory context and shape the demand for advice.