Financial Advisors and Investors’ Bias
研究一家券商在2018年改变内部平台信息显示，使顾问无法看到客户持仓盈亏状态，结果发现高顾问服务客户的处置效应（倾向实现盈利而非亏损）显著降低，表明金融公司可通过调整顾问信息来减少客户偏差。
Abstract We study an intervention by a brokerage firm providing advisory services to high-net-worth investors. In 2018, the firm changed the information displayed on its internal platform, so that financial advisors could no longer observe which clients’ holdings were in paper gain or loss. Using data on portfolio stock transactions between 2016 and 2021, we show that, while all investors exhibit a significant disposition effect before 2018, that is, a greater propensity to realize gains than losses, highly advised investors see their bias significantly reduced afterward. Our paper shows financial firms can successfully reduce clients’ biases by appropriately manipulating advisors’ information.