The quality of financial advice: What influences recommendations to clients?

IF 3.6 2区 经济学 Q1 BUSINESS, FINANCE Journal of Banking & Finance Pub Date : 2024-08-28 DOI:10.1016/j.jbankfin.2024.107291
Philippe d’Astous , Irina Gemmo , Pierre-Carl Michaud
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Abstract

In this paper, we conduct a field experiment with a large sample of financial planner professionals in Canada to elicit factors which may influence client recommendations. Using repeated client vignettes, we find that recommendations are sensitive in expected ways to relative costs and benefits of particular products as well as client characteristics. We show that, in some domains, planners are more likely to recommend products they own themselves, their spouse owns, or they are licensed to sell. We provide evidence that product familiarity can negatively impact the quality of financial advice in specific situations. Finally, we find evidence for an effect of client involvement in the investment domain, but we do not find economically significant gender effects.

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财务建议的质量:是什么影响了向客户提供的建议?
在本文中,我们对加拿大的大量理财规划师专业人士进行了实地实验,以找出可能影响客户推荐的因素。通过重复客户的小故事,我们发现客户的推荐对特定产品的相对成本和收益以及客户的特征具有预期的敏感性。我们发现,在某些领域,规划师更倾向于推荐他们自己拥有、配偶拥有或他们获得销售许可的产品。我们提供的证据表明,在特定情况下,产品熟悉程度会对理财建议的质量产生负面影响。最后,我们发现了客户参与对投资领域产生影响的证据,但没有发现具有经济意义的性别效应。
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来源期刊
CiteScore
6.40
自引率
5.40%
发文量
262
期刊介绍: The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.
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