This study utilizes a nationally representative proprietary dataset to examine the annuitization decisions of retirees. The results indicate that consulting a financial advisor, retirement duration, and risk aversion are positive predictors of annuity ownership. The results also indicate that...

An inability to accurately detect quality prior to or even after purchase distinguishes professional advice from other consumer goods or services. A consumer that is unable to assess the difference between an advisor's recommendation and the ideal recommendation is vulnerable to the self-serving...

Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are...

The financial advice profession provides a potentially valuable service to consumers within an increasingly complex financial marketplace. Financial advice professionals can substitute for costly investment in financial knowledge by households. This paper provides evidence that financial...

Consumers who rely on the financial advice of experts are at an information disadvantage that may be exploited by advisers who are not required to make recommendations that are in the best interest of the customer. Registered representatives of broker-dealers are subject to a suitability...

Professionally managed portfolios and ongoing advice can potentially help defined contribution (DC) participants achieve better retirement outcomes through personalized investing and saving guidance. This paper explores the relationship between trading activity and advice seeking among five...

This study uses disclosure data from 7,043 Registered Investment Advisors (RIAs) in the United States to examine differences in client wealth by type of compensation. We find that firms charging commissions and hourly fees have a higher proportion of low net worth clients. Wealthier clients are...