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...

Like any consumer product, mutual funds are not free, and the associated expenses impact performance. Expense ratios and loads are negatively related to performance (Carhart, 1997; Dellva & Olson, 1998). As such, financial planners ought to educate their clients about the importance of minimizing...

Inter vivos gifts result in lower net-of-tax transfer taxes than transfers at death. However, few individuals make taxable gifts, even if they are very likely to have a taxable estate. Using the 2007 administration of the Survey of Consumer Finances (SCF), we explore the role that financial...

Throughout their lifetimes, consumers use financial service professionals (FSPs) to achieve important financial goals and ensure financial wellbeing, often turning to FSPs as their levels of income and investable assets necessitate professional guidance. This study evaluates the impact of...