TY  - UNPD
A1  - Hackethal, Andreas
A1  - Haliassos, Michael
A1  - Jappelli, Tullio
T1  - Financial advisors: a case of babysitters?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,04
N2  - We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance across self-managed accounts and accounts run by, or in consultation with, independent financial advisors. In contrast to the picture painted by simple descriptive statistics, econometric analysis that corrects for the endogeneity of the choice of having a financial advisor suggests that advisors are associated with lower total and excess account returns, higher portfolio risk and probabilities of losses, and higher trading frequency and portfolio turnover relative to what account owners of given characteristics tend to achieve on their own. Regression analysis of who uses an IFA suggests that IFAs are matched with richer, older investors rather than with poorer, younger ones.
T3  - CFS working paper series - 2009, 04 
KW  - Financial Advice
KW  - Portfolio Choice
KW  - Household Finance
KW  - Deutschland
KW  - Discount Broker
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6276
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-63751
N1  - First Draft: November 2008 ; This Draft: March 15, 2009
IS  - This Draft: March 15, 2009
ER  -