Hackethal, Andreas; Chaliasos, Michaēl; Jappelli, Tullio - 2009
financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over … 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 …