We use a dataset from a large retail bank to examine the impact of financial advice on investors' stock trading … faced by studies on financial advice. We document that advisors hurt trading performance. However, they help to reduce some …

This paper examines the ability of financial advice provided by sellers of financial services to substitute for … financial literacy, I show that the relationship is weakly monotonic which provides support to the fact that financial advice … financial guidance. Overall, the model predicts a monotonic relationship between financial literacy and the demand for financial …