In an undercover audit of Boston-area financial advisors, three economists wanted to find out if financial advisors undo or reinforce the behavioral biases and misconceptions of their clients. “We document that advisors fail to ‘de-bias’ their clients and often reinforce biases that are in their interests,” the authors found. Sponsored by the National Bureau of Economic Research, Harvard economist Sendhil Mullainathan, Markus Noeth of the University of Hamburg and Antoinette Schoar of the MIT Sloan School of Management hired actors to pose as clients and display self-defeating investment behavior. The study focused on retail advisors at the lower end of the wealth spectrum and did not include private wealth managers or hedge funds. The specific firms and advisors were not named.
Your resource for news, research and analysis to help you deliver more effective outcomes to your clients.
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
Help your clients secure their loved ones’ future with this useful worksheet.
Understand the challenges your clients and their employees are facing and help them stay competitive by providing the best benefits tailored to specific employee needs.
Tap into the federal employee retirement market with help from the first two chapters of this eBook!
Sep 13, 2017
Join this complimentary webcast to learn a new way to evaluate vision benefits so you have truly useful information that will help you find the...
Jul 19, 2017
The first compliance deadline for the DOL’s fiduciary rule has kicked in … are you in compliance?
Jun 29, 2017
Join this complimentary webcast to dive into the imperative demand benefits professionals, employers, and HR representatives must meet when it comes to customizing benefits packages,...