Benefits of consistent and comprehensive financial advice during the Great Recession

Aman Sunder, Lance Palmer, Swarn Chatterjee and Joseph Goetz

Journal of Behavioral and Experimental Finance, 2024, vol. 41, issue C

Abstract: Financial advice can be valuable during periods of economic uncertainty but measuring this value can be difficult. Using a nationally representative dataset of U.S. households during the Great Recession, we compare the net worth of households that retained a comprehensive financial adviser, a specialized financial adviser, or no financial adviser. A difference-in-difference analysis reveals that maintaining a relationship with a comprehensive financial adviser is associated with higher household net worth, relative to households with inconsistent relationships with advisers, or relationships in which only specified services are sought. Overall, our findings suggest that consumers benefit most when they make the financial decision to consistently work with a financial adviser from whom they seek comprehensive services.

Keywords: Financial planner; Financial adviser; Comprehensive financial planning; Specialized Financial planning; Financial planning help seeking (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:41:y:2024:i:c:s2214635024000157

DOI: 10.1016/j.jbef.2024.100900

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