The value of personal professional financial advice to clients: A systematic quantitative literature review

Kirsten L. MacDonald, Ellana Loy, Mark Brimble and Karen Wildman

Accounting and Finance, 2023, vol. 63, issue 4, 4399-4429

Abstract: Financial advice is perceived to be inaccessible and complicated with consumers at the mercy of a sector under sustained scrutiny, raising questions about value for clients. This study systematically reviews the literature on the value of financial advice. Extant research focuses on financial benefits and lacks a holistic view of value and the factors impacting it. Gaps exist across non‐financial benefits, geographic regions and over time. We call for a sustained and coordinated approach to research in this field. The findings inform consumer engagement strategies, policies concerning the uptake of professional financial advice and development of the profession.

Date: 2023
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https://doi.org/10.1111/acfi.13099

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