The Value of Financial Advice

Claude Montmarquette and Nathalie Viennot-Briot
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Nathalie Viennot-Briot: CIRANO

Annals of Economics and Finance, 2015, vol. 16, issue 1, 69-94

Abstract: The research paper uses econometric modelling and a unique sample of Canadian households to study if having a financial advisor contributes pos- itively and significantly to the accumulation of financial wealth. It provides important insights on how the process of advised wealth creation actually works. In particular, the research paper provides new evidence that: i) having a financial advisor for at least four years has a positive and significant impact on financial assets after factoring out the impact of close to 50 socio-economic, demographic and attitudinal variables that also affect individual financial as- sets; ii) the positive effect of advice on wealth creation cannot be explained by asset performance alone: the greater savings discipline acquired through advice plays the major role.

Keywords: Value of advice; Econometric models (search for similar items in EconPapers)
JEL-codes: C51 G11 G23 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2015:v:16:i:1:montmarquette

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