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Econometric Models on the Value of Advice of a Financial Advisor

Financial institutions frequently describe and advertise the benefits of having a financial advisor. Industry participants routinely claim that advice contributes by, among other things, improving savings and investment behaviours, selecting appropriate financial products, improving the tax efficiency of savings, optimising asset mix for personal circumstances and risk tolerance, and ultimately increasing financial confidence and peace of mind. While these contributions may be plausible, are the effects of advice observable and measurable? Is financial advice worth the cost?
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