The Misguided Beliefs of Financial Advisors

Apparently financial advisers give shit advice because that’s the advice they give themselves….. Abstract A common view of retail finance is that conflicts of interest contribute to the high cost of advice. Using detailed data on financial advisors and their clients, however, we show that most advisors invest personally just as they advise their clients.…

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Want to Get Wisdom?

Crowds of humans can be very good at solving certain kinds of problems. If, for example, you wanted to guess how many bacteria live in Lake Erie, you’d be better off asking a random group of people and averaging the result than trying to answer the question alone. But what if you could be your…

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