Motivated by recent policy changes across many countries, this paper discusses the rationale for various policies that target financial advice in the market for retail financial services. To set the stage, we review recent findings on how retail financial consumers make use of professional financial advice. Based on our own research, as well as other recent contributions in the economics literature, we then discuss the pros and cons of, in particular, policies that target the disclosure as well as the size and structure ofcommissionS.
Regulating financial advice
OTTAVIANI, MARCO M.
2012
Abstract
Motivated by recent policy changes across many countries, this paper discusses the rationale for various policies that target financial advice in the market for retail financial services. To set the stage, we review recent findings on how retail financial consumers make use of professional financial advice. Based on our own research, as well as other recent contributions in the economics literature, we then discuss the pros and cons of, in particular, policies that target the disclosure as well as the size and structure ofcommissionS.
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