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 of commissions.
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Financial support from the ERC Grant Agreement 229921 — RNF is gratefully acknowledged.
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Inderst, R., Ottaviani, M. Regulating Financial Advice. Eur Bus Org Law Rev 13, 237–246 (2012). https://doi.org/10.1017/S156675291200016X
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DOI: https://doi.org/10.1017/S156675291200016X