This article reviews interventions that are effective in changing behaviours in ways that
enhance financial capability. Traditionally, behavior change has been seen through the lens …

Using a high‐stakes field experiment conducted with a financial brokerage, we implement a
novel design to separately identify two channels of social influence in financial decisions …

Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …

We study the importance of trust in the investment advisory industry by exploiting the
geographic dispersion of victims of the Madoff Ponzi scheme. Residents of communities that …

Do financial advisers undo or reinforce the behavioral biases and misconceptions of their
clients? We use an audit methodology where trained auditors meet with financial advisers …

Using a novel data set of US financial advisors that includes individuals' employment
histories and misconduct records, we show that coworkers influence an individual's …

Financial advice could play an essential role in well-functioning markets for retail financial
products, given that many consumers find it difficult to evaluate the complex products on …

This paper investigates whether financial advisers add value to individual investors' portfolio
decisions by comparing portfolios of advised and self‐directed (execution‐only) Dutch …

Background Interactions between individual investors and financial advisors have changed
considerably over the last few decades, as financial service providers have expanded their …

Intermediaries such as financial advisers serve as an interface between portfolio managers
and investors. A large fraction of their compensation is often provided through kickbacks …