Financial advice and asset allocation

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aut.conference.typeOral Presentation - Paper Presentation
aut.researcherZhang, Annie Claire
dc.contributor.authorZhang, A
dc.date.accessioned2014-02-14T01:59:27Z
dc.date.accessioned2014-02-14T01:59:42Z
dc.date.accessioned2014-02-14T02:01:37Z
dc.date.available2014-02-14T01:59:27Z
dc.date.available2014-02-14T01:59:42Z
dc.date.available2014-02-14T02:01:37Z
dc.date.copyright2013-02-07
dc.date.issued2013-02-07
dc.description.abstractWe explore differences in portfolio composition between investors who receive financial advice and those who do not. Using proprietary data from a national investment savings scheme that contains information of 405,107 individual retirement accounts, we find that financial advice is transformative. People who receive advice hold their assets differently compared to people who do not. We report five key findings. (1) Older, wealthier and female investors are more likely to receive financial advice. (2) Advised investors hold more equity assets. (3) Demographic characteristics affect asset allocation. (4) Advisers tend to recommend asset allocations in line with life-cycle based theories. (5) Investors who received advice tend to earn higher returns in years when equity markets perform well.
dc.identifier.citationNew Zealand Finance Colloquium held at University of Otago, Dunedin, New Zealand, 2013-02-07 to 2013-02-08, published in: Financial Advice and Asset Allocation
dc.identifier.urihttps://hdl.handle.net/10292/6786
dc.publisherThe New Zealand Finance Colloquium
dc.relation.replaceshttp://hdl.handle.net/10292/6784
dc.relation.replaces10292/6784
dc.relation.replaceshttp://hdl.handle.net/10292/6785
dc.relation.replaces10292/6785
dc.relation.urihttp://www.nzfc.ac.nz/archives/2013/symposium/
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in (see Citation). The original publication is available at (see Publisher's Version).
dc.rights.accessrightsOpenAccess
dc.subjectFinancial advice
dc.subjectPortfolio choice
dc.subjectHousehold finance
dc.titleFinancial advice and asset allocation
dc.typeConference Contribution
pubs.elements-id161259
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business & Law
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