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Conflicted financial advice: disclosure revisited

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  • Paul Chen
  • Martin Richardson

Abstract

We examine the impact of disclosing an advisor’s conflict of interest in providing financial advice to a client in an experiment. We find that an advisor’s conflict of interest harms the client and that disclosing the conflict harms the advisor. Unlike earlier literature, we do not find that disclosure of the advisor’s conflict of interest results in moral licensing or strategic exaggeration behaviour by the advisor nor, relatedly, that disclosure disadvantages the client.

Suggested Citation

  • Paul Chen & Martin Richardson, 2018. "Conflicted financial advice: disclosure revisited," Applied Economics Letters, Taylor & Francis Journals, vol. 25(12), pages 826-829, July.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:12:p:826-829
    DOI: 10.1080/13504851.2017.1368984
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