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Financial advice and individual investors’ investment decisions

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  • Shan Lei

Abstract

Findings from previous studies generally indicate that relying on advice from financial advisors is associated with investment decisions. This study uses data from the 2013 Survey of Consumer Finances (SCF) to mainly investigate three types of advisors: (a) financial planners, (b) accountants, and (c) lawyers. Getting investment advice from financial planners is found to be positively associated with stock ownership, while this relationship is negative for individual investors relying on advice from lawyers. Evidence from this study also suggests that some personal characteristics, such as age, education, risk tolerance may play a key role in shaping individual investors’ investment decisions.

Suggested Citation

  • Shan Lei, 2019. "Financial advice and individual investors’ investment decisions," Applied Economics Letters, Taylor & Francis Journals, vol. 26(13), pages 1129-1132, July.
    • Handle: RePEc:taf:apeclt:v:26:y:2019:i:13:p:1129-1132
    DOI: 10.1080/13504851.2018.1540832
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    Cited by:

    1. Barthel, Anne-Christine & Lei, Shan, 2021. "Investment in financial literacy and financial advice-seeking: Substitutes or complements?," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 385-396.

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