%0 Report
        %A Brown, Sarah
%A Bucciol, Alessandro
%A Montagnoli, Alberto
%A Taylor, Karl
        %T Financial Advice and Household Financial Portfolios
        %D 2021
        %8 2021 Apr
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 14301
        %U https://www.iza.org/publications/dp14301
        %X We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a consultation with a stockbroker has a particularly large effect on the portfolio share in stocks. However, even free financial advice has a positive effect on the shares in bonds and stocks, compared to not receiving advice. Finally, we find a positive association between alternative measures of portfolio risk and the composition of the portfolio, whilst accounting for financial advice.
        %K household financial portfolios
%K financial risk
%K financial advice