TY  - RPRT
        AU  - Brown, Sarah
AU  - Bucciol, Alessandro
AU  - Montagnoli, Alberto
AU  - Taylor, Karl
        TI  - Financial Advice and Household Financial Portfolios
        PY  - 2021/Apr/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 14301
        UR  - https://www.iza.org/publications/dp14301
        AB  - 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.
        KW  - household financial portfolios
KW  - financial risk
KW  - financial advice
        ER  -