Don't Answer the Phone - Financial Advice and Individual Investorss Performance

We use a proprietary dataset from a large Swiss wholesale bank and examine the impact of fiancial advice on individual investors' trading performance and behavioral biases. Due to the unique structure of our dataset, we can classify each trade as either an null advised or an independent trade. This allows us to null compare advised and independent trades on a trade-by-trade within-person analysis. Thus, our study is not plagued by the...