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@article{6853, author = {Šindelář, Jiří and Budinský, Petr}, article_location = {Florida}, article_number = {4}, keywords = {Financial advice; Conflict of interests; Agent principal problem; Life insurance; Investments funds; Systemic distribution risk}, language = {eng}, issn = {1057-0810}, journal = {FINANCIAL SERVICES REVIEW (The Journal of Individual Financial Management)}, title = {Evaluating the relationship between IFA remuneration and advice quality: an empirical study}, url = {https://academyfinancial.org/Journal}, volume = {26}, year = {2017} }
TY - JOUR ID - 6853 AU - Šindelář, Jiří - Budinský, Petr PY - 2017 TI - Evaluating the relationship between IFA remuneration and advice quality: an empirical study JF - FINANCIAL SERVICES REVIEW (The Journal of Individual Financial Management) VL - 26 IS - 4 SP - 367-386 EP - 367-386 PB - AFS and FPA® SN - 10570810 KW - Financial advice KW - Conflict of interests KW - Agent principal problem KW - Life insurance KW - Investments funds KW - Systemic distribution risk UR - https://academyfinancial.org/Journal N2 - This paper deals with the interaction between commission remuneration of independent financial advisers and selected sales factors, including the quality of advice. Utilising data on investment transactions and a linear model with mixed effects, we have found that the link between commission and quality of the subsequent recommendation is not homogeneous, and advice-bias potential is present only in a limited range of organisational environments, connected mainly to the flat-structure business model. On the other hand, arbitrage between different product classes was found to create a biasing potential across almost all types of firms, creating potential for market systemic risk. Finally, the effect of information provided was proved to be significant only to a very limited extent. ER -
ŠINDELÁŘ, Jiří a Petr BUDINSKÝ. Evaluating the relationship between IFA remuneration and advice quality: an empirical study. \textit{FINANCIAL SERVICES REVIEW (The Journal of Individual Financial Management)}. Florida: AFS and FPA®, 2017, roč.~26, č.~4, s.~367-386. ISSN~1057-0810.
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