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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 and 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, vol.~26, No~4, p.~367-386. ISSN~1057-0810.
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