Financial adviser background checks

Authors

  • Bhanu Balasubramnian Department of Finance, The University of Akron
  • Eric R. Brisker Department of Finance, The University of Akron
  • Suzanne Gradisher Department of Finance, The University of Akron

DOI:

https://doi.org/10.61190/fsr.v23i4.3204

Keywords:

Financial advisers, Government policy and regulation, Personal finance, Consumer protection

Abstract

Using the 2009 National Financial Capability Survey, we identify demographic characteristics associated with financial adviser users who conduct adviser background checks and/or consider more than one adviser before making a choice, and if these activities improve their trust in financial advisers. We find that very few financial adviser users check backgrounds, but there is a positive relationship between adviser background checks and trust levels. Overall, these findings indicate that having a reliable background check system in place, allowing financial consumers to conduct adviser background checks in an easy and efficient manner, will help improve trust in financial advisers.

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Published

2014-12-31

How to Cite

Balasubramnian, B., Brisker, E. R., & Gradisher, S. (2014). Financial adviser background checks. Financial Services Review, 23(4), 305–324. https://doi.org/10.61190/fsr.v23i4.3204

Issue

Vol. 23 No. 4 (2014): Winter 2014

Section

New Original Submission

License

Copyright (c) 2014 Academy of Financial Services

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