Financial adviser background checks
DOI:
https://doi.org/10.61190/fsr.v23i4.3204Keywords:
Financial advisers, Government policy and regulation, Personal finance, Consumer protectionAbstract
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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