Distribution channel effects on advisor managed investment performance
DOI:
https://doi.org/10.61190/fsr.v30i2.3479Keywords:
Investment performance, Compensation puzzle, Independent Broker/Dealer, Registered Investment Advisor, Cognitive Load TheoryAbstract
This study focuses on the effects that business models have on advisor managed portfolio per- formance by attempting to determine if advisors at Registered Investment Advisory (RIA) firms pro- duce higher net investment results compared with advisors employed at dually registered Independent Broker/Dealer (IBD) firms. Using data from one of the largest investment advisory plat- forms in the United States, we found qualified supporting evidence that advisors at RIAs outper- formed advisors at IBDs in higher-risk portfolios through the use of Turnkey Asset Management Programs and Unified Managed Accounts.
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