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- Title
Do contracts influence comprehensive financial advice?
- Authors
Finke, Michael; Huston, Sandra; Waller, William
- Abstract
Delegating management of financial decisions may involve both direct and agency costs. We hypothesize that contracting differences between financial planners and brokers may lead to differences in life insurance adequacy. Using nationally representative data, we estimate the impact of the use of planners and brokers on life insurance adequacy. Descriptive and multivariate analyses of insurance adequacy are consistent with the hypothesis that contracting matters. Those who rely primarily on financial planners are more likely to have adequate life insurance holdings. The use of brokers is not related to optimal levels of life insurance.
- Subjects
CONTRACTS; FINANCIAL planning industry; LIFE insurance; FINANCIAL planners; BROKERS
- Publication
Financial Services Review, 2009, Vol 18, Issue 3, p177
- ISSN
1057-0810
- Publication type
Article