NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Fiduciary Duty and the Market for Financial Advice

Vivek Bhattacharya, Gaston Illanes, Manisha Padi

NBER Working Paper No. 25861
Issued in May 2019, Revised in May 2020

---- Acknowledgments ----

We are grateful to the Wharton Consumer Analytics Initiative for organizing the collaboration with the data sponsor, as well as to many people at the data sponsor for assistance in understanding the dataset and the industry. We would like to thank Kenneth Ayotte, Iván Canay, Ignacio Cuesta, George Deltas, Mark Egan, Daniel Garrett, Dan Green, Igal Hendel, Ali Hortaçsu, Robert Jackson, S.P. Kothari, Neale Mahoney, Gregor Matvos, Dina Mayzlin, Frank Partnoy, Rob Porter, Jim Poterba, Mar Reguant, Jimmy Roberts, Nancy Rose, Brad Shapiro, and Paulo Somaini for helpful comments, as well as participants at the 4th Rome Junior Conference on Applied Microeconomics, the American Law and Economics Association Meetings, Berkeley Law School, Duke Law, the International Industrial Organization Conference, Michigan, Michigan State, the Summer Institute on Competitive Strategy at UC Berkeley, the SEC Conference on Financial Regulation, the SITE session on Financial Regulation, University of Illinois College of Law, and University of Toronto Faculty of Law. Matias Escudero and David Stillerman provided excellent research assistance. Bhattacharya and Illanes acknowledge financial support from the National Science Foundation under Grant No. SES 1824463, the Center for the Study of Industrial Organization at Northwestern, and the Northwestern Institute on Complex Systems. Padi acknowledges support from NSF Social, Behavioral and Economic Sciences Fellowship, Award Number 1715010, and the Center for Equitable Growth. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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