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

---- 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 Ignacio Cuesta, George Deltas, Ali Horta├žsu, Neale Mahoney, Matt Notowidigdo, Rob Porter, Jim Poterba, Jimmy Roberts, Nancy Rose, Brad Shapiro, and Paulo Somaini for helpful comments, as well as participants at numerous conferences and seminars. 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 and from 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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