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ABSTRACT Utilising a sample of over 55,000 retirement portfolio rebalances, we examine (i) who seeks financial advice prior to rebalancing, and (ii) compare portfolio outcomes between advised and self‐directed rebalances. We find that wealthier, older, and female members are more likely to receive financial advice prior to rebalancing, and that advice is positively related to several portfolio outcomes. We also find no evidence that financial advisers recommend higher fee funds.
MacDonald et al. (Mon,) studied this question.