Kremena Bachmann|Thorsten Hens
Investment competence and advice seeking
University of Zurich|University of Zurich|Norwegian School of Economics
study evaluates individuals abilities avoid investment mistakes driven behavioral biases analyzes relationship investment competence propensity seek rely professional advice use novel survey data collected representative sample swiss households find thateven controlling socioeconomic demographic characteristicsinvestment competence positively related demand financial advice appears investors highest risk making investment mistakes least likely seek help professional advisors therefore supplyside solutions imposed regulators protect financial customers may benefit need