financial literacy ↔ financial advisers

Relations (1)

related 2.00 — strongly supporting 3 facts

Financial advisers are explicitly tasked with improving their clients' financial literacy as part of their professional service, as outlined in [1], [2], and [3].

Facts (3)

Sources

An Exploratory Study of the Wealthy's Investment Beliefs ... financialplanningassociation.org Journal of Financial Planning 3 facts

procedureFinancial advisers working with high-net-worth clients should enhance awareness of separately managed accounts and alternative investments, temper investment overconfidence, build financial literacy, proactively rebalance portfolios, and promote the non-financial benefits of professional advice.

procedureFinancial advisers serving wealthy clients should adopt five specific actions: increase the use of separately managed accounts and alternative investments; use SPIES (Lurtz 2020) and premortem planning (Klein 2007) to reduce investment overconfidence; improve client financial literacy regarding life expectancy; encourage proactive portfolio rebalancing; and emphasize the non-financial benefits of advisory services.

perspectiveFinancial advisers are recommended to help build their clients' financial literacy.