Three Essays on the Impact of Financial Advice

Results from these three essays reveal that financial advice has a valuable impact on client financial decision making and behaviors. Findings from each of these studies can be used in the development of policy aimed at increasing the public’s wellbeing. Prior research contends that the effectiveness of financial literacy lacks support and that it is implausible to educate consumers at a rate consistent with the changing financial marketplace. Thus, creating policies that provide for quality affordable financial advice may be a more viable alternative for increasing consumer financial well-being.