What is it about?

Financial planners are required to disclose information to clients to govern conflicts of interest. Our research finds the amount of information disclosed is onerous and, because clients do not read all the information, financial planners view their role as an information filter. To make disclosure effective, financial planners preferred to disclose in certain documents, face-to-face meetings and in a visual manner.

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Why is it important?

Disclosure is often viewed as a method to protect consumers when they get financial advice. We find there are fundamental issues with this practice and that it does not protect consumers as is believed.

Perspectives

Disclosure in financial planning is often overlooked by academic research. It is a topic which needs more attention to understand how this practice can help consumers make better financial decisions.

Dr Daniel Richards
York University

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This page is a summary of: Disclosure effectiveness in the financial planning industry, Qualitative Research in Financial Markets, June 2021, Emerald,
DOI: 10.1108/qrfm-04-2020-0060.
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