The Market For “Lemons” In Financial Advice: How Higher Standards Can Lower Costs And Increase Access To Advice
Nerd's Eye View
SEPTEMBER 26, 2022
The financial advisory industry is not immune to the same problems faced in Akerlof’s used-car market. In his paper, Akerlof suggests three strategies that could be used to counteract the effects of quality uncertainty and increase consumer confidence: licensing, quality guarantees, and branding.
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