Researchers: Investment advice from banks costly
Trusting your own intuition may be better than going to a bank to get advice on what stocks to invest in, new Swedish research shows.
Researchers at the KTH Royal Institute of Technology in Stockholm let a couple of hundred people invest a sum of money in stocks. Some of them were given advice by bank workers training to be financial advisors, others were told to go it alone.
To their surprise, the consumers that placed their money themselves got the best results, once the fees for the funds were removed, the researchers found.
They are now calling for political initiatives to strengthen customers rights when it comes to banking.