Asymmetriska relationer mellan kunder och finansiella rådgivare. En studie av hur kunders finansiella kunskapsnivåer påverkar relationen och hur MiFID II avser att hantera asymmetriproblematiken

Abstract

Both demand and supply of financial advice are increasing because of the complexity of financial products and people’s difficulty in making economic decisions. Previous research has identified asymmetries between customers and financial advisors, which has given rise to the directive from the European Union, Markets in Financial Instruments Directive II (MiFID II). We show through a customer survey that goal asymmetry, risk asymmetry and information asymmetry are apparent in the relation between customer and financial advisor. Secondly, we find a positive correlation between customers’ financial illiteracy and risk asymmetry. Lastly, we show that MiFID II intends to reduce goal asymmetry though a commission ban, risk asymmetry through an assessment of suitability and information asymmetry through an increased requirement of information.