投顾看少点，客户反而赚更多？

Core Viewpoint - The article discusses the "Disposition Effect," a common behavioral bias where investors tend to sell winning stocks too early while holding onto losing stocks in hopes of recovery. A case study from a French brokerage suggests that altering the information environment can help mitigate this bias, leading to better investment decisions and outcomes [2][3][4]. Group 1: Case Study Insights - In 2018, a French brokerage removed visibility of clients' purchase costs and profit/loss data from advisors, allowing only clients to see this information. This change aimed to reduce emotional decision-making related to the "Disposition Effect" [2][3]. - Research from 2016 to 2021 showed that prior to the change, clients were 50% more likely to sell winning stocks than losing ones. Post-change, the likelihood of selling winning versus losing stocks became nearly equal, indicating a significant reduction in the "Disposition Effect" [3][4]. - Clients who frequently communicated with their advisors saw an increase in monthly average returns by 0.2 percentage points, translating to over 2 percentage points annually, demonstrating the financial benefits of the new approach [3][4]. Group 2: Behavioral Insights - The article highlights that the "Disposition Effect" is akin to behavioral habits in daily life, where individuals often hold onto losing investments, hoping for a turnaround, similar to keeping a dying plant [4][6]. - It challenges the notion that financial advisors inherently help clients overcome biases, suggesting that advisors can also transmit their biases to clients. The case study illustrates that the effectiveness of advisors is more about the design of the information environment than their verbal guidance [4][6]. - The findings emphasize that wealth does not guarantee rational decision-making, as clients with an average asset of 3 million euros still exhibited the "Disposition Effect." This suggests that both clients and advisors are influenced by the information they see [6][7]. Group 3: Implications for Investment Practices - The case study indicates that not all biases can be addressed through information suppression, but it effectively demonstrates the power of the information environment in mitigating the "Disposition Effect" [5][6]. - The article suggests that creating a conducive environment for decision-making can lead to better investment outcomes, as emotional responses can be minimized by reducing exposure to triggering information [5][6]. - It concludes that there is no perfect rational investor, but smarter institutional arrangements can help navigate human behavioral weaknesses in investing [6][7].