Self-selection is the default explanation; the onus is on financial planners to show that they are helpful.
Give me a practical model for a randomized study, please.
You could… I don’t know, select some people, offer half of them $1k to go to a financial planner and the others $1k in exchange for reporting on financial health, then see if the experimental group is better off a year later? This is not harder than doing things like deworming studies in Africa.
Self-selection is the default explanation; the onus is on financial planners to show that they are helpful.
You could… I don’t know, select some people, offer half of them $1k to go to a financial planner and the others $1k in exchange for reporting on financial health, then see if the experimental group is better off a year later? This is not harder than doing things like deworming studies in Africa.