WP309_admindata_2015

Abstract

We use data on private clients receiving investment recommendations from financial advisors employed by a large German bank operating a nationwide branch network. Our main source of information are advisory minutes that provide detailed information on meetings of clients with financial advisors. Our data covers 26,747 advisory meetings between 13,239 retail clients and 4,604 advisors. The meetings took place between January 2010 and December 2017. We are able to complement this rich source of information with data on clients’ security transactions and demographic information, which are also taken from the bank’s records.