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When doing so, however, they impose restrictions on her choices which crucially depend on whether the expert perceives investors\u2019 asset allocations as complements or as substitutes. Finally, we analyze the implications of non-exclusivity in financial advice on investment behavior and welfare, and highlight a set of novel testable implications.<\/jats:p>","DOI":"10.1093\/rof\/rfv055","type":"journal-article","created":{"date-parts":[[2015,11,27]],"date-time":"2015-11-27T22:08:39Z","timestamp":1448662119000},"page":"2079-2123","source":"Crossref","is-referenced-by-count":4,"title":["Non-Exclusive Financial Advice"],"prefix":"10.1093","volume":"20","author":[{"given":"Salvatore","family":"Piccolo","sequence":"first","affiliation":[{"name":"1Universita Cattolica del Sacro Cuore,"}]},{"given":"Giovanni W.","family":"Puopolo","sequence":"additional","affiliation":[{"name":"2Bocconi University, CSEF University of Naples Federico II, and BaffiCarefin Centre, and"}]},{"given":"Luis","family":"Vasconcelos","sequence":"additional","affiliation":[{"name":"3University of Essex and Nova School of Business and Economics"}]}],"member":"286","published-online":{"date-parts":[[2015,11,27]]},"reference":[{"key":"2025100616085202500_rfv055-B1","doi-asserted-by":"crossref","first-page":"323","DOI":"10.1086\/209721","article-title":"Does it all add up? 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