1. HNW) clients, which are defined as those individuals with at least $750,000 managed by advisors, or whose net worth exceeds $1,500,000. We are able to collect from Form ADV the percentage of HNW clients and the total amount of assets under management (AUM) for a small number of advisory firms. We re-estimate our baseline specifications in panel A of Table 7 based on those advisory firms with at least 50% of clients or AUM are attributable to HNW clients;We confirm (untabulated) that our results are robust to firms catering high net worth
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