The Value of Registered Investment Advisors during the COVID-19 Financial Market Crash - Evidence from 13F and Twitter

The ongoing public health crisis associated with the COVID-19 pandemic has had a significant impact on business activities, government at large, financial markets, and individual households. This study is the first to our knowledge that seeks to examine the 2020 financial market crisis using manually downloaded data, which combined 13F filing with ADV forms with tweets from Registered Investment Advisors. We find that even during extremely negative return days, financial advisors communicate frequently and positively with their clients. Clients working with financial advisors tend to sell less and buy more during a market downturn as compared with self-discretionary clients.