Misconduct in Financial Services: Differences across Organizations

We examine misconduct in Önancial services. We propose a theory in which experts extract surplus based on the value of their Örmís brand and their own skills. Using sales complaint data for insurance agents, we Önd that agents working exclusively for large branded Örms are more likely to be the subject of justiÖed sales complaints, relative to smaller independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per year.