The Market for Retirement Financial Advice

Hardcover | November 15, 2013

EditorOlivia S. Mitchell, Kent Smetters

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The market for retirement financial advice has never been more important and yet more in flux. The long-term shift away from traditional defined benefit pensions toward defined contribution personal accounts requires all of us to be more sophisticated today than ever before. However, thelandscape for financial advice is changing all over the world, with new rules and regulations transforming the financial advice profession. This volume explores the market for retirement financial advice, to explain what financial advisors do and how to measure performance and impact. Who are these professionals and what standards must they abide by? How do they make money and what are their incentives? How can one protect clients frombad advice, and what is good advice? Does advice alone effect changes in personal habits? Answering these questions, along with new technology that will decrease the delivery costs of advice, will play a transformative role in helping more households receive the quality financial advice that theyneed. Accordingly, this volume illuminates the market and regulatory challenges so as to enhance consumer, plan sponsor, and regulator decisions.

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The market for retirement financial advice has never been more important and yet more in flux. The long-term shift away from traditional defined benefit pensions toward defined contribution personal accounts requires all of us to be more sophisticated today than ever before. However, thelandscape for financial advice is changing all ov...

Olivia S. Mitchell is Department Chair and International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Professor of Business and Public Policy, as well as Director of the Pension Research Council and the Boettner Center on Pensions and Retirement Research at the Wharton School. Concurrently Dr. Mi...

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Format:HardcoverDimensions:352 pagesPublished:November 15, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199683778

ISBN - 13:9780199683772

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Table of Contents

1. Olivia S. Mitchell and Kent Smetters: The Market for Retirement Financial Advice: An Introduction 1I. What Do Financial Advisers Do?2. John A. Turner and Dana M. Muir: The Market for Financial Advisers3. Paula H. Hogan and Frederick H. Miller: Explaining Risk to Clients: An Advisory Perspective4. Mathew Greenwald, Andrew G. Biggs, and Lisa Schneider: How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security5. Alicia H. Munnell, Natalia Orlova, and Anthony Webb: How Important Is Asset Allocation To Americans Financial Retirement Security?6. Christopher L. Jones and Jason S. Scott: The Evolution of Workplace Advice7. Kelli Hueler and Anna Rappaport: The Role of Guidance in the Annuity Decision Making ProcessII. Measuring Performance and Impact8. Cathleen D. Zick and Robert N. Mayer: Evaluating the Impact of Financial Planners9. Angela A. Hung and Joanne K. Yoong: Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change10. Andreas Hackethal and Roman Inderst: How to Make the Market for Financial Advice Work11. Michael Finke: Financial Advice: Does it Make a Difference?12. Sarah A. Holden: When, Why, and How Do Mutual Fund Investors Use Financial Advisers?III. Market and Regulatory Considerations13. Arthur B. Laby: Harmonizing the Regulation of Financial Advisers14. Jason Bromberg and Alicia P. Cackley: Regulating Financial Planners: Assessing the Current System and Some Alternatives