2012 Symposium: The Market for Retirement Financial Advice

May 3-4, 2012

About the Conference

Though many people use financial advisers, and many more would probably benefit from financial advice, relatively little is known about the marketplace for such advice. The 2012 Pension Research Council conference at the Wharton School of the University of Pennsylvania offered cutting-edge research and commentary on key aspects of the advice marketplace, types of advice provided, fees and commissions, market and regulatory considerations, and how to evaluate advisers’ performance and impact. Additionally, a roundtable discussion was held on fiduciary challenges for financial advisers. Conference attendees included consultants and advisers, academics, actuaries, plan sponsors, benefits specialists, and policymakers.

This conference was co-hosted by Olivia S. Mitchell and Kent Smetters at The Wharton School.

Conference Agenda

Thursday, May 3, 2012

Introductory Remarks: Kent Smetters, The Wharton School
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Session I: Overview

Discussant: Christine Fahlund, T. Rowe Price
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Session II: Market & Regulatory Considerations

Discussant: Gerri Walsh, FINRA Investor Education
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Keynote Speaker: Martin Gruber, NYU Stern School of Business
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Session III: What Do Advisers Tell Us?

  • “How Important is Asset Allocation to Financial Security in Retirement?”
    Alicia H. Munnell, Natalia Sergeyevna Orlova, and Anthony Webb, Boston College
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  • “The Practices of Financial Advisors and Defined Contribution Plan Providers on Educating Clients and Participants about Social Security”
    Mathew Greenwald, Mathew Greenwald & Associates, Andrew Biggs, American Enterprise Institute, and Lisa Schneider, Mathew Greenwald & Associates
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  • “Choice and Defined Contribution Retirement Income”
    Jason Scott, Financial Engines
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Discussant: Ed O’Connor, Morgan Stanley Smith Barney

  • “How to Make the Market for Financial Advice Work”
    Andreas Hackethal and Roman Inderst, Goethe University
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  • “The Role of Guidance in the Annuity Decision-making Process”
    Kelli Hueler, Hueler Companies, and Anna Rappaport, Anna Rappaport Consulting
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Discussant: David Richardson, TIAA-CREF Institute
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Keynote Speaker: Harold Evensky, Evensky & Katz Wealth Management

Session IV: Measuring Performance and Impact

Discussant: William Clark, Federal Reserve Employee Benefits System
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Session V: Roundtable
“Fiduciary Challenges in Retirement Plans 2012”
Anna Rappaport, Anna Rappaport Consulting
Richard Helmreich, Porter Wright Morris and Arthur
Richard D. Landsberg, Nationwide Financial Services
Stephen McCaffrey, National Grid

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