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 (presentation slides available here)
Session I: Overview
- John A. Turner, Pension Policy Center, and Dana M. Muir, University of Michigan: “The Market for Financial Advisers” (presentation slides available here, paper available here)
- Sarah A. Holden, Investment Company Institute: “When, Why, and How Do Mutual Fund Investors Use Financial Advisers?” (presentation slides available here, paper available here)
Discussant: Christine Fahlund, T. Rowe Price
Session II: Market & Regulatory Considerations
- Paula H. Hogan, Paula Hogan, and Frederick H. Miller, Sensible Financial Planning: “Explaining Risk to Clients: The View from Two Advisors” (presentation slides available here, paper available here)
- Arthur B. Laby, University of Rutgers – Camden: “Harmonizing the Regulation of Financial Advisors” (presentation slides available here, paper available here)
- Jason Bromberg and Alicia Puente Cackley, US GAO: “Regulating Financial Planners: Assessing the Current System and Some Alternatives” (presentation slides available here, paper available here)
Discussant: Gerri Walsh, FINRA Investor Education (presentation slides available here)
Keynote Speaker: Martin Gruber, NYU Stern School of Business (video available here, presentation slides available here)
Session III: What Do Advisers Tell Us?
- Alicia H. Munnell, Natalia Sergeyevna Orlova, and Anthony Webb, Boston College: “How Important is Asset Allocation to Financial Security in Retirement?” (presentation slides available here, paper available here)
- Mathew Greenwald, Mathew Greenwald & Associates, Andrew Biggs, American Enterprise Institute, and Lisa Schneider, Mathew Greenwald & Associates: “The Practices of Financial Advisors and Defined Contribution Plan Providers on Educating Clients and Participants about Social Security” (presentation slides available here, paper available here)
- Jason Scott, Financial Engines: “Choice and Defined Contribution Retirement Income” (presentation slides available here, paper available here)
Discussant: Ed O’Connor, Morgan Stanley Smith Barney
- Andreas Hackethal and Roman Inderst, Goethe University: “How to Make the Market for Financial Advice Work” (presentation slides available here, paper available here)
- Kelli Hueler, Hueler Companies, and Anna Rappaport, Anna Rappaport Consulting: “The Role of Guidance in the Annuity Decision-making Process” (paper available here)
Discussant: David Richardson, TIAA-CREF Institute
Keynote Speaker: Harold Evensky, Evensky & Katz Wealth Management: “7 Things You Need to Know About Retirement Financial Advice.”
Session IV: Measuring Performance and Impact
- Cathleen D. Zick and Robert N. Mayer, University of Utah: “Evaluating the Impact of Financial Planners” (presentation slides available here, paper available here)
- Angela A. Hung and Joanne Yoong, RAND Corporation: “Asking for Help: Survey and Experimental Evidence on Financial Advice and Behavior Change” (presentation slides available here, paper available here)
- Michael Finke, Texas Tech University: “Financial Advice: Does it Make a Difference?” (presentation slides available here, paper available here)
Discussant: William Clark, Federal Reserve Employee Benefits System (presentation slides available here)
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