Olivia S. Mitchell and Kent Smetters, Editors
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. But the landscape for financial advice is changing all over the world, with new rules and regulations transforming the financial advice profession.
This volume illuminates the market for retirement financial advice. It outlines regulatory developments and behavioral challenges to help consumers, plan sponsors, and regulators make more informed decisions. It examines:
- What financial advisors do, and how we can measure their performance and impact;
- Who these professionals are and what standards they must abide by;
- How they make money and what their incentives are;
- How people can be protected against bad advice, and what constitutes good advice; and
- Whether financial advice alone can actually change peoples’ financial habits.
Answers to these questions can transform how we access and implement the type of financial advice needed to enhance retirement security.
Publication date: November 2013 · Oxford University Press · ISBN 0-19-968377-2
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- Download Table of Contents and Chapter 1
- Chapter 1: The Market for Retirement Financial Advice: An Introduction
Olivia S. Mitchell and Kent Smetters
- Chapter 2: The Market for Financial Advisers
John A. Turner and Dana M. Muir
- Chapter 3: Explaining Risk to Clients: An Advisory Perspective
Paula H. Hogan and Frederick H. Miller
- Chapter 4: How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security
Mathew Greenwald, Andrew G. Biggs, and Lisa Schneider
- Chapter 5: How Important is Asset Allocation to Americans’ Financial Retirement Security?
Alicia H. Munnell, Natalia Orlova, and Anthony Webb
- Chapter 6: The Evolution of Workplace Advice
Christopher L. Jones and Jason S. Scott
- Chapter 7: The Role of Guidance in the Annuity Decision-Making Process
Kelli Hueler and Anna Rappaport
- Chapter 8: Evaluating the Impact of Financial Planners
Cathleen D. Zick and Robert N. Mayer
- Chapter 9: Asking for Help: Survey and Experimental Evidence on Financial Advice and Behavior Change
Angela A. Hung and Joanne K. Yoong
- Chapter 10: How to Make the Market for Financial Advice Work
Andreas Hackethal and Roman Inderst
- Chapter 11: Financial Advice: Does It Make a Difference?
- Chapter 12: When, Why, and How Do Mutual Fund Investors Use Financial Advisers?
Sarah A. Holden
- Chapter 13: Harmonizing the Regulation of Financial Advisers
Arthur B. Laby
- Chapter 14: Regulating Financial Planners: Assessing the Current System and Some Alternatives
Arthur B. Laby
- End Pages and Index
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