Overview

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, the landscape 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 from bad 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 they need. Accordingly, this volume illuminates the market and regulatory challenges so as to enhance consumer, plan sponsor, and regulator decisions.

Full Product Details

Author:   Olivia S. Mitchell ,  Kent Smetters
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 16.20cm , Height: 2.60cm , Length: 23.50cm
Weight:   0.694kg
ISBN:  

9780199683772

ISBN 10:   0199683778
Pages:   368
Publication Date:   31 October 2013
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   To order  
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Table of Contents

1. The Market for Retirement Financial Advice: An Introduction 1 ; I. WHAT DO FINANCIAL ADVISERS DO? ; 2. The Market for Financial Advisers ; 3. Explaining Risk to Clients: An Advisory Perspective ; 4. How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security ; 5. How Important Is Asset Allocation To Americans Financial Retirement Security? ; 6. The Evolution of Workplace Advice ; 7. The Role of Guidance in the Annuity Decision Making Process ; II. MEASURING PERFORMANCE AND IMPACT ; 8. Evaluating the Impact of Financial Planners ; 9. Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change ; 10. How to Make the Market for Financial Advice Work ; 11. Financial Advice: Does it Make a Difference? ; 12. When, Why, and How Do Mutual Fund Investors Use Financial Advisers? ; III. MARKET AND REGULATORY CONSIDERATIONS ; 13. Harmonizing the Regulation of Financial Advisers ; 14. Regulating Financial Planners: Assessing the Current System and Some Alternatives

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Author Information

Kent Smetters is the Boettner Chair Professor at the University of Pennsylvania's Wharton School and a Faculty Research Fellow at the National Bureau of Economic Research. His research examines incomplete markets, investment risk management, and the interaction of risk management and public policy. Previously, he worked at the Congressional Budget Office and served as Economics Policy Coordinator for the US Treasury. He received his Bachelor's degrees in Economics and Computer Science from The Ohio State University and his Ph.D. in Economics from Harvard University.

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