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The Market for Retirement Financial Advice$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2013

Print ISBN-13: 9780199683772

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199683772.001.0001

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The Market for Retirement Financial Advice: An Introduction

The Market for Retirement Financial Advice: An Introduction

(p.1) Chapter 1 The Market for Retirement Financial Advice: An Introduction
The Market for Retirement Financial Advice

Olivia S. Mitchell

Kent Smetters

Oxford University Press

The landscape for financial advice is changing all over the world, with new rules and regulations transforming the financial advice profession. In the United States, more than 46 million Baby Boomers are fast approaching retirement; and many are unprepared to handle a range of concerns including when to stop working, when to claim Social Security and defined benefit pensions, how much to withdraw from retirement saving accounts, and whether (and when) to annuitize some of these assets. Younger people confront even more decisions, including the determination of their multiple future goals that compete for resources, whether to pay down debt before saving, determining the appropriate level of saving, insurance and bequest needs, and, of course, how to invest. The complexity of choices is enormous, and many people are unable to make informed decisions without the help of professional financial advisers. While regulators, policymakers, and business interests wage an intense battle over an important legal landscape, employees still need help in the meantime, and they cannot wait. This volume contributes to a greater understanding of how the market for financial advice works.

Keywords:   retirement, financial advice, financial markets, financial security, benefits, saving, wealth, behavioral economics, investment

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