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The Disruptive Impact of FinTech on Retirement Systems$
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Julie Agnew and Olivia S. Mitchell

Print publication date: 2019

Print ISBN-13: 9780198845553

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198845553.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 09 December 2021

Behavioral Finance, Decumulation, and the Regulatory Strategy for Robo-Advice

Behavioral Finance, Decumulation, and the Regulatory Strategy for Robo-Advice

Chapter:
(p.149) Chapter 9 Behavioral Finance, Decumulation, and the Regulatory Strategy for Robo-Advice
Source:
The Disruptive Impact of FinTech on Retirement Systems
Author(s):

Tom Baker

Benedict Dellaert

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198845553.003.0009

This chapter examines the regulatory and market structure concerns raised by automated financial advisors, and arrives at two conclusions. First, the principles-based regulatory approach of the 1940 Investment Advisors Act in the U.S. appears adequate and sufficiently flexible to address the new issues raised by automation, at least for now. Second, there is a pressing need to develop new mechanisms for encouraging investment robo-advisors (and financial advisors generally) to provide high quality decumulation services to their customers, because neither of the two prevailing compensation approaches—assets under management and commissions—provides sufficient incentive at present, and consumers are poorly equipped to evaluate the quality of decumulation services on their own.

Keywords:   Investment Advisors Act, decumulation, asset management, regulatory strategy, market structure, robo-advisor

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