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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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Financial Advice: Does It Make a Difference?

Financial Advice: Does It Make a Difference?

Chapter:
(p.229) Chapter 11 Financial Advice: Does It Make a Difference?
Source:
The Market for Retirement Financial Advice
Author(s):

Michael Finke

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683772.003.0011

The financial advice profession provides a potentially valuable service to consumers within an increasingly complex financial marketplace. Financial advice professionals can substitute for costly investment in financial knowledge by households. This chapter provides evidence that financial advisers can improve financial outcomes when the interests of the advisor and household are aligned. Yet professional advice can harm consumers if conflicts of interest create high agency costs. Understanding how differences in compensation methods and regulatory frameworks affect incentives is essential to improving the breadth and quality of professional advice.

Keywords:   household finance, financial planning, financial advice, agency costs, fiduciary regulation, consumer economics

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