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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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Explaining Risk to Clients: An Advisory Perspective

Explaining Risk to Clients: An Advisory Perspective

Chapter:
(p.46) Chapter 3 Explaining Risk to Clients: An Advisory Perspective
Source:
The Market for Retirement Financial Advice
Author(s):

Paula H. Hogan

Frederick H. Miller

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683772.003.0003

To illustrate how advisors explain risk to clients, we map our view of current advisory practice, with particular emphasis on risk management, to our view of the current mosaic of planning paradigms. We then apply that information to identify questions for further discussion and research. We conclude there has been an evolution in advisory practice from a focus on product, to policy, and now increasingly to process, with communication about risk remaining central throughout.

Keywords:   risk management, financial planning, human capital, client communication, utility function, life-cycle economics, behavioral economics

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