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    Use of advisors and retirement plan performance

    Yao, Rui
    Wu, Weipeng
    Mendenhall, Cody
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    [PDF] Use-of-Advisors-and-Retirement-Plan-Performance.pdf (214.2Kb)
    Date
    2020
    Format
    Postprint
    Article
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    Abstract
    As DC plans become more popular than DB plans, American workers are increasingly responsible for their retirement savings. Because retirement plan participants' portfolio allocation is constrained by the available funds in the plan, the construction of a plan's investment menu has become extremely important. No research has evaluated fund selection in retirement plans or compared plans involving an advisor with self-directed plans. To fill this research gap, this study employs cross-sectional, nationwide data that include 5,570 retirement plans with 100 or more participants in 2013, 2014 and 2015. Results show that in most cases, using advisors is not related to plan performance. Plan sponsors should require advisors to periodically evaluate the performance of plans under their management using objective measures.
    URI
    https://doi.org/10.1891/JFCP-18-00087
    https://hdl.handle.net/10355/82622
    Citation
    Original: Yao, R., Wu, W., & Mendenhall, C. (2020). Use of Advisors and Retirement Plan Performance. Journal of Financial Counseling and Planning. http://dx.doi.org/10.1891/JFCP-18-0008
    Rights
    OpenAccess.
    This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.
    Collections
    • Faculty Research, Scholarship, and Creative Works (MU)
    • Personal Financial Planning faculty publications and presentations (MU)
    • Yao, Rui publications (MU)

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