This report reviews evidence from the research literature about whether working with a financial adviser improves savings behavior, in general, as well as saving for long-term goals, particularly retirement. Individuals who receive professional financial advice are likely to be more financially healthy, but few papers address reverse causation, limiting insights into whether advisers are causing improvements in their clients' savings behavior.
Full Document
| Format | File Size | Notes |
|---|---|---|
| PDF file | 0.2 MB | Use Adobe Acrobat Reader version 10 or higher for the best experience. |
Financial advisers can play an important role with helping individuals make better financial decisions and improving their financial situations. In this report, the authors review evidence from the research literature about whether working with an adviser improves savings behavior, in general, as well as saving for long-term goals, particularly retirement. While much of the literature provides evidence that individuals who receive professional financial advice are more financially healthy than those who do not, few papers attempt to address the endogeneity concerns of reverse causation, limiting insights into whether advisers are causing improvements in their clients' savings behavior.
Table of Contents
Chapter One
Introduction
Chapter Two
Who Receives Advice?
Chapter Three
Do Advisers Influence Clients' Savings Behaviors?
Chapter Four
Other Benefits to Professional Financial Advice
Chapter Five
Who Saves for Retirement?
Chapter Six
Impacts of Workplace Retirement Seminars
Chapter Seven
Summary
This research was undertaken within the Center for Financial and Economic Decision Making (CFED), a part of RAND's Labor and Population research division.
This report is part of the RAND Corporation Research report series. RAND reports present research findings and objective analysis that address the challenges facing the public and private sectors. All RAND reports undergo rigorous peer review to ensure high standards for research quality and objectivity.
Permission is given to duplicate this electronic document for personal use only, as long as it is unaltered and complete. Copies may not be duplicated for commercial purposes. Unauthorized posting of RAND PDFs to a non-RAND Web site is prohibited. RAND PDFs are protected under copyright law. For information on reprint and linking permissions, please visit the RAND Permissions page.
The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.