Abstract
Practical Applications Summary In The Use and Value of Financial Advice for Retirement Planning, from the Winter 2020 issue of The Journal of Retirement, W. Van Harlow, formerly of Empower Retirement; Keith Brown of the University of Texas; and Stephen Jenks of Empower Retirement examined the characteristics of individuals who received professional advice for retirement planning and the economic value of the results. The authors surveyed more than 4,000 working households to assess their demographics as well as their investment and behavioral characteristics. The results reveal that the retirement income replacement earned by advised households tends to be 15 percentage points higher than that of unadvised households. TOPICS:Retirement, quantitative methods, portfolio construction
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