With President Obama poised to deliver his State of the Union address this Tuesday, a powerful coalition of retirement, union, and so-called consumer protection groups have launched a new attack on retirement plan advisors.
There are lots of theories on why financial education within DC plans doesn’t work well. But that doesn’t stop the industry from spending billions of dollars on it, with tens of thousands of advisors conducting education meetings. Is it stubbornness? A fiduciary hedge? Or is it just part of the process of figuring it all out?
Is there a retirement crisis or not? Last week a Wall Street Journal op-ed claiming that there was an “imaginary” retirement income crisis sparked a rebuttal by 401(k) critic Teresa Ghilarducci.
In a thought-provoking paper covered in The Wall Street Journal, Wharton professor Adam Cobb reviews why larger companies abandoned DB plans and how it has affected them and their workforces.
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