DOL Study: Access to Advisor Boosts Retirement Readiness

Having access to a financial planner leaves Americans more prepared for retirement, according to a study released today by the Department of Labor.

The Rand Corp. study – titled “Do Financial Advisers Influence Savings Behavior?” – was posted to the home page for the DOL’s proposed fiduciary rule.

“There is evidence to suggest that individuals who receive advice tend to be more likely to have a plan for retirement, more likely to feel confident about their retirement preparations, and more likely to have retirement goals,” reads the executive summary for the study.

The study authors add that they were “unable to establish whether advisers are causing improvements in retirement-planning outcomes, especially over the long term.”

The DOL wants to extend the fiduciary standard to anyone dealing with money in a retirement fund. Opponents argue that tightening the standard will leave small savers without access to financial advice.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com. Follow him on Twitter @INNJohnH.