Behavioral Finance in Retirement Plans
January 13, 2014
The National Association of Plan Advisors recently published a piece entitled “If at First You Don’t Succeed, Try Science” by Robert L. Frick and Cathy Smith. The piece focuses on how behavioral finance can help improve retirement plans and shares surprising findings regarding opt-in/opt-out practices, default savings rate and more.
As First Western’s Director of Retirement Plan Consulting, Paula Hendrickson, explains in the article, behavioral finance offers opportunities to improve retirement plans beyond the traditional focus on fees, fiduciaries, and fund planning.