Financial Advisors and Retirees’ Risk-Taking

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Noah Stoffman

Paper Title: Financial Advisors and Retirees’ Risk-Taking
 
Speaker:  Noah Stoffman, Kelley School of Business, Indiana University
 
Time and Date: 12-1 pm, Wednesday 18 September 2024 (AEST)
 
Location: CB08.08.002, Level 8, Building 8, University of Technology Sydney, Australia (Map of campus)

Abstract: Defined contribution (DC) plans have effectively replaced defined benefit plans as the primary source of retirement savings for workers in North America. In DC plans, retirees must solve a challenging optimization problem to make their retirement wealth last. Financial advisors could help. Do they? We study financial advisors' impact on both the asset allocation and withdrawal behavior of retirees in Canada. We present new stylized facts about withdrawals and asset allocations in advised retiree accounts, documenting significant heterogeneity in withdrawal rates and high risky share well into retirees' 80s. We also show that advisors affect how retirees respond to volatility in financial markets.

You can also keep up-to-date on information about our seminar series by following our LinkedIn page or checking out our seminar webpage.

Co-ordinator: Kenny Phua

Enquiries: Cassie Sloane

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UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.