Jul 20, 2012 --- Achaean Financial said that Shlomo Benartzi, an authority
on behavioral finance, has agreed to serve as the firm’s first academic adviser. ---
Benartzi will help Achaean incorporate ideas
from behavioral finance into its existing Retirement Outcome software and tools
the firm has in development.
Benartzi is co-founder of the Behavioral Finance
Forum, a collective of 40 academics and 40 financial institutions around the
globe. The organization fosters collaborative research efforts between
academics and industry leaders in order to help consumers make better financial
decisions. One of his research contributions was the development of Save More Tomorrow
(SMarT), a behavioral prescription designed to help employees increase their
savings rates gradually over time.
“Achaean is committed to meeting the current
unmet need for innovative retirement income solutions in today's marketplace,
and a major way to accomplish that is by collaborating with the best and
brightest minds in the academic community,” said Mike Henkel, chief executive
of Achaean Solutions. “Professor Benartzi understands the language that
resonates best with investors, and will assist us to further that development.”
Benartzi holds a PhD from Cornell University’s
Johnson Graduate School of Management, and is a professor and co-chair of the
Behavioral Decision-Making Group at UCLA Anderson School of Management.
According to Benartzi, sensible planning and
saving for retirement have been behavioral challenges, which Achaean has helped
to address by incorporating behavioral solutions into its software and product
design. “Planning for the future is collaborative,” he said, “and I’m pleased
to work with a firm that embraces this ideal as a true strategic partner to the
retirement income industry.”
Achaean develops retirement advice software and
designs guaranteed income products that aim to benefit investors, financial
advisers and insurance companies.