It’s fair to say that the final fiduciary rule from the Department of Labor has stirred up a lot of emotion among retirement plan advisers and service providers, both positive and negative. In that sense the events of the past week present advisers with an opportunity to think about the pivotal role emotion can plan in client decisionmaking—and not just during the downturns. Collected below are some of PLANADVISER’s recent stories on the impact of emotion on financial services.
An analytical approach to financial wellness is helpful for some retirement plan participants, but “it’s often emotion that puts retirement money in motion.”
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Three-quarters of wealthy families fail to discuss money and inheritance in ways that avoid misunderstandings and unintended consequences, according to a survey from Merrill Lynch’s Private Banking and Investment Group.
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Parents are worried about their independence as they age; kids are worried about their aging parents’ quality of life; parents are worried about their kids’ health and finances; and around it goes.
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Americans may be increasingly eager to save according to some measures, but that doesn’t mean they’re excited about earmarking dollars for retirement, or that people are widely committed to the long-term side of savings.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
