Potential Economic Effects on Individual Retirement Account Markets and Investors of DOL's Proposed Rule Concerning the Definition of a 'Fiduciary'

doi:10.7249/RR1009

GSTDTAP > 资源环境科学

DOI	10.7249/RR1009
报告编号	RR-1009-DOL
	Potential Economic Effects on Individual Retirement Account Markets and Investors of DOL's Proposed Rule Concerning the Definition of a 'Fiduciary'
	Steven Garber; Jeremy Burke; Angela A. Hung; Eric Talley
	2015
出版年	2015
页数	39
语种	英语
国家	美国
出版者	RAND Corporation
领域	资源环境
英文摘要	In October 2010, the U.S. Department of Labor, Employee Benefits Security Administration proposed new rule 29 CFR Part 2510, "Definition of the Term 'Fiduciary.'" The primary objective of the Proposed Rule is to protect retirement investors from "self-dealing" — investment advisors acting in their own interests to the detriment of their clients' interests — by financial services firms, such as broker-dealers, and individuals who offer professional advice to retirement investors. This paper reviews and applies microeconomic principles and empirical literature to assess qualitatively predictions contained in two comments to the Proposed Rule concerning potential negative consequences for individuals who save for retirement through traditional and Roth Individual Retirement Accounts (IRAs). These comments argue that — despite financial incentives for advisors to self-deal — advisors rarely, if ever, act on their conflicts of interest because of incentives stemming from competition for clients among broker-dealers and the value to these firms having good reputations. The comments also predict that adoption of the Proposed Rule would harm retail IRA investors because they would receive less advice about what investment products to include in their IRA portfolios, face higher minimum account balances, pay higher fees, receive less help in setting up IRAs, and decrease contributions to their IRAs. The authors then use findings in empirical literature and microeconomic principles to analyze qualitatively how adoption of the Proposed Rule would affect the welfare of IRA investors of different levels of financial capability through effects on four outcomes of concern to them.
英文关键词	Economic Policy Retirement and Retirement Benefits Personal Finance Banking and Financial Services Financial Decision Making Banking and Finance Legislation
URL	查看原文
来源平台	Rand Corporation
引用统计
文献类型	科技报告
条目标识符	http://119.78.100.173/C666/handle/2XK7JSWQ/4192
专题	资源环境科学
推荐引用方式 GB/T 7714	Steven Garber,Jeremy Burke,Angela A. Hung,et al. Potential Economic Effects on Individual Retirement Account Markets and Investors of DOL's Proposed Rule Concerning the Definition of a 'Fiduciary':RAND Corporation,2015.