Document Type

Article

Publication Date

Summer 2006

Publication Title

Financial Services Review

First Page

133

Last Page

149

Additional Publication URL

http://academyfinancial.org/financial-services-review/

Abstract

We conduct a clinical study on a firm that restructures its 401(k) plan and simultaneously offers financial education seminars to its employees. The restructuring requires each employee to restate allocation percentages, thus we are able to analyze the specific benefits of retirement planning seminars on the asset allocation decision. We find that seminar attendance is associated with increased portfolio diversification and improved risk management. When combined with changes in return, the overall result is that seminar attendees create more efficient portfolios, which implies a better understanding of the retirement planning process.

Rights

This article was originally published in Financial Services Review, 2006, Volume 15.

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