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Article

Ethical Issues in Retirement Income Planning: An Advisor’s Perspective

Jamie P. Hopkins, Julie A. Ragatz and Chuck Galli
The Journal of Retirement Summer 2016, 4 (1) 112-130; DOI: https://doi.org/10.3905/jor.2016.4.1.112
Jamie P. Hopkins
holds the Larry R. Pike Chair in Insurance and Investments at The American College of Financial Services and is an associate professor of taxation and co-director of The American College New York Life Center for Retirement Income in Bryn Mawr, PA.
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  • For correspondence: jamie.hopkins@theamericancollege.edu
Julie A. Ragatz
holds the Charles Lamont Post Chair of Ethics and the Professions at The American College of Financial Services and is director of and an assistant professor of ethics at The American College Cary M. Maguire Center for Ethics in Financial Services in Bryn Mawr, PA.
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  • For correspondence: julieanne.ragatz@theamericancollege.edu
Chuck Galli
is a senior research analyst in informatics at Independence Blue Cross in Philadelphia, PA.
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  • For correspondence: chuck.galli@temple.edu
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Abstract

The Ethical Issues in Retirement Income Planning study gathered the perceptions of expert retirement income planners. The good news is that the retirement income planners surveyed expressed a high level of satisfaction with the retirement planning profession’s ethical climate, as 64% of respondents believed that the overall ethical culture in the retirement income industry was solid as compared to 36% that expressed some concern. However, advisors were not without concerns. When asked to rank those concerns, a dominant theme emerged through the survey’s quantitative and qualitative findings: Respondents believed that ethical violations were the result of a lack of education and not purposeful malfeasance. The number one ethical concern respondents identified was financial elder abuse. Respondents were not overly concerned that financial advisors were the primary perpetrators but were worried about the industry’s ability to identify cases of financial elder abuse and exploitation, noting that most retirement advisors had not been adequately trained to recognize the signs of abuse, which are often subtle and ambiguous. Respondents reported that they saw very few acts of outright fraud or deceit.

Respondents generally believed that retirement advisors, while well-intentioned, often lacked sufficient knowledge in three main areas: Social Security, Medicare, and tax planning. They feared that these knowledge limitations might lead practitioners to make recommendations that were not in the best interest of their clients. An additional and related concern was that consumers would not be able to act as a check since in many cases they lacked the financial literacy to understand the complex products or plans offered to them. In some cases, clients simply trusted their advisor and remained disengaged from the planning process. Respondents also perceived that this level of client dependence reflected a general lack of understanding of the financial advisor’s pivotal role in the process of planning for retirement.

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The Journal of Retirement: 4 (1)
The Journal of Retirement
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Summer 2016
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Ethical Issues in Retirement Income Planning: An Advisor’s Perspective
Jamie P. Hopkins, Julie A. Ragatz, Chuck Galli
The Journal of Retirement Jun 2016, 4 (1) 112-130; DOI: 10.3905/jor.2016.4.1.112

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Ethical Issues in Retirement Income Planning: An Advisor’s Perspective
Jamie P. Hopkins, Julie A. Ragatz, Chuck Galli
The Journal of Retirement Jun 2016, 4 (1) 112-130; DOI: 10.3905/jor.2016.4.1.112
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  • Article
    • Abstract
    • OVERVIEW
    • RESEARCH METHODOLOGY
    • A METHODOLOGICAL NOTE: SURVEY RESULTS
    • KEY SURVEY FINDINGS*
    • STRATEGIES FOR ADDRESSING ETHICAL CONCERNS
    • NEXT STEPS
    • APPENDIX A
    • ENDNOTE
    • REFERENCES
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  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
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