Reuters Columnist Quotes Professor Norman Stein on Financial Advice to Retirees
January 31, 2013 — Retirees making decisions about assets tied up in 401(k) plans should be aware that some financial advisors may steer them toward questionable investments, Professor Norman Stein said in a column published Jan. 30 by Reuters.
The “rollover moment” advice a retiree receives from a financial advisor may benefit the investment company more than the individual investor, Stein said.
“Arguably, it’s a conflict of interest,” he said, noting that some investment firms are better than others at offering independent guidance on rollover decisions.
Stein, senior policy advisor for the Pension Rights Center in Washington, D.C., is a nationally recognized authority on pension and benefit law.
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