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33 PagesPosted: 24 Mar 2021
See all articles by Alejandro Murguia
Alejandro Murguia
Retirement Researcher; McLean Asset Management
Wade D. Pfau
The American College for Financial Services; Retirement Researcher
Date Written: February 1, 2021
Abstract
This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales are related to each other as well as retirement income concerns and investment behaviors. We also describe how four investment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individuals in more readily recognizing their relative strengths and weaknesses when implementing a retirement income strategy, and financial professionals can present advice in a manner that addresses a client’s concerns and preferred implementation.
Keywords: retirement income, self-efficacy, financial advisor perceived usefulness, behavioral finance
JEL Classification: D14
Suggested Citation:Suggested Citation
Murguia, Alejandro and Pfau, Wade D., Retirement Income Beliefs and Financial Advice Seeking Behaviors (February 1, 2021). Available at SSRN: https://ssrn.com/abstract=3788425 or http://dx.doi.org/10.2139/ssrn.3788425
Alejandro Murguia
Retirement Researcher ( email )
1900 Gallows Rd, Suite 350
Vienna, VA 22182
United States
HOME PAGE: http://www.retirementresearcher.com
McLean Asset Management ( email )
1900 Gallows Rd, Suite 350
# 1150
Vienna, VA 22182
United States
HOME PAGE: http://www.mcleanam.com
Wade D. Pfau (Contact Author)
The American College for Financial Services ( email )
630 Allendale Rd
King of Prussia, PA 19406
United States
HOME PAGE: http://www.retirementresearcher.com
Retirement Researcher ( email )
1900 Gallows Rd, Suite 350
Vienna, VA 22182
United States
HOME PAGE: http://www.retirementresearcher.com
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