1 | |||||
|---|---|---|---|---|---|
2 | Conflicted advice, inferior results | ||||
3 | Returns of Oregon University System employees in the Optional Retirement Plan were better among those investing on their own than among those who sought advice from a broker. Neither group performed as well as their target-date fund benchmark. | ||||
4 | |||||
5 | Broker-advised investors | Do-it-yourself investors | Target-date fund benchmark | ||
6 | 1999 | 29.25% | 20.59% | 23.79% | |
7 | 2000 | -13.78% | -8.42% | -2.41% | |
8 | 2001 | -18.84% | -11.32% | -8.70% | |
9 | 2002 | -17.99% | -14.94% | -13.29% | |
10 | 2003 | 23.27% | 21.03% | 24.39% | |
11 | 2004 | 8.96% | 9.13% | 9.45% | |
12 | 2005 | 4.59% | 6.44% | 7.81% | |
13 | 2006 | 10.05% | 11.33% | 11.84% | |
14 | 2007 | 4.81% | 8.35% | 8.69% | |
15 | 2008 | -31.59% | -24.71% | -33.45% | |
16 | 2009 | 25.00% | 16.70% | 29.05% | |
17 | Average | 1.81% | 3.35% | 4.79% | |
18 | Source: "What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?" https://www2.bc.edu/jonathan-reuter/research/ORP_201405.pdf | ||||