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Financial Advice Boosts Retirement Saving, but Not for Those Who Need It Most

Financial advice is often evaluated through the lens of investment performance. Do advisors help clients earn higher returns, select better funds, or avoid costly mistakes? Much of the academic literature has focused on the potential shortcomings of financial advice, including conflicts of interest, high fees, and unsuitable investment recommendations. But financial advisors may create value in ways that are not captured by investment returns alone. One important possibility is that they encourage individuals to take financial actions they might otherwise postpone or overlook, such as contributing to retirement accounts and taking advantage of available tax incentives. The authors’ findings offer evidence of a positive role for financial advice.…