Other Views

  1. Knowing the difference between 2 facets of the fiduciary standard

    truePresident Barack Obama's remarks on Feb. 23 about the Department of Labor's re-proposed fiduciary standard are an excellent illustration of the two faces of a fiduciary standard. On the one hand, Mr. Obama singled out great advisers who are doing the right thing for their clients. He then changed ...

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  1. Monetary policy: It's all relative

    trueWe have each separately made the case that asset pricing theory and investment practice for funding retirement should focus on how much income the member has in retirement instead of the amount of wealth at retirement. This applies whether the pension benefit is generated by a defined benefit plan ...

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  2. Chicago: A model city for bridging the financial education gap

    trueIn Chicago, we are doubling down on bridging the financial education gap from the classroom to the kitchen table.

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  3. Global hunt for offshore tax cheats

    trueToday, many financial institution executives and foreign governments might soon start feeling much the same way about the rising tide of FATCA — the U.S. Foreign Account Tax Compliance Act — which is finally reaching their shores after its initial enactment in 2010.

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  4. Working toward an integrated pension industry network

    trueThe pension management industry has only just scratched the surface of what technology can do. The next step is to leverage the Internet to improve collaboration of pension executives and their service providers to combine efficiently their respective sets of analytics to improve decision-making.

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  5. Guidance for investment committees is overdue

    trueThe need for guidance for investment committees is overdue. While there are many investment committees that achieve the advantage of good governance, a great many have no clear understanding of how they should function.

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  6. Universities and pension funds are grappling with their role as agents...

    trueUniversities and pension funds are grappling with their role as agents for positive change on climate issues and whether divestment is an appropriate, responsible and effective response.

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  7. Climate change a risk, not an uncertainty

    trueInvestors should no longer categorize the climate change issue as uncertainty, that is, an issue whose impacts can't be quantified. Rather it should be categorized as a risk, in which impacts, particularly of government intervention, can be estimated.

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  8. Derisking retirement with a federal longevity agency

    trueThe time has come to set up a federal longevity insurance administration.

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  9. A blueprint for making the 'smartest beta' portfolio

    trueThere is a debate as to whether changing the weight methodology of a market index is really active management or an alpha strategy, rather than a beta strategy or discipline.

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  10. Promise now, pay later

    trueWhen a California judge ruled in October that the city of Stockton could exit bankruptcy protection without cutting its public-sector retirement obligations, the decision drew the ire of creditors and highlighted the outsized role public pensions play in municipal finance.

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  11. The SEC's "broken windows' strategy is misguided

    trueThe Securities and Exchange Commission is unfortunately pursuing a fundamentally flawed strategy to police the capital markets and protect investors.

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  12. The coming crunch for pension plans: Derisking despite supply, low-rate issues

    trueMany U.S. corporate defined benefit plans have engaged in strategies to narrow the mismatch between the interest rate sensitivity of their assets and liabilities. However, executives of many plans are waiting to take action. We believe three factors will conspire to put pressure on them.

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  13. Everyone is focusing on the wrong goal in retirement planning

    trueRobert C. Merton, 1997 Nobel laureate, wrote in the July-August issue of Harvard Business Review: “The seeds of an investment crisis have been sown. The only way to avoid a catastrophe is for plan participants, professionals and regulators to shift the mindset and metrics from asset value to ...

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