Not only do we need a new fiduciary standard, we need one that's digitally inclined.
At least according to behavioral economist Schlomo Benartzi, cofounder of the Behavioral Finance Forum and a professor at UCLA Anderson School of Management, who has a special interest in household finance and participant behavior in retirement savings plans.
In an article titled "Retirement Planning Needs a Better UX," Benartzi cited an experiment he conducted together with Professor Richard Thaler of the University of Chicago on Morningstar.com, in which "two groups of Morningstar subscribers [were asked] to allocate their retirement savings among eight different funds."
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