Anne Tergesen

speaker

4,485 appearances 83 recordings 1 series first heard Jul 2017 last heard Feb 2025

Anne Tergesen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Your Financial Adviser’s Conflicts Could Put Your Money at Risk · 15 Apr 2024 podcast

Yeah. matched

I mean, in recent years, that mortgage decision has been a sort of a more nuanced one because a lot of retirees have very low interest rates on their mortgages. matched

So there's a feeling that, well, if you leave the money in the stock market, you're going to earn more. matched

than you would by basically paying off that mortgage. matched

So it is a complicated decision. matched

A lot of advisors recommend leaving the money in the market because they feel the client can do better that way, but it's also clear that the advisor can also do better that way. matched

I was kind of interested in this in part because there's a new study that looks at that very topic about claiming Social Security. matched

So it looked at what type of advisor they have and when they claim Social Security. matched

And what they found is that a decent number of people with advisors claimed at a relatively early age, which was not what the authors of a study had expected. matched

And they expected that people who have advisors will be advised to claim later because that's often expected. matched

optimal claiming strategy, especially for people who are wealthier, who tend to live longer, especially for married people. matched

The higher earner claiming later is often better. matched

The study found that, in fact, these people were claiming earlier. matched

And the theory is that advisor bias and conflicts of interest could be playing into this, that the advisor doesn't really want you to delay claiming because you're going to have to support yourself solely from the nest egg, which means you're going to take more money from your matched

portfolio, which again causes the balance to go down, causes the advisor's paycheck to go down. matched

There is a breed of advisor that charges fees, but they charge hourly fees or project-based fees. matched

So those people don't have an incentive to maximize the size of your portfolio for better or worse. matched

It's nice to have your advisor have that incentive, but they also don't have the incentive to make recommendations that are designed to keep money in the portfolio when there might be better uses for it. matched

They are. matched

But the downside to some of that is that, first of all, it's harder to find an hourly paid advisor. matched

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