Jean-Pierre Aubry
speaker
560 appearances
1 recordings
1 series
first heard Jul 2026
last heard 23 Jul
Jean-Pierre Aubry’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
That's where they stay.
People also don't make much, usually aren't too active in their retirement accounts.
And so that's kind of what we think is driving some of that.
Now, I think an important distinction is also that individuals on the whole have pessimistic views of what stock returns will be relative to what history has said.
So there's been multiple studies over time
that have confirmed this year after year, kind of repeated surveys show that at any given point in time, individuals always underestimate returns, overestimate volatility, again, relative to history.
The presumption is that, or the thought we have is that maybe being a little bit higher than they would desire on their own may not be as bad as one would think, given that most people harbor relatively pessimistic assumptions about stocks.
Their role is what you alluded to before.
It's kind of trying to de-bias or just provide more information to help investors, retail investors, be better informed.
And so what we see in our data, again, is that those that work with financial advisors are more likely to have higher allocations.
They're more likely to say that working with an advisor changed their opinion of stocks.
They're more likely to say that it also, when they work with an advisor,
they were more likely to want to hold more stocks.
So if you view that from the benefit of the doubt and a generous view of that is that they're helping people correct their innate pessimistic biases on stocks to hold more ultimately.
The less generous view that our data shows is that in many cases, we found a relationship basically between recommending higher allocations to stocks and how the advisor is compensated.
Essentially, if they're compensated as a percent of assets, they're more likely to recommend higher equity allocations.
The idea here is that your pile is going to grow more if you have inequities,
If you're getting a percent of that pile, you want them to be more in equities.
There's that dynamic also at play.
Which one is really driving the story is hard to know.
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