The Pension Research Council
Working Paper

Explaining Risk to Clients: An Advisory Perspective

Paula H. Hogan and Rick Miller
WP2012-07

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Abstract — To illustrate how advisors explain risk to clients, we map our view of current advisory practice, with particular emphasis on risk management, to our view of the current mosaic of planning paradigms. We then apply that information to identify questions for further discussion and research. We conclude there has been an evolution in advisory practice from a focus on product, to policy, and now increasingly to process, with communication about risk remaining central throughout.