Communication and Fiduciary Duty

Financial planning for retirement generally receives less attention from individuals than might be considered wise. A large gap also exists between the knowledge and expertise of the providers of pension products and their clients. For the areas where a “fiduciary duty” already exists as a legal obligation, Netspar has examined what a “desirable” variant of this duty might be.

The objective of the fiduciary duty should be to allow individuals to make decisions in their own best interests and, in any event, help them avoid poor decisions. The most important dynamics in implementing this fiduciary duty are the provision of information and communication with the individual, along with the design of the decision-making process.

There is and has done the necessary research on fiduciary duty and (financial ) communication and literacy.

Reading tips

Abstract Netspar Brief 5: Pension Freedom of Choice, Harry van Dalen and Kène Henkens
Pension helpdesk calls: A repair mechanism in the client communication of financial institutions, Nell, Louise, Leo Lentz, Henk Pander Maat and Tom Koole, Studies in Communication Science, 15(1), 103-110, 2015
Zorgplicht voor pensioenproducten, Arjanneke Sandtke, Arthur van Soest, Bas Werker, Benedict Dellaert, Marc Turlings, Mike Rijff, Oskar Poiesz, Sacha van Hoogdalem, Sandra Schellekens, Stefan Lundbergh, Yvonne van Straalen
Verplichte communicatie en zorgplichten: De wisselwerking tussen werkgever en de pensioenpraktijk, Rijnhout, Rianka, Ivo Giesen, Louise Nell and Leo Lentz, Weekblad voor Privaatrecht, Notariaat en Registratie, 145(7025), 626-637