Aron Szapiro: 'You Can't Fix What You Can't Measure'


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Background and Professional Development
Szapiro's trajectory into policy research: "It was this arcane language that I wanted to understand." (1:15-2:39)

10 Millennials Making Their Mark on Washington and Beyond

Policy Research
What policy means at Morningstar and for investors: "Policy really drives and dictates a lot of what ends up happening to investors." (2:40-4:55)

How his team avoids conflicts with Morningstar's business interests: "What would be best for investors and what evidence do we have to support that position?" (4:56-6:25)

How his team works to ground policy recommendations in the data: "What we don't do is we don't try to make values-based arguments." (6:26-8:25)

On whether investors are shaping the investment landscape more than policymakers are: "It's in government's long-term interest to make sure we have a system that protects and empowers people to save and make some decisions." (8:26-10:35)

Policy Matters Today
The state of fiduciary regulation for financial advisors: "It's sort of a mess." (10:36-14:53)

Morningstar's Take on the SEC's Proposed Conflict of Interest Rules

The SEC's Best-Interest Proposal: What Morningstar Told Regulators
DOL Sets Date to Propose New Fiduciary Rule

States' role in creating policies that affect investors: "I hope these things build toward a federal solution." (14:54-16:58)

New Jersey Proceeds With Adoption of a Uniform Fiduciary Standard
Nevada's Draft Regulations for a Uniform Fiduciary Standard

What will drive substantive change in Washington with respect to the investment and retirement landscape: "It's a very slow-moving ship." (16:59-19:51)

The State of the U.S. Retirement System
Retirement preparedness in the U.S.: "There are a lot of people who have been left behind by the fragmented system that we have." (19:52-22:48)

How to measure retirement adequacy: "People should be able to sustain their standard of living that they had during their working lives in retirement." (22:49-24:13)

Whether today's retirees are running out of money, and how we would know. "You don't want to do policy by anecdote." (24:14-26:38)

Rand Corporation Retirement and Retirement Benefits Research
2019 Retirement Confidence Survey (EBRI)

On the bifurcation in retirement-plan quality between big and small employers. "Small employers are busy keeping the lights on." (26:39-29:22)

SECURE Act (passed by the U.S. House of Representatives on May 23, 2019)
Retirement Enhancement and Savings Act of 2018
Solutions for Small-Company Retirement Plans
Legislation That Aims to Help Workers Save

On whether the Thrift Savings Plan for federal workers should be available to more workers. "It's great as a model that others can aspire to." (29:23-31:50)

12 episodes available. A new episode about every 0 hours averaging 50 mins duration .