The single-fund solution works for most plan participants. But for those who are more informed and engaged, adding a satellite investment on top of a TDF isn’t necessarily a mistake.
Cynthia Pagliaro is a senior research analyst with the Vanguard Center for Investor Research. The center conducts and sponsors research on investor behavior and decision-making. It also works to apply behavioral insights to real-world settings. The center’s scope includes individual investors (whether direct, advised, or in defined contribution plans) and institutional investors. The center's work will be of interest to investors, advisors, consultants, employers, media, the research community, and policymakers.
Her current research interests include the changing nature of defined contribution plan investment menus; the role of diversity in retirement decision-making; the impact of the internet and other electronic interventions on household saving and investment choices; and the value of advice on retirement savings and investment decisions.
Ms. Pagliaro joined Vanguard in 2004 as a Six Sigma Master Black Belt in the Vanguard Center for Excellence. She earned a B.S. in mathematics and an M.S. in applied statistics from Villanova University.