Manage episode 236427056 series 2506692
• Harold Evensky bio
• Evensky & Katz/Foldes Financial
• Personal Financial Planning Department, Texas Tech University
• Financial Planning Standards Board Council (formerly known as "International CFP Council")
• [CFP Board of Directors](formerly "Board of Governors")
• CFP Council on Examinations (formerly "Board of Examiners")
• The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets (CFA Institute Investment Series Book 28) by Harold Evensky
• Books by Harold Evensky
Evensky explains why his practice opted to charge clients a percentage of assets under advisement instead of an annual retainer: "An unmitigated disaster." (0:58-2:51)
How Evensky and his fellow practitioners spend their time: "It's all built around the planning." (2:52-4:02)
On the firm's receptiveness to younger clients with less assets to advise: "Absolutely yes." (4:03-4:40)
The future: Comprehensive, modular financial planning. (4:41-6:49)
On the commodification of financial advice: "To the general public … it pretty much looks like the same service." (6:50-7:37)
On robo-advice: "Our conclusion was ... it's dangerous." (7:38-11:15)
• "The Efficacy of Publicly Available Retirement Planning Tools" by Taft Dorman, Barry S. Mulholland, Qianwen Bi, and Harold Evensky (Oct. 9, 2018).
Helping clients navigate turbulence: "Our goal is to call the client before they call us." (11:16-12:15)
The critical importance of communicating with clients: "Brokers and, much to my surprise, trust officers … hide under their desks." (12:16-13:02)
Where risk tolerance and client-specific circumstances come to the fore and human capital and age take a back seat: "Everything calls for a customized mix." (13:03-15:25)
"That's horribly inefficient." How Evensky came to embrace the simplicity of the core-and-satellite approach to portfolio construction. (15:26-19:27)
Evensky's construct for "explore" positions: "It can be most anything." (19:28-20:37)
Value's dry spell: "The basic concept of the value premium remains viable." (20:38-22:19)
Permanent impermanence: How Evensky and his colleagues grapple with investing ephemera. (22:20-23:58)
Global diversification: "We've always believed in an international exposure." (23:59-25:45)
Risk tolerance and return needs drive strategic asset-allocation decisions: "Our maximum equity allocation is 80%." (25:46-27:53)
"Rebalancing is an immensely powerful tool, painful though it is in the short-term." (27:54-30:44)
Human capital's influence on the planning process: Car salesman versus tenured professor. (30:45-32:42)
Ramping up equity exposure through retirement: "Intellectually I think it's very sound research; but from a behavioral standpoint I don’t think it's realistic." (32:43-34:24)
• "Reducing Retirement Risk With a Rising Equity Glide Path" by Wade D. Pfau and Michael Kitces (Sept. 12, 2013) .
The simple two-bucket approach: "My experience is the relatively small opportunity costs (associated with the bucketing approach) are way outweighed by the behavioral benefits." (34:25-38:24)
• Testimony of Deena Katz, CFP, on "Boomer Bust? Securing Retirement in a Volatile Economy" before the Senate Special Subcommittee on Aging, Feb. 25, 2009 (see Page 7 for "paycheck syndrome").
Time- and goals-based bucketing: "A great deal of appeal but they don't make any sense." (38:25-39:19)
How the complexion of retirement has changed: People will have to work longer. (39:20-41:32)
"Where's the protection of the investor?" Evensky takes a dim view of the SEC's just-finalized Regulation Best Interest measure. (41:33-43:34)
• "A New Rule Won’t Make Your Broker an Angel" by Jason Zweig, The Wall Street Journal, May 31, 2019.
Competency standards: Professionalism subsumes competency. (43:35-46:57)
12 episodes available. A new episode about every 0 hours averaging 50 mins duration .