The Long View

Our guest on the podcast today is Barbara Roper. She is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. A leading consumer spokesperson on investor protection issues, Roper has conducted studies of abuses in the financial planning industry, state oversight of investment advisors, state and federal financial planning regulation, financial planning software, financial education needs of low-income older persons, the information preferences of mutual fund shareholders, systemic risk regulation, and securities law weaknesses as a cause of the financial crisis. She has testified frequently before Congress and has supported federal and state legislative and regulatory initiatives on a broad range of investor protection issues. Roper is a member of the SEC's Investor Advisory Committee, Finra's Investor Issues Group, and the CFP Board's Public Policy Council and Standards Commission.BackgroundBarbara Roper bioMicah Hauptman bioConsumer Federation of AmericaConsumer Federation of America, Investor Protection DivisionState of Investor Protections Today"The Laws That Govern the Securities Industry"Investment Company Act of 1940Investment Advisers Act of 1940Growth of Private Market"Looking Behind the Declining Number of Public Companies," by Les Brorsen, Harvard Law School Forum on Corporate Governance and Financial Regulation, May 18, 2017."Where Have All the Public Companies Gone?" by the Bloomberg.com editorial board, April 9, 2018. Accredited Investor definitionConcept Release on Harmonization of Securities Offering Exemptions, Securities and Exchange Commission.Letter from Consumer Federation of America to SEC Regarding Concept Release on Harmonization of Securities Offering Exemptions, by Barbara Roper and Micah Hauptman, Oct. 1, 2019."Private-Equity Funds in 401(k) Plans?" by John Rekenthaler, Morningstar.com, July 9, 2019. "SEC's Proposal on Private Placements Isn't Backed by Data," by the InvestmentNews editorial board, Aug. 31, 2019. Investment Fees"2018 Morningstar Fee Study Finds That Fund Prices Continue to Decline," by Adam McCullough, CFA, Morningstar.com, April 30, 2019. "Money Flowed to the Cheapest Funds in the Third Quarter," by Tom Lauricella and Gabrielle Dibenedetto, Morningstar.com, Oct. 18, 2019."That Investment Fees Are Falling Is a Popular Narrative, But It's Not the Whole Story," by Tom Bradley, Financial Post, April 4, 2019."401(k) Plan Quality Correlates with Company Profits," by Anne Tergesen, The Wall Street Journal, Sept. 17, 2018."How High Is Too High for 401(k) Fees?" Consumer Reports, Dec. 31, 2018.Consumer Federation of America on SEC Proposal Regarding Fee Disclosure in Mutual Fund Point-of-Sale and Confirmation Documents, April 21, 2004.Fund Democracy and Consumer Federation of America letter to the Employee Benefits Security Administration Regarding Fee Disclosure for Individual Accounts, July 24, 2007. Disclosure"House Approves Bill Requiring SEC to Test Investor Disclosures," by Mark Schoeff Jr., InvestmentNews, Oct. 17, 2019. Speech by SEC Commissioner Cynthia Glassman, Nov. 4, 2005. Investment Advice"House Members Urged to Vote Yes on Bill to Improve SEC Disclosure Effectiveness," Consumer Federation of America, Oct. 11, 2019.SEC Proposed Regulation Best InterestRegulation Best Interest definition"SEC Passes Regulation Best Interest, but Fiduciary Rules Could Make a Comeback," by Andrew Welsch, Financial Planning, June 5, 2019. "SEC's Regulation Best Interest Comes Under Attack," by Melanie Waddell, ThinkAdvisor, Sept. 24, 2019. "What Investors Need to Know About Regulation Best Interest," by Aron Szapiro, Morningstar.com, June 14, 2019. The SEC's Best-Interest Proposal: What We Told Regulators," by Aron Szapiro, Morningstar Blog, Aug. 8, 2018. Form CRS Relationship Summary; Amendments to Form ADV, SEC.gov. "SEC's New Customer Relationship Form Confuses Consumers," by Melanie Waddell, ThinkAdvisor, Sept. 13, 2018.Retirement"Court Overturns Obama-Era Rule on Retirement Planners," by Tara Siegel Bernard, The New York Times, March 16, 2018. "Think Your Retirement Plan Is Bad? Talk to a Teacher," by Tara Siegel Bernard, The New York Times, Oct. 21, 2016. "Teachers and Annuities: A Questionable Match and a Hard Product to Shed," by Ron Lieber, The New York Times, March 16, 2018. "The Annuity Trap Teachers Need to Avoid," by Leslie P. Norton, Barron's, May 25, 2019. "SEC Probes Practices in Public-Sector Retirement Plans," Barron's, Oct. 9, 2019."Legislation That Aims to Help Workers Save," by Aron Szapiro, Morningstar.com, April 12, 2019. "House Passes SECURE Retirement Bill With Massive Bipartisan Support," by Greg Iacurci, InvestmentNews, May 23, 2019. "What the New Retirement Bill Means for Savers and Retirees," by Reshma Kapadia, Barron's, May 26, 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is is Dennis Lynch. Lynch is the head of Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 1998 and has 25 years of investment experience. In his role, Lynch and his team run a number of growth equity strategies under the Morgan Stanley banner, including Morgan Stanley Institutional Advantage, Morgan Stanley Institutional Growth, and Morgan Stanley Institutional Discovery funds. All told, he and his team manage nearly $30 billion across their various mandates. On the strength of his track record, Morningstar named Lynch and his team Domestic Stock Fund Manager of the Year in 2013. Lynch received a B.A. in political science from Hamilton College and an MBA with honors and finance from Columbia University. We're pleased to have him join us today.BackgroundDennis Lynch bio Morgan Stanley Counterpoint Global Morgan Stanley Institutional Growth Fund Morgan Stanley Institutional Discovery Fund“A Closer Look at a Fund Manager of the Year” by Janet Yang; Morningstar; Feb. 3, 2014Team Members ReferencedKristian Heugh bioSam Chainani bio David Cohen bio Stan Delaney bio  Innovation vs. Mission CreepFacebook“Facebook stock jumps 12.6 percent as share lockup expires” by Alexei Oreskovic; Reuters; Nov. 14, 2012"Shared Reading" and ESG“Earth Has a Hidden Plastic Problem—Scientists Are Hunting It Down” by Andrea Thompson; Scientific American; Aug. 13, 2018 “ESG and Sustainable Investing Report” by Kristian Heugh and Marc Fox; Morgan Stanley Investment Management; Mar. 7, 2019 Disruptive Technologies and Forces“The EDGE: Automation/Robotics” by Morgan Stanley Counterpoint Global; Dec. 18, 2018 “Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel; Collaborative Fund; Oct. 4, 2019 "What is a Tech Company?" by Ben Thompson; Stratechery; Sept. 3, 2019 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest in the podcast today is Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University and a specialist in behavioral finance. Meir's research focuses on how investors and managers make financial decisions and how these decisions are reflected in financial markets. His work has been published in The Journal of Finance, The Financial Analysts Journal, The Journal of Portfolio Management, and many other publications. Meir has also received numerous awards for his research, including three Graham and Dodd Awards and the Matthew R. McArthur Industry Pioneer Award. His latest book, Finance For Normal People, was just released in paperback.BackgroundMeir Statman bioFinance for Normal People by Meir Statman, Oxford University Press, 2017 What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions by Meir Statman,McGraw-Hill Education, 2010.  Investor Behavior“The Expressive Nature of Socially Responsible Investors” by Meir Statman, January 2008. “Money Flowed to the Cheapest Funds in the Third Quarter” by Tom Lauricella and Gabriel Dibenedetto, Morningstar.com, Oct. 2019. “Morningstar Fund Flows Commentary” by Morningstar, August 2019. Retirement HappinessFIRE movement “Michael Finke: Here’s What Makes Retirees Happy” by Morningstar, The Long View podcast, episode 23, October 2019. “To Compete with Robos, Advisors Must Become Financial Physicians” by Lauren Foster, CFA Institute blog, April 2017. Retirement Spending“Carolyn McClanahan: There’s More to Money Than Just the Numbers” by Morningstar, The Long View podcast, episode 5, June 2019. “The Mental Mistakes We Make with Retirement Spending” by Meir Statman, Wall Street Journal, April 2017. “The Bucket Approach to Retirement Allocation” by Christine Benz, Morningstar.com, February 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.BackgroundDana Emery BioDodge & Cox OverviewMorningstar Analyst Report for Dodge & Cox Income Morningstar Analyst Report for Dodge & Cox Balanced Morningstar Analyst Report for Dodge & Cox Global BondStewardship“Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now,” by John Melloy, CNBC.com, March 21, 2017.“Dodge & Cox: Built to Last,” by Andrew Daniels, Morningstar.com, Nov. 16, 2017.“Is Any Mutual Fund Company Better Than Vanguard? 1 Comes Close,” by Daren Fonda, Barron’s, Sept. 7, 2019.“An Old School Investment Manager That Builds Wealth Quietly,” by Landon Thomas, Jr., The New York Times, Oct. 13, 2017.“The Top Fund Families,” by Michael Laske, Morningstar blog, Feb. 22, 2019.“Morningstar Fund Family 150,” Morningstar Direct, July 1, 2019.Dodge & Cox “People” Page (including management tenure and fund ownership), Morningstar.comDodge & Cox “Parent” Page, Morningstar.comPortfolio Management and Strategy"Investment Risk Management," Dodge & Cox, April 2017Government-sponsored enterprise (GSE), Wikipedia.Senior and Subordinated Debt, Corporate Finance Institute."Finding Value in BBB Debt--Not All Corporate Bonds Are Created Equal," Dodge & Cox, October 2019."A Value Investor’s Case for European Financials," Dodge & Cox, April 2019."Understanding the Case for Active Management," Dodge & Cox, October 2016.  Women in Fund Management“Fund Family with 25% Women Managers Far Exceeds Industry Average,” by Liz Skinner, InvestmentNews, June 2, 2015. “Who Runs Mutual Funds? Very Few Women,” by Jeff Sommer, The New York Times, May 4, 2018.Girls Who Invest  ESG"Evaluating Environmental, Social, and Governance Factors as Active Owners," Dodge & Cox, April 2018."Dodge & Cox’s Approach to Evaluating ESG Factors," Dodge & Cox, January 2019.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on this week’s episode of The Long View podcast is Ben Johnson. Ben is Morningstar's director of global passive research. In that role, Ben leads a team of analysts who conduct research on index mutual funds and exchange-traded funds and publish research on the global passive investing industry.Before assuming his current role, Ben was director of ETF research for Europe and Asia and served as the editor of the Morningstar ETFInvestor newsletter. Prior to that, Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley. He holds a bachelor's degree in economics from the University of Wisconsin, as well as the Chartered Financial Analyst designation. In 2015, Fund Directions and Fund Action named Ben among the 2015 Rising Stars of Mutual Funds. BackgroundBen Johnson articles and videos on Morningstar.com Growth of Indexing“Investors Still Pouring Money Into Passive Funds,” by Christine Benz and Kevin McDevitt, Morningstar.com, July 29, 2019. “Have Fee-Based Models Won the Battle ... or the War?,” by Ginger Szala, ThinkAdvisor, Feb. 21, 2019. “End of Era: Passive Equity Funds Surpass Active in Epic Shift,” by John Gittelsohn, Bloomberg.com, Sept. 11, 2019. “Retail Distribution Review: Effects on Fund Fees in the UK,” by Jackie Beard, Morningstar blog, Nov. 9, 2018. “Passive Investing Hasn’t Taken Over the World,” by Barry Ritholtz, Investment News, Oct. 1, 2019. Risks in the Growth of Indexing“The Big Short’s Michael Burry Explains Why Index Funds Are Like CDOs,” by Reed Stevenson, Bloomberg.com, Sept. 4, 2019.“Market-Cap-Weighted Index Funds Not Broken,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Oct. 3, 2018.“Bogle Sounds a Warning on Index Funds,” by John C. Bogle, The Wall Street Journal, Nov. 29, 2018. “Passive Fund Providers Take an Active Approach to Fund Stewardship,” by Hortense Bioy, Morningstar.com, Dec. 6, 2017.“Indexing Impact Fears Overblown,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Sept. 8. 2016. Retirement Plans“Use of Index Funds in 401(k)s Increasing,” by Rebecca Moore, PlanSponsor, June 21, 2019. “Here’s the Real Reason Why Your 401(k) Fees Are Falling,” by Darla Mercado, CNBC.com, May 9, 2018. “Using ETFs in a Retirement Plan,” by Susan Dziubinski, Morningstar.com, Sept. 9, 2016.Commissions and Fees“Fidelity’s Free Funds and the Changing Brokerage Business,” by John Rekenthaler, Morningstar.com, Aug. 8, 2018. “Looking Past the Fidelity Zero Headlines,” Christine Benz and Ben Johnson, Morningstar.com, Aug. 9, 2018."Schwab to Drop Commissions on U.S. Stock, ETF and Options Trades, Slamming Online Broker Stocks," by Ciara Linnane, Marketwatch, Oct. 1, 2019. "E-Trade Drops Commissions on Trades, Joining Schwab, TD Ameritrade in Brokerage Fee War," by Maggie Fitzgerald, CNBC.com, Oct. 2, 2019. “Are No-Commission Trades Good for Investors?” by Christine Benz and Ben Johnson, Morningstar.com, Oct. 2, 2019, Morningstar.com. Indexing Market Segments“Everything You Need to Know About Strategic-Beta ETFs,” by Ben Johnson, Morningstar.com, April 8, 2016. “Are High-Yield ETFs Junk?” by Alex Bryan, Morningstar.com, April 26, 2017. “Indexing in Less-Efficient Markets,” by Alex Bryan, Morningstar.com, Oct. 5, 2016. “An Overview of the Passive Bond Funds Landscape,” by Christine Benz and Alex Bryan, Morningstar.com, March 22, 2018. “Better Bond ETFs?” by Alex Bryan, Morningstar.com, Aug. 3, 2016. “Are There Viable Alternatives to Traditional Bond ETFs?” by Christine Benz and Alex Bryan, Morningstar.com, June 29, 2016. “Introducing Two New Morningstar Bond Categories,” by Sarah Bush, Morningstar.com, May 2, 2019. Morningstar Analyst Report for iShares 20+ Year Treasury Fund TLT Morningstar Analyst Report for iShares iBoxx $ High Yield Corporate Bond ETF HYG Morningstar Analyst Report for SPDR Bloomberg Barclays High Yield Bond ETF JNK“6 Questions about Low-Vol Investing,” by Susan Dziubinski, Morningstar.com, Sept. 8, 2017. Morningstar Analyst Report for iShares Edge MSCI Min Vol USA ETF USMV “A Checklist for Assessing Dividend ETFs,” by Ben Johnson, Morningstar.com, June 29, 2016. “Not All Dividend ETFs Are Created Equal,” by Ben Johnson, Morningstar.com, Aug. 25, 2017. Morningstar Analyst Report for Schwab U.S. Dividend Equity ETF SCHD Morningstar Analyst Report for Vanguard Dividend Appreciation VIG Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Alicia Munnell, the director of The Center for Retirement Research at Boston College. Alicia is a towering figure in the retirement research space. She and the team at the Center for Retirement Research produce articles and white papers on a wide variety of retirement-related topics, including Social Security, tax policy, retirement preparedness, and healthcare. Prior to joining Boston College in 1997, Alicia was a member of the president’s council of economic advisors and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. Alicia has written scores of articles and authored and edited many books over the years; most recently, she co-authored Falling Short: The Coming Retirement Crisis and What to Do About It.BackgroundAlicia Munnell bioAlicia Munnell research archive Center for Retirement Research at Boston CollegeBooks by Alicia Munnell Retirement Preparedness“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, The Wall Street Journal, April 23, 2017.“The Wealth of Households: An Analysis of the 2016 Survey of Consumer Finance,” Center for Economic and Policy Research, November 2017. “Women, Marriage, and the National Retirement Risk Index,” by Alicia H. Munnell, Wenliang Hou and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014. “David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View, Sept. 18, 2019. “The Extraordinary Happiness of Retirees,” by Steve Vernon, Global Coalition on Aging, May 16, 2016. Defined-Contribution Plans“The Federal Government Should Fix the Pension Coverage Gap,” by Alicia H. Munnell, Marketwatch, June 6, 2018.“An Analysis of Retirement Models to Improve Portability and Coverage,” by Alicia H. Munnell, Anek Belbase, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, March 2018.“Are Americans Really Able to Manage Their 401(k) Plans?” by Alicia Munnell, NextAvenue, May 17, 2012. “401(k) Plan Fees: What Is Reasonable?” by Liam Pleven, The Wall Street Journal, Feb. 20, 2015. “A Safe Harbor for Annuities Could Help Retirement Savers,” by Aron Szapiro, Morningstar blog, Oct. 18, 2018. “State-Based Retirement Plans for the Private Sector,” Pension Rights Center. Social Security"Social Security’s Financial Outlook: The 2019 Update in Perspective," by Alicia H. Munnell, Center for Retirement Research at Boston College, May 2019. Status of the Social Security and Medicare Programs: A Summary of the 2019 Annual Reports, Social Security and Medicare Boards of Trustees. “Alicia Munnell: The Social Security Fix No One Wants,” by Jane Wollman Rusoff, ThinkAdvisor, Jan. 30, 2018.“The Implications of Social Security’s 'Missing Trust Fund',” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.The Role of Home Equity in Retirement Planning“Retiree Housing Wealth: Battered but Still Significant,” by Alicia Munnell, MarketWatch, Feb. 4, 2015. “How Much Does Housing Affect Retirement Security? An NRRI Update,” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, September 2015. “Can a Reverse Mortgage Help Save an Underfunded Retirement?” by Michelle Singletary, The Washington Post, July 2, 2018. “This Secret Tax Break Could Help You Save Thousands of Dollars a Year If You Own a Home,” by Sarah Max, Money, Aug. 27, 2018 Long-Term Care“Long-Term Care: How Big a Risk?” by Leora Friedberg, Wenliang Hou, Wei Sun, and Anthony Webb, Center for Retirement Research at Boston College, November 2014.“Can Increasing the Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on this week’s episode of The Long View podcast is nationally renowned retirement researcher Dr. Michael Finke. Michael is Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He joined the College in June 2016 having served since 2006 as a professor and PhD coordinator in the department of personal financial planning at Texas Tech University. From 1999 through 2006, he served as the Director of Graduate Studies at the University of Missouri. Michael has published more than 50 peer review articles with a focus on the value of financial advice, financial planning regulation, investments and individual investor behavior. He was named to the 2012 Investment Advisor IA 25 list and the 2013 and 2014 Investment News Power 20. His research conducted with Wade Pfau, questioning the 4% rule was published in the Journal of Financial Planning and won the 2014 Montgomery-Warschauer award for the most influential article in the publication. He had previously won the award with Thomas Langdon in 2013. He was also selected to present his research on financial literacy and aging at the 2015 MIT Center for Finance and Policy Conference.BackgroundMichael Finke, PhD, CFP bio Finke CV 2013 Investment Advisor IA 25 profile 2013 Investment news Power 20 profileMontgomery-Warshauer AwardWithdrawal Rates“The 4% Rule is Not Safe in a Low-Yield World” by Michael Finke, Ph.D., CFP; Wade D. Pfau Ph.D., CFP; David M. Blanchett CFP, CFA; Journal of Financial Planning; June 2013“Determining Withdrawal Rates Using Historical Data” by William ​Bengen; Journal of Financial Planning; October 1994 “Low Bond Yields and Safe Portfolio Withdrawal Rates” by David Blanchett, CFP, CFA; Michael Finke, Ph.D., CFP, and Wade Pfau, Ph.D., CFP; Morningstar Investment Management; January 2013“Reduce Retirement Costs with Deferred Income Annuities Purchased before Retirement” by Michael Finke, Ph.D., CFP and Wade Pfau, Ph.D., CFP; Journal of Financial Planning; July 2015 “Why Advisors Should Use Deferred-Income Annuities” by Michael Finke, Ph.D., CFP; Advisor Perspectives; November 2015“Retirement Income for Life; Here’s a New Way to Get It” by Michael Finke, Ph.D., CFP; Bottom-line Personal; July 2016“Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA) Focus on Decumulation and Rollover”; Written Testimony of Michael Finke, Chief Academic Officer, The American College of Financial Services; 2018 ERISA Advisory Council, August 2018 Health and Cognitive Decline“Old Age and the Decline in Financial Literacy” presented by Michael Finke at the MIT Center for Finance & Policy; September 2015 “Health and Retirement Study”; National Institute on Aging, Social Security Administration; University of Michigan’s Institute for Social Research “Managing Long-term Care Spending Risks in Retirement” by Michael Finke Ph.D., CFP and Wade Pfau Ph.D., CFP; 2017 “Old Age and the Decline in Financial Literacy” by Michael Finke, Ph.D., CFP, John Howe, Sandra Huston; Management Science; August 2011 “Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations” by Hannes Schwandt; American Economic Journal; October 2018>Retiree Spending“Spending, Relationship Quality, and Life Satisfaction in Retirement” by Michael Finke, Nhat Ho, Sandra J. Huston; 2018 Academic Research Colloquium for Financial Planning & Related Disciplines; September 2017 “Spending in Retirement: Determining the Consumption Gap” by Chris Browning, Ph.D., Tao Guo, Ph.D., Yuanshan Cheng, and Michael Finke, Ph.D., CFP; Journal of Financial Planning “Estimating the True Cost of Retirement” by David Blanchett, CFP, CFA; Morningstar Investment Management; 2013Asset Allocation in Retirement“An Old Friend: The Stock Market's Shiller P/E” by Cliff Asness; AQR; November 2012 Daily Treasury U.S. Real Yield Curve Rates; U.S. Department of the Treasury “Reducing Retirement Income Risk with a Rising Equity Glide-Path” by Wade Pfau and Michael Kitces; SSRN; September 2013 “The Effect of Advanced Age and Equity Value on Risk Preferences” by David Blanchett, Michael Finke, and Michael Guillemette; Journal of Behavioral Finance; January 2018 Equity risk premium data; website of professor Aswath Damodaran; Stern School of Business at New York University Other“The Impact of the Broker-Dealer Fiduciary Standard on Financial Advice” by Michael Finke, Ph.D., CFP, and Thomas P. Langdon, J.D., LL.M., CFP, CFA; Journal of Financial Planning; July 2012 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest today on the podcast is Judith Ward, senior financial planner and a vice president of T. Rowe Associates. In her role at T. Rowe, Ward provides guidance on personal finance and retirement-related issues and is responsible for developing a broad range of financial-planning products and services. Additionally, she provides T. Rowe Price perspectives to individuals, institutions, and the media and contributes to T. Rowe Price publications. She has been with T. Rowe Price since 1983 and is a CFP certificant. BackgroundJudith Ward bio Related LinksPaying for College 2019 Parents, Kids & Money Survey How Much Cash Should You Have on Hand? Are Your Retirement Savings on Track? Retirement Savings Guidelines Aiming for a 15% Savings Goal Retirement Savings And Spending 4: Behaviors And Attitudes Toward Retirement T. Rowe Price Retirement Target-Date Fund Series Report Evaluating Roth and Pretax Retirement Savings Options Roth or Traditional IRA: Which Should You Choose? Five Ways to Avoid Drowning in Student Loan Debt 4 Reasons to Save for Retirement in a Taxable Account Using Health Savings Accounts Wisely Delaying Retirement But Not Your Retirement Dreams Retiring in a Volatile Market Dismal Decade Offers Cautionary Lessons for Retirees Should Your Withdrawals Mirror Your RMDs? 5 Great Uses for Your Required Minimum Distribution Helping Your Clients Decide When to Take Social Security Benefits Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is David Blanchett, head of retirement research for Morningstar Investment Management. In his role at Morningstar, Blanchett works to enhance the Investment Management group's consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. He's also adjunct professor of wealth management at The American College of Financial Services.Blanchett's research has been published in a variety of academic and industry journals, such as the Financial Analysts Journal, the Journal of Financial Planning, The Journal of Portfolio Management, The Journal of Retirement, and The Journal of Wealth Management. His research won the Journal of Financial Planning's 2007 Financial Frontiers Award, the Retirement Income Industry Association's 2012 Thought Leadership Award, the Journal of Financial Planning's 2014 and 2015 Montgomery-Warschauer Awards, and the Financial Analysts Journal's 2015 Graham & Dodd Scroll Award.BackgroundDavid Blanchett's bioDavid Blanchett's research archiveQuantifying the Value of AdviceAlpha, Beta, and Now ... GammaThe Value of a Gamma-Efficient PortfolioVanguard Advisor's AlphaCapital Sigma: The Advisor AdvantageReducing Wealth Volatility: The Value of Financial Advice as Measured by ZetaRetirementAnnuities are Likely Coming to Your 401(k). Should You Use Them?A Safe Harbor for Annuities Could Help Retirement SaversSave More Today: Improving Retirement Savings Rates With Carrots, Advice, and NudgesNudge, by Richard Thaler and Cass SunsteinBehavioral Nudges for Goals-Based Financial PlanningYou Can't Fix What You Can't Measure, Aron Szapiro on The Long View podcastI Don't Think the System Needs Nudges. I Think the System Needs Dynamite, William Bernstein on The Long View podcastMan Bites Dog! Congress Is Writing Retirement Legislation!Retiree Survey: Nearly All Say They Are Happy Though Many Are Financially InsecureEstimating the True Cost of RetirementExploring the Retirement Consumption Puzzle75 Must-Know Statistics About Long-Term Care: 2018 EditionThe 4% Rule Is Not Safe in a Low-Yield WorldSimple Formulas to Implement Complex Withdrawal StrategiesReducing Retirement Risk With a Rising Equity Glide-PathRevisiting the Optimal Distribution Glide PathAnnuitized Income and Optimal Asset AllocationShould Annuities Be Purchased From Tax-Sheltered Assets?The Home as a Risky AssetCareful With That Company StockAbout the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Dan Ivascyn. Dan is group chief investment officer of PIMCO, where he leads the firm's income, credit hedge fund, and mortgage opportunistic strategies and sits on its executive and investment committees. Dan is perhaps best known as the longtime manager of the PIMCO Income Fund, where he's produced one of the best records of any bond manager since taking the helm in 2007. In 2013, Morningstar named Dan our Fixed Income Manager of the Year. Dan has been in the investment business for nearly three decades. He joined PIMCO in 1998, following stints at Bear Stearns, T. Rowe Price, and Fidelity Investments. Related links: Dan Ivascyn bio  PIMCO Income Fund  2013 Fund Manager of the Year Award  PIMCO Secular Outlook  Income Fund Update: “Positioning for the Long Term” Income Fund Update: “Favoring a Responsible Approach Over Yield Chasing” Bloomberg: “The Unstoppable Surge in Negative Yields Reaches $17 Trillion”  Residential Mortgage-backed Security Alfred Murata bio  Joshua Anderson bio  “PIMCO in the post-Gross Era” by Eric Jacobson, Morningstar Richard Thaler bio Bill Gross bio  About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.