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A Morning with David Blanchett

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Presenter: David Blanchett, CFA, CFP®, AIFA®

Hour I: Re-thinking Retirement

Achieving a successful retirement is an incredibly complex goal. This presentation will cover a variety of topics and provide guidance on things to be aware when building retirement strategies for your clients. The three key retirement risks will be reviewed (sequence risk, inflation risk, and longevity risk), along with how to estimate the true cost of retirement, the impact on low expected returns on retirement success, and the drivers of retirement satisfaction. Portfolio construction topics include insights into why no portfolio is an island and how to build the optimal distribution glidepath. Finally, some perspective on the value of advisors/financial planning will be explored.

Learning Objectives
By the end of the session, attendees will:

  • Understand the key components of a successful retirement income strategy
  • Understand the key retirement risks, and how you can potentially avoid, reduce, or transfer them
  • Have a greater understanding for the value of advice, and why financial planning can/is more valuable than portfolio construction
Hour II: No Portfolio is an Island

Financial assets, such as stocks and bonds, are only one component of an investor's total economic worth. Other assets, such as human capital, real estate, and pensions often represent a significant portion of an investor’s total wealth, but are commonly ignored when building portfolios. In this presentation David Blanchett, head of retirement research at Morningstar Investment Management will explore various frameworks to design more efficient portfolios from a total wealth perspective. Topics discussed include the relevance of human capital, optimal endowment allocations given donation risk, the impact of liabilities on optimal portfolios, efficient income investing, and optimal portfolios for different investing durations.

Learning Objectives
By the end of the session, attendees will:

  • Understand the importance of taking a total wealth approach when building portfolios
  • Understand why there is no one efficient portfolio for all investors
  • Understand different risks that should be considered when building truly optimal portfolios
David Blanchett, CFA CFP®, AIFA® - Morningstar

David Blanchett, CFA, CFP®, AIFA®
Morningstar
David M. Blanchett, CFA, CFP®, AIFA® is the head of retirement research for Morningstar Investment Management. In this role, he works to enhance the group’s consulting and investment services. He conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement plans and he serves as the Chairman of the Advice Methodologies investment subcommittee. Prior to joining Morningstar, he was the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company in Lexington, KY.

His research has been published in a variety of academic and industry journals and has been featured in a variety of media publications. His research won the Journal of Financial Planning’s 2007 Financial Frontiers Award, the Retirement Income Industry Association’s 2012 Thought Leadership Award, and the Journal of Financial Planning’s 2014 Montgomery-Warschauer Award. In 2014 Money Magazine named him one of the five brightest minds in retirement and in 2014 InvestmentNews included him in their inaugural 40 under 40 list as a “visionary” for the financial planning industry. He is a RetireMentor for MarketWatch and an Expert retirement panelist for the Wall Street Journal.

He holds a bachelor’s degree in finance and economics from the University of Kentucky, a master‘s degree in financial services from the American College, and a master’s degree in business administration from the University of Chicago Booth School of Business. He currently is taking classes toward a doctorate in personal financial planning at Texas Tech University.