Tom Idzorek and Paul Kaplan: How to Make Lifetime Financial Advice Work for Clients

The Long View

Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach.

Background

Tom Idzorek Bio

“Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022.

Paul Kaplan Bio

Lifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul Kaplan

Lifetime Financial Advice

“Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023.

Lifetime Financial Advice Book Club Series

“Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023.

“The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021.

“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018.

“ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024.

Other

Milton Friedman

Franco Modigliani

Paul Samuelson

Robert Merton

Richard Thaler

Daniel Kahneman

Roger Ibbotson

James Xiong

“Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023.