Thursday, December 27, 2012

2013: The Year Ahead

Happy holidays to everyone.

Lots of stuff going on here. For one thing, I am preparing this blog post using Dragon NaturallySpeaking software. I will not make any edits to the transcription, so you may see a number of errors or misappropriated words. This will give you an idea about how well the software transcribes what I say. Actually it does pretty good when I'm speaking into the microphone.

I Wednesday this week Michael Finke and Sandra Huston (note that I did correct the spelling of their names) presented their research that grips. I recorded their presentations with an audio recorder, hoping that I could transcribe it using this new software. However that is not working so well. It would be great if I could find a way to make that work, because there are huge productivity enhancing opportunities in being able to transcribe spoken word rather than having to type.

The presentations were quite interesting.

Prof. Finke I spoke about the value provided by financial planners. He makes an important critique that many existing studies treat brokers as planners, rather than considering comprehensive financial planners. Those studies tend to show that financial planners do not help provide better financial outcomes to their clients. However Prof. Finke has data which allows him to distinguish between brokers and comprehensive financial planners, and he does find evidence that comprehensive financial planners to help their clients save more for retirement.

Sandra Huston spoke about measures of financial literacy. She is working on a project to develop measures that consider both knowledge and the ability to apply that knowledge.

On a personal note, now could be a good chance to let everyone know that I am moving back to the United States next year. I will become a professor of retirement income at the American College in suburban Philadelphia. I will be teaching in their new PhD program in financial services and retirement planning. They began accepting applications for the program in November, and I understand that the first cohort of students will begin classes in July 2013. I will be arriving there in the spring and will be teaching half of the second course in the sequence, covering the distribution period for financial assets.

The PhD program is done online with several weeklong residency requirements. Some of you may be interested in learning more about the program and potentially becoming students. You can read more about the program at this web address:

I did copy and paste that web address rather than trying to spell it out to the software.

One other note, along with Prof. Finke was down here in Tokyo as well, we were both selected as part of the InvestmentNews Power 20 people to watch in 2013 in terms of impacting the  impacting the financial planning profession.

They profiled me for the series, and it can be a little difficult to read that article without signing up as a user, but there does seem to be a backdoor way to see the article. If you do a Google search for the following:

wade pfau power 20

And then click on the link entitled:

Power 20: Wade D. Pfau - InvestmentNews

It will let you read the article without registering as a user.

Thank you for reading my blog in 2012 and please continue reading for much more in the year 2013.

That mostly ends this entry, but please note that the transcribing software did a pretty good job here. I did have to correct a few proper nouns such as letting it know how to spell investment news is one word, but it did do pretty good.

The next step will be to get things working well enough that I can record things in the audio recorder while walking around and then later transcribe them into the computer with the software.