When you see funds performing monumentally well, you may feel regretful for not investing in them earlier. There is, however, a long history of funds that skyrocketed only to have major falls from grace a brief period after. The bulk of today’s episode is spent exploring this idea in the portfolio topic section but before getting into that, we kick the show off with some updates. We begin by talking about the GameStop short and whether this casts any new light on the concept of market efficiency. From there, we take a look at some recent news, particularly one story about the meteoric growth of New York-based investment managers ARK Invest, who recently hit $50B in assets under management up from $3B this time last year. This story acts as a great segue into the portfolio topic where Ben traces a history of funds that performed colossally well for a brief period but then plummeted thereafter. These funds were under the direction of ‘star’ fund managers with a focus on investing in tech disruptors. The discussion acts as a cautionary tale about overpaying for growth leading to poor realized returns. For the planning topic, we continue to shine a light on the ‘Talking Cents’ card game, a financial literacy outreach strategy created by The University of Chicago Financial Education Initiative. We invite the director of the Financial Education Initiative, Rebecca Maxcy, onto the show to speak about some of the thinking around this project and then discuss a few of the questions posed by the cards ourselves. Tune in today!   Key Points From This Episode: This week’s updates: Gerard O’Reilly on The Long View podcast and more. [0:00:25.3] Exploring the theme of questioning our beliefs with this week’s book. [0:03:15.3] News: What does the GameStop short mean for market efficiency? [0:06:10.3] More news: The meteoric growth of the investment managers ARK Invest. [0:12:15.3] Portfolio topic: Why funds with star managers have skyrocketed and subsequently plummeted. [0:15:13.3] Why overpaying for growth leading to poor returns is relevant to indexes too. [0:31:31.3] Do fund returns mean revert? Questions of luck and skill in fund management. [0:39:00.3] Planning topic: Rebecca Maxcy speaks about the ‘Talking Cents’ initiative. [0:45:41.3] Other financial education tools developed by the Financial Education Initiative. [0:52:51.3] Discussing Talking Cents questions about outsourcing financial planning and more.[0:55:09.3] Bad advice of the week: Michelle Schneider’s investing resources. [0:58:33.3]

At a time when the financial community provided inconsistent retirement advice, the 4% withdrawal rate was a data-backed strategy that revolutionized retirement planning. Today we speak with William Bengen, a literal rocket scientist and the influential personal advisor who popularised the 4% withdrawal rate, A.K.A, the 4% rule. After exploring what the 4% rule entails and the impact that it had on the financial industry, we talk about updates that William has made to his theory since first publishing about it in 1994. We then unpack more of the rule, talking about its conservative nature, whether young retirees should adhere to it, and if there are situations where you should break the rule. Reflecting on criticisms of the 4% rule, we ask William about how it fits with the notion of dynamic spending. His answers highlight his approach in helping his clients to maintain the same lifestyle that they have when they enter retirement. Later, we touch on tips to keep track of your expenses, whether you should taper your retirement income, the role of bonds and small-cap stocks in your portfolio, and William’s view that financial planning should be fee and not commission-based. We wrap up by discussing William’s career and how he defines success for himself. For more insights into the 4% rule from the man who created it, tune in to hear our incredible conversation with William Bengen. Key Points From This Episode: Introducing today’s guest, financial advisor and 4% rule creator William Bengen. [0:00:15] Exploring William’s original 1994 research that led to the 4% rule. [0:03:58] Hear why the 4% rule has been so impactful to the world of financial planning. [0:05:06] William shares details about the ‘hate mail’ his findings inspired. [0:06:07] Why William updated his theory to include small-cap stocks. [0:07:43] William’s view that you might be able to get away with withdrawal rates that are higher than 4.5%. [0:08:26] Whether young retirees should adhere to the 4% rule. [0:11:48] The scenarios that break the 4% rule. [0:13:02] How the 4% rule applies in countries outside of Canada and the US. [0:13:55] Insights into how much you should be spending in your retirement. [0:15:28] What your triggers should be if you want to deviate from the 4% rule. [0:17:45] William’s views on dynamic spending. [0:20:09] Tips on keeping track of your expenses and William’s throughs on fixed annuities. [0:21:20] Whether you should taper your retirement income. [0:22:54] The role of bonds versus small-cap stocks in your retirement portfolio. [0:24:04] From rocket scientist to financial advisor, hear about William’s extraordinary career. [0:28:29] Reasons why financial planning should be fee and not commission-based. [0:32:02] Reflecting on the impact that William has made on his client’s lives and in the financial world. [0:32:55] Details on William’s current research and what most excites him. [0:34:48] How William defines success for himself. [0:37:01]

Skewed Factor IPO Investing and Financial Well-being   Episode 134: Show Notes.   Many IPOs start with a bang, resulting in high first-day closing prices that attract retail investors. Today we unpack new and established research to explore how the hottest IPOs compare with average market returns. We open our conversation by first sharing community updates and details about the book and news of the week. After reflecting on how 2020 was one of the biggest IPO years since 2000, we talk about why IPOs tend to release in waves. We then chat about where IPO allocation usually goes and why most investors aren’t given access to huge early returns. A key insight this episode, we dive into how retail investors impact IPO pricing and why IPO buy and hold returns often trail the market. Following this, we discuss the factors that skew IPO prices, why IPOs resemble lotteries, and whether there is an optimal model for when companies make an IPO. From IPOs we jump into our planning topic on well-being and behavioural coaching. We start by looking into the differences between financial well-being and funded contentment. Linked to this, we talk about other forms of capital that range from human and social capital to temporal capital. We examine the factors that impact your well-being before touching on why you should make decisions while considering all your forms of capital. Later, we debut a new feature and then offer our bad advice of the week. Tune in for another informative conversation on rational investing.   Key Points From This Episode:   From building battlebots to what they’ve been watching, hosts Benjamin and Cameron catch-up with listeners. [0:00:23] Rational Reminder community updates and added features. [0:02:53] Being a generalist over a specialist? Hear about the book of the week. [0:06:23] Hear our news roundup for the week. [0:09:14] Introducing today’s portfolio topic: investing in IPOs. [0:15:30] Exploring IPO waves, pricing, and why only high-value investors are given IPO offerings. [0:19:54] How institutions and retail investors impact IPO pricing. [0:23:00] Examining the historical buy and hold returns for IPO stocks. [0:25:37] Why IPO stocks might be the “worst of all worlds.” [0:29:31] Research that shows why IPOs are like lotteries. [0:30:48] How ‘skewness factors’ hype up the value of IPOs. [0:34:01] Why waves of companies tend to make IPOs near the same time. [0:37:11] Benjamin summarizes his arguments for and against IPOs. [0:42:54] Introducing today’s planning topic: your well-being. [0:44:22] Financial well-being versus funded contentment and the different forms of capital. [0:47:11] The importance of weighing your other forms of capital when making decisions. [0:51:12] Why high-income doesn’t correlate with higher well-being. [0:53:28] How nationality and social factors affect self-reported well-being. [0:56:54] Consequences from people being generally bad at predicting what will make us happy. [01:00:37] Setting financial goals that consider your well-being and sense of purpose. [01:02:58] How unemployment can affect your well-being. [01:04:26] Why you should consider other forms of capital when saving for retirement. [01:06:30] We answer a conversation card from the University of Chicago Financial Education Initiative. [01:09:30] Hear our bad advice of the week, courtesy of TikTok. [01:12:20]

The terms passive investing and index investing are often intertwined, but they are not exactly the same thing. Today’s guest is Adriana Robertson, the Honourable Justice Frank Iacobucci Chair in Capital Markets Regulation and an associate professor of Law and Finance at the University of Toronto Faculty of Law and Rotman School of Management. Adriana is interested in index investing and, in this episode, we hear her views on whether or not index investing is passive. Hear facts from her paper on the S&P 500 Index fund specifically, and all of the reasons that it's not passive, as well as some of the issues that are potentially arising from the creation of so many indexes or so-called passive investments. A more recent paper by Adriana, published in The Journal of Finance, surveyed a representative sample of U.S. individual investors about how well leading academic theories describe their financial beliefs and decisions, and Adriana shares the differences in something like value growth from an academic perspective versus a real-world perspective. Find out how investors can go about evaluating the performance of their portfolios and what they should be looking for when deciding which index fund to invest in, as well as why index funds aren’t a meaningful category anyway, factors from Adriana’s surveys that might influence investor’s equity allocation, and the trend towards indexing and whether it will overtake active portfolios. Tune in today for all this and more!   Key Points From This Episode: Whether or not it’s sensible to call the S&P 500 Index fund a passive investment. [0:03:20] How discretion affects the S&P 500 Index constituents and performance. [0:04:14] Adriana reflects on Tesla joining the S&P 500 Index and the speculation there. [0:04:49] Adriana’s view of benchmarking and comparing other investments to the S&P 500. [0:05:34] Why calling it rules-based investing rather than passive depends on the index. [0:07:35] How investors can go about evaluating the performance of their portfolios. [0:04:14] Why Adriana believes there are so many indexes and how they differ. [0:09:29] Value growth from an academic perspective versus a real-world perspective. [0:11:28] Why methodology differences between indices aren’t necessarily well-documented. [0:13:14] The marketing strategies involved in fund managers creating affiliated versus bespoke indices. [0:14:50] Common differences in index fund tracking and one-to-one mapping. [0:15:45] What investors should be looking for when evaluating which index fund to invest in. [0:16:53] Tilting towards factors versus using the market cap as the de facto benchmark. [0:18:19] Why Adriana’s advice is to compare an investment to the other options available. [0:20:11] Ex-ante versus ex-post and whether funds choosing a benchmark ex-post to inflate performance is a concern. [0:21:31] Concerns over asset growth in index funds and why it’s not a meaningful category. [0:23:47] Factors from the survey results of Adriana’s recent paper that might influence investor’s equity allocation. [0:26:16] The results that were surprising to her, like the need for cash for routine expenses. [0:28:21] Reasons there is still so much money invested in active funds – for example, a belief in higher returns and advisor recommendations. [0:29:57] Notably, how equity allocation is reliant upon professional financial advice. [0:32:12] Whether or not a year like 2020 will affect the asset allocation of investors. [0:35:17] The trend towards indexing and whether it will overtake active portfolios. [0:37:02] The implications of risk on the theoretical explanations for asset pricing anomalies. [0:39:00] The role of professional financial advisors in high net worth investor’s decisions. [0:37:02] How Adriana came to be so interested in and passionate about indexing. [0:44:49] Adriana’s defines success by figuring out what she wants to doing it do it well. [0:47:24]

With so many moving parts, it’s difficult to develop a clear view of the US monetary system. Today we speak with Pragmatic Capitalism author and Founder of Orcam Financial Group Cullen Roche, leveraging his expertise to build a comprehensive understanding of the monetary system. We open our interview with Cullen by asking him the deceptively simple question, “what is money?” We then explore where money comes from, the role of the central bank in securing our money supply, and why poor capitalization restrains banks. After discussing where the value of money derives from, Cullen shares his insights on how decentralized digital currencies are challenged by their lack of flexibility and credit options. We talk more about the role of central banks before diving into quantitative easing; what it is, why it’s used, and how interest rates impact its usage. Following this, Cullen unpacks whether quantitative easing leads to asset inflation along with the influence that stimulus policies have on inflation. Reflecting on the relationship between the Federal Reserve and US Treasury, Cullen shows why the US government is in no danger of becoming insolvent. We touch on the dollar’s purchasing power, Cullen’s view that time really is money, the role of gold in your portfolio, and why Cullen is such a big proponent of global investing. We wrap up our informative discussion by asking Cullen how he defines success in his life. Tune in to benefit from Cullen’s clever and concise explanation of our modern economic system.   Key Points From This Episode: Introducing today’s episode featuring Cullen Roche. [0:00:15] We open our interview with Cullen asking the question, “What is money?” [0:03:50] Exploring where money comes from and the role of banks in ensuring money supply. [0:06:14] The factors that constrain a bank’s lending ability. [0:09:26] Cullen unpacks where the value of money comes from. [0:12:36] Economic constraints posed by decentralized digital currencies. [0:15:08] What central banks are and why they’re such good ideas. [0:20:46] Cullen explains what bank reserves are. [0:25:00] How quantitative easing tries to stimulate the economy. [0:25:45] Why quantitative easing isn’t the same as printing money. [0:30:01] Cullen evaluates the success of quantitative easing as a policy tool. [0:33:19] Whether quantitative easing leads to asset inflation. [0:33:57] The impact that stimulus policies have on inflation. [0:39:38] The relationship between the US Federal Reserve and Treasury. [0:43:04] Why the US government will most likely never go insolvent. [0:47:44] Why low inflation trumps high inflation and how increasing government debt might or might not harm future generations. [0:51:17] Why the dollar’s purchasing power doesn’t reflect the reality of our modern standards of living. [0:55:26] Hear about Cullen’s view that time really is money. [0:59:14] How Cullen sees gold as a hedge against the dollar’s decreasing purchasing power. [1:00:41] Cullen explains why he’s such a big proponent of global investing. [1:05:04] There’s more to life than money; Cullen defines success in his own life. [1:06:48]

At its core, managing wealth is about finding the best solutions for your clients. As he mentions in today’s discussion with him, this sentiment has guided David Booth’s storied career. As the Co-Founder and Executive Chairman of Dimensional Fund Advisors, David’s career is so illustrious that he’s been called the father of evidence-based investment products. We open our conversation by exploring David’s career, beginning with his job as a shoe salesman in Kansas to developing the first index fund. We ask David if he had been able to foresee the power that “geeks” would have over the asset management business. His answers highlight how immature the industry was when he founded Dimensional Fund Advisors and how they had to first convince people before selling them on small cap funds. Reflecting on his early successes and challenges, David opens up about how his clients reacted when small caps underperformed. A key theme this episode, David emphasizes the importance of making decisions that are grounded in academic research. We then dive into several topics ranging from David’s views on value portfolios to the stroke of luck that led Dimensional to open their products to financial advisors. After chatting about why Dimensional is now entering the ETF space, David shares his take on direct indexing and why he still favors simplicity over complexity. Near the end of the episode, we discuss how David built his company culture, how luck factored into his life, and how he defines success. An incredible conversation that touches on pivotal moments in the history of financial services, tune for more insights into the life and work of David Booth.   Key Points From This Episode: Introducing today’s guest, Dimensional Fund Advisor Co-Founder David Booth. [0:00:14] David talks about how his background informed his professional career. [0:03:57] Hear about David’s role in developing one of the first index funds. [0:06:13] Why David’s work creating index funds for Wells Fargo came to a close. [0:07:28] Exploring the origins of Dimensional Fund Advisors. [0:10:24] How David saw the future of his industry when he started Dimensional and how they created the first small cap funds. [0:15:18] The reaction from David’s early clients when small caps underperformed. [0:27:04] David recalls the “borderline character assassination” that he faced when pushing for small caps. [0:24:16] How and why Dimensional first added value portfolios. [0:26:03] Unpacking David’s view that values struggle relative to growth. [0:28:37] The recent lessons that Dimensional has learned about value relative to growth stocks. [0:33:17] What it would take for Dimensional to reconsider their entire approach. [0:37:50] The importance of flexibility and believing in your solutions when dealing with uncertainty. [0:43:19] David emphasizes that your financial solutions should be based on robust data. [0:47:00] How Dimensional began giving financial advisors access to their products. [0:48:46] Why, after so many years, Dimensional is now entering the ETF space. [0:52:25] With widespread fee compression, hear how Dimensional is handling fee cuts. [0:55:53] Answering the question — what’s the next big thing for Dimensional? [0:57:29] David shares his take on direct indexing and customizable portfolios. [1:00:59] How David built his company culture and the role that luck plays in his life and in business outcomes. [01:02:59] We ask David how he defines success in his life. [01:06:48]

For this episode of the Rational Reminder Podcast, we review our year by playing back and discussing a collection of the most impactful moments of the show from 2020. This has been a drastic year filled with many learnings for us all, and in today’s show, we cover topics of happiness, decision making, dealing with uncertainty, and the connection that financial planning and investing have to all of this. We collect some amazing gems of wisdom from guests like Annie Duke, Ken French, Michael Kitces, Patricia Lovett-Reid, and a whole lot more, whittling down an original list of over one hundred of this year’s finest moments to a collection of just 45. The show starts out exploring themes of the connection between wealth and happiness, keeping cool in stressful times, and the transformations that crises kickstart. From there, we talk about the importance of models and systems for informing investing and behaviour in general, and the idea that unexpected outcomes swamp expected ones in the short term. We also look at what market history has to say about staying in your seat rather than market timing when things look bleak. Next up, we cover themes of the value of a flexible approach to retirement spending, how families should think about financial planning, whether 60/40 portfolios are dead, and why stock market returns in the U.S. are higher under Democratic presidents. Moving onto the subject of decision making, we explore some of our guests’ thoughts on evaluating decisions, outcomes bias and the role of luck, and more. We also consider the topic of human capital, how it relates to investing, and what we should really be spending our time on. The subject of the convergence of brokerage firms and financial advisors then leads to a great exploration of the role of financial advisors. We wrap up with some extra special perspectives on how optimal financial planning should be geared around the person that you want to be rather than maximizing wealth for the sake of it. Tune in today for an amazing overview of the year and to hear all the ways we have changed and grown thanks to our incredible guests.   Key Points From This Episode: Looking back on the year: Pandemic adjustments and how this podcast has grown. [0:00:15] Shoutouts and Cameron’s method of putting past clips together for today’s show. [0:06:20] Brian Portnoy and Andrew Hallam on wealth and happiness. [0:09:15] Dealing with stress and volatility with Dr. Moira Somers and Dave Goetsch. [0:13:48] Craig Alexander on market volatility and Jim Stanford on crisis and revolution. [0:18:27] Dave Goetsch and Greg Zuckerman on the benefit of models and systems. [0:23:11] The role of unexpected returns in outcomes and how to deal with this. [0:27:04] Small and value stocks relative to the market with Dr. William Bernstein. [0:33:09] Ken French and Cliff Asness on whether ‘this time is different’. [0:35:29] Enduring tracking error with Cliff Asness and Andrew Hallam. [0:38:37] Cliff Asness on whether 60/40 is dead and Lubos Pastor on why stock market returns in the US are higher under Democratic presidents. [0:41:00] Changing your risk portfolio when the market is dropping with Ken French. [0:45:25] Market timing versus awareness of investing history with Mark Hebner and Dr. Bernstein. [0:48:20] Wade Pfau on how expected returns fit into financial planning and the ‘safety first’ approach. [0:52:15] Moshe Milevsky on retirement spending and Pattie Lovett Reid on addressing one’s financial situation. [0:56:13] Annie Duke, Ken French, and Victor Ricciardi on making and evaluating decisions. [1:00:05] Greg Zuckerman on the role of luck in decisions leading to positive outcomes. [1:08:15] Forecasting as a way of knowing the range of outcomes with Craig Alexander. [1:11:15] Moshe Milevsky and Dr. Bernstein on human capital, financial planning, investing and asset allocation. [1:13:34] Josh Brown on what to spend your time on and Fred Vettesse on when to start saving. [01:16:28] Michael Kitces on the convergence of brokerage firms and financial advisors. [01:19:20] Dennis Mosey Williams and Ken French on financial advice for gaining wealth and being content. [01:20:57] Allison Schrager on the role of financial advisors for mitigating systematic risk. [01:25:00] Mark Hebner on the role of financial advisors for explaining a range of outcomes. [01:26:38] Scott Rieckens and Dennis Mosey Williams on what finding happiness means. [01:30:03]

Delving into the theory behind their new model ETF portfolios, the hosts explore market assets pricing and historical views. They address the systematic risk factors in the Fama-French Five-Factor Model, discussing factor exposure through ETFs. Insights on portfolio distribution and premium expectations are shared, along with reflections on factor-loaded indexes and bad financial advice.

As author and financial expert Morgan Housel explains this episode, “people don't make financial decisions on a spreadsheet. They make financial decisions at the dinner table.” Today we chat to Morgan about his key insights into financial decision-making — many of which are captured in his book, The Psychology of Money. Our conversation opens with an exploration of how investing success has less to do with what you know and more to do with how you manage your behaviour. We then look into the dangers of emulating top investors and how luck can fuel success. Reflecting the theme that people invest according to their unique circumstances, Morgan shares why he prioritizes endurance as an investor by minimizing his debt and having high cash reserves. After hearing his take on debt and whether young people should use leverage, we dive into how financial expectations impact investing and the importance of deciding what ‘enough’ means to you. We discuss the virtues of saving like a pessimist and investing like an optimist before looking into the role that financial advisors play in guiding their clients. In the latter part of the end of the episode, Morgan touches on active versus passive investing, the purpose that bonds serve in your portfolio, his top lesson from 2020, and why he’s empathetic toward people who sell their portfolios during a downturn. Throughout our discussion, Morgan shares his clear understanding of how our psychology affects our relationship to money. Tune in and benefit from his incredible perspective.      Key Points From This Episode: Introducing today’s guest, financial author Morgan Housel. [0:00:15] Morgan shares his view that succeeding in investing has little to do with how you behave. [0:02:31] Hear about the problems that can arise from trying to emulate top investors. [0:05:02] Exploring the impact of luck on your success. [0:07:37] The differences between being conservative and having a margin of safety. [0:08:35] Insights into Morgan’s personal investing strategy. [0:09:48] Morgan’s thoughts on leverage and how debt impacts behaviour and peace of mind. [0:10:31] Stepping off the hedonic treadmill and the importance of defining your financial expectations. [0:14:02] The link between money, independence, and having a high quality of life. [0:16:44] What it means to be wealthy and what motivates the drive to be rich. [0:19:18] Morgan’s advice to save like a pessimist and invest like an optimist. [0:21:34] Why no one makes perfectly rational investing decisions. [0:23:54] The role of financial advisors in guiding clients towards their investing decisions. [0:26:22] Why Morgan has embraced the simplest investing strategy available to him. [0:29:02] How you should be thinking about fixed income in your portfolios. [0:31:20] Why financial advisors can be priceless when understanding your finances and goals. [0:33:44] Life is surprising; hear why this is Morgan’s top takeaway from 2020. [0:36:29] Morgan’s thoughts on the FIRE Movement and retiring early in life. [0:38:53] Hear Morgan’s predictions on the next big financial innovation. [0:41:49] Why Morgan is empathetic towards people who sell their portfolios during a downturn. [0:43:50] The tendency for people to embrace more extremist views during times of financial crisis. [0:47:34] We ask Morgan how he defines success in his life. [0:50:25]

There is a sharp divide between those who invest in dividend-paying stocks and those who don’t. Underpinning this is the question of whether dividends are relevant to the evaluation of shares. Today we answer this question by digging into the data and parsing the maths before exploring what the future of financial planning looks like. But first, we open our episode with news from the Rational Reminder community — including the fact that we just passed one million podcast downloads. We then touch on lessons from Seth Godin’s new inspiring book, along with the latest from the financial world. Following this, we dive into a discussion on dividend stocks. We begin by unpacking the assumptions behind Miller and Modigliani’s theory of dividend irrelevance. Host Benjamin Felix presents a case study and applies the Fama-French Model to explain differences in returns on dividend portfolios and if dividends truly affect share valuation. After sharing our practical takeaways from Benjamin’s analysis, we move onto our financial planning topic for the week. From technology to retirement decumulation and demographics, we discuss the five key areas which will most impact the future of financial planning. We then wrap up another informative episode with the bad financial advice for the week. Tune in for more insights into the role of dividend stocks and the future of financial planning.   Key Points From This Episode: Community news, Benjamin’s 3D printing project, and celebrating our 1 millionth download. [0:00:15] Drawing insights from a recent Ted Seides-Shane Parrish interview. [0:03:44] Reflecting on Seth Godin’s latest book, Practice: Shipping Creative Work. [0:06:44] How our culture overvalues outcomes while neglecting the creative process. [0:07:46] Why having meals delivered to you helps to limit decision fatigue. [0:08:28] Hear about the new TFSA limits and Tesla’s addition to the S&P 500. [0:09:25] Exploring whether size affects premium in the US versus elsewhere. [0:12:28] Why long-only investors may overweight small caps. [0:15:44] How US junk stocks impact value and their place in your portfolio. [0:16:18] Introducing today’s portfolio topic; should you invest in dividend stocks? [0:17:53] Unpacking the assumptions behind Miller and Modigliani’s theory of dividend irrelevance. [0:18:45] Host Benjamin Felix creates a case study to show Miller and Modigliani’s theory in action. [0:22:38] Why Miller and Modigliani’s math and idea of financing are based on poor assumptions. [0:26:24] The predictive power and limits of frameworks like the Fama-French 5-Factor Model. [0:27:25] Applying the Fama-French Model to portfolio dividend returns. [0:28:28] Key investing lessons from the notion that dividends are irrelevant to the valuation of shares. [0:31:30] Reasons why people might only want to invest in dividend-paying stocks. [0:33:20] The argument that firms seeking external financing may be subject to greater scrutiny. [0:35:33] Introducing our financial planning topic on the paper ‘Financial planning: A research agenda for the next decade.’ [0:37:02] Ties between psychology, communication, and financial decision-making. [0:39:02] Exploring the five key research areas informing the future of financial planning. [0:40:16] This week’s bad financial advice; invest with active managers. [0:46:31]. What it actually means to say that a fund is actively or passively managed. [0:47:56]