Morningstar - Fall 2019 - 9

Episode 2
Don Phillips, "We're All in the Behavior
Modification Business"

Our first Morningstar guest is managing director
Don Phillips. That's fitting. Phillips was
Morningstar's first mutual fund analyst, after all,
and eventually became CEO of the firm; he
established Morningstar's independent voice and
mentored scores of analysts. He also helped
develop many of the tools that investors today take
for granted, such as the Morningstar Style Box
and the Morningstar Rating for funds (also known
as the star rating). Throughout his career, he
has worked to enact positive change in the fund
industry, speaking out on issues such as
misleading advertising and high-fee funds as well
as the need for better shareholder disclosures.
Phillips discusses his path from a paperboy who
invested his money in Templeton Growth
Fund TEPLX to a job analyzing mutual funds at a
Chicago startup called Morningstar in the
mid-1980s. He also opines on the industry's
evolution from the opaque, sales-driven culture
that he encountered 30-plus years ago to its
current emphasis on transparency and low costs.
Episode 5
Carolyn McClanahan, "There's More to Money
Than Just the Numbers"

Our guest in this episode sits at the busy
intersection of healthcare and financial
planning. Carolyn McClanahan was a practicing
physician for a number of years, but after
a frustrating search for a financial planner for her
and her husband, she decided to study financial
planning and earned the CFP designation.
In 2004, she founded financial planning firm Life
Planning Partners and serves as the firm's director
of financial planning. She also co-founded
Whealthcare, a software program that identifies
and troubleshoots age-related financial risks.
McClanahan strongly believes that individuals and
financial advisors should think proactively
about the implications of aging for healthcare and
financial planning. She is sought-after as
a public speaker and a media expert on matters
of aging, healthcare, and personal finances.
Not surprisingly, our discussion drew heavily on
these topics, but also branched into other

interesting subjects like how best to bring the
whole family into the planning process, how
to plan for and manage through cognitive decline,
and best practices for healthcare-spending
planning and long-term care.
Episode 6
Michael Kitces, "The Model Has to Change Again"

Michael Kitces is a partner and the director
of wealth management for Pinnacle Advisory
Group, a Columbia, Md.-based wealth
management firm that advises on about $1.8
billion of assets. In addition, he is a co-founder
of the XY Planning Network. As the host
of the Financial Advisor Success podcast and the
publisher of the popular financial planning
industry blog Nerd's Eye View, Kitces has
established himself as one of the most prolific and
insightful commentators on the financial
advice business. A fixture on the speaking circuit
and in the media, Kitces often addresses
key trends and innovations in the way advisors
serve their clients.
With Kitces, we discussed how to apply behavioral
finance in practice, important evolutions
and innovations in financial advice, and what
the future might have in store for financial advisors
and their clients. We closed our conversation
by exploring the changing landscape for delivering
and paying for advice, including the need for
professional competency standards, the
durability of the "assets-under-management"
approach to charging clients, and where it might
make sense to pay for advice by the hour.
Episode 8
Harold Evensky, "It's an Unmitigated Disaster"

Don Phillips has described Harold Evensky
as the "dean of financial planning," with good
reason: Evensky is chairman of Evensky
& Katz/Foldes Financial and a retired professor
of personal financial planning at Texas
Tech University. He's been extremely active in the
planning community during his career:
He's the past chairman of the International CFP
Council, the CFP board of directors, the
CFP Council on Examinations, and the CFP board
of appeals. He is a frequent public speaker
and has written several books, including The New
Wealth Management.

Evensky weighed in on the SEC's newly approved
Regulation Best Interest, calling it an
"unmitigated disaster." He also discussed asset
allocation leading up to and in retirement,
his firm's application of a core/satellite approach,
and different business models for financial advice.
Episode 9
Josh Brown, "Standardize the Process, Personalize
the Advice"

Josh Brown, CEO of Ritholtz Wealth Management,
has an inspiring story. He began his career as
a broker but grew disillusioned with the industry's
skewed incentives and practices, eventually
pursuing a career as an independent Registered
Investment Advisor. He wrote an acclaimed
book, Backstage Wall Street, and built an
enormous following around his blog, The Reformed
Broker, as well as his Twitter handle,
@reformedbroker. Brown oversees Ritholtz's
day-to-day operations in addition to his other
duties, which include serving as a regular
contributor on CNBC, a member of fintech firm
BrightScope's advisory board, and most
recently a technical advisor on the Showtime
hedge fund drama Billions.
Brown shared his perspectives on the advice
business, including how his firm defines
best practices and attempts to differentiate itself
in the way it serves clients. We discussed how
he and his colleagues are expanding Ritholtz, their
modus operandi for constructing portfolios
and allocating assets, and what financial advice
might resemble in the future.
We've been encouraged by the warm reception
The Long View has gotten so far. If you
haven't listened, we'd love for you to give it
a whirl. You can listen to The Long View on any of
the major podcasting platforms, including
Apple Podcasts, Spotify, Google Play, Stitcher, and
Overcast. We also post each episode to
Morningstar.com the Wednesday of each week.
We hope you like it. K
Jeffrey Ptak, CFA, is head of manager research with
Morningstar Research Services. He is a member of the
editorial board of Morningstar magazine.
Christine Benz, Morningstar's director of personal finance,
contributed to this article.

global.morningstar.com/Morningstarmagazine

9


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Morningstar - Fall 2019

Table of Contents for the Digital Edition of Morningstar - Fall 2019

Contents
Morningstar - Fall 2019 - Cover1
Morningstar - Fall 2019 - Cover2
Morningstar - Fall 2019 - 1
Morningstar - Fall 2019 - 2
Morningstar - Fall 2019 - Contents
Morningstar - Fall 2019 - 4
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