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Someday Rich: Planning for Sustainable Tomorrows Today



"Individuals have always needed to know how to make their money last at least as long as they do, but have avoided the discussion and action because the numbers can be depressing. This must-read book for advisors provides a road map for getting to the discussion, the key issues to discuss, and the keys to successful outcomes. The definitive guide for achieving retirement income security has arrived."
—Dallas L. Salisbury, President and CEO, Employee Benefit Research Institute

"Understanding the opportunity for addressing baby-boomer retirement needs is an interesting opportunity. Having the insight of how to connect the right baby boomers to the right solutions turns that interesting opportunity into a compelling mission. That is what this book will do for you."
—Steve Moore, author of Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)

"Too often, discussions of retirement income are thinly veiled product pitches. Someday Rich is different. Solid, research-based analysis is coupled with practical implementation and process. Your clients and your business will be better off because of it."
—Russ Hill, CEO, Halbert Hargrove

"The two authors are veterans, with many decades in the business of individual financial planning and helping wealth advisors in two ways: how to do more sensible things for their clients and how to run an efficient practice. And their experience shows in the wisdom that this book contains."
— From the Foreword by Don Ezra, Co-Chair, Global Consulting,Russell Investments

"In Someday Rich, Noonan, Smith, and their contributors provide an insightful and meaningful way for the advisor to answer the ultimate client question, 'How am I doing?' In a forthright and accessible way, the book shows that the question can be answered with more than platitudes and poorly understood and often misinterpreted simulations. It also demonstrates how an advisor can add true value to their clients instead of playing 'beat the market' as the measure of advisor worth. An important contribution to professionalizing an industry in need of rigor and redefinition."
—Randy Lert, Principal, RPL Consulting

Timothy Noonan is Managing Director of Capital Markets Insights for Russell Investments and a leader in the U.S. private wealth management industry. He is responsible for shaping client service strategies and delivering capital markets analysis to advisors in the U.S. and around the world. Noonan is currently Chairman of the Russell Strategic Advice Committee and has been the architect of Russell's Helping Advisors initiative, which since 2008 has offered advisors in the U.S., UK, and Australia insights to help advisors and their clients cope with retirement investing in a hostile economic climate.

Matt Smith is an independent consultant and author and coauthor, respectively, of two other Wiley Finance books, Managing Your Firm's 401(k) Plan: A Complete Road Map to Managing Today's Retirement Plans and The Retirement Plan Solution: The Reinvention of Defined Contribution. He was formerly senior vice president and defined contribution practice leader in the United States for Aon Consulting. Prior to Aon, Smith was managing director of retirement services for Russell Investments. He has been involved with the design, implementation, administration, consulting, and asset management of retirement plans for over twenty-eight years. Smith has written and spoken widely on topics involving retirement plans during his career.

Foreword ix

Preface xi

Acknowledgments xv

Introduction 1

CHAPTER 1 Time for a Real Conversation 11

CHAPTER 2 How We Got Here 27

CHAPTER 3 The Right Clients 43

CHAPTER 4 Connecting the Dots 61

CHAPTER 5 The Personal Asset Liability Model—Funded Status 79

CHAPTER 6 The Personal Asset Liability Model—Investment Plan 101

CHAPTER 7 Making a Good Business of Giving Good Advice 133

CHAPTER 8 Investor Archetypes 161

CHAPTER 9 Tripping Over the Finish Line 171

CHAPTER 10 On Shaping One’s Future 191
Albert Bandura

CHAPTER 11 Building a Simple and Powerful Solution for Retirement Saving—Russell’s Approach to Target Date Funds 203
Grant W. Gardner and Yuan-An Fan

CHAPTER 12 Investment Aspects of Longevity Risk 223
Don Ezra

CHAPTER 13 Mismeasurement of Risk in Financial Planning—A Lesson in Risk Decomposition 237
Richard K. Fullmer

CHAPTER 14 Modern Portfolio Decumulation—A New Strategy for Managing Retirement Income 249
Richard K. Fullmer

APPENDIX A Lessons Learned from Retirement Income Research 273

APPENDIX B The New Language of Retirement 277

About the Authors 283

Index 285