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​​​DENVER - The Financial Planning Association® (FPA®) is pleased to announce that the recipient of the 2015 Montgomery-Warschauer Award is David M. Blanchett, CFP®, CFA, head of retirement research for the Morningstar Investment Management group, for his May 2014 Journal of Financial Planning article "Exploring the Retirement Consumption Puzzle."

 

Now in its fourth year, the Montgomery-Warschauer Award honors the paper published in the Journal of Financial Planning that provided the most outstanding contribution to the betterment of the profession in the preceding year. This award was named for the late Henry Montgomery, who helped create the Journal, and Tom Warschauer, the Journal's first academic editor.

 

Winners are selected based on nominations by the Journal's editorial staff, including the practitioner editor and academic editor, along with the votes of the Journal's Editorial Advisory Board. The award will be presented at FPA Annual Conference – BE Boston 2015 – Sept. 26-28, 2015.

 

"The Journal is widely recognized as the premier professional journal in the financial planning profession. The content developed by our editorial staff and from those in the profession, including academicians and noted thought leaders, expands the overall body of knowledge," said FPA Executive Director/CEO Lauren M. Schadle, CAE. "David has made tremendous contributions to the Journal of Financial Planning and to the profession over the years. We are pleased to have the opportunity to honor him at our annual conference in September."

 

A co-winner of the 2014 Montgomery-Warschauer Award and 2007 recipient of the Journal's Financial Frontiers Award David M. Blanchett, CFP®, CFA, leads retirement research for Morningstar's Investment Management group. His primary research focus is in the areas of financial planning, tax planning, annuities, and retirement plans and he serves as the Chairman of the Advice Methodologies investment subcommittee. Prior to joining Morningstar, he was the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company in Lexington, Ky.

 

Mr. Blanchett received a bachelor's degree in finance and economics from the University of Kentucky, a master's degree in financial services from the American College, a master's degree in business administration from the University of Chicago Booth School of Business, and is currently working toward a doctorate in personal financial planning at Texas Tech University.

 

Members of the Journal's Editorial Advisory Board, who are instrumental in selecting the winner of the Montgomery-Warschauer Award, noted that Mr. Blanchett's paper is thought-provoking because of how it questions the assumptions financial planners make.

 

Editorial Advisory Board member Andrew Wrightsman, CFA said of the paper, "Exploring the Retirement Consumption Puzzle addresses a potential weakness in assumptions planners use. Ongoing research may continue to help develop more rewarding​ distribution plans for the public."

 

"The paper does provide evidence that planners need to question their automatic modeling of expenditures in retirement as a certain constant dollar amount adjusted by inflation," added Editorial Advisory Board member Rosa M. Kohler, MBA, MSFS, CRPC®, CFP®.

 

Editorial Advisory Board member Jason K. Branning, CFP® said, "The paper challenges widely held views in planning assumptions and, ultimately, the industry is only as good as the assumptions we make. This paper makes assumptions better."

 

Mr. Blanchett's winning paper can be accessed here.​