Skip to main content
logo

AFS Advanced Research in Financial Planning Conference 2024

September 18–20, 2024

Columbus, Ohio, United States

The Academy of Financial Services (AFS) is excited to be collaborating with FPA to provide an "integrated conference experience" for AFS members this year. The AFS research conference will run for the full 2.5 days of the FPA Conference as part of a dedicated research track bringing the best of AFS and the Journal of Financial Planning (JFP) to you.

  1.  A dedicated Research Room for presentations designed to bring the most relevant research impacting professional financial planners. This includes research sessions sponsored by the JFP and peer-reviewed research papers presented by AFS members. These sessions are CE credit approved.
  2. The winner of the JFP's Montgomery-Warschauer Award for best research from the prior year will present their research.
  3. In the Research Room AFS will coordinate other research content such as a panel discussion with the editors of the 4 major FP research journals explaining to planners and academics the type of research content to be found, how to best consume/digest research and apply it to a FP practice and more.
  4. A new FP Research Shark Tank. Based on the format of the popular TV series a select number of researchers will do 5 minute "pitches" on research that they believe would be significantly impactful for practitioners. Planners and researchers will then vote on the most exciting research proposal.
  5. AFS are co-ordinating 2 additional mini-breakout research rooms where researchers will present additional peer-reviewed, unpublished research selected from the many submissions we received. A timetable of these sessions can be found below.
  6. AFS will manage the research rooms for fully-hybrid attendance with face-to-face or virtual attendance. Although the content will be exceptional, we hope to see many of you in person as the networking, exhibit hall, FPA keynote speakers and other sessions outside of the research cannot be experienced any other way.

Windage for Asset Allocation

Wednesday, September 18, 2024 at 1:00 PM–1:20 PM ADT
AFS 124
Short Description

Spending from tax-deferred accounts like IRAs requires incurring taxes. This tax liability means a dollar is not necessarily a dollar when evaluating the asset allocation. While the concept of after-tax asset allocation is well established, current practice and current portfolio management software has lagged behind in implementing it. We describe a simple adjustment to the asset allocation target that hits the target after-tax risk level. While simple, the adjustment can be large—over 5% for most 70/30 stock/bond investors facing 35% taxes. We believe our windage analogy and related math is novel and will encourage adoption of tax-adjusted asset allocation.

 

Lead & Corresponding Author

William W Jennings, PhD CFA, USAF Academy

Additional Authors

Brian C. Payne, University of Nebraska at Omaha
Loading…