KEYNOTE Speakers
2018 Academic Research Colloquium for Financial Planning and Related Disciplines

Dr. Vicki Bogan
SC Johnson College of Business
Cornell University

PRESENTATION: MEET THE EDITORS OF FINANCIAL PLANNING REVIEW

Dr. Vicki BoganDr. Bogan is an associate professor in the Charles H. Dyson School of Applied Economics and Management in the SC Johnson College of Business at Cornell University.  She conducts research in the areas of financial economics and behavioral finance with an emphasis on household financial decision making behavior. She has published numerous journal articles and book chapters including articles in the Review of Economics and Statistics, the Journal of Financial and Quantitative Analysis, the Review of Finance, Health Economics, and the American Economic Review Papers and Proceedings.  Dr. Bogan’s research has received considerable media attention including radio interviews and coverage in Forbes.com, the Wall Street Journal website, PsychologyToday.com, and the Harvard Business Review Blog.  She also has been featured on the PBS News Hour – Paul Solman’s Making Sense and the Lou Hutt Show on Sirius XM radio.  Dr. Bogan teaches undergraduate finance courses at Cornell University and has received two outstanding educator awards and the SUNY Chancellor’s Award for Excellence in Teaching. She is co-editor of Financial Planning Review, the academic research publication of the CFP Board Center for Financial Planning

Dr. Bogan holds a Sc.B. degree in Applied Mathematics and Economics from Brown University, an M.B.A. in Finance and Strategic Management from the Wharton School of the University of Pennsylvania, an M.A. in Economics from Brown University, and a Ph.D. in Economics from Brown University. She also has held a visiting fellow appointment at Princeton University.


Dr. Chris Geczy
Wharton School of Business
University of Pennsylvania

PRESENTATION: MEET THE EDITORS OF FINANCIAL PLANNING REVIEW

Dr. Chris GeczyDr. Chris Geczy has been on the Finance Department faculty at the Wharton School of the University of Pennsylvania since 1997. He is Academic Director of the Jacobs Levy Equity Management Center for Quantitative Financial Research. He is also Academic Director of the Wharton Wealth Management Initiative at Wharton Executive Education. He has a B.A. in economics from the University of Pennsylvania and a Ph.D. in finance and econometrics from the Graduate School of Business at the University of Chicago (now the Booth School).

Before his studies at Chicago, Dr. Geczy worked for the Board of Governors of the Federal Reserve System, Washington, DC in its Division of Research and Statistics. He regularly teaches investment management and co-created the first full course on hedge funds at The Wharton School, a course on Impact Investing, and a large number of executive education courses. He has taught AIMR/CFA Institute-accredited professional Risk Management courses through the University of Chicago’s Graduate School of Business. The Jacobs Levy Center is an interdisciplinary research hub at Wharton focusing on innovative knowledge creation in quantitative finance. It supports faculty research projects and dissertation fellowships, and it awards the Wharton-Jacobs Levy Prize for Quantitative Financial Innovation. Chris became Academic Director in March 2014.


Dr. John Grable, CFP®
College of Family and Consumer Sciences
University of Georgia

PRESENTATION: MEET THE EDITORS OF FINANCIAL PLANNING REVIEW

Dr. John GrableDr. John Grable, CFP® teaches and conducts research in the undergraduate and graduate CFP Board Registered Programs at the University of Georgia, where he holds an Athletic Association Endowed Professorship. He is active in promoting the link between research and financial planning practice and is best known for his work on financial risk-tolerance assessment, behavioral financial planning, and evidence-based financial planning clinical studies.

Dr. Grable served as the founding editor for the Journal of Personal Finance and co-founding editor of the Journal of Financial Therapy, has published over 100 refereed papers, co-authored two financial planning textbooks, and co-edited a financial planning and counseling scales book, and has been the recipient of several research and publication awards and grants. He currently serves on the Board of the Financial Therapy Association and writes a quarterly column for the Journal of Financial Service Professionals. He also serves as the Director of the Financial Planning Performance Lab (www.fpplab.org). He is co-editor of Financial Planning Review, the academic research publication of the CFP Board Center for Financial Planning.


Dr. Jennifer C. Greene
Professor of Educational Psychology
University of Illinois at Urbana-Champaign

PRESENTATION: BRIDGING DIVIDES: BETTER UNDERSTANDING THROUGH MIXED METHODS SOCIAL INQUIRY
This presentation will introduce conference attendees to the relatively new and still-emerging social inquiry methodology of mixing methods. A mixed methods study purposefully draws on more than one methodological tradition for the broad purpose of better understanding the key phenomena being studied. This presentation aims to share my vision of mixed methods social inquiry, to introduce key elements of mixed methods design, and to richly illustrate these ideas with examples from the field, drawn primarily from educational and social research and evaluation.

Dr. Jennifer C. Greene

Dr. Jennifer C. Greene is a professor of Educational Psychology at the University of Illinois at Urbana-Champaign. She received her BA in psychology from Wellesley College and her PhD in educational psychology from Stanford University. Prior to Illinois, Greene held faculty positions at the University of Rhode Island and Cornell University.

Dr. Greene’s work focuses on the intersection of social science methodology and social policy and aspires to be both methodologically innovative and socially responsible. Greene’s methodological research has concentrated on advancing qualitative and mixed methods approaches to social inquiry. In the field of evaluation, she has contributed both theoretical and practical scholarship in democratic and values-engaged approaches to evaluation.

Dr. Greene has held leadership positions in the American Evaluation Association and the American Educational Research Association. She has also provided editorial service to both communities, including a six-year position as co-editor-in-chief of New Directions for Evaluation, and current positions as an associate editor of the Journal of Mixed Methods Research and series co-editor for the series Evaluation and Society. Her own publication record includes a co-editorship of the Sage Handbook of Program Evaluation and authorship of Mixed Methods in Social Inquiry. Greene is the past president of the American Evaluation Association.


Dr. Michael Liersch
Head of Financial Planning for Wealth Management
J.P. Morgan

PRESENTATION: ARE YOU AN INTENTIONAL CHOICE ARCHITECT?
Whether acknowledged or not, everyone is a choice architect for themselves and others. Choice architecture, a Nobel Prize winning concept, demonstrates how different designs or choice environments predictably influence decision makers. This concept can help nudge consumers toward positive personal choices like choosing healthier foods, buying safer, more fuel efficient cars, or saving for retirement. J.P. Morgan’s Michael Liersch will discuss how to be an intentional choice architect and implement a choice architecture aligned with the financial and wealth investment outcomes you desire today.

Dr. Michael Liersch

Dr. Michael Liersch is Head of Financial Planning for Wealth Management at J.P. Morgan. Based in New York, Dr. Liersch represents the financial planning business for J.P. Morgan’s Private Bank, J.P. Morgan Securities and Chase Wealth Management. He leads the firm-wide financial planning center of excellence, which provides a unified philosophy, framework and toolset for helping clients achieve their personally meaningful goals. Dr. Liersch also leads the behavioral finance practice for the Wealth Management business.

Prior to joining J.P. Morgan, Dr. Liersch worked at Merrill Lynch, where as Head of Behavioral Finance and Goals-Based Consulting, he built processes and tools to tailor financial advice to the unique needs of clients across the wealth spectrum. He held a similar position at Barclays Wealth and has also been a visiting Professor at NYU’s Stern School of Business.

Dr. Liersch holds a Ph.D. in cognitive psychology from University of California, San Diego, and an undergraduate degree in Economics from Harvard. He is a well-known and respected industry leader, highly visible with Centers of Influence, and he has published extensively on human financial behavior in both the academic and industry press.


Dr. John Lynch
Director, Center for Research on Consumer Financial Decision Making
Senior Associate Dean for Faculty and Research
Leeds School of Business, University of Colorado Boulder

PRESENTATION: ON A NEED-TO-KNOW BASIS: HOW THE DISTRIBUTION OF RESPONSIBILITY BETWEEN COUPLES SHAPES FINANCIAL LITERACY AND FINANCIAL OUTCOMES
Many consumers suffer from low levels of financial literacy and attempts to increase this dimension of consumer expertise via educational interventions are typically unsuccessful. We argue that many of these apparent deficits are caused by the distribution of responsibility for information and decision-making between relationship partners. Early in relationships, responsibility for financial matters is often determined not by differences in financial knowledge, but by differences in relative contributions to other domains. Although responsibility may be initially unrelated to ability, responsibility predicts learning of new financial information. Cross-sectional data from consumers in long-term relationships show that as relationships lengthen, high levels of financial responsibility are associated with increases in financial literacy, whereas low levels of financial responsibility are not. These diverging trajectories of expertise cannot be explained by switching roles or changes in the sample over time. The resulting gap in financial literacy is linked to corresponding differences in both financial decision-making and financial information search. Consumers develop expertise on a “need to know” basis. Offloading responsibility to a relationship partner may eliminate this need in the present, while simultaneously creating barriers to developing expertise when needed in the future.

Dr. John Lynch

Dr. John Lynch is Director of the Center for Research on Consumer Financial Decision Making and Senior Associate Dean for Faculty and Research at the Leeds School of Business, University of Colorado Boulder.

Dr. Lynch studies the psychology of consumer financial decision making, focusing on two primary topics: financial literacy and financial education; and how the psychology of planning and thinking about the future affects consumer financial decision making. He co-chairs the annual Boulder Summer Conference on Financial Decision Making, a highly interdisciplinary academic-industry-government forum for research on consumer financial decision making.

Lynch received his BA in economics, his MA in psychology, and his Ph.D. in psychology, all from the University of Illinois at Urbana-Champaign.

Dr. Lynch was a member of the faculty at University of Florida from 1979-1996, where he was Graduate Research Professor. From 1996-2009 he was the Roy J. Bostock Professor of Marketing at the Fuqua School of Business at Duke University.

Dr. Lynch is a Fellow of the American Marketing Association, the Association for Consumer Research, and the American Psychological Association and he is a recipient of the Paul D. Converse Award for Outstanding Contributions to the Science of Marketing and the Society for Consumer Psychology’s Distinguished Scientific Achievement Award. He is a member of the Academic Research Council of the US Consumer Financial Protection Bureau.


Dr. Abigail Sussman
Assistant Professor of Marketing
The University of Chicago Booth School of Business

PRESENTATION: MENTALLY ACCOUNTING FOR SAVINGS AND DEBT
People often create separate accounts for their money, and subsequently spend money in one account differently than money in another. While prior research on mental accounting has focused on categorization within asset accounts (e.g., vacation vs. apartment funds), the current research examines how this categorization influences perceptions and management of money across asset and debt accounts. First, I demonstrate that composition of net worth—asset and debt levels—can affect wealth perceptions with implications for spending and borrowing. Second, I demonstrate that mental accounting across asset and debt accounts can lead to costly decisions to preserve savings in favor of borrowing from a high interest rate credit option. Taken together, these findings suggest that financial planners should be sensitive to consumers’ need to build savings and to reduce debt simultaneously.

Dr. Abigail Sussman

Abigail Sussman is an assistant professor of marketing at The University of Chicago Booth School of Business. She is interested in how consumers form judgments and make decisions, from underlying mechanisms to applications. She investigates questions at the intersection of consumer behavior, psychology, and economics, with the aim of improving human welfare.

Her central research examines psychological biases that can lead consumers to commit errors in budgeting, spending, and borrowing. She also explores how the same biases extend beyond financial domains to choices in other areas.

Sussman’s research has been published in journals such as Psychological Science, the Journal of Marketing Research, and the Journal of Consumer Research and has been profiled in popular press including The Wall Street Journal, The Washington Post, and The Boston Globe. Her prior experience includes work at ideas42 and in the equity research division at Goldman Sachs. She earned a bachelor’s degree from Brown University in cognitive science and economics, and a joint PhD from the psychology department and the Woodrow Wilson School of Public and International Affairs at Princeton University.


Dr. Tom Warschauer, CFP®
Professor of Finance, Emeritus
San Diego State University Fowler College of Business Administration

PRESENTATION: PROFESSIONAL FINANCIAL PLANNING; PAST, PRESENT AND PROSPECTS: RESEARCH AND PRACTICE
Dr. Warschauer will talk about the development of the profession of financial planning and the broader advisory industry. He will focus on the intersection of financial consultancy, advisory, and wealth management with the planning profession. He will review the standing of pure financial planning research and point out missing elements to encourage new research. Finally, he will evaluate issues facing planning in the future.

Dr. Tom Warschauer

Dr. Tom Warschauer, CFP® is Professor of Finance, Emeritus at the San Diego State University Fowler College of Business Administration. He is Program Director of SDSU’s three personal financial planning programs and is Co-Director of its Center for the Study of Personal Financial Planning. San Diego State’s Financial Planning programs were named among the top “stand-out” financial planning programs by Financial Planning magazine.

Dr. Warschauer was honored when the Financial Planning Association’s Journal of Financial Planning inaugurated the “Montgomery-Warschauer Award” to honor the paper that provides the most outstanding contribution to the betterment of the profession each year.

Dr. Warschauer earned his CFP® certification in the second year it was available. He has been the Academic Editor of the Journal of the Institute of Certified Financial Planners and is Associate Editor of the Financial Services Review. His primary research interest relates to the financial planning aspects of the investments field. He earned the Certified Financial Planner Board of Standard’s 2003 Academic Article Award and was awarded the San Diego FPA Heart of Financial Planning award in 2009. He holds a Ph.D. in Finance from the University of Colorado at Boulder.

Dr. Warschauer will talk about the development of the profession of financial planning and the broader advisory industry. He will focus on its historic development and review research from an institutional perspective. He will also discuss the intersection of financial advisory with the professional of financial planning and connect his talk to the investments field showing the attitudinal differences of planners to investment managers. Warschauer will also discuss today’s advisory landscape, including automated advisory systems (robo-planning) from a consumer prospective.