Benjamin Felix

And then you overlay on top of that, there's like an individual component that and that even if the structure is identical, you can have two very different people.

To your point, even something is, I don't want to call it subjective as one person's life experiences over the others that can materially change the optimal financial advice in that case.

I like that.

Gravity is subjective in financial planning.

Yeah, I like that.

We kind of talked about in general what theory is trying to do.

I want to get a little bit more into the details of how you set it up.

Can you talk about how multi-objective optimization is related to financial planning?

Ralph Kini, we actually had Ralph on this podcast a while ago.

Yeah, that was episode 238, Ralph Keeney.

That was a cool one.

Very cool.

This theory kind of explains why integrated financial planning is valuable, which is interesting.

You're able to sort of quantify why that advice is valuable.

I have a question.

Empirically,

Is there evidence that the financial planning profession actually offers measurable benefits to households?

There's always that selection bias issue to it in the large studies like that, because financial planners are going to be more likely to seek out clients that have better financial situations because they're more profitable to serve.

You talk about this in the paper, but the human financial planner is kind of this like processing machine that thinks about all this stuff sort of subjectively.

And we do it like we will go through a financial planning projection and show like, well, if you do this, this is the outcome.