Dr. Paul Kaplan

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479 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.

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The Rational Reminder Podcast · A Financial Plan For Your Entire Life | #417 (Dr. Paul Kaplan) · 9 Jul 2026 podcast

I think that's probably given me the single most important parameter here in driving this.

Now, the other parameters that are going to drive the asset allocation of your financial assets are going to be the things that set the size of human capital, which is your salary.

the main parameter, your liabilities, which is an example.

We just set it here to $50,000 a year.

And then these asset allocations that you put here.

So the numbers you put here in this part of the spreadsheet, that gets back to the stockbroker versus the tenured professor.

It is a paradox.

One of the things we have in the book is we actually have a list of all the Nobel Prize winners who have made an important contribution to lifecycle finance.

This includes Milton Friedman, Franco Modigliani, Paul Samuelson, Robert Merton.

Their work has been recognized among economists.

But why hasn't it worked its way into financial planning practice?

I don't know.

There is a disconnect between sort of what we know is right, there's so much theory behind it, and what we actually do in practice.

Financial planners, I think, play a very important role in coaching and leading their clients towards rational approaches.

Obviously, there's now been a lot of literature on behavioral economics and behavioral finance.

We know that real human beings do not behave anything like the agents in economic models.

There has been a disconnect between economic theory and practice.

So we think that the role that the financial advisor has, the financial advisor has, let's say, a lifecycle-based tool that they can use.

then it really is to advise their clients to behave in this rational way, in a way to save the clients from themselves.

I have to admit that I haven't actually run a lifecycle model.

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