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

Because they have, based on the risk capacity, and of course for the stockbroker, why you might recommend more bonds.

By keeping the two things separate and distinct, and letting the model bring the two together, rather than just some questionnaire bringing them together, which is not derived necessarily from any given theory.

It's just sort of ad hoc.

That's where part of the role of the financial planner comes in.

We were talking earlier about the profile.

How do you build the profile of the investor?

And part of the profile are the preferences, but part of the profile also really comes down to what kind of asset allocation model are you going to use for the human capital and liability?

So it all should be part of the profiling process.

Yes, and that's why we think it's important that financial planners use tools that do take a holistic approach.

First of all, you create software that implements the model kind of behind the scenes.

We don't need to teach the financial planner utility theory, but we should give them a tool where it's applied and give them kind of an interface to that tool where they can express

these different types of preferences.

And if we had a truly comprehensive profiling tool, then as long as the investor and the financial planner know how to use that profiling tool, the results of it could go into the software, which then kind of behind the scenes do the utility maximization.

Risk tolerance is one of the preferences that goes into the utility theory.

So utility theory is the idea that each investor has their own personal preferences regarding risk, regarding consumption, regarding bequests.

And what we're trying to do is we want to try to figure out what those preferences are.

There's a literature within economics, I think it was developed originally by Paul Samuelson, called revealed preference.

If you give people a series of choices, you can infer what their risk tolerance is.

Well, we actually have some sample questions in the book.

I'm going to turn to those.

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