TIMOTHY NOONAN is Managing Director of Capital Markets Insights for Russell Investments and a leader in the U.S. private wealth management industry. He is responsible for shaping client service strategies and delivering capital markets analysis to advisors in the U.S. and around the world. Noonan is currently Chairman of the Russell Strategic Advice Committee and has been the architect of Russell's Helping Advisors initiative, which since 2008 has offered advisors in the U.S., UK, and Australia insights to help advisors and their clients cope with retirement investing in a hostile economic climate. MATT SMITH is an independent consultant and author and coauthor, respectively, of two other Wiley Finance books, Managing Your Firm's 401(k) Plan: A Complete Road Map to Managing Today's Retirement Plans and The Retirement Plan Solution: The Reinvention of Defined Contribution. He was formerly senior vice president and defined contribution practice leader in the United States for Aon Consulting. Prior to Aon, Smith was managing director of retirement services for Russell Investments. He has been involved with the design, implementation, administration, consulting, and asset management of retirement plans for over twenty-eight years. Smith has written and spoken widely on topics involving retirement plans during his career.

• Foreword ixPreface xiAcknowledgments xvIntroduction 1Chapter 1 Time for a Real Conversation 11Chapter 2 How We Got Here 27Chapter 3 The Right Clients 43Chapter 4 Connecting the Dots 61Chapter 5 The Personal Asset Liability Model—Funded Status 79Chapter 6 The Personal Asset Liability Model—Investment Plan 101Chapter 7 Making a Good Business of Giving Good Advice 133Chapter 8 Investor Archetypes 161Chapter 9 Tripping Over the Finish Line 171Chapter 10 On Shaping One’s Future 191Albert BanduraChapter 11 Building a Simple and Powerful Solution for Retirement Saving—Russell’s Approach to Target Date Funds 203Grant W. Gardner and Yuan-An FanChapter 12 Investment Aspects of Longevity Risk 223Don EzraChapter 13 Mismeasurement of Risk in Financial Planning—A Lesson in Risk Decomposition 237Richard K. FullmerChapter 14 Modern Portfolio Decumulation—A New Strategy for Managing Retirement Income 249Richard K. FullmerAppendix A Lessons Learned from Retirement Income Research 273Appendix B The New Language of Retirement 277About the Authors 283Index 285

TIMOTHY NOONAN is Managing Director of Capital Markets Insights for Russell Investments and a leader in the U.S. private wealth management industry. He is responsible for shaping client service strategies and delivering capital markets analysis to advisors in the U.S. and around the world. Noonan is currently Chairman of the Russell Strategic Advice Committee and has been the architect of Russell's Helping Advisors initiative, which since 2008 has offered advisors in the U.S., UK, and Australia insights to help advisors and their clients cope with retirement investing in a hostile economic climate. MATT SMITH is an independent consultant and author and coauthor, respectively, of two other Wiley Finance books, Managing Your Firm's 401(k) Plan: A Complete Road Map to Managing Today's Retirement Plans and The Retirement Plan Solution: The Reinvention of Defined Contribution. He was formerly senior vice president and defined contribution practice leader in the United States for Aon Consulting. Prior to Aon, Smith was managing director of retirement services for Russell Investments. He has been involved with the design, implementation, administration, consulting, and asset management of retirement plans for over twenty-eight years. Smith has written and spoken widely on topics involving retirement plans during his career.

• Foreword ixPreface xiAcknowledgments xvIntroduction 1Chapter 1 Time for a Real Conversation 11Chapter 2 How We Got Here 27Chapter 3 The Right Clients 43Chapter 4 Connecting the Dots 61Chapter 5 The Personal Asset Liability Model—Funded Status 79Chapter 6 The Personal Asset Liability Model—Investment Plan 101Chapter 7 Making a Good Business of Giving Good Advice 133Chapter 8 Investor Archetypes 161Chapter 9 Tripping Over the Finish Line 171Chapter 10 On Shaping One’s Future 191Albert BanduraChapter 11 Building a Simple and Powerful Solution for Retirement Saving—Russell’s Approach to Target Date Funds 203Grant W. Gardner and Yuan-An FanChapter 12 Investment Aspects of Longevity Risk 223Don EzraChapter 13 Mismeasurement of Risk in Financial Planning—A Lesson in Risk Decomposition 237Richard K. FullmerChapter 14 Modern Portfolio Decumulation—A New Strategy for Managing Retirement Income 249Richard K. FullmerAppendix A Lessons Learned from Retirement Income Research 273Appendix B The New Language of Retirement 277About the Authors 283Index 285

TIMOTHY NOONAN is Managing Director of Capital Markets Insights for Russell Investments and a leader in the U.S. private wealth management industry. He is responsible for shaping client service strategies and delivering capital markets analysis to advisors in the U.S. and around the world. Noonan is currently Chairman of the Russell Strategic Advice Committee and has been the architect of Russell's Helping Advisors initiative, which since 2008 has offered advisors in the U.S., UK, and Australia insights to help advisors and their clients cope with retirement investing in a hostile economic climate. MATT SMITH is an independent consultant and author and coauthor, respectively, of two other Wiley Finance books, Managing Your Firm's 401(k) Plan: A Complete Road Map to Managing Today's Retirement Plans and The Retirement Plan Solution: The Reinvention of Defined Contribution. He was formerly senior vice president and defined contribution practice leader in the United States for Aon Consulting. Prior to Aon, Smith was managing director of retirement services for Russell Investments. He has been involved with the design, implementation, administration, consulting, and asset management of retirement plans for over twenty-eight years. Smith has written and spoken widely on topics involving retirement plans during his career.

• Foreword ixPreface xiAcknowledgments xvIntroduction 1Chapter 1 Time for a Real Conversation 11Chapter 2 How We Got Here 27Chapter 3 The Right Clients 43Chapter 4 Connecting the Dots 61Chapter 5 The Personal Asset Liability Model—Funded Status 79Chapter 6 The Personal Asset Liability Model—Investment Plan 101Chapter 7 Making a Good Business of Giving Good Advice 133Chapter 8 Investor Archetypes 161Chapter 9 Tripping Over the Finish Line 171Chapter 10 On Shaping One’s Future 191Albert BanduraChapter 11 Building a Simple and Powerful Solution for Retirement Saving—Russell’s Approach to Target Date Funds 203Grant W. Gardner and Yuan-An FanChapter 12 Investment Aspects of Longevity Risk 223Don EzraChapter 13 Mismeasurement of Risk in Financial Planning—A Lesson in Risk Decomposition 237Richard K. FullmerChapter 14 Modern Portfolio Decumulation—A New Strategy for Managing Retirement Income 249Richard K. FullmerAppendix A Lessons Learned from Retirement Income Research 273Appendix B The New Language of Retirement 277About the Authors 283Index 285