Your 401(k) Decoded - Guest Author: Timothy Baker, CFP® Founder and CEO, WealthShape LLC

The concept of 401(k) retirement funding is simple enough but very few truly understand how their plan actually works and why they should care. New light has been shed on these employer sponsored retirement plans with the recent passing of the department of labors (DOL) fiduciary rule. When the rule goes into full affect over the next year or so, all financial advice provided to retirement plans will require “fiduciary” best interests practices. It’s clear; the DOL’s intention was to increase transparency in an environment where so much is unclear. For many investors’ 401(k)’s represent the primary retirement funding vehicle. This column will attempt to decode their complex components in plain English.

Plan Sponsor: Your Boss. The business owner at some point decided to establish a retirement plan for the benefit of their employees. Participants in the plan receive tax differed growth plus the added benefit of some percentage of employer matching contributions. The plan sponsor in turn gets a strong recruitment vehicle for attracting employees and tax deductions for plan contributions.

Record Keeper: Tracks the assets in retirement plans. They do a lot of other things but their main role is to track how much money you have and where it is allocated. Lot’s of types of money goes into the plan. The record keeper tracks what are salary deferrals (pre-tax or post tax), employer matching contributions, profit sharing contributions, rollovers etc.

Administrator: Their function is really the day-to-day operation of the plan including all paperwork, document filing, and testing to keep the plan compliant with all IRS non-discrimination requirements.

Financial Advisor: Selects the investments that go into the plan, monitors them for necessary changes and provides oversight and ongoing evaluations of the record keeper and administrator so that the plan sponsor can focus on the business.

Ok, so those are the players involved. Here’s where it gets confusing. The fees for these services are often blended together. One specific entity can act in multiple capacities and the cost of these services isn’t always explicitly stated. In most cases you have to dig deep to find out what you’re really paying, as there isn't always a separate invoice for each item. Whether paid by the employer, the employee of both, these costs are real. The trick is finding them. Here’s how. 

408(b)(2) Fee Disclosure: Spells out the direct and indirect compensation paid to all service providers. Every plan has one of these documents. When the regulators passed this disclosure requirement a few year back, the intention was again transparency. While this is a great starting point, reading one of these things can look like hieroglyphics even to the trained eye. Nonetheless, it is solid reference for understanding the all in plan costs. It usually comes with the plans annual report which any HR department should have no trouble providing.

 Fund Expense Ratios: If you still can’t figure out your plans expenses, here’s where you’re most likely to find the smoking gun. When you enrolled in your 401(k) you likely made selections from the list of investment options available. Every single one of those options has expenses associated with it, as indicated by the internal expense ratio. Well, not that entire fee is for the operation of the fund. Some of it is often parceled out to other parties such as the record keeper or administrator.

Additionally, I often see mutual fund share classes, which contain commissions, or 12b-1 fees that end up going to the financial advisor attached to the plan. As mentioned previously, the DOL has focused its attention on the imprudence of adding commissionable products to retirement plans with the passing of the fiduciary rule requiring advisors to act in the best interest of the plan. In essence the fees for the service providers to the plan can be buried in the expenses of the very funds you select. This causes many participants to think they’re paying next to nothing for their 401(k) plans.

Just because fees are difficult to see, doesn’t mean they don’t exist. While I firmly stand as a staunch advocate for transparency, the bundling of these costs isn’t necessarily a bad thing, given they're understandable and reasonable when compared to other plans that are similar to your own. 401(k)’s represent an estimated $4.4 trillion in retirement assets. For years the complexity associated with them has fueled the complacency of employers and employees. Today, I receive more questions than ever, as informed investors take a new interest in decoding their retirement plans. 

 Timothy Baker, CFP® is the Founder and CEO of Wealthshape LLC, an advice and investment management firm built on reason and empirical evidence. WealthShape strives to be a market leader in factor-based investing by carefully designing advanced multiple provider portfolios delivered at a low cost to investors from all walks of life. 

Last Week's Guest: Susan Powers,CFA®,CPA,CFP®

"Your Money" was excited to have Susan Powers,CFA®,CPA,CFP® on the show last week. Susan is an advisor listed on Kent’s network. Susan has had more than 20 years of experience in investment consulting, retirement plan consulting and personal & trust taxation. Prior to joining AssetGrade, she held a number of senior positions with Fidelity Investments. Most recently, she lead a national team of investment consultants providing services more than 2,500 clients with $1.2 trillion in assets. Catch a short clip below of Susan talking about her firm during the show. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Dave Schram

"Your Money" was excited to have Dave Schram on the show last week. Dave Schram is an internationally known credit (FICo) score & consumer credit expert. Catch a short clip below of Dave Schram on the show. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Dave Lissy

"Your Money" was excited to have Dave Lissey on the show last week. Dave Lissy is the Chief Executive Officer of Bright Horizons Family Solutions (NYSE; BFAM), the world’s leading provider of high quality child care, early education and work/life solutions. Bright Horizons currently manages more than 940 early care and education centers and schools in 43 U.S. states, Puerto Rico, Canada, the UK, Ireland, India, and the Netherlands. The company partners with more than 900 leading employers, including more than 150 of the FORTUNE 500 and many of the world’s leading hospitals, universities, and government entities to offer work-site child care, back-up care, and educational solutions. Bright Horizons employs 27,000 people worldwide and has consistently been named one of FORTUNE Magazine’s “100 Best Companies to Work for in America” and “One of the 50 Top Workplaces” in Europe, by the Financial Times. Dave has served on many task forces across the country advocating for the continued support and development of high quality early education.
Prior to joining Bright Horizons Family Solutions, Dave spent 11 years in the health care industry. He was Senior Vice President and General Manager of the New England region for Aetna. He was elected to the board of directors of Bright Horizons in 2001 and also serves as a Trustee for Ithaca College and Corporate Voices for Working Families and as a member of the boards of directors of Altegra Health, the March of Dimes, and Jumpstart. Dave is a graduate of Ithaca College, and he and his wife, Suzanne are the parents of three children, all of whom attended Bright Horizons centers.

Catch a short clip below of Dave Lissy on the show last week. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Last Week's Featured Guest: Dr. Brad Klontz

"Your Money" was excited to have Dr. Brad Klontz on the show last week. Dr. Brad Klontz, Psy.D., CFP® is the co-founder of Your Mental Wealth™ and the Financial Psychology Institute, and a Partner of Occidental Asset Management, LLC. Dr. Klontz is a financial psychologist, an Associate Professor of Personal Financial Planning at Kansas State University, a Fellow of the American Psychological Association, and a Former President of the Hawaii Psychological Association. Dr. Klontz was awarded the 2009 Innovative Practice Presidential Citation from the American Psychological Association for his application of psychological interventions to help people with money and wealth issues and his innovative practice in financial psychology for practitioners across the country.
Dr. Klontz has co-authored five books on the psychology of money: Financial Therapy: Theory, Research & Practice (Springer, 2014), Mind Over Money (Broadway Business, 2009), Wired for Wealth (HCI, 2008), The Financial Wisdom of Ebenezer Scrooge (HCI, 2005, 2008), andFacilitating Financial Health: Tools for Financial Planners, Coaches, and Therapists (NUCO, 2008).

Dr. Klontz’s work has been featured on ABC News’ 20/20, Good Morning America, and in USA Today, The Wall Street Journal, New York Times, Washington Post, Los Angeles Times, Time, Kiplinger’s, Money Magazine, NPR and many other media outlets and professional magazines and journals.

Catch a short clip below of Dr. Klontz on the show last week. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Last Week's Featured Guest: Cary Carbonaro

"Your Money" was excited to have Cary Carbonaro on the show last week. Cary Carbonaro is a Certified Financial Planner with an MBA in finance, and has over 25 years of experience in financial services. In 2014, she was named an Ambassador for the CFP® Board, one of only 50 in the United States. Her new book The Money Queen’s Guide comes out in October. Because of her credentials, Cary is frequently sought out for her expertise and has been quoted in a variety of well-known publications, including: The Wall Street Journal, Newsday, New York Post, USA Today, The Street.com, Bloomberg, CNBC, Bankrate, Money Magazine, More Magazine, Kiplinger’s and Investor’s Business Daily. Cary has also been a guest on “The Today Show”, CBS, Fox News, ABC, and NPR and is a frequent guest on PBS Nightly Business.
She is Vice President of the Long Island chapter of Ellevate (formerly 85 Broads) a women’s professional networking organization, and President of the South Lake (Florida) Community Foundation, Women’s Giving Circle, which provides community based philanthropic support. Cary has also been a CFP® instructor at Fordham University in New York.
Cary is currently a Managing Director with United Capital and divides her time between New York and Florida where she is a yoga instructor in her free time.

Catch a short clip below of Cary on the show last week. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Kitty Bressington

1951_Guest2288.jpeg

"Your Money" was excited to have Kitty Bressington on the show last week. Kitty Bressington, CFP®, CDFA is a founding principal of Linden Financial Consultants, LLC a fee-only, hourly-only financial consulting practice in Pittsford, NY. With more than 15 years of experience in the financial planning field, Kitty provides affordable, objective, well-explained financial advice targeting divorcing clients to help them understand the long-term ramifications of the financial decisions being made during the course of their separation and divorce. By working with Linden Financial Consultants on an hourly basis, clients are able to benefit from product-neutral financial advice either periodically or on a regular basis depending on their needs and within their budget. Kitty’s mission is to make financial advice more accessible to those who want to take control of their financial well-being – no income or investment account minimums are required.

Catch a small clip of her on the show talking about her expertise in this area. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Last Week's Featured Guest: Penny Zenker

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"Your Money" was excited to have Penny Zenker on the show last week. Penny Zenker is a productivity expert, strategic business coach, international speaker and trainer, radio personality and bestselling author. She is the creator of The “P10: Productivity Accelerator”, a time and energy management system that teaches people about the 10 core drivers of productivity, and the essential roles they play in success and fulfillment. Entrepreneurs and executives seek the coaching of Penny Zenker to take their business and personal lives to new heights of achievement. Penny is one of the very few business and entrepreneurial coaches that merges her own high level success with extraordinary coaching skills to offer motivated individuals an exceptional resource. She is able to challenge you because she has been there and done it…over and over again. Throughout her career, Penny has applied human psychology and behavioral studies to business management. Her studies include traditional coaching methods from the International Coaching Academy, plus NLP, hypnotherapy, painting therapy and Marshall Rosenberg’s non-violent communication, among others. She coached for several years for Business Breakthroughs International, A Tony Robbins and Chet Holmes Company.
Penny currently lives in Philadelphia, PA with her two children after living abroad in Switzerland for 16 years. In her spare time, she enjoys mountain biking, hiking, camping and skiing

Catch a part of the show below as she talks a little bit about her best selling book The Productivity Zone. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

8/18 Featured Guest: Stephanie Ericksen

"Your Money" was excited to have Stephanie Ericksen on the show a few week's back. Stephanie Ericksen is vice president of Risk Products at Visa Inc., focusing on payment solutions that bring enhanced security to new payment technology channels and devices. Specifically, Ericksen is responsible for managing integration of Visa’s contactless and contact chip payment services and new form factors beyond traditional cards and the product platforms that enhance the security of Visa’s core product offerings. Since joining Visa in 1994, Ericksen has been actively involved in developing the global smart card implementation strategy and formulating business cases for Visa Smart Debit/Credit, GlobalPlatform and multi-application product offerings on contact and contactless chip cards and in mobile phones. Ericksen has also managed Visa’s participation in payment industry standards organizations such as GlobalPlatform, EMVCo and the Mobile Payment Forum. Catch a part of the show below as she talks a little bit about Visa's ongoing addition of microcomputer chips to credit cards and what the importance of this addition is. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

8/25 Featured Guest: Jia Jiang

"Your Money" was excited to have Jia Jiang on the show a few week's back. Jia Jiang is founder of the popular blog and video series '100 Days of Rejection'. After quitting his job and starting his own company, he started a journey of seeking out rejection on a daily basis. By doing so, he discovered a whole new world with secrets hiding in plain sight, and the power to get what you want by asking and negotiating. His story has been covered by dozens of news outlets, includingBloomberg Businessweek, Yahoo News, the Huffington Post, Forbes,Inc.com, MTV, Gawker, the Daily Mail, Fox News, and CBS’s The Jeff Probst Show. A native of Beijing, China, Jiang came to the U.S. as a teenager to pursue his dream of becoming an entrepreneur. Jiang holds an MBA from Duke University and a bachelor's degree in computer science from Brigham Young University. Catch a part of the show below as he talks a little bit about why he set out looking for rejection in his life, rather than affirmation. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Steve Stanganelli

"Your Money" was excited to have Steve Stanganelli, founder of Collegecashpro.com, on the show this week. As an expert on college debt, Steve started Collegecashpro.com to help people plan for and handle college debt. Catch a part of the show below as he answers a caller's question. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Keep Calm and Stick with your Plan

Some of you may be alarmed by news of the down market, but it’s time to take a breath and not panic. So what is going on? The Dow Jones Industrial Average (Dow) suffered a correction, which is defined as a 10 percent decline from its peak. Down markets are never pleasant for investors in the short-term. But a long-term term investor, with at least a 5-year holding period, should stay the course. If an investor’s portfolio has been corrected constructed to match the importance of his or her goals and tolerance toward risk, then selling in a panic is almost a sure-fire way to lose money.

But why did the market take a downturn? While there’s really no clear answer to that question. But part of the answer is likely investor panic.  As the market slowly declines, many investors panic and sell too which fuels the fire. Those who sell their holdings in an acute down market are often times left in a worse position than they would otherwise have been in if they had held their investments through the market decline and waited for the markets to recover. 

So what can you do? It is imperative when developing and maintaining your investment portfolio that you always plan for a down market. Your portfolio should be well balanced and ready for a down-market so you don’t have to panic.

Recent market declines highlight the reality that markets do fluctuate and thus, the importance of a strategic financial plan.  The future is unpredictable, but we are confident that the only way to beat inflation in the long-term (5 plus years) is through a well-diversified, equity portfolio.

The author, Ara Oghoorian, can be found under our tab, “find an advisor”, or by clicking here.

Ara Oghoorian

I have over 20 years experience in finance including working for the Federal Reserve Bank of San Francisco, U.S. Treasury, and most recently a wealth management firm in Washington DC providing financial advice and tax preparation. I hold the CFP, CFA, and EA designations.

This Week's Featured Guest: Beverly Harzog

"Your Money" was excited to have Beverly Harzog on the show this week. As an expert on credit, Beverly just published The Debt Escape Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit Score, and Live Debt-Free. Catch a part of the show below as she outlines the main reasons of debt accumulation. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Daniel Pink

"Your Money" welcomed Daniel Pink, author of three New York Times bestsellers, including Drive: The Surprising Truth About What Motivates Us. He discusses motivation and rewards in the context of the workplace. Catch the clip below:

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Tony Crabbe

"Your Money" welcomed business psychologist Tony Crabbe on the show this week, author of Busy: How to thrive in a world of too much. Tony discusses what being "busy" really means, and how it influences our lives. Catch a portion of the conversation below: 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

This Week's Featured Guest: Dr. Dawn Graham

This week on "Your Money," Dr. Graham gave her insights into negotiation. Dr. Graham is the Director of Career Management for Executive MBA at the Wharton School, as well as a certified personal trainer. Below are a couple tips to keep in mind when negotiating. 


Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Last Week's Featured Guest: Dr. Charles Murray

Dr. Charles Murray was the featured guest on "Your Money" last week. Dr. Murray is an accomplished writer with many books to his name. His insights from his most recent book, The Curmudgeon's Guide to Getting Ahead, can be heard below. 

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Kent on MarketPlace Radio about the Fed's bank inspection

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

'A Big Grenade' In The Room -- Kent recently featured on NPR: Will New Retirement Rules Protect Americans From Wall Street?

Bottom line: The industry apparently got to the Department of Labor and was successful in watering down the new rules designed to protect retirement savers.

http://www.npr.org/2015/04/21/401049273/will-new-retirement-rules-protect-americans-from-wall-street

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.

Kent in the NYT Times, talking about President Obama's plan for protecting retirement savers

Kent Smetters

Kent Smetters is the Boettner Chair Professor at The Wharton School of the University of Pennsylvania, the Interim Faculty Director of the Penn Wharton Public Policy Initiative, and a Faculty Research Fellow at the NBER. He was the former Deputy Assistant Secretary of the U.S. Department of the Treasury, and he subsequently served as a member of the U.S. Congress’ bipartisan Blue Ribbon Advisory Panel on Dynamic Scoring. Kent holds bachelor degrees in Economics and Computer Science from The Ohio State University as well as an MA and PhD in Economics from Harvard University. He previously cofounded a national registered investment advisory firm that built a new technology platform, grew the firm to over 50 advisors and then sold the firm to a large, publicly-traded company. Growing up in a financially poor family, Kent donates his time to “Your Money” to help families work, save and set goals in order to achieve the most in life. Kent is often cited in major news outlets.