ABOUT the Contributors

Ben G. Baldwin, CLU, ChFC, CFP, is president and owner of Baldwin Financial Systems, Inc., in Arlington Heights, Illinois, a registered investment-advisory firm serving both individual and corporate clients. He is a consultant and educator for major financial-services firms and brokerdealer organizations on life insurance, particularly variable universal life insurance and annuities, and he has designed and taught insurance courses for the American Institute of CPAs, the Illinois CPA Society, and the American Bankers Association. Baldwin has served on the board of governors for the Certified Financial Planner Board of Standards, on the board of regents for the College for Financial Planning in Denver, and on the board of directors of the Society of Financial Service Professionals. He is a member of the CCH Financial & Estate Planning advisory board and the insurance columnist for the CCH Journal of Retirement Planning. Baldwin is a nationally known speaker and writer in the areas of insurance and financial planning and the author of the best-selling consumer book on life insurance The New Life Insurance Investment Advisor (McGraw-Hill, 2002), as well as The Complete Book of Insurance (Irwin Professional Publishing, 1996), and The Lawyer's Guide to Insurance (American Bar Association, 1999). His insurance books are sought out by consumers and professionals alike.

Thomas J. Boczar, Esq., CFA, is director of marketing/financial institutions at Twenty-First Securities in New York and is a frequent author, speaker, and instructor on using financial instruments to enhance after-tax returns. Boczar began his career as a tax consultant with Touche Ross and later practiced law with Mudge Rose Guthrie Alexander & Ferdon and Cahill Gordon & Reindel. Boczar serves as vice chairman of the Private Wealth Management Committee of the New York Society of Security

Analysts. He also serves on the Wealth Management Committee of the Investment Management Consultants Association and is an instructor for IMCA's Wealth Management Certificate Program. Boczar is a member of the bar in both New York and Connecticut. He holds a JD, MBA, and master's degree in accounting and is pursuing an LLM in tax law from New York University School of Law.

Jean L. P. Brunei, CFA, is the managing principal of Brunel Associates, a firm in Edina, Minnesota, and Bonita Springs, Florida, offering wealth-management consulting services to ultra-affluent families. Brunel began his career in the investment-management group of J. P. Morgan, where he worked in the United States and abroad from 1976 until his retirement in 1999. In 1990, he assumed the position of chief investment officer of J. P. Morgan's global private bank, where he focused on the issues of special concern to individual investors, such as tax efficiency and downside-risk protection. Before that, Brunel served in New York, Tokyo, Hong Kong, Singapore, and Melbourne in various investment and managerial capacities for the firm. Upon retiring from J. P. Morgan, he began consulting for wealthy individuals and the institutions that serve them. He served as chief investment officer of Private Asset Management at U.S. Bancorp until 2001, when he left to found Brunel Associates. Brunel is the editor ofJournal of Wealth Management, has participated in various task forces for the CFA Institute, and was elected trustee of the Research Foundation of the CFA Institute in 2003. He authored Integrated Wealth Management: The New Direction for Portfolio Managers (Institutional Investors and Euromon-ey Books, 2002). A graduate of Ecole des Hautes Etudes Commerciales in France, Brunel holds an MBA from the Kellogg Graduate School of Management at Northwestern University and is a chartered financial analyst.

John B. Brynjolfsson, CFA, is managing director, portfolio manager, and head of PIMCO Real Return Products. He is the coauthor of Inflation-Protection Bonds (Wiley, 2002) and coeditor of The Handbook of Infla-tion-IndexedBonds (Fabozzi, 1999). Brynjolfsson joined PIMCO in 1989, having worked with Charles River Associates and J. P. Morgan Securities. He has seventeen years of investment experience and holds a bachelor's degree in physics and mathematics from Columbia College and a MBA in finance and economics from the MIT Sloan School of Management.

Peng Chen, PhD, CFA, is managing director and director of research at Ibbotson Associates in Chicago. Ibbotson Associates is an independent asset-allocation consulting firm that provides data, software, consulting, research, training, and presentation materials to investment professionals, and Chen is responsible for the firm's overall research activities. His research projects focus on asset allocation, portfolio risk measurement, nontraditional assets, and global financial markets, and he has contributed to the development of various Ibbotson products and services, including software, consulting services, educational services, and presentation materials. A recipient of the Articles of Excellence award from the Certified Financial Planner Board in 1996 and the 2003 Graham and Dodd Scroll Award from Financial Analysts Journal, Chen has written for numerous publications including Financial Analysts Journal, Journal of Portfolio Management, Journal of Investing, Journal of Financial Planning, Bank Securities Journal, Journal of the Association of American Individual Investors, Consumer Interest Annual, and Journal of Financial Counseling and Planning. Chen received his bachelor's degree in industrial management engineering from Harbin Institute of Technology and his master's and doctorate in consumer economics from Ohio State University.

Neal E. Cutler, PhD, has held the Boettner/Gregg Chair in Financial Gerontology at Widener University in Chester, Pennsylvania, since 1992. He has a joint appointment as professor in the School of Business Administration and the School of Human Service Professions. Cutler's research and teaching focus on how population aging, individual aging, family aging, and generational aging interact to influence new patterns of wealth span planning. From 1973 to 1989, he held a joint appointment as professor of political science and professor of gerontology at the University of Southern California and was associate director of the USC Andrus Gerontology Center's Institute for Advanced Study in Gerontology and Geriatrics. In 1997-99, he was principal investigator of a three-year SBIR grant from the National Institute on Aging to develop long-term-care decision-making software in association with Quicken Financial Planner. From 1997 to 2003, he was director of survey research for the National Council on the Aging (NCOA). Cutler is former chair of the National Institute of Financial Services for Elders and was a board member and chair of the Research Committee of the American Society on Aging. He is a fellow of both the Gerontological Society of America and the Employee Benefit Research Institute. In 2003, in recognition of his innovative teaching in gerontology, Cutler was elected a fellow of the Association for Gerontology in Higher Education, and he is a member of the Projects Advisory Board of the International Longevity Center/USA. Cutler is associate editor of Journal of Financial Service Professionals and serves as a member of the editorial boards of The Gerontologist and American Journal of Alzheimer's Disease and Other Dementias. He is the coauthor of Aging, Money, and

Life Satisfaction: Aspects of Financial Gerontology (Springer, 1992) and of Can You Afford to Retire? (Probus, 1992). His newest books are Advising Mature Clients: The New Science of Wealth Span Planning (Wiley, 2002), and (as senior coauthor) American Perceptions of Aging in the 21st Century (National Council on the Aging, 2003). More than two hundred of his articles have appeared in such journals as Public Opinion Quarterly, Journal of Gerontology, American Political Science Review, Psychology Today, Journal of Financial Service Professionals, Generations, Journal of Behavioral Economics, and The Gerontologist. His work has been featured in the Wall Street Journal, the New York Times, Philadelphia Inquirer, and Kiplinger's Personal Finance and on CBS News programs and NPR's All Things Considered. Cutler won Senior Fulbright Fellowships to Helsinki University in 1972 and to Glasgow University in 1988.

Gobind Daryanani, CFP, PhD, is president of Digiqual Inc., in Chatham, New Jersey. He is a financial-planning consultant specializing in high-end financial-planning tools and technologies. He consults for RegentAtlantic Capital, Merrill Lynch, and other financial-planning firms; his specialization is tax-efficient investing. Daryanani is the inventor of a sensitivity-based simulation method called Beyond Monte Carlo and the author of Roth IRA Book: An Investor's Guide (DQI, 1998). He is a certified financial planner and has a PhD in engineering from Michigan State University.

Geoff Davey is one of a handful of practitioners who pioneered financial planning in Australia. Following a post-university period as a systems engineer with IBM, he entered financial services in 1972 as an adviser to new graduates. By 1989, when he retired, Davey & Associates, his financial-planning firm in Sydney, Australia, was a national partnership, with a staff of one hundred, providing comprehensive personal financial-management services, including accounting and practice management to doctors, dentists, and lawyers. After a three-year sabbatical, Davey reentered the industry as a consultant and in 1995 joined forces with Paul Resnik, another industry veteran, to form ProQuest (now FinaMetrica). Fina-Metrica focuses on the human intangibles relevant to financial decision making. Its mission is to develop tools that will assess these intangibles in terms that are meaningful to consumers and their advisers. FinaMetrica's first tool, a Web-based, psychometric risk-profiling system, was released in Australia in 1998, in the United States in 2002, and in the United Kingdom in 2004.

Harold Evensky, CFP, is chairman of Evensky, Brown & Katz, a wealth-management firm in Coral Gables, Florida. Before forming his company, he served as a vice president in investments with major brokerage firms. Evensky is a featured speaker at numerous national and international conventions and serves as chair of the TIAA-CREF Institute Financial Advisor Advisory Board. He is a member of the FPA, the Academy of Financial Services, and the CFA Institute and is an associate member of the American Bar Association. He has served on the IAFP Board and as chair of the CFP Board and the International Council. He is an NASD arbitrator and has been a principal in his own broker-dealer firm. Evensky, the author of Wealth Management (McGraw-Hill, 1997), has written for and is quoted frequently in the national press and is a contributing writer for Financial Advisor and Asia Financial Planning Journal. Evensky received his bachelor's and master's degrees from Cornell.

Gary L. Gastineau is managing director of ETF Consultants, LLC, in Summit, New Jersey. Gastineau, a recognized expert in open-end exchange-traded funds, organized ETF Consultants in May 2003 to provide specialized exchange-traded fund consulting services to ETF issuers, exchanges, market makers, research organizations, and investors. Before joining ETF Advisors, LP, a new ETF management firm, as managing director in May 2002, he was managing director for ETF product development at Nuveen Investments. Before that, he directed product development at the American Stock Exchange. As senior vice president in new product development, Gastineau was instrumental in the introduction of many of the popular ETF products that have attracted more than $100 billion in assets since their first appearance in 1993. Gastineau has also held senior positions in research, product development, and portfolio management at major investment banking firms. Gastineau's book The Exchange-Traded Funds Manual was published in 2002 by Wiley, and he is also the author of The Options Manual (3rd ed., McGraw-Hill, 1988) and coauthor of the Dictionary of Financial Risk Management (Fabozzi, 1999) and Equity Flex Options (Fabozzi, 1999). The author of numerous journal articles, Gastineau serves on the editorial boards of Journal of Portfolio Management, Journal of Derivatives, Journal of Indexes, and Financial Practice and Education. He is a member of a number of advisory boards, including the review board for the Research Foundation of the CFA Institute. He is an honors graduate of both Harvard College and Harvard Business School.

Robert Gordon is founder and chief executive officer of Twenty-First Securities Corporation in New York. Before he started the company in 1983, Gordon was partner in charge of arbitrage and tax at Oppenheimer

& Company and was senior vice president at Laidlaw, Adams & Peck. He is the author of Wall Street Secrets for Tax-Efficient Investing (Bloomberg Press, 2001) and serves on the editorial boards of Journal of Taxation and Investments, Journal of Wealth Management, and Derivative Reports. Gordon serves on the boards of the Wharton School's Securities Industry Institute, the Adler Planetarium in Chicago, and the Securities Industry Foundation for Financial Education. He is also adjunct professor at New York University's School of Business and served as chairman of the tax policy committee of the Securities Industry Association.

Michael C. Henkel, president of Ibbotson Associates since 1997, joined the firm in 1993 as vice president in charge of the firm's institutional software group. Before joining Ibbotson, Henkel worked for a variety of companies, including Knight Ridder, Lotus Development Corp, NewsEdge Corp, and Data Resources, integrating technology, data, and investments. Henkel's opinions have been widely quoted in various publications including Pensions & Investments, Plan Sponsor, Global Finance, Journal of Financial Planning, the Wall Street Journal, Worth, and Financial Planning. Henkel, who was selected as a delegate to the National Summit on Retirement Savings in 2002, frequently speaks at investment conferences in the United States and in Europe on topics including disbursement planning and the role of technology in investment advice. He received his bachelor's degree in mathematics and economics from Rhodes College and his master's in finance and quantitative methods from Vanderbilt University.

Mark Hurley was the founder and chief executive officer of Undiscovered Managers, LLC, a mutual fund and research company in Dallas, that was acquired by J. P. Morgan Investment Management in January 2004. Before forming Undiscovered Managers, Hurley worked for nearly eight years at Goldman, Sachs & Co. and at Merrill Lynch Asset Management, his last position there being managing director. Hurley also served as a Schedule C Presidential Appointee at a unit of the U.S. Department of Treasury during the first Bush administration, working on the cleanup of the savings and loan mess. He is a graduate of the United States Military Academy at West Point and received an MBA from the Stanford Graduate School of Business.

Roger G. Ibbotson, PhD, is a professor in the practice of finance at Yale School of Management. He is also chairman of Ibbotson Associates in Chicago, New York, and Tokyo, which provides investment consulting, software, data, and financial publishing for financial institutions. Ibbotson conducts research on a broad range of financial topics, including invest ment returns, mutual funds, international markets, portfolio management, and valuation. He serves on numerous boards, including Dimensional Fund Advisors' Funds, and is a partner at Zebra Capital Management, LLC, a manager of equity hedge funds. Ibbotson's book Stocks, Bonds, Bills, and Inflation, coauthored with Rex Sinquefield, is updated in the annual yearbooks published by Ibbotson Associates and serves as the standard reference for information on investment market returns. He also coauthored Investment Markets (1987) and Global Investing (1993) with Gary Brinson (McGraw-Hill) and the textbook Investments: A Global Perspective (Prentice Hall, 2002) with Jack C. Francis. He is currently working on The Equity Risk Premium and is a regular contributor and editorial board member on both trade and academic journals. A recipient of many awards—including the Graham and Dodd Scrolls in 1979, 1982, 1984, 2001, and 2003 and the CFA Institute's James R. Vertin award in 2001—Ibbotson frequently speaks at universities, conferences, and other professional forums. He received his bachelor's degree in mathematics from Purdue University, his MBA from Indiana University, and his PhD from the University of Chicago, where he taught for more than ten years and served as executive director of the Center for Research in Security Prices.

William W Jahnke is chairman of Comprehensive Wealth Management, LLC. After graduate school, he joined Wells Fargo in 1969, where he held the positions of director of research, manager of institutional portfolio management, and manager of the trust and investment group. In 1983, Jahnke founded Vestek Systems to provide investment-decision software to investment managers and pension-plan sponsors. In 1996, he joined Financial Design as chairman of Financial Design Education Corporation and began developing financial-planning and investment solutions for individual investors. With Al Coles from Financial Design, Jahnke founded Comprehensive Wealth Management in 1999 to provide open-source investment solutions for financial advisers. He has been recognized for his pioneering work in investing, including his work on stock valuation, indexing, and asset allocation. Jahnke's articles have been published in numerous financial journals, including Journal of Financial Planning, Journal of Investing, and Financial Analysts Journal, and he received the Graham & Dodd Award for his article "The Growth Stock Mania." He earned his undergraduate degree in economics from Stanford University and an MBA from the University of California at Berkeley.

William W. Jennings, PhD, is deputy head of management education and teaches investment and finance courses at the United States Air Force Academy, where he is responsible for the management curriculum, faculty development, assessment, and accreditation. Jennings's research covers portfolio management and rebalancing strategies for taxable investments. He is coauthor, with William Reichenstein, of Integrating Investments and the Tax Code (Wiley, 2003). His applied interests focus on nontaxable and eleemosynary investment management, and he serves the Air Force community and the public as counselor to and member of several investment committees that manage more than ten billion dollars in pension and endowment funds. Jennings is a chartered financial analyst; his doctorate in finance is from the University of Michigan.

Deena B. Katz, CFP, is president of Evensky, Brown & Katz, a wealth-management firm in Coral Gables, Florida, and author of the best-selling Deena Katz on Practice Management (Bloomberg Press, 1999). Katz, who was editor-in-chief of Journal of Retirement Planning and has been published widely in such magazines as Financial Planning, Investment Advisor, and Financial Advisor, is an internationally sought-after speaker for national and international legal, accounting, and financial organizations. She has offered financial advice on Good Morning America and on CBS This Morning and was the authority selected by Consumer Reports to evaluate the work of other planners. In Financial Planning magazine in 2001, she was named by her peers as one of the five most influential people in the planning profession. Katz is a graduate of Adrian College and received a doctor of humane letters from Adrian in 2001. Her latest book on practice management, Deena Katz's Tools and Templates for Your Practice (Bloomberg Press, 2001), is an international best seller.

S. Timothy Kochis, CFP, is president of Kochis Fitz Tracy Fitzhugh & Gott, Inc., a wealth-management firm with offices in San Francisco and Menlo Park, California. Before forming Kochis Fitz in 1991, he was national director of personal financial planning for Deloitte & Touche and, before that, for Bank of America. Kochis is chair-elect of the Financial Planning Standards Board and chair of the Foundation for Financial Planning. He has served as president of the CFP Board of Standards and as chairman of its board of examiners and is a cofounder and former chairman of the advisory board and instructor of the U.C. Berkeley Personal Financial Planning Program. Named financial planner of the year in 1987 by the San Francisco chapter of the then International Association of Financial Planning, Kochis has been included in Worth magazine's list of the country's best financial advisers each year since the list was first published in 1994. A member of the advisory board of CCH Financial and Estate Planning Reporter and coauthor with his Kochis Fitz colleagues of Wealth Management: A Concise Guide to Financial Planning and Investment Management for Wealthy Clients (CCH, 2003), Kochis is frequently quoted in the Wall Street Journal, the New York Times, and other publications and is a sought-after speaker for financial and investment forums throughout the world. He earned his MBA from the University of Chicago, his JD from the University of Michigan, and his undergraduate degree from Marquette University. Kochis served in the United States Army, which included a tour of duty in Vietnam, where he received a Purple Heart for wounds received in action.

Craig J. Lazzara is managing director of Abacus Analytics, a Connecticut-based quantitative consulting firm serving the brokerage and investmentmanagement communities. Before joining Abacus in early 2004, Lazzara directed marketing and client services for ETF Advisors, for Salomon Smith Barney's Global Equity Index Group, and for Salomon Brothers' Equity Portfolio Analysis group. He was chief investment officer of Centurion Capital Management and Vantage Global Advisors, managing quantitatively disciplined equity, tactical asset allocation, and currency-management strategies. He also served as a managing director of TSA Capital Management, with responsibilities for both applied research and client relations, and as a vice president and portfolio manager for Mellon Bank and T. Rowe Price Associates. A chartered financial analyst, Lazzara is a graduate of Princeton University and Harvard Business School.

Ross Levin, CFP, is president and founding principal of Accredited Investors, Inc., in Edina, Minnesota. A nationally recognized expert in financial planning, Levin has been quoted in numerous publications, including the Wall Street Journal, Changing Times, Fortune, the New York Times, Newsweek, and Money, and has appeared on such national television and radio shows as NBC Nightly News with Tom Brokaw, The Oprah Winfrey Show, CBS This Morning, and NPR's Sound Money. He was named one of the nation's top financial planners by Money, Worth, and Mutual Funds magazines and by Medical Economics and was a featured adviser in Mary Rowland's Best Practices for Financial Advisors (Bloomberg Press, 1997). Levin was named by Financial Planning as one of the five most influential people in the industry, and Investment Advisor listed him as one of the twenty-five most influential people in the industry. He launched the CCH Journal of Retirement Planning, serving as editor for two years, and is a regular columnist for Journal of Financial Planning. The author of The Wealth Management Index (McGraw-Hill/Irwin, 1997), which provides a framework for advisers to assess and manage their clients' plans and goals, Levin speaks frequently to financial groups on issues such as the delivery of financial-planning services, helping clients reach their objectives, and asset management. He served as chairman of the International Association for

Financial Planning, now the FPA, an organization of more than 28,000 financial-service professionals, and on the board of governors for the CFP Board based in Denver, Colorado. A graduate of the Carlson School at the University of Minnesota, Levin is on the board of trustees for the Minneapolis Foundation.

Moshe A. Milevsky, PhD, is associate professor of finance, teaching PhD, MBA, and BBA courses at the Schulich School of Business at York University in Toronto, and executive director of the Individual Finance and Insurance Decisions (IFID) Centre, in Toronto. Milevsky's teaching, research, and consulting focus on the interplay between financial risk management and personal wealth management. He serves as a consultant to a variety of global companies and agencies in the financial-services sector and lectures widely on pensions, investments, and personal wealth management. Milevsky has published more than thirty scholarly research articles and is the coeditor of Journal of Pension Economics and Finance. He is also the author of the Canadian best seller Money Logic: Financial Strategies for the Smart Investor (Stoddart, 1999), The Probability of Fortune: Financial Strategies with the Best Odds (published in the United States by Stoddart, 2000), Insurance Logic (Stoddart, 2002), and Wealth Logic: Wisdom for Improving Your Personal Finances (Captus, 2003). His innovative research has been cited in BusinessWeek, the Wall Street Journal, the New York Times, Barron's, Fortune, and Money, and he was a regular columnist for the National Post Business Magazine. Milevsky has a PhD in finance, an MA in mathematics and statistics, and a BA in mathematics and physics.

David N. Nawrocki, PhD, is the Katherine M. and Richard J. Salisbury Professor of Finance at Villanova University, which he joined in 1981. He is a registered investment adviser, working through the QInsight Group, and is the director of the Institute for Research in Advanced Financial Technology (IRAFT) at Villanova. Nawrocki's research includes work in financial market theory, downside-risk measures, systems theory, portfolio theory, and business cycles. His research articles appear in such journals as Journal of Financial and Quantitative Analysis, Financial Review, International Review of Financial Analysis, Journal of Business Finance and Accounting, Applied Economics, Journal of Financial Education, and Journal of Financial Planning. Nawrocki is a member of the editorial advisory board of Journal of Financial Planning and an associate editor at International Review of Financial Analysis. He holds an MBA and a PhD in finance from Pennsylvania State University.

Don Phillips is a managing director of Morningstar, Inc. He joined the firm in 1986 as its first mutual fund analyst and soon became the editor of its flagship publication, Morningstar Mutual Funds™, establishing the editorial voice for which the company is best known. Phillips helped to develop the MorningstarStyle Box™, the Morningstar Rating™, and other distinctive proprietary Morningstar innovations that have become industry standards. As a member of Morningstar's executive team, he is responsible for corporate strategy, research, corporate communications, and the Morningstar indexes. Journalists regularly turn to Phillips for his insight on industry trends, and he frequently speaks about investing at conferences and seminars. In 2003 both Financial Planning and Investment Advisor magazines named him to their lists of the most influential people in the financial-planning industry. In 2002 Registered Rep. named him one of the investment industry's ten key players. He was also selected as a member of the Ultimate Investment Club by Money in 2000 and 1999. Phillips holds a bachelor's degree from the University of Texas and a master's degree from the University of Chicago.

William Reichenstein, PhD, CFA, holds the Pat and Thomas R. Powers Chair in Investment Management at Baylor University. He has written more than seventy articles for professional and academic journals and is the coauthor of Integrating Investments and the Tax Code (Wiley, 2003). He serves as associate editor for academic and professional journals and is a frequent contributor to Journal of Financial Planning, Financial Services Review, Journal of Portfolio Management, and Journal of Investing and is frequently quoted in the Wall Street Journal. He received his doctorate in 1978 from the University of Notre Dame.

John W. Rogers Jr. is chairman and chief executive officer of Ariel Capital Management, LLC, an institutional money-management firm that he founded in 1983 in Chicago. With more than $17 billion in assets under management, the firm manages separate accounts for institutional clients and also serves individual investors and 401(k) plans through its four no-load mutual funds. As the firm's chief investment officer, Rogers has direct responsibility for the management of Ariel's small- and midcap value portfolios as well as the publicly traded Ariel Fund and Ariel Appreciation Fund. Ariel also offers two subadvised funds: Ariel Premier Growth Fund and Ariel Premier Bond Fund. Before founding Ariel, Rogers worked for the investment-banking firm of William Blair & Company. He serves on the boards of several companies, including Aon Corporation, Exelon Corporation, and McDonald's Corporation. Also dedicated to giving back to the community, Rogers's civic affiliations include his role as chairman of the Chicago Urban League and director of the University of Chicago. He was president of the board of the Chicago Park District for a six-year term. Frequently quoted in business publications, Rogers speaks at many academic institutions and has made guest appearances on television shows ranging from Wall Street Week with Louis Rukeyser to The Oprah Winfrey Show. In 1995, Rogers was profiled in The Mutual Fund Masters along with Peter Lynch and John Templeton, and in 1994, he was named as one of Time's "50 for the Future," a roster of the country's most promising leaders under age forty. In 1988, Sylvia Porter's Personal Finance magazine named him Mutual Fund Manager of the Year. He received an AB in economics in 1980 from Princeton University.

Meir Statman, PhD, is Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University. In his research in behavioral finance, he attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Statman's work, which has been supported by the National Science Foundation, the Research Foundation of the CFA Institute, and the Dean Witter Foundation, addresses a range of questions, including: What are the cognitive errors and emotions that influence investors? What are investors' aspirations? How can financial advisers and plan sponsors help investors? and What is the nature of risk and regret? He has consulted with many investment companies and presented his work to academics and professionals in many forums in the United States and abroad. Statman's research has been published in Financial Analysts Journal, Journal of Portfolio Management, Journal of Finance, Journal of Financial Economics, and Journal of Financial and Quantitative Analysis. Statman is on the editorial board of Financial Analysts Journal, on the advisory boards of Journal of Portfolio Management and Journal of Investment Consulting, and associate editor of Journal ofFinancial Research, Journal of Behavioral Finance, and Journal of Investment Management. He's a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, and two Graham and Dodd Awards of Excellence. He received his PhD from Columbia University and his BA and MBA from the Hebrew University of Jerusalem.

David M. Stein, PhD, is managing director and chief investment officer at Parametric Portfolio Associates, an investment-management firm in Seattle. Stein's work at Parametric, where he directs the investment, research, and technology activities, is focused on advancing the art and science of investment management in the presence of taxes. Before joining Parametric, Stein held senior research, development, and portfolio-

management positions at GTE Investment Management Corp., Vanguard Group, and IBM Retirement Funds. As a research scientist at IBM Research Laboratories, Stein designed computer hardware and software systems. He is on the After-Tax Subcommittee of the AIMR-PPS standards committee and on the advisory board of Journal of Wealth Management. His articles have appeared in numerous journals, including Mathematics of Operations Research, Journal of Wealth Management, and Journal of Portfolio Management. He holds a number of patents, a PhD from Harvard University in applied mathematics, and an MSc from the University of Witwatersrand, South Africa.

Stephen C. Winks is chairman of Portfolio Construction Technologies in Richmond, Virginia, which counsels leading financial-services firms on the processes, technology, and infrastructure necessary to empower financial advisers to address and manage the full range of investment and administrative values required by regulatory mandate. Winks is the founding editor of www.SrConsultant.com, a publication of the investment-management consulting industry, reaching 70,000 readers, and managing director of the High Net Worth Standards Initiative, which has delineated the breadth and depth of professional investment and administrative counsel required for financial advisers to fulfill their fiduciary responsibilities. Winks is the founder of the Society of Senior Consultants, which recognizes outstanding achievement and the pioneering work of leading investment-management consultants. He ran the national retail and institutional investment management initiatives for Prudential Securities; as president of FSC Advisory, he worked with its founder and chairman, John Bell Keeble, widely known as the father of financial planning. Winks also built and managed most of the major product areas ofWheat, First Securities (now Wachovia). He is a graduate of the E. Claiborne Robins School of Business at the University of Richmond and the Securities Industry Institute at the Wharton School at the University of Pennsylvania.

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