On June 10th and June 11th, Professors of The American College will be attending the AICPA Engage 2019 conference in Las Vegas, Nevada. Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States.

Wade Pfau, Professor of Retirement Income, Michael Finke, Professor of Wealth Management, and Ross Riskin, Assistant Professor of Taxation, will be speaking on topics such as retirement planning and spending, lifetime income streams, education planning, and the changes to financial planning since the 2017 Tax Cut and Jobs Act.

Read below to see the two-day schedule and session information:

Conference Sessions Schedule

June 10th, 2019

4:50 PM – 6:05 PM | How lifetime income streams affect asset allocation in retirement

Lifetime income streams such as Social Security, pensions, and private annuities provide a base of safe spending that affects the consequences of taking risk in an investment portfolio. Professor Michael Finke will demonstrate the implications of lifetime income on retirement outcomes such as failure rates and utility maximization, and explain how optimal portfolio allocation is affected by various types of income streams. Attendees will better understand how optimal equity allocations are affected by lifetime income and how to help clients recognize the difference between income risk and portfolio volatility.

Learning objectives:

  1. Understand the implications of lifetime income on portfolio risk in retirement.
  2. Evaluate how optimal portfolios are affected by the amount of lifetime income within an overall household balance sheet.

View the session here.

June 11th, 2019

8:00 AM–9:15 AM | Optimizing Retirement Income by Combining Actuarial Science and Investments

As the baby boomers reach retirement, advisors must solve new problems for clients. Retirement income is different as clients shift their focus from maximizing wealth to creating sustainable income, clients face a greater range of risks, and clients increasingly must solve a lifetime problem which extends far beyond traditional investment theory. Professor Wade Pfau will break down the key retirement risks: longevity risk, heighted market risk, and personal spending shock risks. Each risk requires different income tools and risk management techniques. Investments alone and insurance alone may not be adequate to build a comprehensive retirement income strategy. More efficient retirement income solutions can be obtained through careful efforts to combine investment portfolios, income annuities, and whole life insurance into an overall retirement income plan.

Learning Objectives:

  1. Understand how risks change in retirement.
  2. Evaluate the roles of risk pooling and risk premium in building retirement income plans.

View the session here.

12:25 PM–1:15 PM | Education Planning Under the Tax Cuts and Jobs Act

Due to the rising costs of higher education, clients are relying more than ever on advisors to help them navigate the financial complexities associated with the college funding and financial aid planning processes. In this presentation, Assistant Professor Ross A. Riskin, CPA/PFS, CCFC, will share highlights from the AICPA’s The Adviser’s Guide to Education Planning, which are focused on education planning strategies for business owners, high income/high net worth individuals, divorced/divorcing couples, and grandparents. In addition, Ross will also cover relevant changes from the 2017 Tax Cuts and Jobs Act (TCJA).

Learning objectives:

  1. How to incorporate education planning strategies for business owners
  2. How to incorporate education planning strategies for high income/high net worth individuals
  3. How to incorporate education planning strategies for divorced/divorcing couples
  4. How to incorporate education planning strategies for grandparents
View session here.
1:25 PM–2:40 PM | Best Ideas for Retirement Panel

This session will feature three retirement spending topics. The panelists include: Professors Michael Finke and Wade Pfau, Bob Veres (Editor of Inside Information), and Michael Kitces (Partner and Director of Pinnacle Advisory Group and publisher of Nerd’s Eye View). The panelists will kick-off the discussion with retirement income strategies and sustainable spending research and any updated methodologies and research in this area. Then, the group will explore how those work hand-in-hand with a dynamic draw-down approach in the decumulation phase, including safe withdrawal rates. Speakers will include not only the traditional risk factors of interest rates, inflation and standard deviation of various asset classes but also a client’s age, risk tolerance, health, and other tough-to-measure criteria.

Learning objectives:

  1. Discover the latest research and hear differing viewpoints on sustainable spending on a retirement portfolio.
  2. Gather information about new and trending retirement income strategies.
  3. Uncover ideas and opportunities to help create a dynamic draw-down approach in the decumulation phase.
  4. Gain knowledge as to how leading professionals are strategically helping their clients structure cash flow to meet their needs in retirement.
View the session here.


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