Target Date Funds. Fiduciary Perspectives. Save & Protect. Ron Surz President. Target Date Solutions.
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1 Target Date Funds Fiduciary Perspectives Save & Protect Ron Surz President Target Date Solutions Sub-advisor of SMART TDF Index Hand Benefit & Trust, Houston
2 Despite their growing popularity, there s a lot of confusion More than half of new contributions are flowing to TDFs. 2
3 Distinctions Without a Difference To versus Through Demographics / Custom Active vs Passive Open vs Closed (Proprietary) Mutual fund or Collective Bundled service provider, or not (DCIO) 3
4 The To Through Nonsense: To is not necessarily safer than Through To is riskier flat All TDFs are de facto To funds because most participants withdraw at retirement. 4
5 Glide Paths Disagree Near Target Because of Demographics Demographics Poor Rich Save and Protect 5
6 Demographics The Only Demographic That Matters is: Lack of Financial Sophistication Everything should be as simple as possible, and no simpler. There is only one demographic that all defaulted participants have in common: Lack of financial sophistication. 6
7 3 Things That Actually Matter (1) Fees: Less than 50 bps all-in (2) Diversification: Global Stocks, Global Bonds, Global Real Estate, Commodities, Natural Resources, etc (3) Defend at Target Date: No Risk Source: John Hancock 7
8 IN THE FOLLOWING WE DISCUSS 1) RISK CONTROL 2) REASONABLE FEES 3) DIVERSIFICATION 8
9 Hand SMART Funds Shine in All 3 Characteristics Has existed for 80 months (more than 6.5 years) 9
10 Reasons for no risk at the target date Most withdraw No fiduciary upside Risk zone: lifestyles Demographics Professor Daniel Kahneman pain of loss Once in a lifetime 10
11 Risk at the Target Date: Only a Handful Defend Low Risk Low Drawdown & Low Volatility Market Average Source: PIMCO Glide Path Analyzer High Risk High Drawdown & High Volatility 11
12 Risk at Target Date: Equity Allocations of Big 3 are Way Too High T.Rowe Vanguard Fidelity 65% of Total TDF Assets are With These 3 Bundled Service Providers. There is little or no vetting. Have Fiduciaries Really Embraced This Much Risk at Target Date? 12
13 Fidelity Index Vanguard TIAA-CREF PIMCO New SMART Index - Hand B&T Wells Fargo Fidelity PIMCO BMO John Hancock Ret Choice Harbor Schwab T Rowe Price USAA JP Morgan Principal Nationwide John Hancock Ret Living Russell Mainstay American Funds Great West L3 American Century Mass Mutual Blackrock Living Thru Blackrock Great West L1 DWS Alliance Bernstein MFS Great West L2 Putnam Manning & Napier Franklin LifeSmart Franklin Templeton Invesco Voya Allianz Hartford State Farm Guidestone Legg Mason Target Date Solutions Fees: Get What You Pay For Source: Morningstar 13
14 Examples of Broadly Diversified $ Source: PIMCO Glide Path Analyzer 14
15 The Most Popular 15
16 A NEW PRUDENCE SCORE Combines Safety, Fees and Diversification 16
17 Morningstar Ratings Reward Risk Because Risky U.S. Equities Have Performed Best Performance Horserace 17
18 Prudence Scores versus Morningstar Ratings Top 20 Bottom 20 SMART Index - Hand B&T Nationwide John Hancock Ret Choice American Century PIMCO Principal Allianz Russell JP Morgan Alliance Bernstein Harbor Mass Mutual Blackrock Living Thru T Rowe Price Wells Fargo Fidelity Index Invesco Great West L1 Putnam Blackrock MFS John Hancock Ret Living Schwab Great West L2 Guidestone Manning & Napier DWS USAA Fidelity BMO Mainstay Franklin LifeSmart American Funds TIAA-CREF Legg Mason Vanguard Franklin Templeton Hartford Great West L3 Voya State Farm Source: Target Date Solutions
19 SMART: SAFE LANDING GLIDE PATH 19
20 Patented Safe Landing Glide Path Unique Investment Structure: Patent Integrates 2 Nobel prize (1990) winning discoveries with principles of modern finance The Capital Market Line. Dr. William F. Sharpe won a Nobel Prize for it. Higher Return, Less Risk Liability Driven Investing (LDI) guides the allocation along the line. Liability is current account balance. Lose no $. US Stocks & Bonds Return The Risky Portfolio is extremely well-diversified: World Portfolio moves Efficient Frontier up & to the left. Dr. Harry Markowitz won the Nobel Prize for the Efficient Frontier. 20 Risk Risk
21 Patented Safe Landing Glide Path Asset Allocation Patent Defend at Target Date 21
22 The Next Market Correction Will Put SMART Up On the Pedestal SMART 22
23 We recommend this book. IFEBP Reading List RIA 3(38) TDF Manager ERISA Attorney Professional Ethicist 23
24 Unions and Consultants should & the Safe Landing Glide Path Union Plans Tradition of conservatism International Foundation of Employee Benefit Plans Book is on Resource list Article in July issue of Benefits Magazine SMART Custom Glide Paths could follow the Patented Safe Landing Glide Path : Statement of Investment Policy On-demand Rebalancing 24
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