David M. Blanchett won the 2015 Montgomery-Warschauer Award for his May 2014 Journal of Financial Planning article “Exploring the Retirement Consumption Puzzle.” He and faculty adviser Michael Finke, a personal financial planning professor, were co-winners of the award in 2014.
“David is an exceptionally talented student who is motivated to provide high-quality, innovative research that supports the financial planning profession,” Finke said. “Our paper last year questioned the assumptions commonly used to establish safe-spending plans from retirement accounts. David's award-winning paper this year finds that retirees clearly spend less as they age, even those who are in no risk of running out of money. He shows that a better retirement plan would incorporate variable spending patterns.”
Blanchett, who is a certified financial planner and chartered financial analyst, earned his master's degree in business administration from the University of Chicago Booth School of Business prior to coming to Texas Tech.
“This research stems from the many conversations I've had with students and professors in the Texas Tech personal financial planning program,” Blanchett said. “Texas Tech provides a unique opportunity to learn from experts in the profession of financial planning. The doctoral program gave me the skills I needed to conduct high-quality research that adds to the base of knowledge in financial planning.”
Now in its fourth year, the Montgomery-Warschauer Award honors the paper published in the Journal of Financial Planning that provided the most outstanding contribution to the betterment of the profession in the preceding year. This award was named for the late Henry Montgomery, who helped create the Journal, and Tom Warschauer, the Journal's first academic editor.
Winners are selected based on nominations by the Journal's editorial staff, including the practitioner editor and academic editor, along with the votes of the Journal's Editorial Advisory Board. The award will be presented at FPA's annual conference in Boston Sept. 26-28.
“The paper challenges widely held views in planning assumptions and, ultimately, the industry is only as good as the assumptions we make,” said Editorial Advisory Board member Jason K. Branning. “This paper makes assumptions better.”