Doctoral Student Wins 2015 Montgomery-Warschauer Award

This award from the Financial Planning Association recognizes outstanding contributions to the personal financial planning profession.


David Blanchett

A doctoral student in Texas Tech University’s Department of Personal Financial Planning received a national award from the Financial Planning Association (FPA) for the second consecutive year.

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.


Michael Finke

“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.”

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Department of Personal Financial Planning

Division of Personal Financial Planning

The Department of Personal Financial Planning in the College of Human Sciences educates students on the need to focus financial knowledge on families and the achievement of their goals.

Undergraduate and graduate degree programs in personal financial planning are registered by the CFP Board. Students graduating from a CFP Board-Registered Program are eligible to sit for the CFP® Certification Examination.

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Financial Planning Academy

Sponsored by Charles Schwab Foundation, the first-of-its-kind program features curriculum from college students, professors and independent financial advisers.


College of Human Sciences

The College of Human Sciences at Texas Tech University provides multidisciplinary education, research and service focused on individuals, families and their environments for the purpose of improving and enhancing the human condition.

The college offers a Bachelor of Science degree with disciplines in:

  • Apparel Design and Manufacturing
  • Community, Family, and Addiction Services
  • Early Childhood
  • Family and Consumer Sciences
  • Human Development and Family Studies
  • Interior Design
  • Nutritional Sciences
  • Personal Financial Planning
  • Restaurant, Hotel, and Institutional Management
  • Retailing

The college also offers graduate programs leading to the Master of Science and Doctor of Philosophy degrees.

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