Stephen Horan is a managing director and co-leads educational activities at CFA Institute. Prior to joining the organization in 2007, he was a principal of Alesco Advisors LLC, a financial analyst and forensic economist in private practice providing expert witness testimony and preparing economic impact studies, and a professor of finance at St. Bonaventure University. Dr. Horan also served as a buy-side account manager with Manning & Napier Advisors, Inc. and as a sell-side stockbroker with Quick and Reilly, Inc.
The author or co-author of several books, including Strategic Value Investing: Practical Techniques of Leading Value Investors, The New Wealth Management: A Financial Advisers Guide to Managing and Investing Client Assets, and the Forbes/CFA Institute Investment Course, Dr. Horan has also edited the volume Private Wealth: Wealth Management in Practice. He’s authored dozens of articles in peer-reviewed journals, such as the Financial Analysts Journal, Harvard Business Review Latin America, Journal of Financial Research, Journal of Wealth Management, and Financial Services Review; and has published monographs commissioned by the Research Foundation of CFA Institute. He has received numerous research grants and awards, including the 2012 Graham and Dodd Readers’ Choice Award.
His award-winning research has been profiled in leading practitioner publications, including CFA Digest and Barron’s, as well as the popular press, including the Chicago Tribune and Baltimore Sun. He is a frequent columnist in the Financial Times and is frequently cited in the media, including publications such as The Wall Street Journal, The New York Times, CNBC, Investment News, and Money Magazine.
Dr. Horan currently serves on the editorial board of the Journal of Wealth Management and the Financial Services Review. Before joining CFA Institute, Horan was active both locally and nationally with CFA Institute, drafting Research Foundation monographs, serving as a consultant to the Financial Accounting Policy Committee, and serving as Education chair for the CFA Society of Buffalo. He has been a frequent invited speaker at professional, academic, and CFA Institute events.
Topic: Asset Liability Management for Private Clients (aka What Can Wealth Managers Learn from Pension Fund Managers?)
Abstract: This session develops a comprehensive life balance sheet framework to construct customized portfolios that meet clients’ needs. It takes a comprehensive view of explicit and implied assets and liabilities, and translates them into a portfolio construction framework that builds customized portfolios to meet clients’ unique needs. Particular attention will be paid to the role an investor’s funding status (i.e., assets in relation to investment goals) and human capital plays in managing assets in relation to liability.