Harold Evensky
Encyclopedia
Harold Evensky is a Certified Financial Planner
(CFP), an Accredited Investment Fiduciary (AIF) and president
of Evensky & Katz, one of the most prestigious fee-only financial planning firms in the country. He is also an author, editor, and engineer.
, Evensky moved to New Orleans with his family at age four. After earning a Bachelor of Civil Engineering and a Masters of Science from Cornell University
, he worked as an engineer and builder in Louisiana, Ohio, and Florida, before becoming a financial adviser.
After some time as a vice president
of investments for Bache & Co.
(later acquired by Prudential Financial
) and Drexel Burnham Lambert
, he and his cousin Peter Brown opened up a private practice in 1986 under the name Evensky & Brown. In 1990, Chicago-based financial adviser Deena Katz
merged her practice to form Evensky, Brown & Katz, where he served as company chairman
. The new firm would go through a number of changes, including joining with partner Robert Levitt
, parting with Levitt some years later, facing the retirement of co-founder Brown in the early 2000s, and relaunching the company as Evensky & Katz on its 20th anniversary in 2004.
, and is largely seen as one of the top fee-only financial planners in the country.
Evensky's legacy to the industry is seen through his personal appearances to adviser organizations and his development of codifying his successful practice style through literary works. He has addressed conferences throughout the United States, Canada, Europe, Australia, Asia, South Africa, and the United Kingdom.
Evensky is frequently quoted in a number of financial trade publications, newspapers, internet articles, Blogs, and magazines. Evensky is a contributing writer for Financial Advisor Magazine and The Asian Financial Planning Journal, research columnist for the Journal of Financial Planning, and a member of the editorial review board of the Journal of Financial Planning. He wrote the books Long Term Health Care (Houghton Mifflin, 1990) and Wealth Management (McGraw Hill, 1996 [in Japanese, 1999 and in Korean, 2003]).
He has also co-edited two books with his business partner and wife, Deena Katz, titled The Investment Think Tank: Theory, Strategy, and Practice For Advisers (ISBN 1-57660-165-X) and Retirement Income Redesigned: Master Plans for Distribution (ISBN 1-57660-189-7 by Bloomberg Press) where he also wrote a chapter for each.
In addition to his literary works in the field of Financial Planning, Evensky served on a number of different financial advisory boards, including as chairperson of the TIAA-CREF
Institute Advisory Board, the International CFP Council, the CFP Board of Governors, the CFP Board of Examiners, and the CFP Board of Appeals, as well as a member of the national board of the International Association for Financial Planning (IAFP) and the Charles Schwab
institutional advisory board and council. Currently Evensky is a member of the Financial Planning Association
, the Academy of Financial Services, The CFA Institute
, and as an association member of the American Bar Association
. He is also a co-founder of the Alpha Group, an association of senior investment advisors.
, Evensky and his wife and partner Deena Katz opened a financial office there in May 2008.
Evensky also increased his involvement in the Personal Financial Program at Texas Tech University
, where Katz had accepted a faculty position. Serving as an Adjunct Graduate Professor, he taught a behavioral finance course for the program, and is currently scheduled to teach a graduate level Wealth Management course in the fall of 2008.
in their "Top Ten Names to Know in Financial Planning". Worth Magazine named Evensky as one of the top 100 Financial Advisers each year from 2002–2006.
Investment Advisor
has named both him and his wife/partner as members of The IA 25, a listing a the most influential people in finance on multiple occasions. The 2004 edition, appearing in May of that year, featured both of them on the cover. In January 2004, he appeared on the cover of Investment Advisor with his wife to speak about the changes to their firm, their personal life, and on the profession over the previous years.
In 2002, Evensky's paper titled Changing Equity Premium Implications for Wealth Management Portfolio Design, won the Journal of Financial Plannings "Call for Papers" competition, and in 1999 Evensky was awarded the Dow Jones Investment Advisor Portfolio Management Award for Lifetime Achievement. His firm has pioneered the investment strategy of Core & Satellite
, a relatively new strategy that uses passive management
over "Core" positions and a blend of passive and active management over opportunity driven Satellite positions.
His firm's fee schedule was praised by Investment Advisor Magazine as an example of integrating wealth management
and Advisory Services.
Certified Financial Planner
The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards, Inc...
(CFP), an Accredited Investment Fiduciary (AIF) and president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of Evensky & Katz, one of the most prestigious fee-only financial planning firms in the country. He is also an author, editor, and engineer.
Biography
Born Harold Ray Evensky in Memphis, TennesseeMemphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
, Evensky moved to New Orleans with his family at age four. After earning a Bachelor of Civil Engineering and a Masters of Science from Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
, he worked as an engineer and builder in Louisiana, Ohio, and Florida, before becoming a financial adviser.
After some time as a vice president
Vice president
A vice president is an officer in government or business who is below a president in rank. The name comes from the Latin vice meaning 'in place of'. In some countries, the vice president is called the deputy president...
of investments for Bache & Co.
Bache & Co.
Bache & Company was a securities deim that provided stock brokerage and investment banking services. The firm, which was founded in 1879, was based in New York, New York....
(later acquired by Prudential Financial
Prudential Financial
The Prudential Insurance Company of America , also known as Prudential Financial, Inc., is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the...
) and Drexel Burnham Lambert
Drexel Burnham Lambert
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. At its height, it was the...
, he and his cousin Peter Brown opened up a private practice in 1986 under the name Evensky & Brown. In 1990, Chicago-based financial adviser Deena Katz
Deena Katz
Deena B. Katz is an American Certified Financial Planner, author, and president of the Miami, FL investment firm Evensky & Katz...
merged her practice to form Evensky, Brown & Katz, where he served as company chairman
Chair (official)
The chairman is the highest officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office is typically elected or appointed by the members of the group. The chairman presides over meetings of the assembled group and conducts its business in an...
. The new firm would go through a number of changes, including joining with partner Robert Levitt
Robert Levitt
Robert Levitt is a former member of the Ohio House of Representatives....
, parting with Levitt some years later, facing the retirement of co-founder Brown in the early 2000s, and relaunching the company as Evensky & Katz on its 20th anniversary in 2004.
Financial planning
Evensky was dubbed the "Dean of Financial Planning" by Don Phillips, CEO of MorningstarMorningstar, Inc.
Morningstar, Inc. is an independent investment research company based in Chicago, Illinois, USA.-Businesses:Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for...
, and is largely seen as one of the top fee-only financial planners in the country.
Evensky's legacy to the industry is seen through his personal appearances to adviser organizations and his development of codifying his successful practice style through literary works. He has addressed conferences throughout the United States, Canada, Europe, Australia, Asia, South Africa, and the United Kingdom.
Evensky is frequently quoted in a number of financial trade publications, newspapers, internet articles, Blogs, and magazines. Evensky is a contributing writer for Financial Advisor Magazine and The Asian Financial Planning Journal, research columnist for the Journal of Financial Planning, and a member of the editorial review board of the Journal of Financial Planning. He wrote the books Long Term Health Care (Houghton Mifflin, 1990) and Wealth Management (McGraw Hill, 1996 [in Japanese, 1999 and in Korean, 2003]).
He has also co-edited two books with his business partner and wife, Deena Katz, titled The Investment Think Tank: Theory, Strategy, and Practice For Advisers (ISBN 1-57660-165-X) and Retirement Income Redesigned: Master Plans for Distribution (ISBN 1-57660-189-7 by Bloomberg Press) where he also wrote a chapter for each.
In addition to his literary works in the field of Financial Planning, Evensky served on a number of different financial advisory boards, including as chairperson of the TIAA-CREF
TIAA-CREF
Teachers Insurance and Annuity Association – College Retirement Equities Fund is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields...
Institute Advisory Board, the International CFP Council, the CFP Board of Governors, the CFP Board of Examiners, and the CFP Board of Appeals, as well as a member of the national board of the International Association for Financial Planning (IAFP) and the Charles Schwab
Charles Schwab
Charles Schwab may refer to:*Charles M. Schwab , American steel magnate*Charles R. Schwab , founder of the eponymous brokerage*Charles Schwab Corp., an American based brokerage firm...
institutional advisory board and council. Currently Evensky is a member of the Financial Planning Association
Financial Planning Association
The Financial Planning Association , created in 2000 through the merger of the Institute of Certified Financial Planners and the International Association for Financial Planning , is a leadership and advocacy organization for those who provide, support and benefit from financial planning...
, the Academy of Financial Services, The CFA Institute
CFA Institute
CFA Institute is headquartered in the United States of America at Charlottesville, Virginia, with offices in Hong Kong and London. Formerly known as the Association for Investment Management and Research , CFA Institute awards the Chartered Financial Analyst designation...
, and as an association member of the American Bar Association
American Bar Association
The American Bar Association , founded August 21, 1878, is a voluntary bar association of lawyers and law students, which is not specific to any jurisdiction in the United States. The ABA's most important stated activities are the setting of academic standards for law schools, and the formulation...
. He is also a co-founder of the Alpha Group, an association of senior investment advisors.
Later career
After owning a home for a short time in Lubbock, TexasLubbock, Texas
Lubbock is a city in and the county seat of Lubbock County, Texas, United States. The city is located in the northwestern part of the state, a region known historically as the Llano Estacado, and the home of Texas Tech University and Lubbock Christian University...
, Evensky and his wife and partner Deena Katz opened a financial office there in May 2008.
Evensky also increased his involvement in the Personal Financial Program at Texas Tech University
Texas Tech University
Texas Tech University, often referred to as Texas Tech or TTU, is a public research university in Lubbock, Texas, United States. Established on February 10, 1923, and originally known as Texas Technological College, it is the leading institution of the Texas Tech University System and has the...
, where Katz had accepted a faculty position. Serving as an Adjunct Graduate Professor, he taught a behavioral finance course for the program, and is currently scheduled to teach a graduate level Wealth Management course in the fall of 2008.
Accolades
Evensky was named one of the five "Movers, Shakers & Decision Makers, The Most Influential People in the Financial Planning Profession" by Financial Planning Magazine. He is also cited by Accounting TodayAccounting Today
Accounting Today is a trade magazine servicing the public accounting profession in the United States. Started in 1987, it quickly grew to a circulation of more than 30,000. The parent company of Accounting Today is SourceMedia. With just under 800 employees Source Media is the publisher of more...
in their "Top Ten Names to Know in Financial Planning". Worth Magazine named Evensky as one of the top 100 Financial Advisers each year from 2002–2006.
Investment Advisor
Investment Advisor
The term Investment Advisor is an individual or firm who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities...
has named both him and his wife/partner as members of The IA 25, a listing a the most influential people in finance on multiple occasions. The 2004 edition, appearing in May of that year, featured both of them on the cover. In January 2004, he appeared on the cover of Investment Advisor with his wife to speak about the changes to their firm, their personal life, and on the profession over the previous years.
In 2002, Evensky's paper titled Changing Equity Premium Implications for Wealth Management Portfolio Design, won the Journal of Financial Plannings "Call for Papers" competition, and in 1999 Evensky was awarded the Dow Jones Investment Advisor Portfolio Management Award for Lifetime Achievement. His firm has pioneered the investment strategy of Core & Satellite
Core & Satellite
Core & Satellite Portfolio Management is an investment strategy that incorporates traditional Fixed Income and Equity based securities known as the "core" portion of the portfolio, with a percentage of selected individual securities in the Fixed Income and Equity based side of the portfolio known...
, a relatively new strategy that uses passive management
Passive management
Passive management is a financial strategy in which an investor invests in accordance with a pre-determined strategy that doesn't entail any forecasting...
over "Core" positions and a blend of passive and active management over opportunity driven Satellite positions.
His firm's fee schedule was praised by Investment Advisor Magazine as an example of integrating wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
and Advisory Services.