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Glide Path Indexes

Ronald Surz
The Journal of Index Investing Spring 2020, jii.2020.1.081; DOI: https://doi.org/10.3905/jii.2020.1.081
Ronald Surz
is owner and founder of Age Sage Robo Analyst and CEO of GlidePath Wealth Management in San Clemente, CA
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  • For correspondence: ron@glidepathwm.com
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Abstract

Investment glide paths set asset allocations through life, and they typically start aggressively for young investors and become progressively safer through time. Glide paths have gained popularity in target date funds (TDFs) and have recently been integrated into computerized advice provided by so-called “Robo” advisors. Currently about $2 trillion is invested in TDFs, and there is another trillion dollars managed by Robos. Both are growing rapidly. In this article I examine two potential glide path indexes that TDF and Robo providers and investors might use. One standard is the aggregation of all mutual fund glide paths—an industry consensus standard. The other index candidate is our proposal for a better glide path. I propose an alternative glide path with more rigorous risk management, broader diversification, and an advanced decumulation algorithm in retirement. TDFs and Robo advisors are only as good as their glide paths.

TOPICS: Wealth management, retirement, mutual fund performance

Key Findings

  • • Trillions of dollars are riding on glide paths in target date funds and other investments.

  • • Most glide paths lost more than 30% in 2008, and they have become riskier since.

  • • Glide paths are still in their infancy and are improving.

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The Journal of Index Investing: 11 (3)
The Journal of Index Investing
Vol. 11, Issue 3
Winter 2020
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Glide Path Indexes
Ronald Surz
The Journal of Index Investing Feb 2020, jii.2020.1.081; DOI: 10.3905/jii.2020.1.081

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Glide Path Indexes
Ronald Surz
The Journal of Index Investing Feb 2020, jii.2020.1.081; DOI: 10.3905/jii.2020.1.081
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  • Article
    • Abstract
    • MORE DEFENSIVE NEAR THE TARGET DATE, IN THE RISK ZONE
    • RE-RISKING DURING RETIREMENT
    • BROADER DIVERSIFICATION
    • PERFORMANCE
    • LIFE LESSONS
    • CONCLUSION
    • ADDITIONAL READING
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